23Q4业绩显著改善，高速光模块持续放量

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][14]. Core Views - The company's performance in Q4 2023 showed significant improvement, with a revenue of 1.021 billion and a year-on-year increase of 13.91% [2]. - The decline in 2023 revenue was attributed to product price adjustments and reduced demand in the telecom market, but Q4 demonstrated a strong recovery [2][3]. - The company's gross profit margin improved in Q4, indicating a potential for sustained profitability growth in 2024 due to increased shipments of high-speed optical modules [3][4]. Financial Performance Summary - The company reported a total revenue of 3.108 billion in 2023, a decrease of 6.13% year-on-year, and a net profit attributable to shareholders of 690.6 million, down 23.57% [1][5]. - Q4 2023 saw a revenue of 1.021 billion, a quarter-on-quarter increase of 30.47% and a year-on-year increase of 13.91% [2]. - The net profit for Q4 was 261 million, reflecting a quarter-on-quarter increase of 84.88% and a year-on-year increase of 84.95% [2][3]. Product and Market Insights - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, with ongoing customer testing for new products [4]. - The demand for 400G optical modules is expected to grow rapidly in 2024, driven by AI infrastructure development, with the company poised to benefit from this trend [4]. - The company's production capacity is being optimized to meet customer demand, with the first phase of its Thailand factory completed and ready for mass production [4]. Financial Forecasts - The company’s projected revenue for 2024 is 5.789 billion, representing a growth rate of 86.26% compared to 2023 [5][10]. - The net profit forecast for 2024 is 1.460 billion, with a significant growth rate of 111.41% [5][10]. - The company’s earnings per share (EPS) is expected to rise to 2.06 in 2024, up from 0.97 in 2023 [5][10].