ZHONGJI INNOLIGHT(SZ:300308)2026-02-04 07:25Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Views - The company, a leader in optical modules, is expected to achieve significant revenue growth driven by strong demand for computing infrastructure and an increasing proportion of high-speed optical modules in its product mix [6][7]. - The company's net profit for 2025 is projected to be between 98.0 to 118.0 billion yuan, representing a year-on-year increase of 89.50% to 128.17% [1]. - The report highlights the company's strategic focus on new optical solutions, including OCS, CPO, and 3.2T optical modules, to capture market opportunities in integrated optics [5][6]. Summary by Sections Financial Performance - The company forecasts a net profit of 109.62 billion yuan for 2025, with a growth rate of 111.97% compared to the previous year [7]. - Revenue projections for 2025, 2026, and 2027 are 386.57 billion yuan, 687.61 billion yuan, and 925.25 billion yuan, respectively, with corresponding growth rates of 62.00% and 77.88% [6][7]. Market Position - The company is positioned as a global leader in optical modules, benefiting from robust demand from end customers for computing infrastructure [6]. - The report notes that the company's high-speed optical module business has shown strong profitability, with net profit estimates of 108 to 131 billion yuan after excluding stock incentive costs [5][6]. Product Development - The company is actively developing new optical solutions to meet evolving market demands, with expectations for rapid growth in 1.6T optical module orders starting in 2026 [5][6]. - The report emphasizes the company's capability to develop customized products for key clients, anticipating significant demand for cabinet optical interconnect products by 2027 [5].