CIG(SH:603083) Huaxin Securities·2025-06-12 07:33Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company is expected to see significant profit growth in 2024, with projected revenue of 3.652 billion yuan, an 18.31% year-on-year increase, and a net profit of 167 million yuan, reflecting a 75.42% increase [3]. - The launch of new products in the 800G and 400G series is anticipated to drive demand and profitability, with mass production expected to meet customer needs in 2025 [3][4]. - The company has successfully commercialized Wi-Fi 7 and 10G gateway products in the North American market, enhancing its competitive position [4]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 5.19 billion, 7.116 billion, and 9.501 billion yuan, respectively, with corresponding EPS of 1.13, 1.84, and 2.76 yuan [5][9]. - The company is expected to achieve a net profit growth rate of 81.1% in 2025 and 63.1% in 2026, indicating strong profitability potential [9]. Product Development and Market Position - The company has made significant advancements in the high-speed optical module sector, with multiple new products undergoing successful testing and certification [3][4]. - The development of low-power and cost-effective products is ongoing, with expectations for large-scale shipments in 2025 [3].