东山精密（002384）：算力追光者，东山精密收购索尔思光电

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Viewpoints - The acquisition of Solstice Optoelectronics by the company marks its entry into the high-speed optical module sector, with a total investment not exceeding 5.935 billion yuan [1] - Solstice Optoelectronics specializes in optical communication, covering the entire process from optical chip design to module assembly, and has a strong competitive edge in high-speed optical chips [2] - The optical communication market is experiencing continuous growth, driven by the demand for 800G optical modules and data center interconnects, which positions the company to enhance its strategic layout in the electronic information industry [3] - The company has adjusted its profit forecast due to poor downstream demand in sectors like LED, projecting net profits of 2.684 billion, 3.640 billion, and 4.603 billion yuan for 2025-2027, corresponding to PE ratios of 20, 15, and 12 times [3][4] Summary by Sections Acquisition Details - The company announced the acquisition of 100% of Solstice Optoelectronics for a maximum consideration of 629 million USD and an employee stock ownership plan (ESOP) for up to 58 million USD, along with a subscription for convertible bonds not exceeding 1 billion yuan [1] Business Overview - Solstice Optoelectronics operates in the optical communication field with a vertically integrated product line, producing various optical modules ranging from 10G to over 800G, including products for data centers and 5G communication [2] Market Outlook - The optical communication industry is projected to grow significantly, with a 52% increase in the market size for optical transceiver modules expected in 2024, reaching 14.4 billion USD [3] Financial Projections - The company forecasts revenues of 36.77 billion, 42.67 billion, 49.70 billion, and 57.47 billion yuan for 2024-2027, with corresponding net profits of 1.086 billion, 2.684 billion, 3.640 billion, and 4.603 billion yuan [4][9]