短期仍然承压，关注光芯片国产化进程加速

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it is implied that the company is under pressure in the short term due to various market factors [3][17]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 18 to 26 million yuan for 2023, representing a year-on-year decrease of 74.08% to 82.06% [1]. - The company is facing short-term performance pressure, particularly in the telecom sector due to inventory issues and a slowdown in construction pace by terminal operators [17]. - The demand for high-speed optical chips is anticipated to grow, driven by 5G and overseas fiber access network construction, as well as increased demand for high-speed network transmission in data centers [4][17]. - The company has a robust pipeline of projects, including the development of high-power silicon photonic laser chips, which positions it well for future growth [17]. Financial Summary - The company's projected revenue for 2023 is 85 million yuan, with a significant decline of 70% compared to the previous year. Revenue is expected to recover to 141 million yuan in 2024 and 236 million yuan in 2025, reflecting growth rates of 66.54% and 66.97%, respectively [6][18]. - The projected net profit for 2023 is 26 million yuan, with a recovery to 44 million yuan in 2024 and 76 million yuan in 2025, indicating a year-on-year growth of 72.04% and 72.19% [6][18]. - The earnings per share (EPS) are projected to be 0.30 yuan for 2023, increasing to 0.52 yuan in 2024 and 0.89 yuan in 2025 [6][18]. Industry Context - The high-speed optical chip market is currently dominated by overseas giants, but there is a significant opportunity for domestic companies to accelerate localization efforts [4][17]. - The company is focusing on the development of new products, which are expected to contribute to performance recovery in the short term [17]. - The overall market for optical chips is expected to expand as new technologies are developed, providing a favorable environment for the company's growth [17].