ZHONGJI INNOLIGHT(300308) 东吴证券·2025-04-23 11:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met market expectations, with total revenue reaching 23.86 billion yuan, a year-on-year increase of 122.64%, and a net profit attributable to shareholders of 5.17 billion yuan, up 137.93% year-on-year [7] - The growth in the company's optical module shipments and prices is driven by increasing demand from AI computing [7] - The company is expected to benefit significantly from the high demand for 800G and 1.6T products in 2025, as well as the accelerated penetration of silicon photonics [7] Financial Summary - Total revenue forecast for 2024 is 23.86 billion yuan, with a projected growth rate of 122.64% [8] - Net profit attributable to shareholders for 2024 is forecasted at 5.17 billion yuan, with a year-on-year growth of 137.93% [8] - The company's earnings per share (EPS) for 2024 is estimated at 4.68 yuan, with a price-to-earnings (P/E) ratio of 17.10 [1][8] - The gross margin for the optical module business is expected to improve to 34.6% in 2024, up 0.5 percentage points year-on-year [7] - The company has a total market capitalization of approximately 88.45 billion yuan [5]