业绩承压，关注硅光及铜缆产品研发进展

Investment Rating - The investment rating for the company is to "continue to pay attention" to its performance and potential growth in silicon photonics and copper cable products [6]. Core Viewpoints - The company reported a slight decline in revenue and a significant drop in net profit for 2023, with total revenue at 1.675 billion yuan, down 0.57% year-on-year, and net profit at 81 million yuan, down 59.49% year-on-year [1]. - The company is experiencing structural adjustments in its revenue, with data communication business showing significant growth of 153.06% year-on-year, while telecom market revenue decreased by 24.45% [2]. - The silicon photonics market is expected to grow substantially, with the company's silicon photonics products, including the 400G-DR4 module, already in mass production and further developments underway [3]. - The company has completed the development of its 800G high-speed copper cable products, which have been sent to customers for sampling, with the market for high-speed cables projected to double in size over the next five years [4]. - The company is expanding into the consumer and industrial IoT markets through its stake in Changxin Sheng, enhancing its existing telecom and data communication business [5]. Financial Summary - The company forecasts revenue growth from 2.094 billion yuan in 2024 to 3.196 billion yuan in 2026, with year-on-year growth rates of 25.01%, 23.44%, and 23.62% respectively [6]. - Net profit is expected to rebound significantly from 163 million yuan in 2024 to 224 million yuan in 2026, with growth rates of 100.28%, 15.89%, and 18.20% respectively [6]. - Earnings per share (EPS) are projected to increase from 0.57 yuan in 2024 to 0.78 yuan in 2026, reflecting a compound annual growth rate (CAGR) of 39.99% over three years [6]. - The company's financial metrics indicate a challenging year in 2023, with a significant drop in EBITDA and net profit margins, but a positive outlook for recovery in the coming years [7].