Zhongji Innolight Co.Ltd(300308) ( Zhongji Innolight Co.Ltd(300308) )
Innolight 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 to rmb2. 1bn / rmb217mn. Creemos que los resultados son sólidos y grandes en línea con nuestras expectativas. Maintain our Positive Outlook on oversees Cloud Demand and believe innolight will continue to gain share in the Optical Transaction Market. Reiterate Buy, with unchanged TP of rmb45. 6.
Innolight ‘s Solid 4q21 / 1q22 results are largely within our Expectations. Fy21 Revenue was 1% lower than our previous estimate and net Profile toshareholders was 3% higher than our Estimate. 1q22 Revenue / npaccounted for 21% / 20% of our full year Forecasts. Esperamos 2q22 – 4q22sales will Deliver Steady qoq Growth, follow up 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 per cent Asa result of Continuing component Shortage and increasing costs affected by methodic partial Lockdown.
Outlook remains Positive give the demand from oversees Cloud
Companies stays strong. En nuestro informe previo (enlace), nos pusimos en contacto con Amazon, meta y Microsoft all posted record Capex, y todos los ajustes de posición orientados para este año para apoyar los servicios en la nube y las empresas relacionadas con AI. Maintain our Positive Outlook for innolight. Recording toomdia, innolight had taken up 12% Market share in the Optical Transaction Market (ranked No. 2). The Company has gained the most share among the top 10 players, mainly Driven by the increasing Sales of its 200g and 400 governmental Module products.
Volver a comprar con TP no cambiado de rmb45. 6. We maintain buy and keep our target price at rmb45. 6. Riesgos potenciales incluyendo Capex del portador de la nube global, despliegue de deslizadores de 5G infraestructura y acortamiento de componentes esperados.
