中际旭创：跟踪报告之三：AIGC拉动光互连需求，高速光模块布局全球领先

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is a global leader in high-end optical modules, benefiting significantly from the current AI development trend, with rapid revenue growth from its 800G and 1.6T products [3][70] - The company achieved substantial growth in Q1 2024, with revenue of 4.843 billion yuan, a year-on-year increase of 163.59%, and a net profit of 1.009 billion yuan, up 303.84% [3][20] Summary by Sections Company Overview - The company integrates R&D, design, packaging, testing, and sales of high-end optical communication transceiver modules, providing comprehensive solutions for cloud data centers and telecom equipment markets [16][18] - It ranks as one of the top two optical module manufacturers globally, maintaining a strong market share [18] Revenue and Profitability - In 2023, the company reported total revenue of 10.718 billion yuan, a year-on-year increase of 11.16%, and a net profit of 2.174 billion yuan, up 77.58% [20] - The gross margin for 2023 was 32.99%, an increase of 3.68 percentage points year-on-year, while the net margin was 20.60%, up 7.80 percentage points [23] Market Demand and Growth Drivers - The rapid development of generative AI is driving demand for high-speed optical modules, particularly 800G and 1.6T modules, which are essential for AI data center interconnects [31][36] - The global optical module market is expected to grow at a CAGR of 11% from 2022 to 2027, potentially exceeding 20 billion USD by 2027 [36][38] Technological Advancements - The company is at the forefront of new technologies such as silicon photonics and coherent optics, enhancing its product offerings and market competitiveness [44][60] - The company has launched the industry's first 800G pluggable OSFP and QSFP-DD800 series optical modules, showcasing its innovation capabilities [60] Financial Forecasts - The company’s projected revenues for 2024, 2025, and 2026 are 25.419 billion yuan, 34.118 billion yuan, and 42.508 billion yuan, respectively, with net profits of 5.229 billion yuan, 7.313 billion yuan, and 9.211 billion yuan [70][63] - The current market valuation corresponds to P/E ratios of 26x, 18x, and 15x for the years 2024, 2025, and 2026, respectively [70]