ACCELINK(002281) 民生证券·2024-04-26 11:00Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company achieved a revenue of 6.061 billion yuan in 2023, a year-on-year decrease of 12.31%, while the net profit attributable to shareholders increased by 1.80% to 619 million yuan [1][2]. - The telecom demand remains stable, with the company holding a strong position in its market segments, ranking fourth globally in optical devices with a market share of 6.3% [1]. - The demand in the data communication market is expected to remain high, driven by AI investments from major players like Meta and Microsoft, which are increasing their capital expenditures significantly [1]. - The company has a diverse product matrix in the data communication field, including various optical modules and ongoing chip development, indicating strong growth potential [1]. - Future profit forecasts for the company are 805 million yuan in 2024, 1.072 billion yuan in 2025, and 1.386 billion yuan in 2026, with corresponding PE ratios of 37X, 28X, and 22X [1][2]. Financial Performance Summary - In 2023, the company's revenue was 6.061 billion yuan, with a net profit of 619 million yuan, and a decrease in revenue of 12.31% compared to the previous year [1][2]. - The company's core business segments include transmission services, which generated 3.344 billion yuan in revenue, and data and access services, which generated 2.664 billion yuan [1]. - The gross margin for transmission services was 29.56%, while for data and access services, it was 13.04% [1]. - The company expects a revenue growth rate of 33.61% in 2024, with a net profit growth rate of 30.05% [6][7].