Investment Rating - The report maintains a "BUY" rating on Innolight, indicating a potential return of over 15% over the next 12 months [1][18]. Core Insights - Innolight reported a strong 1Q25 performance with revenue increasing by 38% year-over-year (YoY) to RMB6.7 billion, driven by global cloud capital expenditures and demand for 400G/800G optical transceivers [1]. - The net profit (NP) rose by 57% YoY to RMB1.6 billion, attributed to growth in orders and improved margins, with a gross profit margin (GPM) of 36.7%, significantly above the Bloomberg consensus of 31.9% [1]. - The target price (TP) has been revised to RMB151 based on a 21.5x 2025E P/E, reflecting rising geopolitical uncertainties and lower sector sentiment [1][3]. Financial Performance - Revenue projections for FY25E are set at RMB35,008 million, representing a 46.7% YoY growth, following a 122.6% growth in FY24A [2][8]. - The gross margin is expected to improve to 35.3% in FY25E, with net profit projected at RMB7,721.8 million, a 49.3% increase YoY [2][8]. - The company's earnings per share (EPS) for FY25E is estimated at RMB7.02, with a P/E ratio of 11.6x [2][8]. Market Position and Outlook - Innolight is positioned as a key beneficiary of AI infrastructure investments, with expectations of solid demand for 400G/800G products from both domestic and overseas cloud service providers [7]. - The management anticipates a recovery in 400G shipments supported by rising domestic cloud capital expenditures, despite a temporary decline [7]. - The company has mitigated tariff risks through its offshore manufacturing capacity in Thailand, which benefits from zero-tariff treatment under current trade rules [7].

证券代码：300308 证券简称：中际旭创 公告编号：2025-047 中际旭创股份有限公司 关于公司第四期限制性股票激励计划内幕信息知情人及激励对象 买卖公司股票情况的自查报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 3 月 17 日，中际旭创股份有限公司（以下简称"公司"或"中际旭创"） 召开了第五届董事会第十九次会议和第五届监事会第十六次会议，分别审议通过了 《关于公司第四期限制性股票激励计划（草案）及其摘要的议案》等相关议案；具 体内容详见公司于 2025 年 3 月 19 日在中国证监会指定的创业板信息披露网站巨潮 资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《上市公司股权激励管理办法》《深圳证券交易所创业板上市公司自律监管 指南第 1 号——业务办理》等法律、法规和规范性文件的相关规定，公司通过向中 国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"）查 询，对公司第四期限制性股票激励计划（以下简称"激励计划"）内幕信息知情人 及激励对象（以下简称"核查对象"）在本次激励计 ...

证券代码：300308 证券简称：中际旭创 公告编号：2025-048 中际旭创股份有限公司 二、核查意见 监事会关于第四期限制性股票激励计划激励对象名单的 核查意见及公示情况说明 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券 交易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监管 指南第 1 号》"）以及《公司章程》的相关规定，中际旭创股份有限公司（以下简称 "公司"或"中际旭创"）对公司第四期限制性股票激励计划（以下简称"激励计划"） 首次授予部分的激励对象姓名和职务在公司内部进行了公示，公司监事会结合公示 情况对拟激励对象人员名单进行了核查，相关公示情况及核查情况如下： 一、公示情况及核查方式 1、公司公示情况 公司于 2025 年 3 月 17 日召开第五届董事会第十九次会议和第五届监事会第十 六次会议审议通过了《关于公司第四期限制性股票激励计划（草案）及其摘要的议 案》等相关议案，具体内容详见公司于 2025 年 3 月 19 日在中国证监会指定创业板 ...

Investment Rating - The investment rating for Innolight is "Buy" with a 12-month price target revised to Rmb105 from Rmb115, indicating an upside potential of 32.7% from the current price of Rmb79.14 [13][20]. Core Insights - Innolight's 1Q25 net profit was Rmb1.58 billion, aligning with pre-announced expectations, while revenue was Rmb6.67 billion, which was 5% below expectations due to supply chain constraints [1]. - The gross margin (GM) improved to 36.7% in 1Q25, reflecting a 3.9 percentage points year-over-year increase and a 1.6 percentage points quarter-over-quarter increase, driven by better yield and product mix [1][2]. - The company anticipates a robust near-term outlook into 2Q25, supported by the commencement of 1.6T batch shipments and the ramp-up of 800G volume [1]. Summary by Sections Financial Performance - 1Q25 revenue was Rmb6.67 billion, indicating a 2% quarter-over-quarter growth, but the growth has slowed for three consecutive quarters [9]. - The company expects gradual improvement in supply constraints into 2Q/3Q25 as new supplier capacity comes online [9]. Margin Outlook - The gross margin has shown a consistent improvement over the past five quarters, with expectations for further upside in 2Q25 and 2H25 due to a favorable product mix and efficiency improvements [2]. - The ongoing increase in silicon photonics transceivers and the ramp-up of 1.6T transceivers, which have higher gross margins compared to the company average, are expected to contribute positively to margins [2]. Tariff Impact - Innolight's production base in Thailand allows it to mitigate tariff impacts, as transceiver shipments from Thailand to the US are exempt from tariffs, contrasting with shipments from China that face a 27.5% tariff [8]. - The company has established sufficient capacity in Thailand to meet US demand, which has significantly contributed to its revenue growth [8]. Future Projections - Revenue estimates for 2024, 2025E, and 2026E have been adjusted to Rmb23.86 billion, Rmb27.98 billion, and Rmb31.22 billion respectively, reflecting a downward revision due to slower shipment growth expectations [15]. - Net profit estimates have been revised upwards by 12% and 4% for 2025 and 2026E respectively, indicating a positive outlook despite revenue adjustments [12][15].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to see a significant increase in revenue and net profit in 2024, with projected revenue of 23.862 billion yuan, a year-on-year growth of 122.64%, and a net profit of 5.171 billion yuan, a year-on-year growth of 137.93% [8][4] - The rapid increase in shipments of high-speed optical modules (400G/800G) is driven by the development of AI and increased capital expenditure from internet cloud companies, with revenue from optical communication transceiver modules expected to reach 22.9 billion yuan in 2024, a 125% increase year-on-year [15][3] - The company maintains its position as the global leader in market share for optical modules, as reported by Lightcounting for the 2022/2023 fiscal year [15] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 6.742 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, a year-on-year increase of 56.83% [8][4] - The gross profit margin is expected to improve, with margins of 20.6%, 22.5%, and 25.3% for 2023, 2024, and Q1 2025 respectively [21][2] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [8] Product and Market Development - The company is focusing on technological innovation and has made advancements in cutting-edge optical communication technologies, including silicon photonics and coherent technology [3] - The production capacity for optical modules is expected to reach 20.88 million units in 2024, a significant increase from 9.77 million units in 2023 [3] Profit Forecast and Valuation - The company forecasts net profits of 7.874 billion yuan, 9.631 billion yuan, and 10.033 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 9, and 9 times [30][3] - The overall revenue forecast for 2025-2027 indicates strong growth, with expected revenues of 36.016 billion yuan, 43.452 billion yuan, and 45.163 billion yuan [30][4]

Core Viewpoint - Zhongji Xuchuang (300308.SZ) benefits from the continuous growth in AI computing infrastructure and related capital expenditures, leading to rapid growth in operating performance [1][3]. Financial Performance - In Q1 2025, Zhongji Xuchuang achieved operating revenue of 6.674 billion yuan, a year-on-year increase of 37.81%, and a net profit of 1.583 billion yuan, up 56.83% year-on-year [2][3]. - The annual report for 2024 shows revenue and net profit of 23.862 billion yuan and 5.171 billion yuan, respectively, representing year-on-year growth of 122.64% and 137.93% [1][3]. - The company reported that Q1 2025's revenue, net profit, and net profit excluding non-recurring gains all set single-quarter historical highs [3]. Growth Drivers - The significant increase in sales of 800G and 400G high-end optical modules, along with continuous optimization of product structure, contributed to the rapid growth in performance [1][3]. - The ongoing construction of computing power infrastructure by end customers and strong capital expenditures are key factors driving the sales increase [3][5]. Dividend Announcement - For 2024, the company announced a cash dividend of 5 yuan per 10 shares, totaling 552 million yuan, with no bonus shares or capital reserve conversion [4]. R&D Investment - Zhongji Xuchuang integrates R&D, design, packaging, testing, and sales of high-end optical communication transceiver modules, providing solutions for cloud data centers and telecom equipment manufacturers [5]. - The company has seen a continuous increase in R&D investment, with amounts of 792 million yuan, 809 million yuan, and 1.333 billion yuan from 2022 to 2024 [6]. Market Outlook - The global market for optical modules is expected to grow at a compound annual growth rate of 22% from 2024 to 2029 [6]. - Zhongji Xuchuang aims to focus on core markets such as cloud computing data centers and 5G networks, increasing investment in high-speed optical modules [6].

证券研究报告 | 公司点评 | 通信设备 业绩符合预期，高端占比持续提升 ——中际旭创 2024 年年报&2025 年一季报业绩点评 投资要点 ❑ 业绩符合预期，25Q1 盈利能力持续提升 2024 年，公司实现营收 238.62 亿元，同比+122.64%；实现归母净利润 51.71 亿 元，同比+137.93%；实现扣非归母净利润 50.68 亿元，同比+138.66%。全年毛利 率为 33.81%，同比+0.82pct。费用率持续优化，净利率 22.51%，同比+1.91pct。 2025 年第一季度，公司营收 66.74 亿元，同比+37.82%，环比+1.9%；实现归母净 利润 15.83 亿元（预告中值 15.5 亿元），同比+56.83%，环比+11.6%；扣非归母净 利润 15.68 亿元，同比+58.39%。业绩保持高速增长，符合市场预期。25Q1 公司 毛利率 36.7%，同比+3.94pct，环比+1.62pct，净利率为 25.33%，同比+4.11pct， 环比+2.42pct，盈利能力持续提升。 ❑ AI 需求驱动下游 Capex 保持高增长 AI 拉动算力需求，光通信网络是算力网 ...

长江商报奔腾新闻记者 沈右荣 受益于算力基础设施建设和相关资本开支的不断增长，中际旭创(300308.SZ)的经营业绩再度高速增 长。 截至今年3月末，公司资产负债率仅为30.38%。 研发投入方面，2022年至2024年，中际旭创的投入分别为7.92亿元、8.09亿元、13.33亿元，持续增长。 展望2025年，中际旭创表示，将持续专注于云计算数据中心及5G网络等核心市场，进一步加大800G、 1.6T及以上高速率光模块、电信级光模块等核心产品或技术的投入与研究，积极推动高端光通信收发模 块领域的发展。 4月20日晚，中际旭创还披露了2024年年度报告，公司实现营收净利分别为238.62亿元、51.71亿元，同 比增长122.64%、137.93%，表现相当出色。 近年来，随着AI集群应用对以太网光纤收发器的强劲需求，以及云服务厂商对其密集波分复用 （DWDM）网络的升级，光模块市场近年来保持高速增长。 公开信息显示，2024年第四季度，微软、Meta、谷歌、亚马逊四家公司合计资本支出同比提升69%至 706亿美元。 LightCounting预测，光模块的全球市场规模在2024年—2029年或将以22%的 ...

"引擎"轰鸣 中际旭创2024年业绩实现跨越式增长的核心驱动力，在于其成功抓住了AI算力对网络带宽需求激增的 背景下，光模块从400G向800G"换挡"的关键机遇期。 根据该公司年报信息，光模块是数据中心和服务器互连的核心部件，随着大模型等人工智能技术的快速 发展，海内外云厂商加大算力投资规模，进一步推动光模块数通市场需求增长。在数据中心内部网络 （DCN）以及数据中心互联（DCI）场景中，光模块扮演着"信息高速公路"的基石角色，其速率直接决 定了数据传输的效率。而随着AI集群规模的扩大和算力密度的提升，传统100G/200G速率的光模块逐渐 难以满足需求，市场重心快速向400G，特别是800G高速光模块迁移。 在年报中，中际旭创也明确表示，随着大模型等人工智能技术的发展，海内外云厂商加大算力投资规 模，推动光模块数通市场需求增长，并加速向800G及以上速率迭代。这份"换挡"红利在中际旭创的经 营数据上亦体现得淋漓尽致。年报数据显示，中际旭创的光通信收发模块业务在2024年收入达到228.86 亿元，同比增长124.77%，占总营收比例超过95%。 在中际旭创业务收入高增长的背后，是全球范围内特别是北美大型云 ...

通信/通信设备 中际旭创（300308.SZ） 业绩符合预期，充分受益于 AI 算力基础设施建设 2025 年 04 月 21 日 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 79.14 | | 一年最高最低(元) | 192.88/67.20 | | 总市值(亿元) | 874.26 | | 流通市值(亿元) | 869.95 | | 总股本(亿股) | 11.05 | | 流通股本(亿股) | 10.99 | | 近 3 个月换手率(%) | 219.35 | 股价走势图 -60% -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 中际旭创 沪深300 数据来源：聚源 相关研究报告 jiangying@kysec.cn 证书编号：S0790523120003 业绩符合预期，受益于高端光模块销售增加，维持"买入"评级 2025 年 4 月 20 日公司发布 2024 年年报及 2025 年一季度财报，2024 年公司实现 营收 238.62 亿元，同比增加 122.64%，实现归母净利润 51.71 ...