Investment Rating - The report maintains a "Buy" rating for the company, with a new target price of 150.76 RMB, up from the previous target price of 130.71 RMB, indicating a potential upside of 33.0% from the current price of 113.32 RMB [1][2][3]. Core Insights - The report highlights strong fundamentals in the cloud sector, with major players like Google, Microsoft, Amazon, and Meta collectively spending 52.9 billion USD in capital expenditures in Q2 2024, a 57.1% year-over-year increase, surpassing Bloomberg's consensus estimate of 50.6 billion USD [2][3]. - Despite recent market volatility, the report emphasizes that the primary cloud vendors continue to reaffirm their commitment to significant investments in AI infrastructure to meet growing computational demands [2][3]. - The company is identified as a key beneficiary of the AI investment theme, with its stock currently trading at attractive valuations, projected P/E ratios of 22.8x for 2024 and 15.3x for 2025 [2][3]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 23,877 million RMB for FY24, representing a 122.8% year-over-year increase, and 34,149 million RMB for FY25, a 43.0% increase [7][9]. - Net profit is expected to reach 5,462 million RMB in FY24, reflecting a 151.3% increase, and 8,127 million RMB in FY25, a 48.8% increase [7][9]. - The report also notes an increase in gross margin, projected at 33.2% for FY24 and 32.3% for FY25 [7][9]. Market Context - The report discusses the broader market context, noting that concerns over mixed earnings from overseas tech companies and potential U.S. economic recession have led to market fluctuations [2][3]. - It mentions that the recent unexpected interest rate hike by the Bank of Japan has exacerbated market sell-offs, but the strong capital expenditure guidance from cloud vendors remains a positive indicator for the AI sector [2][3].

证券代码：300308 证券简称：中际旭创 公告编号：2024-068 中际旭创股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 根据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 十次会议决议，公司定于 2024 年 9 月 6 日（星期五）下午 14:30 在公司会议室召开 2024 年第二次临时股东大会，本次会议采取现场表决与网络投票相结合的方式召开，现将 召开本次会议的相关事宜通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、股东大会的召集人：中际旭创股份有限公司董事会。 3、会议召开的合法、合规性：经公司第五届董事会第十次会议审议通过，决定召 开 2024 年第二次临时股东大会，会议的召集、召开符合相关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 9 月 6 日（星期五）下午 14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投 ...

章 程 证券简称：中际旭创 证券代码：300308 二 O 二四年八月 | 第一章 | 总则 | | - | 4 - | | --- | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | - | 5 - | | 第三章 | 股份 | | - | 5 - | | 第一节 | | 股份发行 | - | 5 - | | 第二节 | | 股份增减和回购 | - | 6 - | | 第三节 | | 股份转让 | - | 8 - | | 第四章 | | 股东和股东会 | - | 9 - | | 第一节 | | 股东 | - | 9 - | | 第二节 | | 股东会的一般规定 - | | 12 - | | 第三节 | | 股东会的召集 - | | 15 - | | 第四节 | | 股东会的提案与通知 - | | 16 - | | 第五节 | | 股东会的召开 - | | 18 - | | 第六节 | | 股东会的表决和决议 - | | 20 - | | 第五章 | 董事会 | - | | 25 - | | 第一节 | | 董事 - | | 25 - | | 第二节 | | 董事会 - ...

章程修正案 2024 年 8 月 8 日，中际旭创股份有限公司（以下简称"公司"或"中际旭创"）召 开第五届董事会第十次会议审议通过了《关于变更注册资本暨修订公司章程的议案》。 根据公司实际情况以及《公司法》《深圳证券交易所创业板股票上市规则》等相关 法律、行政法规以及规范性文件的规定，公司对《公司章程》的部分内容进行了修订， 具体修订情况如下： | 原条款 | 原条款内容 | 修订后条款 | 修订后的条款内容 | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | | 802,826,238 元。 | | 1,121,166,509 元。 | | 第八条 | 董事长为公司的法定代表人。 | 第八条 | 董事长为公司的法定代表人。董 事长辞任的，视为同时辞去法定 代表人。法定代表人辞任的，公 | | | | | 司应当在法定代表人辞任之日起 | | | | | 三十日内确定新的法定代表人。 | | 第二十条 | 公司股份总数为 802,826,238 股， | 第二十条 | 公 司股 份总 ...

证券代码：300308 证券简称：中际旭创 公告编号：2024-067 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 次会议（以下简称"本次会议"）通知于 2024 年 8 月 2 日以传真、电子邮件等方式 发出，并于 2024 年 8 月 8 日上午 9:30 以通讯会议的方式召开，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《关于变更注册资本暨修订公司章程的议案》 根据《公司第二期股权激励计划草案》的相关规定，首次授予部分第三个归属期 合计行权 2,361,900 股股份，预留部分第二个归属期合计行权 349,650 股股份，该等股 份已在中国证券登记结算有限公司深圳分公司完成股票登记手续并在深圳证券交易 所上市流通；此外，公司 2023 年度股东大会审议通过的权益分 ...

Investment Rating - The report maintains a "Buy" rating for Innolight, with a new target price of RMB 150.76, up from the previous target price of RMB 130.71, reflecting a potential upside of 31.7% from the current price of RMB 114.48 [2][3]. Core Insights - The report highlights strong fundamentals for Innolight, driven by robust capital expenditures from major cloud service providers like Google, Microsoft, Amazon, and Meta, which totaled USD 52.9 billion in Q2 2024, marking a significant increase of 57.1% compared to the previous quarter [2]. - Despite recent market volatility and concerns over the U.S. economy, the long-term outlook for AI investments remains positive, with expectations of continued high capital expenditures from major players in the cloud sector [2][3]. - Innolight is positioned as a primary beneficiary of the increasing demand for AI computing, with an attractive valuation of 22.8x and 15.3x for 2024 and 2025 earnings, respectively [2][3]. Financial Summary - Revenue for FY24E is projected at RMB 23,877 million, representing a year-on-year growth of 122.8%, with further growth expected in FY25E and FY26E [3][9]. - Net profit for FY24E is estimated at RMB 5,462 million, reflecting a substantial increase of 151.3% compared to FY23A [3][9]. - The report indicates an upward revision of revenue forecasts by 6% and 11% for FY24E and FY25E, respectively, due to stronger capital expenditure outlooks from cloud companies [2][3]. Valuation Metrics - The new target price of RMB 150.76 is based on a forward P/E ratio of 30x for FY24E, which is 9% higher than the five-year historical average [2]. - The PEG ratio is close to 1, indicating a balanced valuation relative to the expected earnings growth rate of 32% for FY24-26E [2][3]. Market Context - The report notes that major cloud service providers are expected to continue significant investments in AI infrastructure, which will support Innolight's growth trajectory [2][3]. - The overall sentiment in the technology sector remains cautious due to geopolitical tensions and uncertainties surrounding the upcoming U.S. presidential election, but the report emphasizes the resilience of the AI investment theme [2].

Investment Rating - The report reiterates a BUY rating for Innolight with a new target price of RMB150.76, up from the previous target price of RMB130.71, indicating an upside potential of 31.7% from the current price of RMB114.48 [2]. Core Insights - Despite recent market volatility, the fundamentals of Innolight remain strong, benefiting from the ongoing heavy investments by major cloud service providers (CSPs) to meet rising AI compute demand [1]. - The report highlights a significant increase in capital expenditures (capex) by the Big Four CSPs, which totaled US$52.9 billion in Q2 2024, representing a 57.1% increase year-over-year [1]. - Innolight's valuation is considered attractive at 22.8x/15.3x P/E for 2024/25E, especially following a market pullback of over 35% since July [1]. - Revenue forecasts for Innolight have been revised upwards by 6% and 11% for 2024 and 2025, respectively, due to a stronger capex outlook from cloud companies [1]. Financial Summary - Innolight's revenue is projected to grow from RMB10,718 million in FY23 to RMB23,877 million in FY24, reflecting a year-over-year growth of 122.8% [4]. - Net profit is expected to increase significantly from RMB2,173.5 million in FY23 to RMB5,462.1 million in FY24, representing a growth of 151.3% [4]. - The gross margin is forecasted to remain stable around 33.2% in FY24, slightly improving from 33.0% in FY23 [4]. - The earnings per share (EPS) is projected to rise from RMB2.00 in FY23 to RMB5.03 in FY24, indicating strong profitability growth [4]. Market Context - The report notes that concerns regarding market turmoil in the tech sector are primarily driven by mixed earnings results, fears of a US recession, and uncertainties surrounding the upcoming US presidential election [1]. - Despite these concerns, the long-term investment theme in AI remains positive, with major CSPs expected to continue their investments in AI infrastructure, which is projected to grow by 39% and 13% in capex for 2024 and 2025, respectively [1].

证券代码：300308 证券简称：中际旭创 公告编号：2024-066 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 中际旭创股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |--------|------------------------------|----------------------------------------------|------------------------------| | | | | 编号：2024-007 | | 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） | | | | 上投摩根基金；摩根士丹利基金 | (中国) | ；交银施罗德基金；博时基金； | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 参与单 | | 基金；中邮创业基金；兴合基金；蜂巢基金； | | | 位名称 | | | | | 及人员 | | | | | 姓名 | | | ...

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），该事项已经公司 2023 年度股东大会审议通过。 证券代码：300308 ...