Taclink(688205)2024-10-31 07:38Financial Performance - Revenue growth in the first three quarters of 2024 was 9.45% [2] - Net profit attributable to the parent company increased by 15.03% year-on-year [2] - Non-GAAP net profit attributable to the parent company increased by 35.44% year-on-year [2] R&D and Product Development - R&D expenses continued to grow rapidly [2] - Product development progress is in line with expectations [2] - Underlying technology reserves, product development, customer expansion, and capacity building are progressing as planned [2] Industry Trends and Demand - Wireless business investment expenditure has declined significantly in the second half of the year [2] - Computing power demand is a bright spot, with cautious optimism [2] - DCI (Data Center Interconnect) is expected to be a growth area, with early planning and active development [2][3] Capacity and Infrastructure - Phase 1 factory construction is in the decoration stage, with equipment installation and debugging expected to be completed by early 2025 [2] - Existing factory utilization has been improved through integration and layout adjustments [2] - DCI capacity construction has been intensified, with partial deliveries completed and significant delivery pressure remaining [3] Market and Customer Insights - Domestic market planning is more unified, with better continuity in expansion [3] - Overseas customers have more customized requirements based on their data center conditions [3] - DCI market space is large, with a conservative capacity planning of 2 to 5 billion [4] - Current DCI products are mainly 400G, with some 600G and upcoming 800G products [4][5] Revenue and Order Trends - Q3 2024 revenue saw a slight sequential decline due to normal seasonal fluctuations [3] - Overall order volume remains stable, with expected sequential growth in Q3 [3] - Revenue scale is currently small, with future fluctuations expected to have less impact as the scale increases [3] Future Outlook - Domestic demand is expected to have greater elasticity in the next 1-2 years [5] - Overseas demand is expected to have greater elasticity in the next 3-5 years, with ongoing construction of overseas manufacturing bases [5] - The company is maintaining a cautious approach to acquiring new overseas orders due to limited stable overseas supply capabilities [5]