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 ...

研究报告 Research Report 23 Oct 2024 中际旭创 Zhongji Innolight (300308 CH) 业绩略低于预期，持续看好 800G、1.6T 需求及硅光渗透率提升 NI Miss, Optimistic about 800G/1.6T Ramping up [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|-------|-------|---------------|--------------------------------|--------------------| | [Table_Info 维持优于大市 ] \n评级 | | | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | | | Rmb170.00 | ...

Investment Rating - The report maintains a "Buy" rating for Zhongji Innolight (300308 SZ) [2][3] Core Views - Q3 2024 revenue reached 6 51 billion yuan up 115 2% YoY and 9 4% QoQ Net profit attributable to parent company was 1 394 billion yuan up 104 4% YoY and 3 3% QoQ [1] - Q3 financial performance was impacted by RMB appreciation with financial expenses of 72 93 million yuan compared to -40 17 million yuan in Q2 resulting in a 113 million yuan impact on Q3 net profit [1] - Gross margin and net margin for Q3 were 33 64% and 22 48% respectively both showing YoY improvement [1] - Inventory at the end of Q3 was 7 153 billion yuan up from 6 169 billion yuan at the end of the previous quarter driven by increased orders for high-end optical modules [1] - The company is expected to benefit from the 800G 1 6T optical module upgrade cycle with strong growth prospects in the AI-driven market [1][2] Financial Performance - Revenue for 2024E is projected at 23 524 billion yuan with a YoY growth of 119 5% Net profit attributable to parent company is expected to reach 5 59 billion yuan up 157 2% YoY [3] - EPS for 2024E is forecasted at 4 99 yuan per share with a P E ratio of 34 1x [3] - Revenue growth is expected to continue with 2025E and 2026E revenues projected at 37 367 billion yuan and 48 038 billion yuan respectively [3] - Net profit for 2025E and 2026E is estimated at 9 784 billion yuan and 12 987 billion yuan respectively [3] Industry Outlook - The optical module industry is accelerating its iteration cycle with AI driving demand for higher-speed products such as 800G and 1 6T [1] - The industry is expected to further consolidate with leading companies like Zhongji Innolight benefiting from their technological edge and close customer relationships [1] - The company is well-positioned to capitalize on the 800G 1 6T upgrade cycle with strong growth potential in the AI-driven market [1][2] Financial Ratios - ROE for 2024E is projected at 28 4% up from 15 2% in 2023A [3] - Gross margin for 2024E is expected to be 34 6% with net margin at 23 8% [3] - P B ratio for 2024E is forecasted at 9 7x down from 13 4x in 2023A [3]

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue of 259.1/390.2/478.3 billion yuan and net profit of 55.3/87.7/109.0 billion yuan for 2024-2026, corresponding to a PE ratio of 29/18/15 [1] Core Views - The company achieved rapid growth in revenue and net profit in Q3 2024, with revenue reaching 17.313 billion yuan, up 146.26% YoY, and net profit reaching 3.753 billion yuan, up 189.59% YoY [1] - AI industry development has driven the company's performance, with increased shipments of high-end products like 800G, leading to improved gross and net profit margins [1] - The company is positioned as a top-tier global optical module supplier, with strong customer relationships and the ability to mass-produce high-speed optical modules [1] - The 1.6T optical module is expected to ramp up in 2025, driven by GB200 applications, which will significantly enhance the company's performance and profitability [1] - Silicon photonics solutions are expected to become a key advantage for the company, with the global silicon photonics module market projected to reach nearly 8 billion USD by 2026 [1] Financial Performance Summary - The company's revenue for 2024E is projected to be 259.14 billion yuan, with a growth rate of 141.78% YoY, and net profit is expected to reach 55.3 billion yuan, up 154.44% YoY [4] - Gross margin for the first three quarters of 2024 was 33.32%, up 1.57 percentage points YoY, while net margin was 22.36%, up 3.69 percentage points YoY [1] - The company's ROE (return on equity) is expected to rise to 27.77% in 2024E, up from 15.24% in 2023 [4] Industry and Product Analysis - The company's 800G optical modules are expected to maintain market share in 2025, with demand driven by Ethernet data center construction [1] - Silicon photonics modules offer advantages such as high integration, low cost, and low power consumption, with the company already developing 1.6T silicon photonics solutions and self-developed chips [1] - The company's self-developed silicon photonics chips are expected to ensure production capacity and further improve profitability [1] Market Sentiment - Market-related reports show a strong "Buy" sentiment, with 117 "Buy" ratings in the past six months and an average score of 1.00, indicating a consistent "Buy" recommendation [8]

Key Points Industry and Company - **Industry**: The company operates in the optical communication industry, specifically focusing on silicon photonics and optical modules. - **Company**: The company is a leading player in the industry, with a strong focus on research and development in silicon photonics technology. Core Views and Arguments - **Revenue Growth**: Q3 revenue experienced a year-over-year growth of 9-10%, driven by strong order demand. However, delivery gaps were significant due to material shortages. - **Gross Margin**: Gross margin remained high and stable, with a Q3 consolidated gross margin of 33.6% compared to 33.4% in Q2. - **Net Profit**: Net profit increased by over 80 million yuan compared to the previous quarter, reaching 1.465 billion yuan. The appreciation of the RMB in late September had a significant impact on the company's financials, leading to exchange losses of over 80 million yuan in Q3. - **CPO Layout**: The company has made significant investments in R&D for silicon photonics chips, including 400G, 800G, and 1.6T. It also possesses the technology to develop CPO silicon photonics engines and is actively involved in R&D. - **Material Shortages**: The company has been affected by material shortages, particularly in DSP and optical chips. However, it has adopted a hedging strategy to mitigate the impact. - **Domestic Suppliers**: The company is actively working with domestic chip manufacturers and has already started using some domestic CW sources in certain models. - **Silicon Photonics**: The company plans to increase the proportion of silicon photonics shipments, particularly in 800G and 1.6T solutions. It expects to see a significant increase in silicon photonics shipments in Q4 2024 and 2025. - **1.6T Silicon Photonics**: The company expects to start shipping 1.6T silicon photonics solutions in Q4 2024, particularly in December. - **Exchange Rate Fluctuations**: The company experienced exchange losses of over 80 million yuan in Q3 due to the appreciation of the RMB. However, this was a paper loss and not an actual loss for the company. - **Capacity Expansion**: The company is continuously investing in capacity expansion, both domestically and overseas, to meet the growing demand for high-speed products like 800G and 1.6T. - **Material Shortages**: The company expects material shortages to continue in 2024, with a potential缓解 in the first half of 2025. It plans to increase its procurement of EML in 2025 to improve delivery capabilities. - **CPO**: The company is actively involved in the development of CPO products, both independently and in collaboration with customers. - **Excess Capacity**: The company is considering increasing capacity in 2025 and 2026 to meet the growing demand for high-speed products. - **Material Price Increases**: The company has confidence in passing on price increases to downstream customers, particularly for key materials like EML and optical chips. - **Silicon Photonics vs. Traditional Solutions**: The company offers different solutions based on customer needs. However, 3.2T presents a greater challenge for EML. - **Expansion**: The company is expanding its production capacity in both China and Thailand to meet the growing demand for high-speed products. - **Customer Interest**: Most customers are interested in using the company's silicon photonics products, particularly in 2025. - **Material Shortages**: The company expects material shortages to continue in Q4 2024, with a potential significant improvement in Q1 2025. - **Price Transmission**: The company has confidence in passing on price increases to downstream customers, particularly for key materials like EML and optical chips. - **Co-linearity**: Most production lines can be used for both EML and silicon photonics solutions, except for some coupling processes. - **Price Negotiations**: Most customers will negotiate prices with suppliers in Q3 and Q4 2024 for 2025, with some models being priced based on the time of introduction. - **Hedging**: The company is considering using hedging products to mitigate exchange rate risks. - **Silicon Photonics vs. EML**: CW sources can save half the number of traditional EMLs and are cheaper, providing a clear advantage in the BOM. - **Silicon Photonics Supply**: The company has long-term partnerships with suppliers for traditional EML and can also find new suppliers for CW. - **Order Visibility**: The company can see some orders for Q1 2025, with strong demand expected for 800G and 1.6T products. - **Delivery Capabilities**: The company expects to improve its delivery capabilities in Q4 2024, particularly due to the increased proportion of silicon photonics shipments. - **Profitability**: The company expects to maintain stable margins in 2025, driven by strong demand for upstream chips and modules, as well as cost reduction efforts. - **Optical vs. Copper**: Optical modules are primarily used in switches and network architectures, while copper cables are used for short-distance connections. However, optical technology has the potential to enter these scenarios in the future. - **Margin Improvement**: The company's gross margin is expected to increase due to the strong demand for 400G and 800G products, as well as improvements in yield and cost reduction efforts.

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Investment Rating - Buy (maintained) [1][2] Core Views - The company continues to benefit from the rapid growth of high-end optical modules, with strong demand for 800G and 400G modules driven by downstream computing infrastructure construction and related capital expenditures [2] - Revenue and profitability have significantly improved, with Q3 2024 revenue reaching 6.514 billion yuan, up 115.25% YoY, and net profit reaching 1.394 billion yuan, up 104.40% YoY [2] - The company maintains a leading position in the global optical module market, ranking first in Lightcounting's 2023 global optical module manufacturer rankings [3] Financial Performance - 2024 Q3 revenue: 6.514 billion yuan, up 115.25% YoY and 9.37% QoQ [2] - 2024 Q3 net profit: 1.394 billion yuan, up 104.40% YoY and 3.34% QoQ [2] - 2024 Q1-Q3 revenue: 17.313 billion yuan, up 146.26% YoY [2] - 2024 Q1-Q3 net profit: 3.753 billion yuan, up 189.59% YoY [2] - Gross margin for 2024 Q1-Q3: 33.32%, up 1.57 pct YoY [2] - Net margin for 2024 Q1-Q3: 22.36%, up 3.70 pct YoY [2] Market Position and Expansion - The company has a strong presence in overseas markets, with overseas revenue reaching 9.472 billion yuan in H1 2024, up 172.03% YoY [3] - It has secured a leading position in the global optical module market, ranking first in Lightcounting's 2023 global optical module manufacturer rankings [3] R&D and Technological Advancements - R&D expenses for 2024 Q1-Q3: 742 million yuan, up 57.41% YoY, with an R&D expense ratio of 4.29% [4] - The company has demonstrated advanced products such as 1.6T OSFP-XD DR8+ pluggable optical modules and second-generation 800G optical modules based on 5nm DSP and silicon photonics technology [4] - It showcased 1.6T OSFP224 2XDR4 and a full series of 800G/400G silicon photonic modules at CIOE 2024 [4] Financial Forecasts - 2024E revenue: 25.379 billion yuan, up 136.8% YoY [5] - 2024E net profit: 5.140 billion yuan, up 136.5% YoY [5] - 2025E revenue: 36.424 billion yuan, up 43.5% YoY [5] - 2025E net profit: 8.219 billion yuan, up 59.9% YoY [5] - 2026E revenue: 45.340 billion yuan, up 24.5% YoY [5] - 2026E net profit: 9.026 billion yuan, up 9.8% YoY [5] Valuation Metrics - 2024E P/E: 37.1x [5] - 2025E P/E: 23.2x [5] - 2026E P/E: 21.1x [5] - 2024E P/B: 10.0x [5] - 2025E P/B: 7.1x [5] - 2026E P/B: 5.4x [5]

表决结果：7 票赞成、0 票反对、0 票弃权 二、备查文件 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。 中际旭创股份有限公司(以下简称"公司"或"中际旭创") 第五届董事会第十 三次会议（以下简称"本次会议"）通知于 2024 年 10 月 11 日以传真、电子邮件等 方式发出，并于 2024 年 10 月 21 日上午 9:30 以通讯方式召开，会议由董事长刘圣先 生主持，会议应参加董事 7 人，实际参加董事 7 人，公司监事及相关人员列席了会议。 会议的召开及表决程序符合《公司法》等法律、行政法规、部门规章、规范性文件及 《公司章程》的有关规定，会议合法有效。会议审议并通过了以下议案： 一、审议通过了《关于公司 2024 年第三季度报告的议案》 根据《公司法》《公司章程》《上市公司信息披露管理办法》及其他有关规定， 公司编制了《中际旭创 2024 年第三季度报告》，报告内容能够真实、准确、完整地 反映公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：300308 证券简称：中际旭创 公告编号：2024-084 中际旭创股份有限公司 ...