Shijia Photons(688313) 天风证券·2024-08-19 08:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [4]. Core Insights - The company achieved a revenue of 449 million yuan in the first half of 2024, representing a year-on-year growth of 36%, and a net profit attributable to shareholders of 11.96 million yuan, up 167% year-on-year [1]. - The significant growth in revenue is attributed to the increasing demand for 400G/800G optical modules, leading to a turnaround in profitability [1]. - The company has made breakthroughs in the performance of silicon photonics high-power CW DFB lasers, with small batch sales already initiated [1][2]. Financial Performance - The company's revenue from optical chips and devices grew by over 60% year-on-year, with specific product contributions including: - AWG chips revenue of 102 million yuan, up 104% year-on-year - DFB laser revenue of 34.78 million yuan, up 62% year-on-year - Optical fiber connector revenue of 57 million yuan, up 114% year-on-year [1]. - The company’s R&D expenses reached 53.87 million yuan in the first half of 2024, accounting for 12% of its revenue, indicating a commitment to innovation [2]. Revenue Forecast - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 46 million yuan, 78 million yuan, and 105 million yuan respectively, reflecting a downward revision from previous estimates [2]. - The expected revenue growth rates for the upcoming years are projected at 29.98% for 2024, 16.75% for 2025, and 12.04% for 2026 [3][8]. Market Dynamics - The growth in the data communication market is driven by AI computing demand, with the data center business continuing to expand [1]. - The telecommunications market is also recovering, with increased sales of AWG chips and modules, particularly in the FTTR deployment phase [1].