ZHONGJI INNOLIGHT(300308) 上海证券·2024-10-28 09:01Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders of 3.753 billion yuan, up 189.59% [2][3] - In Q3 alone, the company achieved revenue of 6.514 billion yuan, growing 115.25% year-on-year, and net profit of 1.394 billion yuan, an increase of 104.40% [2][3] - The company faces challenges from foreign exchange losses impacting profit growth, primarily due to the depreciation of the US dollar against the Chinese yuan, which has affected profits since over 80% of its revenue comes from overseas [3] - The company has improved its cost control, with a decrease in the expense ratios for sales, management, and R&D compared to the previous quarter, while still experiencing high absolute growth in these expenses [3] - The company is expected to benefit from advancements in silicon photonics technology and increased demand for computing power, particularly in the context of large-scale AI model applications [3] Financial Summary - The company forecasts revenue growth from 25.942 billion yuan in 2024 to 53.514 billion yuan in 2026, with corresponding net profits expected to rise from 5.105 billion yuan to 10.664 billion yuan during the same period [4][6] - The projected revenue growth rates are 142.04% for 2024, 70.92% for 2025, and 20.69% for 2026, while net profit growth rates are expected to be 134.89%, 64.40%, and 27.06% respectively [4][6] - The company's earnings per share are projected to increase from 4.55 yuan in 2024 to 9.51 yuan in 2026, with corresponding price-to-earnings ratios of 34, 21, and 16 times [6][4]