Q1业绩亮眼，AI驱动400G/800G产品放量

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a significant increase in Q1 2024 performance, with revenue reaching 1.113 billion, a year-on-year growth of 85.41%, and a net profit of 325 million, up 200.96% year-on-year, indicating a strong recovery and growth trajectory [1]. - The increase in gross margin to 42% and net margin to 29.2% in Q1 2024 reflects improved profitability driven by the higher sales of 400G/800G high-speed products, which are expected to continue to grow due to rising demand from AI applications [1][2]. - The company showcased various high-speed products at the OFC event, including the first single-channel 200G LPO product and announced the mass production of 8*100G LPO, positioning itself as a leader in the 800G market segment [1]. Financial Summary - In 2023, the company achieved a revenue of 3.098 billion, a decrease of 6.43% year-on-year, and a net profit of 688 million, down 23.82% year-on-year [3]. - Forecasted revenues for 2024-2026 are 5.243 billion, 7.279 billion, and 9.485 billion respectively, with expected net profits of 1.528 billion, 2.245 billion, and 2.998 billion, indicating a strong growth outlook [3]. - The projected P/E ratios for 2024, 2025, and 2026 are 30.3, 20.6, and 15.4 respectively, suggesting an attractive valuation as earnings grow [3].