ZHONGJI INNOLIGHT(300308) 长江商报·2025-04-21 23:46Core 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].