Taclink(688205) 国盛证券·2024-12-16 01:03Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is expected to benefit significantly from the growing demand for coherent optical modules, driven by the expansion of AI applications and the need for interconnectivity between data centers [2][3]. - The company's revenue and net profit projections for 2024-2026 are estimated at 980 million, 1.374 billion, and 1.784 billion yuan, and 120 million, 209 million, and 305 million yuan respectively [4][9]. - The report highlights the company's strong positioning with key clients like Ciena and Infinera, which is expected to enhance its growth prospects in the coherent optical market [3][4]. Summary by Sections Financial Performance - The company reported a revenue of 819 million yuan in 2023, with a year-on-year growth rate of 14.6% [9]. - The projected revenue growth rates for the next three years are 19.7%, 40.2%, and 29.9% for 2024, 2025, and 2026 respectively [9]. - The return on equity (ROE) is currently at 4.6%, significantly lower than peers, but is expected to improve as overseas and domestic high-margin DCI business scales up [4][9]. Market Opportunities - The coherent optical market is projected to see substantial growth, with coherent devices expected to account for over 45% of transceiver shipments by 2028 [3]. - The report emphasizes the increasing urgency for data center interconnectivity, which is expected to drive demand for DCI solutions [2][3]. Investment Considerations - The company has a strong vertical integration capability, covering chip packaging, device packaging, module manufacturing, and optical transmission subsystems, positioning it well to capitalize on the anticipated growth in DCI coherent optical module demand [3][4]. - The report notes that the company's P/E ratios for the next three years are projected to be 77, 44, and 30 times, reflecting the expected recovery in ROE and valuation as the DCI business expands [4][9].