ZHONGJI INNOLIGHT(SZ:300308) East Money Securities·2024-04-24 08:00Investment Rating - The report assigns a rating of "Accumulate" for the company [12]. Core Views - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 4.842 billion yuan, a year-on-year increase of 163.59%, and net profit of 1.009 billion yuan, up 303.84% year-on-year [11]. - The company is focusing on expanding production capacity in Thailand and preparing for the ramp-up of key products like 800G and 1.6T [11]. - The company has seen a gradual increase in the shipment proportion of high-end products like 800G and 400G, contributing to improved product structure and profitability [12]. - The company is recognized for its comprehensive product offerings in high-speed optical modules, including the industry-first 1.6T-DR8OSFP224LPO, which supports advanced standards and applications [12]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10.718 billion yuan, a year-on-year growth of 11.16%, and a net profit of 2.174 billion yuan, an increase of 77.58% [12][19]. - For Q1 2024, the company reported a revenue of 4.842 billion yuan and a net profit of 1.009 billion yuan, reflecting strong growth in high-end product shipments [11][12]. Product Development - The company has launched a series of high-end optical modules, including the 1.6TOSFP series, which utilizes advanced silicon photonics technology [12]. - The company is actively investing in R&D and production capacity to support the growing demand for high-speed optical communication solutions [12][19]. Market Outlook - The global demand for optical modules is expected to grow significantly, driven by the expansion of data centers and increasing online service needs [14]. - The company is well-positioned to benefit from the anticipated growth in the optical communication market, with projections indicating a potential market size of 6.5 billion USD in China by 2029 [14].