OPTOWIDE(688195) 国泰君安·2024-11-10 05:32Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company's performance is continuously improving, driven by growth in the optical communication and semiconductor sectors, indicating potential for sustained growth in 2024 [3][4]. - The target price has been raised to 61.50 CNY, reflecting a significant increase from the previous estimate of 32.77 CNY, indicating a positive outlook for the company's valuation [3][4]. Financial Summary - The EPS forecasts for 2024, 2025, and 2026 are projected at 0.60 CNY, 0.82 CNY, and 0.98 CNY respectively, with a reference to comparable companies' average valuation levels [4]. - Revenue for the first three quarters of 2024 showed a consistent improvement, with quarterly revenues of 0.94 billion CNY, 1.18 billion CNY, and 1.20 billion CNY, representing year-on-year growth rates of 20.64%, 32.12%, and 50.97% respectively [4]. - The gross profit margins for the same quarters were 32.10%, 40.73%, and 40.83%, indicating a trend of improving profitability [4]. Business Development - The growth in revenue and profit is attributed to increased demand for optical communication components driven by AI computing power, as well as ongoing expansion in emerging fields such as semiconductor equipment and biomedical sectors [4]. - The company is making rapid progress in the semiconductor equipment sector and is gradually realizing performance increments in optical communication [4]. - The company has established partnerships with major global optical module manufacturers, which is expected to enhance its market position in the optical communication sector [4]. Market Performance - The company's stock price has shown significant appreciation, with a 12-month absolute increase of 12% and a 3-month increase of 85% [8]. - The total market capitalization is reported at 5,276 million CNY, with a total share capital of 129 million shares [5].