2023A&2024Q1业绩点评：高端产品放量带动业绩持续高增

Investment Rating - The investment rating for the company is "Buy" with a target price of 224.43 CNY [8] Core Insights - The company reported a significant increase in revenue and net profit driven by the growth of high-end products, particularly 800G/400G modules [2][3] - The company has implemented a third phase of stock incentives to enhance team cohesion and demonstrate confidence in long-term development [4] - The financial forecasts have been adjusted upwards due to the increasing demand for high-end optical modules, with projected revenues and profits showing substantial growth over the next few years [5] Financial Data Summary - Total shares outstanding: 802.83 million; circulating shares: 748.52 million [1] - Market capitalization: 118,535.04 million CNY [1] - Revenue for 2023 was 10,718 million CNY, a year-on-year increase of 11.16% [2] - Net profit for 2023 was 2,174 million CNY, a year-on-year increase of 77.58% [2] - Projected revenue for 2024 is 23,635 million CNY, with a growth rate of 120.52% [5] - Projected net profit for 2024 is 4,505 million CNY, with a growth rate of 107.24% [5] - EPS for 2024 is expected to be 5.61 CNY per share [5] - The company’s EBITDA for 2023 was 2,934 million CNY, with a projected increase to 6,297 million CNY in 2024 [5] Profitability Metrics - The gross margin for 2023 was 32.99%, an increase of 3.68 percentage points year-on-year [3] - The net profit margin for 2023 was 20.60%, an increase of 7.80 percentage points year-on-year [3] - The company’s return on equity (ROE) is projected to reach 24.00% by 2024 [9]