腾景科技：光通信上游景气提升，业绩复苏拐点已现

Investment Rating - The report maintains a "Buy" rating for the company [3][16]. Core Views - The company is expected to benefit from the recovery in the optical communication sector driven by AI, with projected revenues of 4.9 billion, 6.7 billion, and 8.7 billion for 2024-2026, and net profits of 0.76 billion, 0.98 billion, and 1.37 billion respectively [3][11]. - The company's optical communication business faced challenges in 2023, with revenues declining by 28.3% year-on-year to 1.2 billion, but is anticipated to recover as demand for high-speed optical modules rises in the second half of 2023 and into 2024 [2][3]. Financial Performance Summary - In 2023, the company achieved total revenue of 3.4 billion, a decrease of 1.3% year-on-year, and a net profit of 0.42 billion, down 28.7% year-on-year [11]. - The first quarter of 2024 showed a revenue increase of 20.6% year-on-year to 0.94 billion and a net profit growth of 72.1% year-on-year to 0.11 billion [11]. - The company’s revenue from the fiber laser sector grew by 16.5% year-on-year to 1.8 billion in 2023, while new business areas saw a significant increase of 104.5% year-on-year [12]. Growth Potential - The company is focusing on R&D, with an investment of 34.15 million in 2023, representing 10.1% of its revenue, and is expanding its business into high-end optical modules for various applications [12]. - The establishment of subsidiaries and partnerships, such as the acquisition of North American GouMax, aims to enhance the company's product line and business scope [12].