Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company, a leader in domestic optical engines, is experiencing rapid growth in performance and accelerating its global layout [2][4] - In 2023, the company achieved a revenue of 1.939 billion yuan, a year-on-year increase of 62.04%, and a net profit of 730 million yuan, up 81.14% [3][10] - The first quarter of 2024 saw a revenue of 732 million yuan, representing a year-on-year growth of 154.95%, with a net profit of 279 million yuan, up 202.68% [3][10] Summary by Sections Market Performance - The company's stock price is currently at 135.01 yuan, with a total market capitalization of 53.3 billion yuan and a total share capital of 395 million shares [1][2] Investment Highlights - AI is driving high growth in active business, with the optical engine expected to seize opportunities in the evolution of CPO technology [4] - The demand for optical devices is rapidly increasing due to AI applications, leading to a significant revenue increase in the active business segment, which reached 746 million yuan in 2023, a year-on-year increase of 242.52% [4][6] - The company has a robust inventory growth of 37.6% year-on-year, amounting to 256 million yuan, ensuring stable supply of raw materials [6][7] - The company is accelerating the construction of overseas bases, including a headquarters in Singapore and a production base in Thailand, to enhance its global industrial layout [7] Profit Forecast - The company is projected to achieve revenues of 3.489 billion yuan, 5.269 billion yuan, and 7.377 billion yuan for the years 2024, 2025, and 2026, respectively [8][10] - The earnings per share (EPS) are expected to be 3.21 yuan, 4.85 yuan, and 6.81 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 42, 27.9, and 19.8 [8][10]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [2][7]. Core Insights - The company reported strong Q1 2024 performance, with a significant increase in revenue and net profit, driven by the demand for high-speed optical modules [3][4]. - The growth in capital expenditure by overseas cloud providers is expected to enhance the demand for the company's products, particularly in the AI and cloud computing sectors [4][6]. - The company's focus on R&D and innovation in high-speed optical modules is seen as a key driver for future growth [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 30.98 billion yuan, a year-over-year decrease of 6.43%, while the net profit was 6.88 billion yuan, an increase of 23.82% [3]. - For Q1 2024, the company reported a revenue of 11.13 billion yuan, a year-over-year increase of 85.41%, and a net profit of 3.25 billion yuan, a year-over-year increase of 200.96% [3]. Market Dynamics - The report highlights that major cloud companies like Microsoft, Google, and Amazon have significantly increased their capital expenditures, which is expected to drive demand for high-speed optical modules [4]. - The company's gross margin improved to 42.00% in Q1 2024, an increase of 7.96 percentage points year-over-year, attributed to the higher sales proportion of high-speed products [4]. Strategic Focus - The company has a strong emphasis on overseas markets, with 83.75% of its revenue coming from international clients, which has contributed to stable profitability [6]. - The company is expanding its production capacity, with a new factory in Thailand expected to enhance order fulfillment and supply chain stability [6]. Earnings Forecast - The company is projected to achieve revenues of 52.66 billion yuan, 79.52 billion yuan, and 107.35 billion yuan for the years 2024, 2025, and 2026, respectively [7]. - The earnings per share (EPS) are forecasted to be 1.76 yuan, 2.64 yuan, and 3.57 yuan for the same years, indicating a strong growth trajectory [7].

证 券 2024 年 05 月 14 日 研 究 海外 AI 软硬双端加速部署，国产光模块龙头 报 1.6T 光模块高速迭代升级 告 —中际旭创（300308.SZ）公司事件点评报告 增持(维持) 事件 分析师：毛正 S1050521120001 公司发布 2023 年年报及 2024 年一季报：2023 年公司实现 maozheng@cfsc.com.cn 营收 107.18 亿元，YOY+11.16%，归母净利润 21.74 亿元， 联系人：何鹏程 S1050123080008 YOY+77.58%，扣非归母净利润 21.24 亿元，YOY+104.71%； hepc@cfsc.com.cn 2024Q1，实现营收 48.43 亿元，YOY+163.59%，归母净利润 10.09 亿元，YOY+ 303.84%，扣非归母净利润 9.90 亿元， 基本数据 2024-05-13 YOY+325.73%。整体业绩实现高增长，符合市场预期。 当前股价（元） 171.55 总市值（亿元） 1377 投资要点 总股本（百万股） 803 流通股本（百万股） 749 ▌ 海外巨头加码 AI 建设推高 800G 光模块需 ...

证 券 2024 年 05 月 14 日 研 究 AI 系列之 GPT-4o 交互跃升 报 告 —传媒行业点评报告 推荐(维持) 事件 分析师：朱珠 S1050521110001 2024 年 5 月 14 日凌晨，OpenAI 春季发布会推出 GPT-4o，成 zhuzhu@cfsc.com.cn 本性能端，相较 GPT-4 Turbo，GPT-4o 成本降低 50%，速度 行业相对表现 快两倍，API 速率限制提高五倍；GPT-4o 向所有人免费开 放，可实时跨文本、音频、视觉（图像与视频）进行推理。 表现 1M 3M 12M 传媒(申万) -1.9 6.8 -27.6 沪深300 3.3 8.9 -8.4 投资要点 市场表现 (%) 传媒 沪深300 ▌ AI+媒介 交互跃升助力手机 PC MR 新发展 20 10 从“Hey Siri”到“Hey ChatGPT”，交互媒介手机终端在 0 GPT-4o 的赋能下，有望显著提升手机交互功效。GPT-4o 具备 -10 -20 实时类人的语音对话交互与及时反馈，情感交互，GPT-4o 凸 -30 显了端侧模型与代码生成能力等场景化应用。在手机媒介 -40 ...

证 券 2024 年 05 月 13 日 研 究 4 月乘用车产销同比快速增长，蔚来新品牌乐道 报 本周正式发布, Optimus 灵活度进一步提高 告 —汽车行业周报 推荐(维持) 投资要点 ▌4 月乘用车产销同比快速增长，新能源占比上升至 分析师：林子健 S1050523090001 62% linzj@cfsc.com.cn 联系人：谢孟津 S1050123110012 4 月汽车国内销量 185.5 万辆，环比-15.4%，同比+4.1%，汽车出口 xiemj@cfsc.com.cn 50.4 万辆，环比+0.4%，同比+34%；其中乘用车产销分别完成 204.8 万辆和200.1万辆，环比-9%和-10.5%，同比+15.2%和+10.5%；乘用车 行业相对表现 国内销量 157.2 万辆，环比-13.2%，同比+5.1%，乘用车出口 42.9 万 表现 1M 3M 12M 辆，环比+1.2%，同比35.9%。 汽车(申万) 2.4 18.3 8.0 沪深300 5 .4 8.9 -6.9 1-4 月汽车国内销量 725.2 万辆，同比+5.6%，汽车出口 182.7 万辆， 同比+33.4%；其中 ...

证 券 2024 年 05 月 12 日 研 究 月之暗面发布 Kimi+，新一轮 AI 应用军备竞赛 报 进行时 告 —计算机行业周报 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 ▌算力：苹果发布 M4 芯片，性能相比 M2 芯片提升最 baoyc@cfsc.com.cn 高达 1.5 倍 行业相对表现 5 月 7 日，苹果推出最新一代自研电脑芯片 M4，搭载于新款 iPad Pro 首发。M4 运算速度最高可达每秒 38 万亿次，上一代 表现 1M 3M 12M 计算机(申万) 0.2 7.8 -26.2 M3 的 NPU 运算速度仅为每秒 18 万亿次，相比 A11 仿生芯片中 沪深300 5 .5 9.0 -6.9 的初代神经网络引擎，提速最高可达 60 倍。此外，M4 芯片仅 需一半的耗电量就能达到与 M2 芯片同等的性能，性能功耗有 市场表现 所提升。 (%) 计算机 沪深300 20 ▌AI 应用：月之暗面发布 Kimi+，新一轮 AI 应用军 10 0 备竞赛进行时 -10 -20 月之暗面于 5 月 6 日发布智能助手“Kimi+”， 截止目前， -30 -40 K ...

证 券 研 究 报 告 行业周报 关注医药国企效率变化 医药行业周报 投资评级： 推荐 维持 ...

系统化定量投资视角下的 黄金择时：拾级而上 ——"鑫"量化之二十 报告日期：2024年05月13日 证 券 研 究 报 告 金融工程深度报告 n 分析师：吕思江 n SAC编号：S1050522030001 n 分析师：马晨 n SAC编号：S1050522050001 n 联系人：武文静 n SAC编号：S1050123070007 目 录 CONTENTS 1.系统化定量投资视角下策略配置： 如何定价黄金？ 3. 黄金&白银ETF 2. 基于技术面量化的黄金买卖点信号 PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 0 1 系统化定量投资视角 下 的 策 略 配 置 ： 如 何 定 价 黄 金 ？ 1. 系统化定量投资视角下的策略配置：如何定价黄金？ 数据来源：wind，华鑫证券研究 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 5 ü 黄金价格由供给与需求共同决定。与需求相比，全球黄金供给相对稳定，2010年以来黄金年供给量缓慢上行突破4500吨， 中国是目前全球金矿产量最高的国家。金价变动主要源自需求端的波动。 ü 黄金需求主要包括四大部分：珠宝首饰、工业生产、私人投 ...

Group 1 - The report highlights the continuous growth of the lithium-ion battery industry in China, with the market size reaching 175 billion yuan in 2019, marking a year-on-year increase of 1.33% [11] - The report indicates that the demand for zinc-manganese batteries is expected to expand due to the increasing electronicization of daily life and the growth of applications in consumer electronics, smart home devices, and home medical equipment [11] - The report notes that the North Exchange A-share market has shown a mixed performance, with 18 out of 33 industries recording gains, particularly in the personal care, automotive, and shipping sectors [45][89] Group 2 - The financial performance of Changhong Energy shows a significant decline, with a revenue of 1.918 billion yuan in the first half of 2023, down 21.73% year-on-year, and a net profit of -2.01 billion yuan, reflecting a drastic drop of 242.76% [8] - The report provides insights into the performance of Bawei Co., which operates in the cosmetics and skincare sector, showing a revenue of 3.15 billion yuan in the first half of 2023, with a year-on-year growth rate of 2.24% [41] - The report discusses the performance of Huayang Racing, a manufacturer of power sports equipment, indicating a strong market presence and competitive advantage in the off-road vehicle sector [74]

证 券 2024 年 05 月 12 日 研 究 宏观及供需驱动，金锑价格持续上涨 报 告 —有色金属行业周报 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 ▌黄金：9 月降息概率再度提升，坚定看好黄金价格 fuhh@cfsc.com.cn 上涨 分析师：杜飞 S1050523070001 从本周美联储官员发言口风来看，整体派鸽派发言参半。5 dufei2@cfsc.com.cn 月 6 日周一，享有美联储 FOMC 永久投票权的美联储“三把 行业相对表现 手”——纽约联储主席威廉姆斯表示，将根据整体数据情况决 定是否降息，最终，美联储还是会降息的。不过他提醒说， 表现 1M 3M 12M 有色金属(申万) -1.7 27.4 6.8 数据可能会按无法预料的方式起起伏伏。 沪深300 5 .5 9.0 -6.9 周五，拥有美联储 FOMC 投票权的美联储理事鲍曼放鹰，她 市场表现 表示，自己认为美联储在 2024 年降息并不合适，并指出今年 前几个月美国通胀持续存在压力。 (%) 有色金属 沪深300 数据方面，本周并无重磅美国经济数据。但是上周国内五一 10 5 假期间，发布的美国重 ...