证券代码：300308 证券简称：中际旭创 编号：2024-010 □特定对象调研 □分析师会议 □媒体采访 投资者 □业绩说明会 □新闻发布会 □路演活动 关系活 □现场参观 ☑ 其他 （电话会议） 动类别 易方达基金；东方阿尔法基金；汇添富基金；交银施罗德基金；博时基 金；华安基金；兴证全球基金；海富通基金；上投摩根基金；浦银安盛 基金；华泰柏瑞基金；中欧基金；华宝基金；诺安基金；长安基金；宏 利基金；金鹰基金；南方基金；景顺长城基金；永赢基金；嘉实基金； 华富基金；国联安基金；国金基金；前海开源基金；汇丰晋信基金；招 商基金；鹏扬基金；富国基金；平安基金；泉果基金；建信基金；西部 利得基金；鹏华基金；农银汇理基金；宝盈基金；财通基金；光大保德 信基金；国海富兰克林；天弘基金；广发基金；华夏基金；长信基金； 中银基金；长城基金；新华基金；华泰保兴基金；万家基金；银河基 金；国泰基金；中金基金；申万菱信基金；国寿安保基金；长信；东 吴；招银国际；安信；鹏扬基金；海富；富国；华夏；兴全；银河；泰 康资管；华泰资管；太平资管；安联保险资管；前海人寿；泰康保险； 人寿资管；平安资管；新华资管；长江养老；大家资管； ...

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 ...

Revenue and Profit Growth - Revenue for the third quarter reached 6.514 billion yuan, a year-on-year increase of 115.25%[2] - Net profit attributable to shareholders of the listed company was 1.394 billion yuan, up 104.40% year-on-year[2] - Revenue for the first nine months of 2024 increased by 146.26% to 17,312,601,820.15 RMB, driven by significant growth in sales of 800G and 400G high-end optical modules due to increased investment in computing infrastructure[6] - Net profit attributable to the parent company's owners grew to 8,428,919,666.37 yuan, up from 5,869,567,607.57 yuan at the start of the period[12] - Total operating revenue for the current period reached 17,312,601,820.15, a significant increase from 7,030,290,371.60 in the previous period[14] - Operating profit surged to 4,410,376,456.99, up from 1,468,848,269.47 in the prior period[15] - Net profit attributable to the parent company's shareholders was 3,752,659,170.15, compared to 1,295,867,879.63 in the previous period[15] - Basic earnings per share increased to 3.42 from 1.20 in the prior period[16] - Total comprehensive income for the period was 3,853,414,084.41, up from 1,336,491,612.35 in the prior period[16] Asset and Liability Changes - Total assets as of the end of the reporting period were 27.124 billion yuan, an increase of 35.58% compared to the end of the previous year[2] - Accounts receivable increased by 82.41% to 4.709 billion yuan due to a significant increase in sales revenue[5] - Inventory rose by 66.56% to 7.153 billion yuan, driven by increased orders for high-end optical modules[5] - Short-term borrowings increased by 1,592.63% to 1.053 billion yuan due to higher short-term bank loans[5] - Accounts payable grew by 88.06% to 3.492 billion yuan, matching the increase in sales revenue[5] - Fixed assets increased by 30.22% to 5.141 billion yuan, driven by capacity expansion and equipment purchases[5] - Deferred tax assets rose by 176.32% to 226.42 million yuan due to an increase in deductible equity incentive expenses[5] - Long-term payables increased by 3,979.82% to 867,627,236.04 RMB, as overseas subsidiaries converted external shareholder loans into equity-based long-term payables[6] - Minority shareholders' equity rose by 99.04% to 1,022,038,517.51 RMB, due to increased capital contributions from minority shareholders[6] - Total assets increased to 27,124,286,366.57 yuan, up from 20,006,747,461.32 yuan at the beginning of the period[11] - Inventory surged to 7,153,167,835.78 yuan, a significant increase from 4,294,660,216.00 yuan at the start of the period[10] - Accounts receivable rose to 4,708,725,315.87 yuan, compared to 2,581,372,127.23 yuan at the beginning of the period[10] - Short-term borrowings jumped to 1,052,733,624.39 yuan, up from 62,195,000.00 yuan at the start of the period[11] - Accounts payable increased to 3,492,239,202.21 yuan, compared to 1,856,961,520.09 yuan at the beginning of the period[11] - Fixed assets expanded to 5,140,795,815.10 yuan, compared to 3,947,627,024.73 yuan at the beginning of the period[11] - Development expenditure increased to 150,529,694.01 yuan, up from 47,989,682.05 yuan at the start of the period[11] - Long-term receivables rose to 152,165,706.49 yuan, compared to 55,213,586.25 yuan at the beginning of the period[11] - Total liabilities increased to 8,437,590,835.96 yuan, up from 5,232,248,377.49 yuan at the start of the period[12] - Total assets and owner's equity reached 27,124,286,366.57, compared to 20,006,747,461.32 in the prior period[14] - Total liabilities and owner's equity increased to 27,124,286,366.57 from 20,006,747,461.32 in the prior period[14] R&D and Development Expenditure - Development expenditure surged by 213.67% to 150.53 million yuan, reflecting continuous R&D investment[5] - R&D expenses increased by 57.41% to 741,977,641.53 RMB, reflecting the company's continued investment in research and development, including higher employee compensation and project-related material and equipment costs[6] - R&D expenses increased to 741,977,641.53 from 471,363,662.05 in the previous period[14] Cash Flow and Financing Activities - Net cash flow from operating activities decreased by 8.79% to 1,315,866,293.65 RMB, with no significant changes reported[7] - Net cash flow from investing activities saw a substantial increase of 2,873.97% to -1,998,167,657.55 RMB, mainly due to increased payments for long-term assets as business volume grew[7] - Net cash flow from financing activities surged by 1,310.38% to 822,877,951.90 RMB, primarily because the scale of external debt repayment exceeded the scale of external borrowing[7] - Cash received from sales of goods and services amounted to 15,343,409,303.73, up from 6,596,500,803.68 in the previous period[16] - Cash flow from operating activities totaled 16,932,554,132.40, compared to 7,083,915,635.18 in the previous period[16] - Total cash outflow from operating activities: 15,616,687,838.75 RMB[17] - Net cash flow from operating activities: 1,315,866,293.65 RMB[17] - Total cash inflow from investing activities: 2,206,268,922.89 RMB[17] - Net cash flow from investing activities: -1,998,167,657.55 RMB[17] - Total cash inflow from financing activities: 1,830,463,568.84 RMB[17] - Net cash flow from financing activities: 822,877,951.90 RMB[17] - Net increase in cash and cash equivalents: 114,512,662.87 RMB[17] - Ending cash and cash equivalents balance: 3,348,413,631.42 RMB[17] Tax and Income Tax Expenses - Income tax expenses increased by 245.29% to 541,084,742.82 RMB, driven by higher profit totals requiring increased tax payments[7] Share Capital and Equity - The company's share capital increased by 39.65% to 1,121,166,509.00 RMB, following a capital reserve distribution to shareholders[6] Report Details - The company's Q3 report is unaudited[18] - The report is signed by the legal representative, Liu Sheng, on October 23, 2024[19]

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。 证券代码：300308 证券简称：中际旭创 公告编号：2024-085 中际旭创股份有限公司(以下简称"公司"或"中际旭创")第五届监事会第十一 次会议通知于 2024 年 10 月 11 日以电话、电子邮件的方式向全体监事发出，并于 2024 年 10 月 21 日上午 10:30 以通讯方式召开。会议应到监事 3 人，实到监事 3 人，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。会议由监事会主席陈彩云女士主持，会议审议 并以记名投票表决方式通过了如下决议： 一、审议通过了《关于公司 2024 年第三季度报告的议案》 中际旭创股份有限公司 第五届监事会第十一次会议决议公告 特此公告 中际旭创股份有限公司监事会 2024 年 10 月 23 日 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，经 监事会认真审核，认为《公司 2024 年第三季度报告》的编制和审核程序符合法律法 规及《公司章程》的相关规定，报告内容能够真实 ...

证券代码：300308 证券简称：中际旭创 公告编号：2024-082 中际旭创股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2024 年 4 月 18 日召开的第五届董事会第七次会议、第五届监事会第七次会议分别审议并通过了《关 于继续使用闲置募集资金进行现金管理的议案》，为提高暂时闲置募集资金的使用效 率，增加资金收益，在保证募集资金投资项目建设和募集资金正常使用的情况下， 公司及子公司苏州旭创科技有限公司、孙公司铜陵旭创科技有限公司和苏州旭创光 电产业园发展有限公司合计拟使用不超过人民币 70,000 万元的暂时闲置募集资金进 行现金管理，在额度范围内，资金可循环滚动使用；使用期限自股东大会审议通过 之日起十二个月内有效，单个投资产品的投资期限不超过十二个月；具体内容详见 公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网披露的《中际旭创 股份有限公司关于继续使用闲置募集资金进行现金管理的公告》（公告编号： 2024-033），该 ...

证券代码：300308 证券简称：中际旭创 公告编号：2024-081 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2024 年 4 月 18 日召开的第五届董事会第七次会议、第五届监事会第七次会议分别审议并通过了《关 于继续使用闲置募集资金进行现金管理的议案》，为提高暂时闲置募集资金的使用效 率，增加资金收益，在保证募集资金投资项目建设和募集资金正常使用的情况下， 公司及子公司苏州旭创科技有限公司、孙公司铜陵旭创科技有限公司和苏州旭创光 电产业园发展有限公司合计拟使用不超过人民币 70,000 万元的暂时闲置募集资金进 行现金管理，在额度范围内，资金可循环滚动使用；使用期限自股东大会审议通过 之日起十二个月内有效，单个投资产品的投资期限不超过十二个月；具体内容详见 公司在中国证监会指定创业板上市公司信息披露网站巨潮资讯网披露的《中际旭创 股份有限公司关于继续使用闲置募集资金进行现金管理的公告》（公告编号： 2024-033），该事项已经公司 2023 年度股东大会审议通过。 近期，公司及全资孙公司铜陵旭创使用部分闲置募集资金进行现金管理，现将 有关情况公告如下： | 序 | 受托方 | 产品 ...

Company Overview - The company operates in the communications industry with a current stock price of 121.99 as of September 25, 2024 [1] - The stock has a 12-month high/low of 159.68/60.95 and a total issued shares of 1,121.17 million [1] - The company's A-share market capitalization is 136.11 billion RMB with a price-to-book ratio of 8.45 [1] - Major shareholder is Shandong Zhongji Investment Holding Co Ltd with an 11.32% stake [1] - The stock has shown significant price movements: +6.7% (1 month), -14.7% (3 months), and +74.8% (1 year) [1] Investment Rating and Target Price - Current investment rating: Buy [3] - Target price: 155 RMB [1] - Historical ratings: Buy (103.82 on 2024-01-29), Trading Buy (154.20 on 2023-07-13), Buy (107.30 on 2023-05-31) [2] Core Business and Market Position - Global leader in high-speed optical modules with a complete product matrix [3] - Dominant position in 800G optical modules with plans for 1.6T module mass production in Q4 2024 [3] - Ranked first globally in LightCounting's 2023 optical module manufacturer ranking [4] - Product mix: 95% optical communication transceiver modules, 1.88% optical components, 3.12% automotive optoelectronics [2] Financial Performance - H1 2024 revenue: 10.80 billion RMB (+170% YoY) [3] - H1 2024 net profit: 2.36 billion RMB (+284.26% YoY) [3] - Q2 2024 net profit: 1.35 billion RMB (+271% YoY) [3] - Automotive optoelectronics revenue: 279 million RMB [3] Future Outlook and Projections - Expected net profit for 2024-2026: 5.39/6.92/8.74 billion RMB (+148.1%/+28.4%/+26.3% YoY) [4] - Projected EPS for 2024-2026: 4.81/6.17/7.80 RMB [4] - Current P/E ratios: 25x (2024), 20x (2025), 16x (2026) [4] - Revenue projections: 25.71/34.68/45.07 billion RMB for 2024-2026 [7] Technological Advancements - 1.6T optical modules in testing phase, expected small batch shipments in Q4 2024 [4] - Significant progress in silicon photonics technology with 1.6T silicon photonics solutions and self-developed silicon photonics chips [4] - Expanded VCSEL supplier base and pre-planned EML chip procurement to ensure supply chain stability [4] Institutional Ownership - Fund ownership: 4.6% of circulating A-shares [2] - General corporate ownership: 48.2% of circulating A-shares [2]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [1][7]. Core Insights - The company has shown significant revenue growth, with a 169.7% year-on-year increase in revenue for the first half of 2024, reaching 10.8 billion yuan, and a 284.3% increase in net profit, amounting to 2.36 billion yuan [2][3]. - The company's gross margin improved to 33.49% in Q2 2024, driven by an increase in the proportion of high-speed products and contributions from overseas AI clients [1][4]. - The company is positioned as a leading supplier of high-speed optical modules, benefiting from the growing demand in the AI infrastructure market, particularly in North America [3][7]. Financial Performance - In the first half of 2024, the company achieved a net profit margin of 22.3%, with total expenses as a percentage of revenue at 8.5%, reflecting effective cost management [1][6]. - The company’s revenue and net profit projections for 2024-2026 are optimistic, with expected net profits of 5.32 billion yuan in 2024, 9.63 billion yuan in 2025, and 11.31 billion yuan in 2026 [7][5]. - The company’s asset turnover ratio improved, indicating enhanced capacity utilization and product value [6]. Market Position and Growth Drivers - The company is recognized as a top global supplier of optical modules, particularly in the 400G and 800G segments, with significant market share in AI-related infrastructure investments [3][7]. - The AI market for optical modules is projected to exceed 4 billion USD in 2024, with continued growth expected through 2029, positioning the company to capitalize on this trend [3][5]. - The company’s subsidiaries, including Junge Electronics and Chuhan Technology, have also reported strong revenue growth, contributing positively to the overall performance [1][2].