公司加大投入高功率光纤激光器件、光通讯器件和激光雷达光源模块及器件的研发力度，2024H1 推出2kW 风冷高功率准直器（QCS）、12kW 单模激光器合束器等5款光纤激光器件；应用于AI 的800G/1.6T MT-FA 系列、DCI 光网络传输板卡等4款光通讯产品；130GBaud 高速相干调制器、单波100G PAM4 DR8 芯片等4 款铌酸锂调制器。occurrences
The company released its 2024 semi-annual report. During the reporting period, it achieved operating income of 0.421 billion yuan, a year-on-year increase of 24.41%; net profit to mother of 30.3408 million yuan, a year-on-year decrease of 4.36%; and net profit after deducting non-return to mother of 23.9186 million yuan, an increase of 16.85% year-on-year. Among them, 2024Q2 achieved operating income of 0.261 billion yuan, up 42.15% year on year, up 63.02% month on month; net profit to mother of 23.846 million yuan, up 46.97% year on year, up 267.15% month on month; net profit without return to mother of 20.9634 million yuan, up 57.89% year on year, up 609.38% month on month.
Continuous product iteration
The company increased its investment in research and development of high-power fiber laser devices, optical communication devices, and lidar light source modules and devices. The 2024H1 launched 5 types of fiber laser devices, including 2kW air-cooled high-power collimators (QCS) and 12kW single-mode laser combiners; 4 types of optical communication products, including the 800G/1.6T MT-FA series and DCI optical network transmission boards for AI; 130GBaud high-speed coherent modulator, single-wave 100G PAM4 DR8 chip, and 4 lithium niobate modulators.
The acquisition of Bayan Industrial is expected to enrich the product line
The company and its holding subsidiary Bai'an Industrial have achieved complementary advantages and formed strategic collaboration in optical communication devices, laser light source modules, technology research and development, customer resources, etc., which is conducive to the company expanding new business and enriching the product line. Bayan Industrial has high-quality solutions for automotive-grade 1550nm lidar light source modules, which is expected to enhance the company's competitiveness in the field of automotive lidar light source modules and expand its strategic layout. Bayan Industrial's 2024Q2 revenue was 60.5162 million yuan, accounting for 23.17%; net profit was 8.5949 million yuan, accounting for 30.73%.
Production base construction in Thailand progresses steadily
The company continues to promote the construction of an optical depot production base in Thailand. As of 2024H1, it has basically completed plant decoration, procured the first batch of production line equipment, and recruited relevant employees. With the commissioning of the new production line and the approval of the pre-construction license application, it is expected to be officially put into operation in 2024H2.
Performance improved month-on-month, and products continued to be enriched. It is recommended to keep an eye on the company's 2024-2026 operating income of 0.933/1.203/1.553 billion yuan, respectively, with year-on-year growth rates of 31.39%/28.95%/29.10% respectively; net profit to mother was 0.109/0.145/0.193 billion yuan, respectively, with year-on-year growth rates of 83.23%/32.65%/33.27%, and 3-year CAGR of 47.96%; EPS 0.44/ 0.58/0.78 yuan/share. The company's performance improved month-on-month, product development continues to be iterated, and production capacity is progressing steadily. It is recommended to keep an eye on it.
Risk warning: Risk of product demand falling short of expectations; risk of technology development falling short of expectations; risk of capacity construction falling short of expectations.
