行业景气度向上，公司处于高增长轨道

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 28, 19, and 15 for 2024, 2025, and 2026 respectively [3] Core Views - The company's revenue and net profit have shown significant growth, with 2023 revenue reaching RMB 10.718 billion (up 11.16% YoY) and net profit reaching RMB 2.174 billion (up 77.58% YoY) [2] - The company's performance is driven by the AI trend, with increased demand for high-speed products like 800G/400G modules, leading to continuous quarterly revenue growth [2] - Cloud service providers' capital expenditure is expected to grow by 27.2% in 2024, reaching USD 193.83 billion, which will further boost the company's business [3] - The company is expanding its production capacity and advancing new technologies like 1.6T pluggable optical modules, which are expected to be deployed by key customers in late 2024 [3] Financial Performance - Revenue is projected to grow from RMB 9.642 billion in 2022 to RMB 45.369 billion in 2026, with a CAGR of 47.2% [1] - Net profit attributable to the parent company is expected to increase from RMB 1.224 billion in 2022 to RMB 8.891 billion in 2026, with a CAGR of 64.1% [1] - ROE (Return on Equity) is forecasted to rise from 10.25% in 2022 to 32.37% in 2026 [1] - The company's gross margin improved to 32.99% in 2023, up 3.44 percentage points YoY [2] Business Analysis - The company's high-speed products, particularly 800G modules, are driving profitability, with significant increases in shipments [2] - The company is strategically expanding its production bases in Suzhou, Tongling, and overseas, ensuring capacity for future growth [3] - The company is investing in advanced technologies such as silicon photonics, coherent optics, LPO, LRO, and CPO, which are currently in the R&D or validation stages [3] Market and Industry Trends - The cloud computing industry is entering a new growth cycle, with capital expenditure shifting towards AI and network infrastructure [3] - The demand for high-speed optical modules is expected to surge, driven by the need for increased computing power and network upgrades [3] - The company is well-positioned to benefit from the industry's rapid growth, with a strong focus on high-end products and technological innovation [3]