证 券 研 究 报 告 中际旭创（300308）2024 年三季报点评 强推（维持） 上游缺芯+汇率影响当期利润，看好后期硅光 渗透率提升对出货能力的提升 事项： 10 月 22 日，公司发布《2024 年三季度报告》，2024 年前三季度，公司实现营 业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。 评论： 收入增速受缺芯影响放缓，预计加大硅光出货比例以提升保供能力。2024 年 前三季度，公司实现营业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。其中 2024Q3 实现营收 65.1 亿元，同比+115.25%， 环比+9.37%；实现归母净利润 13.9 亿元，同比+104.40%，环比+3.34%。根据 公司公告，上游光芯片的紧张对公司三季度的出货交付有一定影响，但后面几 个季度公司备料充足，同时硅光出货比例进一步提高，预计缓解对 EML 的依 赖，未来随着公司硅光渗透率提升出货能力有望显著恢复。 毛利率维持稳定，净利率受到汇率波动负面影响。公司 2024Q3 实现毛利率 33.64%，环比+0 ...

好的,各位同事,大家晚上好,感谢参加我们的参与度业绩说明会。我是财务负责人王小丽,首先由我来解读一下本期财务外表背后的数字解读。 现在可以看到我们的收入跟上周的环比来讲的话,其实有大约9%左右,9-10%的增长。从背后的订单来讲的话,需求非常的旺盛。 那当然也取决于一些物料的瓶颈、交付这些包括产能的提拉的节奏的影响所以其实我们现在还是总体来讲交付缺口会比较大那从季度的收入来讲就是呈现9-10%的增长这么个情况 然后从毛利率的角度来讲的话呢现在还是保持了一个比较高的一个毛利率的平稳的一个数据我们Q3季度的话其实整个合并的这个毛利率是33.6%那二季度的话基本上33.4%所以其实是保持平稳增长吧 然后从经济论层面的话呢可以看到本季度我们的这个全口径的合并经济论是14.65亿较上个季度13.8亿呢增长了八千多万八千五百万左右 那么这里面想跟投资者特别强调说明的一点是其实本个季度在季末的时候因为我们可以看到美元兑人民币的汇率其实在9月30号的时候 中间价是跌到了7.0,起初的话应该说二季度末的时候是差不多7.12所以在尤其是在这个汇率的下滑或者人民币的增值是在9月的下半个月发生的 所以在9月当月的来讲的话因为汇兑的波 ...

446 团 旗 下 个 业 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|----------------|---------------------------------------|------------------------------------------------| | 2024 年 10 月 25 日 \n中际旭创（ 300308.SZ ） \n业绩大幅增长，期待 1.6T 等高速光模块放量 \n投资要点： | 投资评级 \n股价 (2024-10-24) | 通信 | 公司研究●证券研究报告 \n\| \n买入 -B( | 公司快报 \n网络接配及塔设Ⅲ \n维持) \n157 ...

中际旭创（300308.SZ） 通信设备 证券研究报告/公司点评报告 2024 年 10 月 24 日 Q3 业绩受汇兑物料影响，硅光及 1.6T 产品有望放量 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]