业绩符合预期，持续看好800G、1.6T上量

Investment Rating - The report maintains an "Outperform" rating for Zhongji Innolight, with a target price of 210 yuan [12][22]. Core Views - The company's performance in 2023 met expectations, with revenue of 10.72 billion yuan, a year-on-year increase of 11.2%, and a net profit of 2.17 billion yuan, up 77.6% year-on-year. In Q1 2024, revenue reached 4.84 billion yuan, reflecting a year-on-year increase of 164% and a quarter-on-quarter increase of 31%, with net profit at 1.01 billion yuan, up 304% year-on-year [20][22]. - The report expresses optimism about the ramp-up of 800G products this year and anticipates significant growth in 1.6T demand by 2025, projecting global demand of 7 million units [20][21]. - The company is noted for its strong R&D capabilities, particularly in silicon photonics and low-power optical modules, which are expected to enhance its competitive position in the market [21][22]. Financial Performance - In 2023, Zhongji Innolight's revenue was 10.72 billion yuan, with a net profit of 2.17 billion yuan. The first quarter of 2024 saw revenue of 4.84 billion yuan and a net profit of 1.01 billion yuan, indicating strong growth [20][22]. - The gross profit margin in Q1 2024 decreased by 2.6% quarter-on-quarter, primarily due to product price reductions and changes in product mix, but there is expected room for improvement in gross profit for the remainder of the year [20][22]. - The report forecasts net profits of 5.5 billion yuan and 8.1 billion yuan for 2024 and 2025, respectively, with EPS projected at 6.9 yuan and 10.1 yuan [22]. Market Outlook - The report anticipates that the global demand for 1.6T products will begin shipping in the second half of 2024, with significant growth expected in 2025 [20][21]. - The company is positioned to benefit from the accelerated demand for optical upgrades, particularly as it leads in the development of high-speed optical modules [21][22].