业绩保持高增态势，盈利能力稳定

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 189.23 CNY per share, compared to the current price of 156.65 CNY [4][29]. Core Insights - The company has significantly benefited from the AI boom, achieving a revenue of 1.939 billion CNY in 2023, representing a year-over-year increase of 62.04%, and a net profit of 730 million CNY, up 81.14% year-over-year. In Q1 2024, revenue reached 732 million CNY, a staggering 154.95% increase year-over-year, with a net profit of 279 million CNY, up 202.68% year-over-year [2][13]. - The company continues to invest heavily in R&D, with an expenditure of 143 million CNY in 2023, a 16.74% increase year-over-year. The company is expanding its production capacity, with a new factory in Thailand set to begin operations, which will enhance its ability to meet the growing demand for high-speed optical components [2][13]. - The company is expected to achieve net profits of 1.359 billion CNY, 2.029 billion CNY, and 2.730 billion CNY for the years 2024, 2025, and 2026, respectively. The projected revenue for the same years is 3.608 billion CNY, 5.268 billion CNY, and 7.069 billion CNY [2][25]. Summary by Sections Performance Overview - The company reported a revenue of 1.939 billion CNY in 2023, with a net profit of 730 million CNY. The gross margin and net margin improved to 54.30% and 37.65%, respectively. In Q1 2024, the revenue was 732 million CNY, with a net profit of 279 million CNY, maintaining stable profitability [2][13]. R&D and Capacity Expansion - The company invested 143 million CNY in R&D in 2023, focusing on high-speed optical engine products. The new factory in Thailand will significantly increase production capacity, allowing the company to meet the demand for 800G and 1.6T modules [2][13]. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.359 billion CNY, 2.029 billion CNY, and 2.730 billion CNY from 2024 to 2026. The revenue forecast for the same period is 3.608 billion CNY, 5.268 billion CNY, and 7.069 billion CNY. The report assigns a PE ratio of 55x for 2024, leading to a target price of 189.23 CNY per share [2][25][29].