Shijia Photons(688313) 民生证券·2024-08-17 09:37Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved profitability in the first half of 2024, with revenue of 449 million yuan, a year-on-year increase of 36.07%. The net profit attributable to shareholders was 11.96 million yuan, marking a turnaround from losses [1]. - The recovery in the telecommunications market and rapid growth in the data communication market driven by AI demand contributed to the company's performance. The optical chip and device segment saw revenue of 241 million yuan, up 60.5% year-on-year [1]. - The company is increasing R&D investment, focusing on enhancing its capabilities in optical chips and devices for the data communication sector, which is expected to be a core growth driver in the future [1]. Financial Performance Summary - Revenue for the first half of 2024 was 449 million yuan, with a year-on-year growth of 36.07% [1]. - The optical chip and device segment generated 241 million yuan in revenue, reflecting a 60.5% increase year-on-year [1]. - Indoor optical cable revenue reached 98 million yuan, up 12.67% year-on-year, driven by demand from AI data centers [1]. - Revenue from cable polymer materials was 102 million yuan, a year-on-year increase of 22.67%, supported by steady growth in new energy vehicle sales and data center demand [1]. - R&D expense ratio for the first half of 2024 was 12.0%, with a focus on developing advanced optical devices and chips [1]. - Projected net profits for 2024-2026 are estimated at 45 million yuan, 82 million yuan, and 122 million yuan, respectively, with corresponding PE multiples of 92x, 51x, and 34x [1].