ZHONGJI INNOLIGHT(SZ:300308) KAIYUAN SECURITIES·2024-04-22 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company has achieved significant revenue growth, with a 2023 revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and a net profit of 2.174 billion yuan, up 77.58% year-on-year. For 2024, the company is projected to achieve a revenue of 24.497 billion yuan, a year-on-year increase of 128.6%, and a net profit of 4.814 billion yuan, up 121.5% year-on-year [4][6] - The increase in high-end product shipments, particularly 800G/400G modules, has contributed to improved gross and net profit margins. The gross margin for 2023 and Q1 2024 was 32.99% and 32.76%, respectively, while the net margin was 20.60% and 21.22% [4][6] - The company is expected to maintain its market leadership in high-end optical modules, supported by strong R&D capabilities and a well-experienced management team [5][6] Financial Summary - In 2023, the company reported a revenue of 10.718 billion yuan and a net profit of 2.174 billion yuan. The projected revenues for 2024, 2025, and 2026 are 24.497 billion yuan, 30.442 billion yuan, and 37.862 billion yuan, respectively [4][7] - The projected net profits for the same years are 4.814 billion yuan, 5.551 billion yuan, and 6.535 billion yuan, respectively [4][7] - The company's earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 6.00 yuan, 6.91 yuan, and 8.14 yuan, respectively [4][7] - The price-to-earnings (P/E) ratio is expected to decrease from 30.0 in 2024 to 22.1 in 2026, indicating a potentially attractive valuation [4][7]