深耕光通信主业，开拓计算与存储业务

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company is deeply engaged in the optical communication industry while expanding into computing and storage businesses. Its subsidiary, Changjiang Computing, is expected to continue increasing its market share among operators, potentially opening up revenue and profit growth opportunities. The projected net profits for the company from 2024 to 2026 are 0.711 billion, 1.022 billion, and 1.524 billion yuan, representing year-on-year growth rates of 41%, 44%, and 49% respectively [9][17]. Summary by Sections Financial Performance - In the first quarter of 2024, the company achieved operating revenue of 5.059 billion yuan, a year-on-year increase of 0.85%. The net profit attributable to the parent company was 0.041 billion yuan, up 10.93% year-on-year, and the net profit excluding non-recurring items was 0.042 billion yuan, an increase of 10.34% year-on-year [2]. Industry Position - The company possesses a complete industrial chain in the optical communication sector, covering fiber optics, cables, chips, and system equipment. It has advanced capabilities in self-developed optical fiber preform and core processes, leading in niche markets such as special optical fibers for aerospace, marine, and nuclear power applications [10][28]. Market Trends - The national strategy of "East Data West Computing" is being implemented, with a significant increase in data center capacity. By the end of 2023, the three major telecom operators had provided 970,000 data center racks, a net increase of 152,000 from the previous year, supporting a public computing power scale exceeding 26 EFlops [16]. Growth Projections - The company is expected to see substantial growth in its computing and storage business, with a compound annual growth rate exceeding 50% in recent years. It has launched a series of self-developed server products and achieved breakthroughs in high-end liquid cooling server technology, positioning itself well in the AI infrastructure market [28].