Q4业绩符合预期，开启新年放量之势

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a total revenue of 3.11 billion yuan in 2023, a year-on-year decline of 6.1%, with a net profit attributable to shareholders of 690 million yuan, down 23.6% year-on-year. However, Q4 2023 showed a revenue of 1.02 billion yuan, representing a year-on-year increase of 13.9% and a quarter-on-quarter increase of 30.5% [1]. - The demand for optical modules has significantly increased due to the surge in AI computing power needs, particularly driven by generative AI models like ChatGPT. This has led to a notable growth in the company's product offerings, especially in the 800G and above segments [1]. - The company has established strong relationships with major global communication equipment manufacturers and internet companies, and has begun small-scale deliveries of 800G optical modules while actively testing 1.6T modules [1]. - The overseas production capacity is rapidly increasing, with the first phase of the Thailand factory already operational and the second phase expected to be completed this year, enhancing the company's global footprint [1]. Financial Summary - The company's projected net profits for 2023-2025 are 690 million, 1.5 billion, and 2.06 billion yuan, respectively, with corresponding EPS of 0.97, 2.11, and 2.90 yuan, and PE ratios of 62, 28, and 21 times [2]. - The financial metrics indicate a net profit margin recovery to 22.2% for the year, with Q4 2023 net profit margin reaching 25.6%, a significant increase of 7.5 percentage points quarter-on-quarter [1][2]. - The company is expected to see a revenue growth rate of 65% in 2024, following a decline in 2023 [3].