ZHONGJI INNOLIGHT(300308) 国元证券·2024-04-24 00:30Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a total revenue of 10.718 billion yuan in 2023, representing a year-on-year growth of 11.16%, and a net profit attributable to shareholders of 2.174 billion yuan, up 77.58% year-on-year. For Q1 2024, the company reported a revenue of 4.843 billion yuan, a significant year-on-year increase of 163.59%, and a net profit of 1.009 billion yuan, which is a 303.84% increase year-on-year [6][9]. - The increasing proportion of 400G/800G products has significantly enhanced the company's profitability, with Q1 2024 gross margin improving by 3.21 percentage points year-on-year [7]. - The demand for high-speed products is on an upward trend, with rapid penetration of silicon photonics technology [8]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 10.718 billion yuan and a net profit of 2.174 billion yuan. For Q1 2024, revenue reached 4.843 billion yuan, with a net profit of 1.009 billion yuan [6][9]. - The gross margin for Q1 2024 was impacted by product pricing and structure changes, but is expected to stabilize in Q2 [7]. Product Development - The company is focusing on enhancing its production capacity for 400G and 800G products, with ongoing projects in Suzhou and Tongling [7]. - The 1.6T product is currently in the sample testing phase, with expectations for scale production next year [8]. Profitability Forecast - The company is projected to achieve net profits of 4.867 billion yuan, 6.547 billion yuan, and 7.808 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26, 19, and 16 [9].