蘅东光（920045）：精密光连接器件融入全球数据中心产业链，AI需求带动长期高增动能

Investment Rating - The report suggests a focus on the company due to its benefits from the AI data center construction trend [2]. Core Insights - The company specializes in passive optical devices, which are integrated into the global data center supply chain, with long-term growth driven by AI demand [1]. - The company has a strong market position in high-density and high-speed passive optical products, with over 80% of its revenue coming from data centers, including AI data centers [2]. - The financial performance is robust, with a projected compound annual growth rate (CAGR) of 128.5% for net profit from 2021 to 2024 [2]. Summary by Sections Initial Offering - The company plans to issue 10.25 million shares at a price of 31.59 CNY per share, with an earnings per share (EPS) ratio of 14.57X [5][6]. - The total investment for fundraising projects is expected to reach 676 million CNY, aimed at expanding production capacity for passive optical fiber products and related devices [7][9]. Company Overview - The company is a leading manufacturer of precision optical connectors, with a focus on passive optical devices for cloud providers and AI clusters [10]. - It has established stable relationships with major clients, including AFL and Coherent, and its products are used by industry giants like AT&T, Google, and Tencent [29][30]. Financial Performance - The company’s revenue is projected to reach 1.32 billion CNY in 2024, with a year-on-year growth of 114.4% [32]. - The net profit for 2024 is expected to be 147.58 million CNY, reflecting a year-on-year increase of 128.7% [33]. Industry Insights - The global data center capital expenditure is expected to reach 455 billion USD in 2024, significantly driving the demand for optical modules [40]. - The optical communication market in China is projected to grow to 147.3 billion CNY by 2024, with a CAGR of 5.18% from 2021 to 2024 [41][43]. - The demand for optical modules, particularly in AI applications, is forecasted to grow substantially, with sales expected to increase by 146% in 2024 [47].