ZHONGJI INNOLIGHT(300308) 长城证券·2024-04-23 12:02Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company's revenue and net profit have shown significant growth, driven by the demand for high-end products such as 400G and 800G modules, particularly in the AI computing sector [3][4]. - The company is expected to continue its growth trajectory, with projected net profits of 5.09 billion, 7.00 billion, and 8.18 billion yuan for 2024, 2025, and 2026 respectively [8]. Financial Summary - Revenue (Million Yuan): - 2022A: 9,642 - 2023A: 10,718 (YoY growth: 11.2%) - 2024E: 27,009 (YoY growth: 152.0%) - 2025E: 36,192 (YoY growth: 34.0%) - 2026E: 41,983 (YoY growth: 16.0%) [1][9] - Net Profit (Million Yuan): - 2022A: 1,224 - 2023A: 2,174 (YoY growth: 77.6%) - 2024E: 5,089 (YoY growth: 134.2%) - 2025E: 7,004 (YoY growth: 37.6%) - 2026E: 8,176 (YoY growth: 16.7%) [1][9] - EPS (Latest Diluted): - 2022A: 1.52 - 2023A: 2.71 - 2024E: 6.34 - 2025E: 8.72 - 2026E: 10.18 [1][9] - P/E Ratios: - 2022A: 112.0 - 2023A: 63.1 - 2024E: 26.9 - 2025E: 19.6 - 2026E: 16.8 [1][9] - ROE (%): - 2022A: 10.2 - 2023A: 14.9 - 2024E: 26.3 - 2025E: 26.8 - 2026E: 24.1 [1][9] Market Position and Product Development - The company is enhancing its product offerings in the optical communication sector, focusing on high-end products and solutions for overseas data center clients [4]. - The deployment of silicon photonics and the introduction of 1.6T optical modules are expected to further enrich the product chain and increase market share [4].