ZHONGJI INNOLIGHT(300308) 国盛证券·2025-04-24 08:23Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 results that exceeded expectations, with revenue of 6.67 billion yuan, a year-on-year increase of 37.8%, and a net profit attributable to shareholders of 1.58 billion yuan, up 56.8% year-on-year and 11.6% quarter-on-quarter [1]. - The company is expected to be among the first to achieve mass production of 1.6T optical modules, with a product structure upgrade to focus on 800G and 1.6T products by 2025 [2]. - Despite recent stock price adjustments due to macroeconomic factors and tariffs, the overall industry outlook and technological trends remain positive, with projected net profits for 2025-2027 of 8.18 billion, 10.55 billion, and 12.51 billion yuan, respectively [3]. Financial Summary - Revenue is projected to grow from 10.72 billion yuan in 2023 to 47.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.6% [5]. - Net profit is expected to increase from 2.17 billion yuan in 2023 to 12.51 billion yuan in 2027, reflecting a CAGR of 18.7% [5]. - The company's P/E ratio is projected to decrease from 42.4 in 2023 to 7.4 in 2027, indicating improving valuation metrics over time [5].