ZHONGJI INNOLIGHT(300308) 光大证券·2025-05-16 02:25Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to benefit significantly from the ongoing AI industry boom, with substantial revenue growth projected for 2024 and Q1 2025 [2][4]. - The company has made significant progress in the development and testing of 1.6T and 800G optical modules, preparing for large-scale procurement from major clients [2][3]. - The domestic market is anticipated to see high growth due to increased capital expenditure by leading internet companies on computing infrastructure [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 23.862 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1]. - For Q1 2025, the company reported a revenue of 6.674 billion yuan, reflecting a 37.82% year-on-year growth, and a net profit of 1.583 billion yuan, up 56.83% [1]. Market Dynamics - The company is poised to capitalize on the high demand for 400G and 800G optical modules, driven by the maturity of Ethernet technology and hardware [2]. - The domestic market is expected to accelerate growth in 2025, with significant advantages in bidding for major contracts [3]. Product Development - Although the initial shipment of the 1.6T product in Q1 2025 was below expectations, it is projected to ramp up in the second and third quarters, with substantial demand anticipated in 2026 [3]. - The company is recognized as a leading supplier of 1.6T optical modules, which is expected to become a core driver of performance in the coming years [3]. Profitability and Valuation - The company’s net profit forecasts for 2025 and 2026 have been raised to 8.188 billion yuan (up 12%) and 10.236 billion yuan (up 11%), respectively, with a new forecast for 2027 set at 11.982 billion yuan [4]. - The current market capitalization corresponds to a price-to-earnings ratio of 13x for 2025, 11x for 2026, and 9x for 2027 [4].