2023A&2024Q1业绩点评：2024Q1业绩小幅下滑，行业地位保持领先

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it suggests continuous attention due to the potential benefits from AI industry demands for high-speed optical modules [4]. Core Viewpoints - The company maintains a leading position in the global optical device market with a market share of 6.30%, ranking fourth globally [2]. - The company has a comprehensive product coverage and vertical integration capabilities, which are expected to benefit from the AI industry's demand for 400G and 800G optical modules [2]. - The company has a high R&D investment rate of 11.52% in Q1 2024, indicating a commitment to innovation across multiple fields [3]. - Revenue forecasts for 2024-2026 are optimistic, with expected revenues of 74.40 billion, 87.67 billion, and 100.84 billion yuan, reflecting growth rates of 22.75%, 17.84%, and 15.03% respectively [4]. Financial Performance Summary - In 2023, the company achieved a revenue of 60.61 billion yuan, a year-on-year decrease of 12.31%, while net profit attributable to shareholders was 6.19 billion yuan, a year-on-year increase of 1.80% [1]. - For Q1 2024, the company reported a revenue of 12.91 billion yuan, a year-on-year increase of 1.79%, but a net profit of 0.77 billion yuan, a year-on-year decrease of 24.21% [1]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.89, 1.03, and 1.17 yuan respectively, with a three-year compound annual growth rate (CAGR) of 14.41% [4]. Market Position and Product Development - The company ranks fourth in the telecom transmission network, fifth in data centers, and third in access networks within the optical device market [2]. - The product matrix includes optical modules for various speeds, which are expected to benefit from the growing demand in AI and data center interconnects [2]. - The company is actively investing in R&D for advanced technologies such as 400G backbone networks and AI cluster connections [3].