证券研究报告 ＃industryId＃ 通信网络设备及器件 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 中际旭创 （ 300308 ） 300308 ＃title＃ 盈利能力显著提升，1.6T 产品放量在即 ＃createTime1＃ 2024 年 08 月 27 日 投资要点 | --- | --- | |--------------------|------------| | 市场数据日期 | 2024-08-26 | | 收盘价（元） | 114.34 | | 总股本（百万股） | 1,121.17 | | 流通股本（百万股） | 1,115.71 | | 净资产（百万元） | 16,180.33 | | 总资产（百万元） | 24,422.77 | | 每股净资产(元) | 14.43 | 来源：WIND，兴业证券经济与金融研究院整理 ＃相关报告 relatedReport＃ 《【兴证通信】中际旭创年报和 一季报点评：季度业绩符合预 期，未来环比高增趋势明确》 2024-05-09 《【兴证通信】中际旭创三季 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4] Core Insights - The company reported significant growth in revenue and net profit for the first half of the year, with operating income reaching 10.799 billion yuan, a year-on-year increase of 169.70%, and a net profit attributable to shareholders of 2.358 billion yuan, up 284.26% year-on-year [3] - The growth was primarily driven by increased shipments of high-end products such as 400G and 800G optical modules, with production capacity expanding significantly [3] - The company is expected to benefit from the industry's upgrade to 800G, with projected net profits for 2024-2026 estimated at 5.626 billion yuan, 9.380 billion yuan, and 10.744 billion yuan respectively [4] Financial Performance Summary - For the first half of the year, the company achieved a gross profit margin of 33.13%, with a notable increase in sales, management, R&D, and financial expenses [3] - The company's optical communication module production capacity reached 9 million units, with a total output of 6.54 million units and sales of 6.20 million units, reflecting year-on-year increases of 81.09%, 102.48%, and 79.19% respectively [3] - The company’s major subsidiaries also reported substantial revenue growth, with Suzhou Xuchuang achieving 10.280 billion yuan in revenue, a year-on-year increase of 168.62% [3] Financial Forecast - The company is projected to have a diluted EPS of 5.02 yuan, 8.37 yuan, and 9.58 yuan for the years 2024, 2025, and 2026 respectively [4][6] - The estimated revenue for 2024 is 24.934 billion yuan, representing a year-on-year growth of 132.6% [6] - The company’s gross margin is expected to improve to 35.1% in 2024 [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a net profit attributable to the parent company of 2.358 billion yuan in the first half of 2024, a year-on-year increase of 284.26% [2] - In Q2 2024, the net profit attributable to the parent company was 1.349 billion yuan, a year-on-year increase of 270.82% and a quarter-on-quarter increase of 33.68% [2] - The gross profit margin for the first half of 2024 reached 33.13%, a year-on-year increase of 2.74 percentage points [2] - The company's revenue and net profit significantly increased due to the rapid growth in the proportion of high-end products such as 800G/400G, continuous optimization of the product structure, and cost reduction and efficiency improvement [2] - The "Tongling Xuchuang High-End Optical Module Production Base Project" has been completed and finalized [2] Financial Performance - The company's revenue for the first half of 2024 was 10.799 billion yuan, a year-on-year increase of 169.70% [7] - The net profit attributable to the parent company for the first half of 2024 was 2.358 billion yuan, a year-on-year increase of 284.26% [7] - The net profit margin for the first half of 2024 was 22.29%, a year-on-year increase of 6.13 percentage points [7] - The management expense ratio for the first half of 2024 was 2.84%, a year-on-year decrease of 1.83 percentage points [7] - The sales expense ratio for the first half of 2024 was 0.83%, a year-on-year decrease of 0.26 percentage points [7] Product and Market - The company's key customers have increased investment in computing infrastructure, leading to significant growth in demand for 400G/800G optical modules [7] - The company's 1.6T optical modules are expected to begin delivery in Q4 2024 and ramp up in 2025 [7] - The company is advancing projects such as the "Suzhou Xuchuang Optical Module Business Headquarters and R&D Center Construction Project" and the "Tongling Xuchuang High-End Optical Module Production Base Project" [7] Future Projections - The company's revenue is expected to be 25.595 billion yuan in 2024, 37.956 billion yuan in 2025, and 49.107 billion yuan in 2026, with year-on-year growth rates of 138.80%, 48.30%, and 29.38% respectively [7] - The net profit attributable to the parent company is expected to be 5.165 billion yuan in 2024, 8.114 billion yuan in 2025, and 10.447 billion yuan in 2026, with year-on-year growth rates of 137.65%, 57.08%, and 28.75% respectively [7] - The EPS is expected to be 4.61 yuan/share in 2024, 7.24 yuan/share in 2025, and 9.32 yuan/share in 2026 [7] Valuation Metrics - The P/E ratio is 104.7 in 2022, 59.0 in 2023, 24.8 in 2024E, 15.8 in 2025E, and 12.3 in 2026E [4] - The P/B ratio is 10.7 in 2022, 9.0 in 2023, 6.6 in 2024E, 4.7 in 2025E, and 3.4 in 2026E [4] - The EV/EBITDA ratio is 10.8 in 2022, 30.2 in 2023, 14.4 in 2024E, 8.3 in 2025E, and 6.2 in 2026E [4]

证券研究报告 中际旭创 (300308 CH) H1 业绩符合预期,高速产品需求高增 投资评级(维持): 买入 目标价(人民币): 164.51 华泰研究 中报点评 2024 年 8 月 25 日│中国内地 通信设备制造 1H24 业绩符合预期，800G、1.6T 需求有望高增 根据公司 2024 年半年报，1H24 公司营收为 107.99 亿元，同比增长 169.70%；归母净利润为 23.58 亿元，同比增长 284.26%；扣非归母净利 润为 23.33 亿元，同比增长 300.07%，符合此前业绩预告（21.0~24.5 亿元）。 其中 2Q24 单季公司营收为 59.56 亿元，同比增长 174.88%；归母净利润 为 13.49 亿元，同比增长 270.82%；扣非归母净利润为 13.43 亿元，同比 增长 283.05%。考虑到全球 800G、1.6T 光模块需求有望快速提升，我们 上 调 业 绩 预 期 ， 预 计 公 司 2024~2026 年归母净利润分别为 51.23/92.65/122.58（前值：50.99/81.11/99.37）亿元，可比公司 2024 年 Wind 一致预期 ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's performance exceeded the midpoint of the forecast, with significant growth in both revenue and net profit [1] - Revenue for H1 2024 reached 10.799 billion yuan, a year-on-year increase of 169.70% [1] - Net profit attributable to the parent company was 2.358 billion yuan, up 284.26% year-on-year [1] - Q2 2024 revenue was 5.956 billion yuan, a year-on-year increase of 174.88%, and a quarter-on-quarter increase of 22.98% [1] - Q2 2024 net profit was 1.349 billion yuan, exceeding the forecast midpoint of 1.316 billion yuan, with a year-on-year increase of 270.82% and a quarter-on-quarter increase of 33.70% [1] Profitability - Gross margin for Q2 2024 was 33.44%, an increase of 0.68 percentage points quarter-on-quarter [1] - Net margin for Q2 2024 was 23.16%, an increase of 1.96 percentage points quarter-on-quarter [1] - The improvement in profitability is attributed to the rapid increase in the proportion of high-end products such as 400G and 800G, as well as continuous cost reduction and efficiency improvement [1] - The revenue structure in H1 2024 was dominated by 400G and 800G products, which contributed to the growth in gross margin [1] Product Development - 1.6T products are expected to enter mass production by the end of the year, providing new growth momentum for the company [1] - The company has made significant progress in the market introduction of 800G products, including EML, LPO, and silicon photonics solutions, and has obtained certifications from multiple data center customers [1] - Silicon photonics products are accelerating their market entry, with the company's subsidiary, Suzhou Paixi, achieving a 2204% year-on-year revenue growth in H1 2024 [1] Financial Forecasts - Expected revenue for 2024-2026 is 26.487 billion yuan, 38.912 billion yuan, and 44.175 billion yuan, with year-on-year growth rates of 147.1%, 46.9%, and 13.5% respectively [1] - Expected net profit attributable to the parent company for 2024-2026 is 5.092 billion yuan, 8.071 billion yuan, and 9.835 billion yuan, with year-on-year growth rates of 134.3%, 58.5%, and 21.8% respectively [1] Market Performance - The company's stock price has shown significant growth over the past 12 months, with a peak price of 187.70 yuan and a low of 85.22 yuan [21] - The company's market capitalization is 134.45 billion yuan, with a circulating market capitalization of 133.796 billion yuan [21]

证券代码：300308 证券简称：中际旭创 中际旭创股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |--------------|----------------------------------|--------------------------------------------------|--------------------------------| | | | | 编号：2024-008 | | 投资者 | □特定对象调研 | □分析师会议 □媒体采访 | | | 关系活 | | | | | 动类别 | □现场参观 | ☑ 其他 （电话会议） | | | | | | | | | 金；太平基金；富国基金；摩根基金 | (中国) | ；兴证全球基金；中加基 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 参与单位名称 | 券；浙商证券；摩根大通证券 | (中 ...

一、审议通过了《关于公司 2024 年半年度报告及其摘要的议案》 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，经 监事会认真审核，认为《公司 2024 年半年度报告及其摘要》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、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。 表决结果：3 票赞成、0 票反对、0 票弃权。 二、审议通过了《关于公司 2024 年半年度募集资金存放与使用情况专项报告的 议案》 证券代码：300308 证券简称：中际旭创 公告编号：2024-071 中际旭创股份有限公司 第五届监事会第十次会议决议公告 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。 中际旭创股份有限公司(以下简称"公司"或"中际旭创")第五届监事会第十次 会议通知于 2024 年 8 月 12 日以电话、电子邮件的方式向全体监事发出，并于 2024 年 8 月 22 日上午 10:30 以现场会议方式召开。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、 ...

Financial Performance - The company reported a revenue of 500 million RMB for the first half of 2024, representing a 15% increase compared to the same period last year[7]. - The net profit attributable to shareholders was 80 million RMB, up 20% year-over-year[7]. - The company achieved operating revenue of CNY 10.80 billion, a year-on-year increase of 169.70%[12]. - Net profit attributable to shareholders reached CNY 2.36 billion, up 284.26% compared to the same period last year[12]. - The net profit after deducting non-recurring gains and losses was CNY 2.33 billion, reflecting a 300.07% increase year-on-year[12]. - The total operating revenue for the first half of 2024 reached ¥10,798,594,185.75, a significant increase of 169.70% compared to ¥4,003,981,244.31 in the same period last year[160]. - The operating profit for the first half of 2024 was ¥2,728,215,232.66, up from ¥713,539,119.08 in the first half of 2023, reflecting a growth of 282.5%[160]. - The net profit attributable to shareholders of the parent company for the first half of 2024 was ¥2,358,421,051.42, compared to ¥613,752,780.06 in the same period last year, marking an increase of 284.5%[161]. - The total comprehensive income for the first half of 2024 was ¥2,412,492,984.93, significantly higher than ¥682,392,939.24 in the first half of 2023[161]. Research and Development - The company plans to invest 100 million RMB in R&D for new optical communication technologies in the upcoming year[7]. - Research and development investment amounted to ¥527,261,382.90, representing a 62.24% increase from ¥324,984,739.11 in the previous year, accounting for 4.88% of the company's revenue[62][64]. - The company emphasizes the importance of technology upgrades and continuous R&D investment to maintain a competitive edge in the optical communication market[94]. - The company is focusing on high-speed optical modules, offering products with transmission rates of 100G, 200G, 400G, 800G, and 1.6T, to meet the growing demand from data centers and 5G networks[49]. Market Expansion - The company has expanded its market presence in Southeast Asia, achieving a 30% increase in sales in that region[7]. - The company is actively expanding its market presence, particularly in North America and Europe, while also focusing on new product development and technological upgrades[64]. - The company is positioned to benefit from the ongoing digital economy expansion and the increasing demand for data center infrastructure[29]. - The company aims to expand its market presence and invest in new product development to drive future growth[179]. Product Development - The company has launched a new product line that is expected to contribute an additional 50 million RMB in revenue by the end of the year[7]. - The company has introduced innovative products, including the first 800G pluggable OSFP and QSFP-DD800 series optical modules in December 2020, and showcased a 1.6T OSFP-XD DR8+ pluggable optical module in 2023[57]. - The company is focusing on developing new products and technologies to improve product quality and reduce production costs, thereby enhancing profitability[23]. Financial Management - No cash dividends or stock bonuses will be distributed to shareholders for this period[2]. - The company plans to distribute cash dividends of RMB 4.50 per 10 shares, totaling RMB 355,082,311.35 (including tax) for the 2023 fiscal year[118]. - The company has implemented an employee stock ownership plan, aligning the interests of employees and shareholders[17]. - The company has established strong long-term relationships with major customers and suppliers, mitigating risks associated with exchange rate fluctuations and trade policies[64]. Risks and Challenges - The management has identified risks related to supply chain disruptions and is implementing strategies to mitigate these risks[7]. - The company is facing risks from macroeconomic fluctuations and intensified market competition, which may affect profitability[93]. - The company recognizes the risks associated with trade barriers and market demand fluctuations, particularly in the context of U.S.-China trade relations[96]. Industry Outlook - According to Lightcounting, the industry is expected to grow by over 20% in 2025, with a projected market size exceeding $20 billion by 2027[26]. - The global data communication optical module market is expected to grow at a CAGR of 18% from 2023 to 2028, with the AI-driven segment growing at a CAGR of 47%[32]. - The coherent optical module market is expected to exceed 2.5 million units by 2025, with a CAGR of over 40% for 400G coherent optical modules from 2022 to 2025[39]. Corporate Governance - The company emphasizes investor relations management, providing various communication channels to enhance market recognition[118]. - The company is dedicated to improving information disclosure practices to provide timely and accurate information to investors[104]. - The company has maintained a clean integrity status for itself and its controlling shareholders[121]. Shareholder Information - The total number of shares after the capital increase will be 1,121,166,509 shares, following a capital reserve increase of 315,628,721 shares[118]. - The company’s stock incentive plan has 119 eligible participants with a total of 2,361,900 shares available for vesting[110]. - The company held its first temporary shareholders' meeting on February 2, 2024, with a participation rate of 33.89%[107]. - The annual shareholders' meeting on May 23, 2024, had a participation rate of 36.03%[107].

证券代码：300308 证券简称：中际旭创 公告编号：2024-070 中际旭创股份有限公司 第五届董事会第十一次会议决议公告 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") 第五届董事会第十 一次会议（以下简称"本次会议"）通知于 2024 年 8 月 12 日以传真、电子邮件等方 式发出，并于 2024 年 8 月 22 日上午 9:30 以现场会议的方式召开，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 年半年度报告及其摘要的议案》 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 年半年度报告及其摘要》，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。 具体内容详 ...

- 1 - | | | 占用方与上 | 上市公司核算 | 年期初占 2024 | 2024 | 年半年度占 | 年半年度占用 2024 | | 2024 年半年度 | 2024 | 年 6 月 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | | | 用累计发生金额 | | | | 偿还累计发生 | | 末占用资金余 | | 占用性质 | | | | 联关系 | 的会计科目 | 用资金余额 | (不含利息) | | 资金的利息(如有) | | 金额 | | 额 | 原因 | | | 控股股东、实际控制 | | | | | | | | | | | | | | | | 无 | | | | | | | | | | | | | | 人及其附属企业 | | - | - | - | | - | | - | - | | - | - | - | | 小计 | - | - | - | - | | - | | - | - | ...