EOPTOLINK(300502) 国盛证券·2025-01-21 04:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong recommendation for investment based on its growth potential and market position [3][6]. Core Insights - The company is expected to achieve a net profit of 2.93 to 6.24 billion yuan in 2024, reflecting a year-on-year growth of 325.5% [3]. - The demand for high-speed optical modules, particularly 800G and 1.6T products, is anticipated to increase significantly, driven by the ongoing AI demand and the expansion of large-scale GPU clusters [2][3]. - The company has a robust management team focused on long-term value creation, emphasizing customer needs and core product technology development [2]. Financial Performance - The company forecasts a net profit of 28 to 30.5 billion yuan for 2024, representing a year-on-year increase of 306.8% to 343.1% [1]. - In Q4 alone, the expected net profit is projected to be between 11.5 to 14 billion yuan, marking a year-on-year growth of 345.6% to 442.1% [1]. - Revenue for 2024 is estimated at 88.4 billion yuan, with a growth rate of 185.4% compared to the previous year [5]. Product Development - The product mix is expected to shift from a focus on 400G to 800G as the primary product, with 1.6T and 400G as supplementary offerings [2]. - The company has been actively developing silicon photonics and related technologies, indicating a strong position in cutting-edge fields [2]. Market Position - The company is well-positioned in the overseas market with a rich customer base, making it one of the few long-term participants in the global computing power market [2]. - The report suggests that the industry is experiencing high demand and visibility, which will likely benefit the company's market share [3].