公司年报点评：业绩短期承压，看好全球AI+国内骨干网拉动业绩增长

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][6] Core Views - The company reported a revenue of 6.061 billion yuan in 2023, a decrease of 12.31% year-on-year, while the net profit attributable to shareholders was 619 million yuan, an increase of 1.80% [5][6] - The first quarter of 2024 saw a revenue of 1.291 billion yuan, a year-on-year increase of 1.79%, but a quarter-on-quarter decrease of 25.55% [5][6] - The company is focusing on high-end optical devices and modules, with plans to expand into overseas markets, which is expected to drive future growth [5][6] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 6.061 billion yuan, with a net profit of 619 million yuan and a gross margin of 22.63% [5][6] - The first quarter of 2024 reported a revenue of 1.291 billion yuan and a net profit of 77.43 million yuan, with a gross margin of 22.53% [5][6] Research and Development - The company continued to invest in R&D for high-speed optical chips and high-end optical transceiver modules, with R&D expenses amounting to 560 million yuan, a decrease of 15.26% year-on-year [5][6] Market Position and Future Outlook - The company is positioned to benefit from the demand for high-speed optical modules driven by AI and the construction of backbone networks [5][6] - Revenue from transmission products was 3.344 billion yuan in 2023, while access and data revenue was 2.664 billion yuan, indicating a strategic focus on high-end optical devices [5][6] Earnings Forecast - The forecast for net profit attributable to shareholders is 819 million yuan for 2024, 1.021 billion yuan for 2025, and 1.233 billion yuan for 2026, with corresponding EPS of 1.03 yuan, 1.29 yuan, and 1.55 yuan respectively [6][9]