2023A&2024Q1业绩点评：2024Q1业绩高增，高速光模块研发进展显著

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 100.50 CNY, based on a 50 times PE for 2024 [7][5]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 11.13 billion CNY, a year-on-year growth of 85.41%, and net profit at 3.25 billion CNY, a year-on-year increase of 200.96% [1][3]. - The company has made notable advancements in the development of high-speed optical modules, including the launch of the latest 800G/1.6T optical module products [2]. - The gross margin for Q1 2024 improved significantly to 42.00%, up 7.96 percentage points year-on-year, while the net margin reached 29.16%, an increase of 11.19 percentage points year-on-year [3]. - A stock incentive plan was proposed for 146 key personnel, aimed at boosting long-term confidence in the company's development, with performance targets set for 2024-2026 [4]. Financial Performance Summary - In 2023, the company achieved a revenue of 30.98 billion CNY, a decrease of 6.43% year-on-year, and a net profit of 6.88 billion CNY, down 23.82% year-on-year [1][6]. - The projected revenues for 2024-2026 are 58.68 billion CNY, 82.03 billion CNY, and 114.68 billion CNY, with year-on-year growth rates of 89.44%, 39.79%, and 39.81% respectively [5][6]. - The forecasted net profits for the same period are 14.27 billion CNY, 19.70 billion CNY, and 26.12 billion CNY, with growth rates of 107.30%, 38.06%, and 32.57% respectively [5][6].