ZHONGJI INNOLIGHT(300308) 招商证券·2025-04-24 09:45Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has shown rapid revenue and profit growth in 2024 and Q1 2025, driven by strong demand for 400G and 800G optical modules, with 2024 revenue reaching 23.862 billion yuan (up 122.64% YoY) and net profit of 5.171 billion yuan (up 137.93% YoY) [1][6] - The gross margin has been improving, reaching 33.81% in 2024 and 36.70% in Q1 2025, attributed to a higher proportion of high-end products and cost reductions [6][8] - The company is expected to see significant deployment of 800G products in 2025, with 1.6T products gradually ramping up in Q2 and Q3 [1][2] Financial Performance - In 2024, the company achieved a revenue of 238.62 billion yuan and a net profit of 51.71 billion yuan, with a significant increase in operating cash flow, which reached 31.65 billion yuan (up 66.81% YoY) [6][8] - The company’s overseas revenue in 2024 was 20.716 billion yuan (up 128.32% YoY), indicating strong international market performance [2][6] - The projected net profits for 2025, 2026, and 2027 are 82.77 billion yuan, 101.34 billion yuan, and 118.14 billion yuan, respectively, with corresponding PE ratios of 11.1, 9.1, and 7.8 [6][7] Market Conditions - The domestic market is experiencing increased demand for 400G optical modules, with several CSP customers showing significant growth in bidding volumes [2][6] - The supply side is expected to improve as overseas optical chip manufacturers expand capacity, alleviating the tight supply of EML chips [2][6] - The company has established a comprehensive overseas delivery capability and has made arrangements to mitigate potential trade friction impacts [6][8]