中际旭创（300308）：高速率稳步迭代，推动业绩增长

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown significant revenue growth, with 2024 revenue reaching 23.862 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [2][11] - The demand for high-speed optical modules, particularly in the 800G and above categories, is driving performance growth, with optical communication modules generating revenue of 22.89 billion yuan in 2024, a 124.8% increase [3][5] - The AI sector is expected to continue driving rapid growth in the optical module market, with projections indicating that the global optical module market could reach 25.8 billion USD by 2029 [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 23.862 billion yuan, with a net profit of 5.171 billion yuan, reflecting substantial growth rates of 122.64% and 137.93% respectively [2][13] - For Q1 2025, the company reported revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [2] Market Trends - The demand for high-end products, particularly in data centers, is increasing, leading to a significant rise in revenue from optical communication modules [3] - The market for 800G and 1.6T optical modules is expected to grow, with predictions indicating that the market size will exceed 16 billion USD by 2029 [5] Investment Recommendations - Given the stable growth driven by AI in the optical module market and the acceleration of high-speed optical module upgrades, the market valuation is considered low. Revenue forecasts for 2025 have been adjusted to 35.925 billion yuan, with expected earnings per share of 6.85 yuan [11][13]