中际旭创 20260131 摘要 中际旭创四季度毛利率环比提升近两个百分点，主要受益于高端产品和 硅光产品出货比例增加，毛利润绝对额环比增长约 30-35%，但受一次 性费用、研发及汇兑损失影响，费用绝对额环比增加 55-60%。 2025 年四季度，中际旭创 800G 产品出货量持续增长，1.6T 产品开始 快速上量，硅光产品占比进一步提高，尤其是 800G 硅光产品全年占比 超一半，1.6T 硅光产品占比更高，显著拉动毛利率。 客户需求旺盛，部分重点客户已下达 2026 年全年订单，订单能见度已 达 2026 年四季度，部分客户正在酝酿 2027 年订单，行业前景持续景 气。 2026 年一季度 1.6T 产品出货量预计将快速增长，全年需求规模显著提 升，但单季是否超过 800G 产品需根据后续出货情况判断。 光芯片供应相对紧张，公司通过提升硅光比例、锁定大规模生产厂商产 能等方式缓解，预计 2026 年上半年物料紧张状况逐步缓解，不影响交 付能力。 Q&A 请介绍一下中际旭创 2025 年四季度的整体经营情况和财务表现。 2025 年四季度，中际旭创的整体经营情况和财务表现均呈现出稳健增长态势。 首先， ...

A股中际旭创盘中跌5.03%，现报616.36元。 ...

我们认为，季度环比的稳健增长主要得益于 800G 和 1.6T光模块需求的持续上升，且在供应链紧张的市场环境 下，公司的领先市场地位有助于其获取光芯片等关键零部件。 野村 – 中际旭创业绩预告超出我们预期的中间值 中际旭创（300308 CH，买入评级）于 1 月 30 日收盘后发布 2025 财年业绩预告，归母净利润预计为 98 亿 – 118 亿元，同比增长 89.5%– 128.17%，其中间值 108 亿元，较我们此前预计的 103 亿元高出 5%。 同时，扣除股份支付费用后，光模块业务净利润预计为 108 亿 – 131 亿元，同比增长 90.8 野村 – 中际旭创业绩预告超出我们预期的中间值 中际旭创（300308 CH，买入评级）于 1 月 30 日收盘后发布 2025 财年业绩预告，归母净利润预计为 98 亿 – 118 亿元，同比增长 89.5%– 128.17%，其中间值 108 亿元，较我们此前预计的 103 亿元高出 5%。 同时，扣除股份支付费用后，光模块业务净利润预计为 108 亿 – 131 亿元，同比增长 90.8%– 131.4%。 2025 财年业绩预告对应 2025 年第 ...

2025 财年业绩预告对应 2025 年第四季度净利 同时，扣除股份支付费用后，光模块业务净利润预计为 108 亿 – 131 亿元，同比增长 90.8%– 131.4%。 中际旭创（300308 CH，买入评级）于 1 月 30 日收盘后发布 2025 财年业绩预告，，同比增长 89.5%– 128.17%，其中间值 108 亿元，较我们此前预计的 103 亿元高出 5%。 中际旭创（300308 CH，买入评级）于 1 月 30 日收盘后发布 2025 财年业绩预告，，同比增长 89.5%– 128.17%，其中间值 108 亿元，较我们此前预计的 103 亿元高出 5%。 目前该股票的 2026 财年预期市盈率为 28.5 倍。 另一家光模块供应商天孚通信（300502 CH，未评级）主要面向全球人工智能数据中心市场，同日也发布了 2025 财年业绩预告。 公司预计 2025 财年净利润为 94 亿 – 99 亿元，同比增长 231.2%– 248.9%，其中间值 96.5 亿元，较万得一致预 期的 89.9 亿元高出 7%。 2025 财年业绩预告对应 2025 年第四季度净利润为 30.7 亿 – ...

Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical module market - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Zhongji Xuchuang), 新易盛 (Xinyi Sheng), 英维克 (Yingweike), 福晶科技 (Fujing Technology) Core Insights and Arguments 1. **Optical Module Market**: - Strong demand and material shortages expected in H1 2026, with leading companies showing supply chain advantages [1] - Market sentiment is improving as previous suppressive factors are alleviated, allowing funds to enter the market early [1] - Key price catalysts will emerge as industry guidance for 2027 becomes clearer, particularly after the OFC conference in March [1] - Performance in H1 2026 is anticipated to be the highest among leading optical module companies, with H2 2026 expected to see accelerated performance due to material supply easing [1] 2. **Liquid Cooling Solutions**: - 2026 is projected to be the first year of significant adoption for liquid cooling solutions, with major companies like NV, Meta, and Google leading the way [2] - Estimated value of liquid cooling solutions is approximately $1,400 per 1kW chip, translating to a market potential of $21 billion for 15 million chips [2] - Domestic leaders in liquid cooling for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic [2] 3. **Price Increases in Communication Products**: - Recommendations to invest in core communication products due to ongoing price increases driven by supply constraints [2] - Significant supply reductions from global suppliers of Faraday rotators, with Japanese company Granopt reducing production and issuing supply cut notices [2] - Domestic manufacturers like 森一 (Senyi), 飞锐特 (Feiruite), and 福晶科技 (Fujing Technology) are positioned to increase their market share through domestic substitution [2] 4. **Self-Sufficiency in SGGG Crystals**: - 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which is expected to alleviate expansion bottlenecks and significantly increase market share [3] 5. **Data Center Fiber Pricing**: - Continuous price increases for fiber cables noted since January, with expectations of rising demand and prices from domestic operators [3] - Fiber optic cable manufacturers are adopting "same-day valid" pricing due to volatility in raw material costs, leading to a cautious expansion approach [3] Additional Important Insights - The overall sentiment in the overseas computing power sector is shifting positively, with early investments being made in anticipation of future growth [1][2] - The liquid cooling market is set for rapid growth, with significant opportunities for domestic companies to capture market share [2] - The supply chain dynamics in the optical module and communication product markets are critical, with potential for substantial price increases due to supply constraints [2][3]

Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical modules - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Inspur), 新易盛 (NewEase), 英维克 (Invec), 福晶科技 (Fujing Technology), 长飞光纤 (Changfei Fiber), 亨通光电 (Hengtong Optic), 中天科技 (ZTE Technology) Core Insights and Arguments 1. **Optical Module Demand**: Strong demand and material shortages expected in H1 2026, with leading companies showcasing supply chain advantages. The release of previous performance forecast suppression is alleviating, and market pressures are easing, allowing funds to enter early in a strong industry trend [1] 2. **Future Catalysts**: Attention is shifting to clearer industry guidance for 2027, anticipated post the OFC conference in March, and new technology trends (NPO/CPO) that will promote scale-up scenarios. The short-term performance realization will depend on upstream supply chain material and capacity resolution [1] 3. **Liquid Cooling Solutions**: 2026 is projected to be the first year of significant liquid cooling adoption, with NV, Meta, and Google leading commercial applications. The estimated value of liquid cooling solutions for ASIC chips is substantial, with potential market size reaching $21 billion [2] 4. **Market Share Potential**: Domestic leaders in liquid cooling solutions for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic ones [2] 5. **Price Increases in Key Components**: Recommendations include focusing on core price-increasing products in communication, particularly SGGG crystals and Faraday rotators. Global supply reductions are creating significant gaps, with domestic manufacturers poised to increase their market share [3] 6. **Data Center Fiber Pricing**: Continuous price increases for fiber optic cables are noted, with domestic operators expecting both volume and price increases. Manufacturers are adopting "same-day effective" pricing due to raw material price volatility, indicating a cautious expansion approach [3] Additional Important Insights - **Performance Realization Timing**: The performance realization for leading optical module companies is expected to be highest in H1 2026, with H2 2026 anticipated to see accelerated performance due to easing material supply [1] - **Investment Recommendations**: Strong buy recommendations for 中际旭创 and 新易盛 based on anticipated strong alpha in H1 2026, and 英维克 is expected to see significant acceleration in Q2 2026, with potential for valuation premium in 2027 [2] - **Domestic Production Capabilities**: 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which could alleviate expansion bottlenecks and significantly enhance market share [3]

【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 1.2、新易盛2025年归母净利润94~99亿元，2025Q4约31~36亿元，符合预期。 1.3、Scale Up有望新增数百亿美元以上市场空间，Scale Up NPO/CPO将为光模块公司打开全新空间。 OCS、3.2T铌酸锂光模块等创新不断。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 #存储行业建议关 ...

用业绩消化估值，光模块龙头中际旭创交出了一份让市场满意的答卷。 1月30日晚，中际旭创发布了2025年度业绩预告，预告显示，2025年预计公司实现净利润98亿元至118亿元，同比增长89.50%至128.17%，去年同期净利润为 51.71亿元；实现扣非净利润97亿元至117亿元之间，同比增长91.38% 至130.84%，去年同期为50.68亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 盈利: 980,000 万元 - 1,180,000 万元 | 盈利: 517,148.60 万元 | | 东的净利润 | 比上年同期增加:89.50% - 128.17% | | | 扣除非经常性损益 后的净利润 | 盈利: 970,000 万元 - 1,170,000 万元 | 盈利:506.835.63 万元 | | | 比上年同期增加:91.38% - 130.84% | | 从整体增速来讲，经过2024年的爆发式增长，2025年的营收增速有所放缓，但净利润增速依旧保持在高位水平。 按照第2025年前三季度71.32亿元的净利润水平来看，若按照预告 ...

Group 1 - The public fund industry in China reached a record high of 37.71 trillion yuan by the end of 2025, marking a significant increase from 32.83 trillion yuan at the end of 2024, with a growth rate of 14.88% [3] - The number of public fund management institutions in China totaled 165 by the end of 2025, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The stock fund sector was a major driver of growth, with the total assets of stock funds increasing from 4.45 trillion yuan at the end of 2024 to 6.05 trillion yuan at the end of 2025, representing a substantial increase of 1.6 trillion yuan and a growth rate of 35.93% [3][4] Group 2 - Bond funds also saw significant growth, with total assets rising from 6.84 trillion yuan at the end of 2024 to 10.94 trillion yuan at the end of 2025, reflecting a growth rate of 59.79% [2] - Money market funds maintained their position as the largest fund category, increasing from 13.61 trillion yuan to 15.03 trillion yuan, continuing to serve as a core liquidity management tool for public funds [4] - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with notable large dividends concentrated in leading ETF products [4][5] Group 3 - The technology and high-end manufacturing sectors were favored by public funds, with manufacturing consistently holding the largest share of the portfolio at 53.17% [6] - Zhongji Xuchuang became the largest holding in active equity funds by the end of 2025, with a market value of 78.42 billion yuan, surpassing Ningde Times [7] - The overall market saw active trading, with the Shanghai Composite Index rising from 3,351.76 points at the beginning of the year to 3,968.84 points by the end of 2025, an increase of 18.41% [8]

Core Viewpoint - The companies in the optical module industry, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, are experiencing significant growth in their financial performance, driven by strong demand for computing infrastructure and rapid product shipment increases [1][2]. Group 1: Financial Performance - Zhongji Xuchuang expects a net profit attributable to shareholders of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.50% to 128.17% [1][3]. - Xinyi Sheng anticipates a net profit attributable to shareholders of 9.4 billion to 9.9 billion yuan for 2025, with a year-on-year increase of 231.24% to 248.86% [1][4]. - Tianfu Communication projects a net profit attributable to shareholders of 1.881 billion to 2.150 billion yuan for 2025, reflecting a growth of 40% to 60% [1][4]. Group 2: Market Drivers - The growth in performance for all three companies is attributed to strong investments from end customers in computing infrastructure, leading to rapid market demand and increased product shipments [1][3][4]. - Zhongji Xuchuang's growth is also supported by the increasing proportion of high-speed optical modules and improvements in operational efficiency [3][6]. Group 3: Stock Market Performance - Over the past year, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have surged by 465.23%, 233.54%, and 146.46%, respectively [1][10]. - The combined market capitalization of these three companies has reached approximately 1.33 trillion yuan, with a total increase of about 1.06 trillion yuan over the past year [1][10]. Group 4: Production Expansion - All three companies are actively expanding their production capabilities to meet market demand [8]. - Zhongji Xuchuang's construction in progress increased from 53 million yuan at the end of 2024 to 980 million yuan by the third quarter of 2025 [9]. - Both Tianfu Communication and Xinyi Sheng have established production bases in Thailand to serve global customers [9][10].