ZHONGJI INNOLIGHT(300308) 中航证券·2024-05-08 03:00Investment Rating - The investment rating for the company is "Buy" [1][6]. Core Views - The company has shown significant revenue growth, with a reported revenue of 10.718 billion yuan in 2023, an increase of 11.16% year-on-year, and a net profit of 2.174 billion yuan, up 77.58% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 4.843 billion yuan, representing a year-on-year increase of 163.59% and a quarter-on-quarter increase of 31.32% [1]. - The company is benefiting from the increasing demand for high-end optical modules, particularly in the 400G and 800G segments, which are expected to drive further growth [2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 10.718 billion yuan, with a net profit of 2.174 billion yuan [1]. - The gross margin for high-speed optical communication modules increased by 4.31 percentage points to 35.06% [1]. - The company expects revenues of 24.435 billion yuan, 31.418 billion yuan, and 37.558 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.028 billion yuan, 6.893 billion yuan, and 8.507 billion yuan [2][3]. Product Development - The company is a leading supplier of optical modules, with products including 1.6T, 800G, and 400G modules, which are crucial for AI computing infrastructure [1]. - The 1.6T product is currently in the sample testing phase with key overseas customers, expected to enter the order phase by the end of 2024 [2]. Market Outlook - The demand for optical modules remains strong, with the company anticipating continued growth in shipments for 400G and 800G products in Q2 2024 [2]. - The company maintains a competitive edge in the high-end optical module market, supported by robust order backlogs and ongoing product development [2].