Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders of 3.753 billion yuan, up 189.59% [2][3] - In Q3 alone, the company achieved revenue of 6.514 billion yuan, growing 115.25% year-on-year, and net profit of 1.394 billion yuan, an increase of 104.40% [2][3] - The company faces challenges from foreign exchange losses impacting profit growth, primarily due to the depreciation of the US dollar against the Chinese yuan, which has affected profits since over 80% of its revenue comes from overseas [3] - The company has improved its cost control, with a decrease in the expense ratios for sales, management, and R&D compared to the previous quarter, while still experiencing high absolute growth in these expenses [3] - The company is expected to benefit from advancements in silicon photonics technology and increased demand for computing power, particularly in the context of large-scale AI model applications [3] Financial Summary - The company forecasts revenue growth from 25.942 billion yuan in 2024 to 53.514 billion yuan in 2026, with corresponding net profits expected to rise from 5.105 billion yuan to 10.664 billion yuan during the same period [4][6] - The projected revenue growth rates are 142.04% for 2024, 70.92% for 2025, and 20.69% for 2026, while net profit growth rates are expected to be 134.89%, 64.40%, and 27.06% respectively [4][6] - The company's earnings per share are projected to increase from 4.55 yuan in 2024 to 9.51 yuan in 2026, with corresponding price-to-earnings ratios of 34, 21, and 16 times [6][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 17.31 billion yuan, a year-on-year increase of 146.26%, and net profit of 3.75 billion yuan, up 189.59% year-on-year [4] - The growth in performance is primarily driven by the increased shipment of high-end products such as 400G and 800G modules, despite some impact from upstream optical chip shortages [5] - The company is expected to continue expanding its production capacity to meet strong demand for 800G and 1.6T products in the coming years [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a single-quarter revenue of 6.51 billion yuan, a year-on-year increase of 115.25% and a quarter-on-quarter increase of 9.37% [4] - The gross profit margin for Q3 was 33.64%, showing a slight increase compared to the previous year [4] - The company’s total revenue for 2024 is projected to be 24.93 billion yuan, with net profit expected to reach 5.46 billion yuan [6] Profit Forecast - The forecasted net profits for the company from 2024 to 2026 are 5.46 billion yuan, 9.71 billion yuan, and 11.02 billion yuan respectively, with corresponding EPS of 4.87 yuan, 8.66 yuan, and 9.83 yuan [5][6] - The company is positioned as a direct beneficiary of the industry's upgrade to 800G technology, justifying a valuation range of 173.20 to 216.50 yuan based on a PE ratio of 20-25x for 2025 [5] Market Comparison - The company’s stock performance has shown a significant absolute increase of 28.2% over the last month, outperforming the market index [3] - The relative performance against the market index has also been positive, indicating strong market sentiment towards the company [3]

Investment Rating - The report maintains a **Buy** rating for Innolight (300308 SZ) despite a 7% reduction in the 12-month target price to RMB 215 (from RMB 230) due to near-term supply constraints [1] Core Viewpoints - Innolight's 3Q24 net profit of RMB 1 39bn (+3% QoQ +104% YoY) missed Goldman Sachs estimates by 12% primarily due to FX losses of ~RMB 80mn and EML supply tightness which slowed shipment growth [1] - Demand for 800G and 1 6T transceivers remains strong with 3Q order growth outpacing shipment growth Management expects 800G demand to grow significantly into 2025 driven by cloud customers' AI inferencing on Ethernet networks while 400G demand is expected to phase out gradually in 2H25 [1][3][4] - 100G EML supply is expected to remain tight through 4Q24 but may improve in 1H25 due to supplier capacity expansion and Innolight's increased EML order placements [2] Financial Performance Summary - 3Q24 revenue was RMB 6 514bn (+115% YoY) with gross profit of RMB 2 191bn (+116% YoY) and gross margin of 33 6% (+0 1ppts YoY) [2] - Operating profit for 3Q24 was RMB 1 751bn (+143% YoY) while net income reached RMB 1 39bn (+104% YoY) [2] Estimate Revisions - Revenue estimates for 2024-26E were revised down by 4% due to FX changes and component constraints Net profit estimates were revised down by 6%-9% [6] - 2024E revenue is now projected at RMB 24 491bn (-4% vs previous estimate) with gross profit of RMB 8 221bn (-6 7%) and net income of RMB 5 222bn (-9%) [7] Industry and Competitive Position - Innolight is the largest optical transceiver supplier in China's datacom market with a leading position in global 800G/1 6T optical transceivers used in AI networking [8] - The company benefits from strong execution in capacity ramp and new product development maintaining tight supply relationships with global hyperscalers and networking/GPU vendors [8] Component Pricing and Margins - Potential price hikes from EML and DSP vendors are expected to have limited impact on Innolight's margins as pricing is still under negotiation and not all vendors are seeking price increases [5]

证 券 研 究 报 告 中际旭创（300308）2024 年三季报点评 强推（维持） 上游缺芯+汇率影响当期利润，看好后期硅光 渗透率提升对出货能力的提升 事项： 10 月 22 日，公司发布《2024 年三季度报告》，2024 年前三季度，公司实现营 业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。 评论： 收入增速受缺芯影响放缓，预计加大硅光出货比例以提升保供能力。2024 年 前三季度，公司实现营业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。其中 2024Q3 实现营收 65.1 亿元，同比+115.25%， 环比+9.37%；实现归母净利润 13.9 亿元，同比+104.40%，环比+3.34%。根据 公司公告，上游光芯片的紧张对公司三季度的出货交付有一定影响，但后面几 个季度公司备料充足，同时硅光出货比例进一步提高，预计缓解对 EML 的依 赖，未来随着公司硅光渗透率提升出货能力有望显著恢复。 毛利率维持稳定，净利率受到汇率波动负面影响。公司 2024Q3 实现毛利率 33.64%，环比+0 ...

好的,各位同事,大家晚上好,感谢参加我们的参与度业绩说明会。我是财务负责人王小丽,首先由我来解读一下本期财务外表背后的数字解读。 现在可以看到我们的收入跟上周的环比来讲的话,其实有大约9%左右,9-10%的增长。从背后的订单来讲的话,需求非常的旺盛。 那当然也取决于一些物料的瓶颈、交付这些包括产能的提拉的节奏的影响所以其实我们现在还是总体来讲交付缺口会比较大那从季度的收入来讲就是呈现9-10%的增长这么个情况 然后从毛利率的角度来讲的话呢现在还是保持了一个比较高的一个毛利率的平稳的一个数据我们Q3季度的话其实整个合并的这个毛利率是33.6%那二季度的话基本上33.4%所以其实是保持平稳增长吧 然后从经济论层面的话呢可以看到本季度我们的这个全口径的合并经济论是14.65亿较上个季度13.8亿呢增长了八千多万八千五百万左右 那么这里面想跟投资者特别强调说明的一点是其实本个季度在季末的时候因为我们可以看到美元兑人民币的汇率其实在9月30号的时候 中间价是跌到了7.0,起初的话应该说二季度末的时候是差不多7.12所以在尤其是在这个汇率的下滑或者人民币的增值是在9月的下半个月发生的 所以在9月当月的来讲的话因为汇兑的波 ...

446 团 旗 下 个 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|----------------|---------------------------------------|------------------------------------------------| | 2024 年 10 月 25 日 \n中际旭创（ 300308.SZ ） \n业绩大幅增长，期待 1.6T 等高速光模块放量 \n投资要点： | 投资评级 \n股价 (2024-10-24) | 通信 | 公司研究●证券研究报告 \n\| \n买入 -B( | 公司快报 \n网络接配及塔设Ⅲ \n维持) \n157 ...

中际旭创（300308.SZ） 通信设备 证券研究报告/公司点评报告 2024 年 10 月 24 日 Q3 业绩受汇兑物料影响，硅光及 1.6T 产品有望放量 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 10 月 24 日 中际旭创(300308.SZ) 公司快报 高端产品出货快速增加，公司业绩大幅 增长 事件： 10 月 22 日公司发布 2024 年三季报，2024 年前三季度实现营业收入 173.13 亿，同比增长 146.26%，归母净利润 37.53 亿，同比增长 189.59%。 受益重点客户加大算力基础设施建设，公司业绩进一步增长： 报告期内，重点客户进一步增加资本开支加大算力基础设施领域投 资，400G 和 800G 光模块需求显著增长，并加速了光模块向 800G 及以上速率的技术迭代。得益于 400G 和 800G 等高端产品出货比 重的快速增加以及持续降本增效，公司产品收入、毛利率、净利润率 进一步得到提升。三季报披露，公司单三季度营业收入 65.14 亿元， 同比增长 115.25%，归母净利润 13.94 亿元，同比增长 104.4%，毛利 率 33.64%，相比于 Q1 毛利率 32.76%，Q2 毛利率 33.44%有进一步提 升。 AI 助推算力建设升级，头部厂商资本开支持续加码： 半年报披露，2024 年一季度，国内头部 3 家互联网厂商资本开支合 计 43.24 ...

24 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Innolight (300308 CH) Solid 3Q with intact near-term prospects; Maintain BUY Innolight released its 3Q results. Revenue went up by 115.2% YoY/9.4% QoQ, while net profit went up by 104.4% YoY/3.3% QoQ, in-line with our expectations. Mgmt. attributed the slower sequential revenue growth (9.4% in 3Q24 vs. 31.3%/23% in 1Q/2Q24) to two main factors: 1) supply chain bottlenecks of key components (like DSPs & EMLs), an ...

证券研究报告·公司点评报告·通信设备 中际旭创（300308） 2024 年三季报点评：增长趋势向好，期待硅 光、1.6T 产品放量贡献业绩 2024 年 10 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|-------|--------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9642 | 10718 | 24380 | 41700 | 50420 | | 同比（ % ） | 25.29 | 11.16 | 127.47 | 71.04 | 20.91 | | 归母净利润（百万元） | 1224 | 2174 | 5283 | 9447 | 11150 | | 同比（ % ） | 39.57 | 77.58 | 143.07 | 78.81 | 18.03 | | EPS- 最新摊薄（元 / 股） | 1.09 | 1 ...