维持增持评级。我们维持公司 2024-2026 年 EPS 预测分别为0.60/0.82/0.98 元，参考可比公司平均估值水平，公司在半导体以及光通信领域快速发展，同时考虑半导体业务给公司带来的估值提升，给予公司2025 年75x PE，上调目标价至61.5（+28.73）元，维持增持评级。Introduction to this report:
The company's performance continued to improve in 2024, and is expected to usher in continued growth, driven by fields such as optical communications and semiconductors.
Key points of investment:
Maintain an increase in holdings rating. We maintained the company's 2024-2026 EPS forecast of 0.60/0.82/0.98 yuan, respectively. Referring to the average valuation level of comparable companies, the company developed rapidly in the semiconductor and optical communication fields. At the same time, considering the valuation increase brought to the company by the semiconductor business, we gave the company 75x PE in 2025, raised the target price to 61.5 (+28.73) yuan, and maintained an increase in holdings rating.
Revenue and gross margin continued to improve in the first three quarters, driving business growth in the semiconductor and optical communications sectors. The company's revenue for the 24Q1-24Q3 single quarter was 0.094, 0.118, and 0.12 billion yuan, respectively, +20.64%, 32.12%, and 50.97% year-on-year respectively. The gross margins for the single quarter were 32.10%, 40.73%, and 40.83%, respectively. Revenue and gross margin showed a trend of improving quarterly. The improvement in the company's revenue and profit side in the first three quarters of 2024 was mainly due to (1) the increase in demand for high-speed optical communication components, driven by AI computing power, and (2) the continued development of businesses in the fields of semiconductor equipment and biomedicine in emerging fields. Growth in the AI, semiconductor, and biomedical fields has led to continued growth in the company's revenue and continuous optimization of the product structure, thereby driving revenue and profit growth.
The semiconductor equipment field is progressing rapidly, and optical communications are gradually delivering increased performance. The company currently provides customers in the semiconductor equipment field with products such as precision optical components and optical modules for use in semiconductor precision optical systems. According to the company's 2024 mid-year report, the company's current research projects in emerging fields (advanced domestic level) include (1) a combined beam splitter project used in lithography machine optical systems, which mainly meet domestic replacement requirements (2) fiber lasers and lidar transmission modules for autonomous driving, surveying and mapping, etc. With the gradual localization and mass production of major equipment in the core field of semiconductors in China, the company's related projects are expected to usher in rapid growth. In the field of optical communication, the company has now established cooperative relationships with major global optical module manufacturers, such as Lumentum, Finisar, etc. The global AI computing power construction is in full swing, and the company's demand for optical communication components is growing rapidly. At the same time, the company actively lays out cutting-edge fields such as quantum computing and AR, laying a solid foundation for the company's long-term development.
catalysts. The semiconductor sector continues to gain new progress; optical communication introduces new customers.
Risk warning. R&D progress falls short of expectations; production capacity release falls short of expectations.
