Taclink(688205) 山西证券·2024-11-15 02:31Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [3]. Core Views - The company is positioned as a mid-to-long distance optical transmission expert, benefiting from the rapid growth of AI DCI traffic. The DCI market is expected to accelerate due to the increasing demand for data center interconnectivity driven by AI applications [1][2]. - The company has reported a revenue of 600 million yuan for the first three quarters of 2024, representing a year-on-year increase of 9.5%, and a net profit of 80 million yuan, up 15% year-on-year [1]. Summary by Sections Company Performance - The company achieved a revenue of 600 million yuan in the first three quarters of 2024, with a net profit of 80 million yuan, reflecting a year-on-year growth of 15% [1]. - The third quarter revenue was 190 million yuan, with a year-on-year increase of 1% but a quarter-on-quarter decrease of 13.5% [1]. Market Data - The company was listed on the STAR Market in August 2022 and has established a comprehensive product line in optical transmission modules, amplifiers, and subsystems [1]. - The company has a market capitalization of 8.205 billion yuan and a circulating A-share market value of 4.605 billion yuan [1]. Financial Forecast - The projected net profits for 2024, 2025, and 2026 are 140 million yuan, 200 million yuan, and 270 million yuan, respectively, indicating a strong growth trajectory [3]. - Revenue is expected to grow from 987 million yuan in 2024 to 1.731 billion yuan in 2026, with a compound annual growth rate (CAGR) of 27.6% [6][8]. Business Strategy - The company is expanding its production capacity to meet strong demand and is investing in R&D to establish a unique competitive advantage in the DCI market [2]. - The DCI business is planned with a conservative capacity of 200-500 million yuan, anticipating rapid revenue growth as overseas production capacity increases [2]. Financial Metrics - The company’s gross margin is projected to improve from 31.3% in 2024 to 33.8% in 2026, reflecting operational efficiency [6]. - The earnings per share (EPS) is expected to rise from 1.14 yuan in 2024 to 2.23 yuan in 2026 [6][10].