需求恢复且产品结构改善，24年1季度营收恢复高增

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [6][30]. Core Insights - The company experienced significant revenue decline in 2023 due to high inventory levels among telecom operators and a slowdown in capital expenditures, leading to a 48.96% year-over-year decrease in revenue [3][30]. - In Q1 2024, the company reported a strong recovery with a 72.33% increase in revenue compared to the same period last year, driven by a richer product line and the launch of new products like EML [3][30]. - The rapid development of AI is expected to boost demand for high-speed optical modules, particularly those exceeding 1.6T, which will benefit the company [5][6]. Financial Summary - The company reported a revenue of 1.44 billion yuan in 2023, down from 2.83 billion yuan in 2022, with a net profit of 19.48 million yuan, a decrease of 80.58% year-over-year [12][30]. - For 2024, the projected revenues are expected to recover to 2.39 billion yuan, with net profits forecasted at 610 million yuan, reflecting a significant turnaround [12][30]. - The gross margin is expected to improve from 41.9% in 2023 to 46.3% in 2024, indicating better cost management and product pricing strategies [12][16]. Product Development and Market Position - The company focuses on the optical chip industry, with products including 2.5G to 100G laser chips, primarily serving the telecom and data center markets [31][30]. - The introduction of high-speed EML and high-power laser chips is aimed at meeting the increasing demands of the data center market, particularly driven by AI applications [31][32]. - The company has increased its R&D expenditure to 30.95 million yuan in 2023, a 14.23% increase from the previous year, to enhance its competitive edge in technology and market adaptation [5][6].