ACCELINK(SZ:002281)2025-04-29 13:32Group 1: Financial Performance - The company's inventory increased by 116.57% year-on-year to CNY 5.239 billion, primarily for second-quarter order preparation [1] - The first-quarter profit decreased significantly due to reduced other income and losses from joint ventures [2] - The company aims for a compound annual growth rate of no less than 15% in revenue/net profit for 2025, indicating strong confidence in growth [6] Group 2: Inventory Management - The increase in inventory is mainly due to strategic stockpiling based on order forecasts [3] - The company has a negative operating cash flow for 2024 due to increased stockpiling and expansion efforts, but maintains a low debt ratio [12] - The company is focused on improving inventory turnover efficiency, which has improved year-on-year [7] Group 3: Market Demand and Product Development - The domestic demand for 400G optical modules is currently high, with expectations for significant growth in 2025 [10] - The company is enhancing its research and development capabilities, particularly in silicon photonics, with a monthly production capacity of 500,000 units [13] - The company’s optical chips are primarily for internal use, with no current plans for external sales [14] Group 4: Strategic Initiatives - The company plans to focus on core competencies and improve operational efficiency to enhance profitability [5] - The actual controller has committed to not reducing shareholdings for 36 months, reflecting confidence in the company's long-term value [15] - The company is actively engaging with investors to stabilize market expectations and improve communication [12]