季度业绩符合预期，未来环比高增趋势明确

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company has shown strong revenue growth driven by the acceleration of 800G optical module sales, with total revenue for Q1 2024 reaching 4.843 billion yuan, a year-on-year increase of 163.59% and a quarter-on-quarter increase of 31.32% [4] - The company's net profit for Q1 2024 was 1.009 billion yuan, reflecting a year-on-year increase of 303.84% and a quarter-on-quarter increase of 15.00% [4] - The report highlights the company's ability to improve profitability in the future as technology advances and chip supply constraints ease, with expectations for continued revenue growth in the second half of the year [4][5] Financial Summary - For the fiscal year 2023, the company achieved total revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and a net profit of 2.174 billion yuan, a year-on-year increase of 77.58% [2][4] - The gross margin for 2023 was 32.99%, up 3.68 percentage points year-on-year, while the net margin was 20.60%, up 7.80 percentage points year-on-year [4] - The company expects to see net profits of 5.072 billion yuan, 6.756 billion yuan, and 8.413 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.7, 20.8, and 16.7 [5][6] Market Data - As of May 8, 2024, the closing price of the company's stock was 174.80 yuan, with a total share capital of 802.83 million shares and a net asset value of 15,704.61 million yuan [1]