受益于产业升级的光通信领先企业

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.97 CNY [20] Core Views - The company is a leading player in the optical communication industry, integrating three strategic technologies: optical communication systems and networks, optical fibers and cables, and optoelectronic devices [13] - The company has secured a bid for China Mobile's 400G OTN trial network, which is expected to drive product delivery and revenue growth [14][18] - The company's subsidiary, Yangtze Computing, has developed a dual-system product line based on "Kunpeng + Ascend" architecture, positioning it as a key player in domestic computing power [15][18] - The company's profitability is expected to improve, with projected revenue growth of 17.22%, 13.34%, and 13.46% for 2024-2026, and net profit growth of 34.74%, 33.12%, and 20.02% respectively [34] Financial Summary - The company's revenue is expected to grow from 36.49 billion CNY in 2024 to 46.93 billion CNY in 2026, with a CAGR of 13.46% [11][19] - Net profit attributable to the parent company is projected to increase from 681 million CNY in 2024 to 1.09 billion CNY in 2026, with a CAGR of 29.12% [34] - The company's gross margin is expected to remain stable at around 21.16%-21.19% from 2024 to 2026, while the net margin is projected to increase from 1.97% in 2024 to 2.45% in 2026 [11][19] Industry and Market Trends - The optical communication industry is entering the 400G era, with major operators like China Mobile and China Telecom initiating large-scale 400G OTN network construction [14][18][23] - The AI server market is growing rapidly, with global AI server shipments expected to reach 2.4 million units by 2026, accounting for 15% of total server shipments [134] - Operators are increasing their capital expenditure on computing power networks, with China Mobile and China Telecom planning significant investments in AI and computing infrastructure [133][135] Company Strengths - The company has a complete optical communication industry chain, from optical fibers and cables to system equipment, and holds core technologies in optical fiber preform production [13][112] - The company has a strong R&D focus, with R&D expenses accounting for 11.49% of revenue in 2023 and a large R&D team of 6,998 employees [62][107] - The company has a diversified product portfolio, including optical communication systems, fiber optic cables, and data network products, which cater to both operator and enterprise customers [37][72] Growth Drivers - The company is expected to benefit from the 400G OTN network construction by major operators, which will drive demand for its optical communication products [14][18][23] - The company's AI server products, particularly those under the Yangtze Computing brand, are expected to see increased demand due to the rapid growth of the AI industry [15][18][134] - The company's overseas business, which accounted for 31.54% of revenue in 2023, is expected to continue growing, supported by its global presence and diversified product offerings [105][113]