2023年年报及2024年一季报点评报告：高端光模块产品放量业绩高增，后续关注1.6T光模块的量产

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The demand for optical modules is rapidly increasing, leading to significant growth in the company's performance. In 2023, driven by continuous upgrades in computing power and substantial demand growth, the company achieved a revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and an operating profit of 2.494 billion yuan, up 87.89% [5]. - In Q1 2024, benefiting from the sales growth of high-speed optical modules such as 800G and 400G, the company reported a revenue of 4.843 billion yuan, a remarkable year-on-year increase of 163.59%, and a net profit attributable to shareholders of 1.009 billion yuan, up 303.84% [5]. - The company is actively preparing for the market introduction of 1.6T optical modules, aiming for mass production and delivery by 2025, while also researching next-generation optical module technologies to maintain its competitive edge [5]. Financial Summary - The company is a leading global player in the optical module market, with a projected net profit of 5.095 billion yuan, 6.934 billion yuan, and 9.160 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 26.5, 19.5, and 14.7 [5][7]. - The company's revenue is expected to grow significantly, with forecasts of 25.458 billion yuan in 2024, 33.378 billion yuan in 2025, and 42.073 billion yuan in 2026, reflecting growth rates of 137.5%, 31.1%, and 10.3% respectively [7][10]. - The gross profit margin for optical module products was 34.14% in 2023, an increase of 4.34 percentage points year-on-year, indicating improved profitability [4].