Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company is expected to achieve a revenue of 3.252 billion yuan in 2024, representing a year-on-year growth of 67.74%, and a net profit of 1.344 billion yuan, with a year-on-year increase of 84.07% [9][24]. - The growth in the company's active optical devices is significantly driven by the development of AI, with both active and passive optical products experiencing rapid growth [16][21]. - The company has a strong focus on R&D and innovation, particularly in the field of optical devices, benefiting from a new round of optical communication technology iterations [3][21]. Revenue and Profit Forecast - The company forecasts revenues of 4.806 billion yuan in 2025, with a growth rate of 47.8%, and a net profit of 1.951 billion yuan, reflecting a growth of 45.2% [4][29]. - The revenue from passive optical devices is expected to grow at a rate of 33.1% in 2024, while active optical devices are projected to grow by 135.6% [27][29]. Financial Metrics - The overall gross margin for the company is projected to increase by 3.02 percentage points to 57.29% in 2024, with passive optical devices contributing a gross margin of 68.41% and active devices at 46.69% [2][21]. - The company's net asset return (ROE) is expected to reach 33.8% in 2024 and 39.4% in 2025 [4][29]. Market Position and Strategy - The company is actively expanding its global business layout, with a new factory in Thailand expected to be completed by the end of April 2024, which will support ongoing capacity expansion [3][21]. - The company has accumulated several globally leading core process technologies in basic materials through self-research and acquisitions, positioning itself well in the market [3][21].

Group 1 - The company reported a revenue of 3.25 billion in 2024, representing a year-on-year increase of 67.7%, and a net profit attributable to shareholders of 1.34 billion, up 84.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 860 million, a year-on-year increase of 17.0%, and a net profit of 370 million, up 26.2% year-on-year [1] - The company benefited from high demand for downstream optical modules, with optical active and passive components achieving revenues of 1.66 billion and 1.58 billion respectively, reflecting increases of 121.9% and 33.2% year-on-year [1] Group 2 - The company has established its overseas headquarters in Singapore and a production base in Thailand, increasing optical communication component capacity by 4.0% to 5.92 billion units [2] - R&D investment increased by 62.1% to 230 million in 2024, focusing on cutting-edge technologies such as silicon photonics and CPO [2] - The company is expected to benefit from the demand expansion and technological development in both passive and active products in 2025 [2] Group 3 - The company is a key supplier of core components for optical modules, deeply integrated with major downstream manufacturers, and is expected to benefit from the ramp-up of 800G and 1.6T products in 2025 [3] - The net profit forecasts for 2025 and 2026 have been adjusted to 2.04 billion and 2.60 billion respectively, with a projected net profit of 3.12 billion for 2027 [3] - The company maintains a "buy" rating, supported by dual-line development in passive and active businesses to meet mainstream customer demand for computing power [3]