Zhongji Innolight Co.Ltd(300308) ( Zhongji Innolight Co.Ltd(300308) )
Innoleight announced fy21 and 1q22 results. Fy21 revenue / np grew 9,2% / 1,3% YOY to rmb7. 7bn / rmb877mn. 1q22 ‘s revenue / np grew 41,9% / 63,4% YOY tormb2. 1Bn / rmb217mn. Nous pensons que les résultats sont solides et importants en ligne avec les attentes. Nous maintenons nos perspectives d’avenir sur la demande et l’innovation en nuage sur l’avenir continuera de gagner du terrain dans le marché des transducteurs optiques. Reiterate buy, with unchanged TP of rmb45. 6.
Les résultats du Solid 4q21 / 1q22 innolight sont importants sans nos attentes. Fy21 revenue was 1% lower than our previous Estimate and net Profile to Shareholders was 3% higher than our Estimate. 1q22 revenue / npaccounted for 21% / 20% of our full year Forecasts. Nous attendons 2q22 – 4q22sales will deliver Stead qoq Growth, following a similar Trend as in 2021. Gpm Improved to 28.1% in 4q21 from 24.5% in Q3, mainly due to favorable Product mix as hyperscale CSPS are ramping up the deployments for 200g / 400g Optical modules. However, gpm in 1q22 dropped to 26.3% Asa result of Continuing Component Shortage and Increasing costs Affected by partial lockdown.
Outlook remains post give the demand from Oversea Cloud
Les états des sociétés sont forts. In our previous report (Link), we pointed out of this Amazon, Meta and Microsoft all posted record CAPEX, and guided verypositive Budgets for this year to support their Cloud Services and ai – Related Businesses. Nous maintenons notre Outlook de position pour innoleight. Accord toomdia, innoleight had taken up 12% Market share in the Optical Transitional Network (ranked No. 2). La compagnie a gagné la plupart des parts among the top 10 Players, principalement Driven by the increasing Sales of its 200g and 400goptical module products.
Reiterate buy with unchanged TP of rmb45. 6. We maintain buy and keep our Target Price at rmb45. 6. Potential Risks include weaker CAPEX from Global Cloud Companies, slower Deployment of 5G infrastructure and worsethan expected Component short.
