Gelonghui November 6th | CSC research reports pointed out that Zhongji Innolight (300308.SZ) is a leading company in the global optoelectronic module industry, benefiting the most from the strong certainty of AI high demand, and its overall market share is in a leading position globally. The company maintains a deep cooperative relationship with North American cloud providers, conducts R&D based on customer needs, and has gained a first-mover advantage and a high market share. While consolidating its leading position in the datacom market, the company also performs well in the telecom market and related markets. The company actively deploys cutting-edge areas, including 1.6T, silicon photonics, LPO, and CPO, and has strong market competitiveness, expected to gain a first-mover advantage. The rapid development of AIGC technology represented by ChatGPT is expected to significantly drive the demand for network-side optoelectronic modules. At the same time, the industrialization of 1.6T optoelectronic modules is expected to accelerate, with anticipated demand post-2025. It is estimated that the company's revenue for 2024-2026 will be 25.377 billion yuan, 39.551 billion yuan, and 49.196 billion yuan respectively, with net income attributable to the parent company of 52.5 billion yuan, 9.734 billion yuan, and 12.852 billion yuan respectively. The current market cap corresponds to PEs of 30X, 16X, and 12X, maintaining a 'buy' rating.