ACCELINK(002281) 国信证券·2024-05-17 06:07Investment Rating - The report initiates coverage with an "Overweight" rating for the company [2] Core Views - The company is a leading player in the optical communication industry with vertical integration capabilities from chips to subsystems [1] - It benefits from domestic computing power development, especially in the context of AI-driven demand for high-speed optical modules [1] - The company is well-positioned to capitalize on the 400G backbone network upgrades and DCI network construction [1] Financial Performance - In Q1 2024, the company reported revenue of 1.29 billion yuan, up 1.8% YoY, but net profit declined by 24.2% YoY to 80 million yuan [1] - Revenue for 2023 was 6.06 billion yuan, down 12.3% YoY, while net profit increased by 1.8% to 619 million yuan [10] - The company expects revenue to grow by 33%, 24%, and 21% in 2024, 2025, and 2026, respectively, with net profit growth of 19%, 27%, and 22% over the same period [2] Market Position and Competitive Advantages - The company ranks fourth globally in the optical device market with a 6.3% market share [41] - It has a strong presence in the domestic market and is actively expanding overseas, particularly in the data center segment [41][44] - The company has a vertical integration advantage with self-developed optical chips, achieving a high self-sufficiency rate for 25G and below chips [46] Industry Trends and Opportunities - The AI-driven demand for high-speed optical modules is expected to grow significantly, with domestic computing power centers accelerating construction [1] - The 400G backbone network upgrades and DCI network construction are expected to drive demand in the transmission market [1][36] - The global optical module market is projected to exceed $10 billion, with data center applications becoming the primary downstream market [16] Capacity Expansion and R&D - The company completed a private placement of 1.57 billion yuan in 2023 to expand production capacity for 5G/F5G and data center optical modules [1] - It is actively developing 100G and above optical chips, with plans to increase the self-sufficiency rate for 100G chips in 2024 [46] Valuation and Peer Comparison - The company's current PE ratios for 2024, 2025, and 2026 are 37x, 29x, and 24x, respectively [2] - Compared to peers like Zhongji Innolight and Eoptolink, the company has a lower valuation but strong vertical integration capabilities [54]