ACCELINK(002281) 民生证券·2024-10-31 03:42Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company's Q3 2024 performance exceeded expectations, with revenue reaching 5.378 billion yuan, a year-on-year increase of 24.29%, and a net profit attributable to shareholders of 464 million yuan, up 12.26% year-on-year [2]. - The significant growth in Q3 2024 was driven by high demand for data communication optical modules, particularly due to AI-related needs, which also improved the company's profitability [2]. - The company has a comprehensive product matrix in the data communication field, including advanced technologies such as the 1.6T optical module, positioning it well for future growth opportunities [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 5.378 billion yuan, with a net profit of 464 million yuan, and a non-recurring net profit of 454 million yuan, reflecting year-on-year growth rates of 24.29%, 12.26%, and 29.97% respectively [2]. - In Q3 2024 alone, revenue was 2.268 billion yuan, showing a year-on-year increase of 49.99% and a quarter-on-quarter increase of 24.68% [2]. - The gross margin for Q3 2024 was 25.10%, up 3.19 percentage points year-on-year, while the net profit margin was 11.16%, showing a slight year-on-year decrease of 0.43 percentage points [2]. Future Projections - The company is projected to achieve net profits of 708 million yuan, 1.104 billion yuan, and 1.505 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 46, 30, and 22 [2][5]. - The anticipated growth in the data communication market, driven by AI and other emerging technologies, is expected to provide significant opportunities for the company [2].