ACCELINK(002281) 海通证券·2024-03-26 16:00Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Viewpoints - The company has been deeply engaged in the optical device industry for over 20 years, maintaining a leading position in the market. It is the first listed optical device company in China and ranks fourth globally in the optical device industry as of 2023 [2][5]. - The company has continuously expanded its production capacity and improved profitability through technological optimization and product structure adjustments. Revenue grew from 49.29 billion yuan in 2018 to 69.12 billion yuan in 2022, with a stable increase in net profit [2][13]. - The company has a strong focus on domestic production of optical devices, having established itself as a key player in setting industry standards and achieving technological independence [2][3]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of optoelectronic devices, modules, and subsystems, primarily for telecommunications and data center networks [2]. - The ownership structure is concentrated, with the largest shareholder being Fenghuo Technology, holding 36.66% of the shares, and the ultimate controller being the State-owned Assets Supervision and Administration Commission [8]. Financial Performance - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 7.90% from 2016 to 2022. The net profit CAGR during the same period was 11.44% [13][15]. - The gross profit margin has increased from 19.82% in 2018 to 23.61% in 2022, indicating stable profitability [13]. Industry Position - The optical communication industry is expected to grow significantly, driven by demand from telecommunications and data communication sectors. The global optical module market is projected to reach $22.2 billion by 2028, with a CAGR of 12% from 2022 to 2028 [5][30]. - The company is one of the largest suppliers of optical communication devices in China, with a comprehensive product matrix that includes optical chips, active and passive devices, and subsystems [5][24]. Growth Drivers - The company is expanding its product offerings and has a strong focus on research and development, with R&D expenses growing at a CAGR of 9.72% from 2016 to 2022 [15][18]. - The company is well-positioned to benefit from the increasing demand for high-speed optical modules, particularly in the context of AI-driven growth in data communication [3][40]. Profitability Forecast and Valuation - The company is expected to maintain stable growth, with projected net profits of 5.91 billion yuan, 8.03 billion yuan, and 10.62 billion yuan for 2023, 2024, and 2025, respectively [2][3]. - The report suggests a price-to-earnings (PE) ratio range of 40-45X for 2024, corresponding to a reasonable value range of 40.40 to 45.45 yuan per share [3].