Investment Rating - The report suggests a "Buy" rating for the company based on its potential growth and product development [7]. Core Views - The company is facing short-term pressure on its performance, with a significant decline in revenue and net profit in 2023. However, it is actively advancing the research and development of high-speed products [1][2]. - The company has made progress in its fundraising projects and is expanding its operations both domestically and internationally, including the establishment of a manufacturing center in Malaysia [3]. - Revenue and profit forecasts for 2024-2026 indicate a strong recovery, with expected revenue growth rates of 45.00%, 35.00%, and 35.00% respectively, and a substantial increase in net profit [4]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 606 million, a decrease of 26.55% year-on-year, and a net profit of 26 million, down 76.61% year-on-year. The first quarter of 2024 showed a slight revenue increase to 180 million, but a net loss of 5 million [1][5]. - Forecasts for 2024-2026 predict revenues of 878 million, 1.186 billion, and 1.601 billion respectively, with corresponding growth rates of 45.00%, 35.00%, and 35.00% [4][5]. Product Development - The company is focusing on the development of high-speed products, having completed the design and verification of a 200G optical engine in 2023. It is also progressing with the 800G DR4 and 1.6T 2X DR4 projects [2]. - The company has successfully delivered 400G optical modules using advanced 7nm and 16nm process chips, and small batch shipments of 800G optical modules are underway [2]. Operational Expansion - The company is advancing its fundraising projects, with new industrial parks and manufacturing bases expected to be operational in 2024. The Malaysian manufacturing center has already commenced operations in Q4 2023 [3].
2023A&2024Q1业绩点评：业绩短期承压，持续推进高速率产品研发