Q1业绩历史新高，AI将带动800G/1.6T需求上量

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 157.51 CNY [1][5]. Core Insights - The company reported a revenue of 10.718 billion CNY for 2023, representing a year-over-year growth of 11.16%, and a net profit of 2.174 billion CNY, which is a significant increase of 77.58% [1][3]. - In Q1 2024, the company achieved a revenue of 4.843 billion CNY, showing a remarkable year-over-year growth of 163.59%, with a net profit of 1.009 billion CNY, up 303.84% [1][3]. - The demand for high-speed optical modules, particularly 800G and 1.6T, is expected to rise significantly due to advancements in AI and increased capital expenditure from major cloud providers [3][4]. Financial Summary - The company's revenue and net profit projections for 2024 to 2026 are as follows: - 2024E Revenue: 25.575 billion CNY, Net Profit: 5.146 billion CNY - 2025E Revenue: 36.188 billion CNY, Net Profit: 7.172 billion CNY - 2026E Revenue: 46.747 billion CNY, Net Profit: 9.109 billion CNY [2][4]. - The company’s earnings per share (EPS) are projected to be 6.41 CNY in 2024, 8.93 CNY in 2025, and 11.35 CNY in 2026 [2][4]. Product Performance - High-speed optical modules generated revenue of 9.799 billion CNY in 2023, with a gross margin of 35.06%, while mid-speed modules saw a decline in revenue [3]. - The company is positioned as a leader in the optical module market, with a strong focus on R&D and innovation, particularly in silicon photonics and coherent technologies [3][4]. Market Outlook - The report highlights the anticipated growth in the optical module market driven by AI developments and the increasing deployment of 1.6T modules, which are expected to enhance the company's performance [3][4]. - The company is recognized for its competitive edge in technology and scale, with a strong market position supported by significant capital expenditures from major tech firms [3][4].