旭光电子：三大业务协同发力，氮化铝放量可期

Investment Rating - The report maintains a "Hold" rating for the company, with expectations of a stock price increase relative to the industry index between -5% to 5% over the next six months [20]. Core Views - The company is expected to benefit from the acceleration of national grid construction and the overseas power equipment upgrade cycle, with military business likely to continue its high growth [2][32]. - The aluminum nitride business is poised for significant growth, having achieved a production capacity of 240 tons per year with a product yield exceeding 90%, establishing itself as a domestic leader in the industry [5][32]. Financial Summary - In 2023, the company achieved a revenue of 1.317 billion yuan, a year-on-year increase of 15.38%, while the net profit attributable to the parent company was 93 million yuan, a decrease of 7.39% [30]. - The first quarter of 2024 saw a revenue of 387 million yuan, a year-on-year increase of 51.12%, and a net profit of 25 million yuan, a year-on-year increase of 38.59% [30]. - The company’s gross margin for 2023 was 26.70%, a decrease of 0.21 percentage points year-on-year, while the net margin was 8.54%, down 1.98 percentage points year-on-year [12][30]. Business Segments - The power equipment segment generated revenue of 740 million yuan in 2023, up 7.83% year-on-year, benefiting from strengthened cooperation with key clients and overseas market expansion [12][31]. - The military business reported revenue of 329 million yuan, a year-on-year increase of 34.13%, with significant growth in precision manufacturing and integrated solutions [12][14]. - The electronic materials segment saw a remarkable growth of 105.12%, contributing 44 million yuan to the revenue [12][14]. Future Projections - The company forecasts net profits attributable to the parent company of 173 million yuan, 250 million yuan, and 320 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.21 yuan, 0.30 yuan, and 0.38 yuan [32][33].