ZHONGJI INNOLIGHT(SZ:300308) Huaxin Securities·2025-07-21 14:06Investment Rating - The report upgrades the investment rating to "Buy" [9] Core Views - The company is expected to achieve a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year growth of 52.64% to 86.57% [4] - The gross profit margin continues to improve quarterly, driven by the increased proportion of high-speed optical modules and enhanced production efficiency [5] - The company is actively diversifying its customer base and expanding overseas production capacity to meet North American order demands [7] Summary by Sections Financial Performance - The company's net profit and net profit excluding non-recurring items are both showing rapid growth year-on-year and quarter-on-quarter [5] - The gross profit margin has shown a significant increase in Q2 compared to Q1, primarily due to the higher proportion of 800G and other high-speed optical modules [5] Product Development - The company is expected to further increase the proportion of silicon photonic modules, which will enhance profit performance [6] - The introduction of silicon photonic solutions is anticipated to accelerate in both 800G and 1.6T products, leading to increased market demand [6] Market Strategy - The company is focusing on diversifying its customer base and enhancing its market share through unique technology and large-scale delivery capabilities [7] - The production efficiency of the Thai factory is on par with domestic levels, and it is expected to fully meet North American customer order demands in the second quarter [7] Earnings Forecast - Revenue forecasts for 2025-2027 are 364.3 billion, 485.47 billion, and 591.01 billion yuan respectively, with EPS of 8.23, 10.82, and 13.13 yuan [9] - The current stock price corresponds to PE ratios of 23, 17, and 14 times for the years 2025, 2026, and 2027 respectively [9]