光无源器件稳步增长，光有源器件高速放量。2023 年光无源器件/光有源器件收入分别同比增长23.3%和242.5%， 收入规模快速提升下，盈利能力提升明显。2023 年公司毛利率/净利率分别为54.3%/37.7%，同比提升2.7/3.8pct，光无源/光有源产品的毛利率分别为60.3%/44.8%，同比提升5.2/8.0pct。费用端，销售/管理/研发费用分别增长1.2%/32.0%/16.7%。The company released the 2023 annual report and the 2024 quarterly report. It achieved operating income of 1.94 billion yuan for the full year of 2023, an increase of 62.04% over the previous year, and realized net profit of 730 million yuan, an increase of 81.14% over the previous year.
2024Q1 achieved operating income of 730 million yuan, an increase of 154.95% year on year; net profit to mother of 280 million yuan, an increase of 202.68% year on year.
In 2023, the company continued to accelerate quarter-by-quarter growth in revenue and profit. 23Q1/Q2/Q3/Q4 achieved revenue of 2.9/3.8/5.4/73 billion, up 1.5%/28.0%/73.6%/138.8% year-on-year; net profit to mother of 0.9/1.4/2.0/ 290 million yuan, respectively, with corresponding net interest rates of 32.1%/38.2%/37.6%/39.6%, respectively. The high revenue growth was mainly due to increased demand for AI computing power, which led to an increase in demand for high-speed optical device products. The company continues to upgrade information systems and automation, reduce costs and increase efficiency at the Jiangxi production base, and the capacity utilization rate of high-speed products has improved markedly.
Optical passive devices are growing steadily, and optical active devices are emitting at high speed. In 2023, revenue for optical passive devices/optical active devices increased by 23.3% and 242.5%, respectively. With the rapid increase in revenue scale, profitability increased significantly. In 2023, the company's gross margin/net margin was 54.3%/37.7% respectively, up 2.7/3.8pct year on year. The gross margin of Light Passive and Light Active products was 60.3%/44.8% respectively, up 5.2/8.0 pct year on year. On the cost side, sales/management/R&D expenses increased by 1.2%/32.0%/16.7%, respectively.
Revenue declined slightly month-on-month in 24Q1, mainly due to bottlenecks in increasing production capacity due to personnel changes, pressure on production yield and efficiency during large-scale expansion, and shortages of raw materials due to the earthquake in Japan. Against the backdrop of strong demand in the industry, the company's supply is limited, and demand response falls short of expectations. It is expected that related problems will gradually ease in the future. 24Q1 gross margin/net margin was 55.5%/38.2%, respectively, a slight decrease from month to month. The total cost of the three major sales/management/R&D expenses increased by 40.66 million yuan in 24Q1, mainly affected by equity incentive expenses. Production capacity in Thailand was gradually released in the second half of the year, and production yield and efficiency are expected to gradually improve, driving continued high growth in performance.
Investment advice: The company's net profit for 2024-2026 is estimated to be 15.1/20.5/2.68 billion yuan, corresponding PE is 41/30/23X, respectively, to maintain a “buy” rating.
Risk warning: The pace of production expansion falls short of expectations; market competition intensifies; downstream demand falls short of expectations.