Group 1 - The A-share market continued to decline, with most computing power hardware stocks experiencing fluctuations after a high opening, including major ETFs like Huaxia [1] - The "Yizhongtian" combination (Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication) disclosed their 2025 annual performance forecasts, showing significant profit growth driven by investments in computing power infrastructure and strong demand for high-speed optical modules [1] - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, while Xinyi Sheng anticipates a net profit of 9.4 billion to 9.9 billion, a substantial increase of 231.24% to 248.86% [1] Group 2 - The optical module index rose by 10.07% last week and 9.08% in January, indicating strong growth in the AI industry and server revenue [2] - Zhongji Xuchuang's strong performance forecast reflects robust demand for global computing power infrastructure, positioning the company to benefit as an early adopter of 1.6T technology [2] - Domestic optical module exports have decreased due to local manufacturers establishing factories overseas, but demand from overseas cloud vendors is expected to remain strong, allowing domestic firms to capture more market share [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5]. Core Insights - The company is expected to achieve a significant increase in net profit for 2025, with estimates ranging from RMB 9.8 billion to RMB 11.8 billion, representing a year-on-year growth of 90% to 128% [6]. - The demand for computing power is driving the company's performance, with a notable increase in the shipment of high-speed optical modules and the introduction of new products like the 1.6T optical module [6][8]. - The company maintains its position as a global leader in the optical module sector, with strong technological advancements in 1.6T and silicon photonics [6]. Summary by Sections Company Overview - The company operates in the communication industry, with a current A-share price of RMB 649.00 and a market capitalization of RMB 71.75 billion [2]. - Major shareholders include Shandong Zhongji Investment Holding Co., Ltd. with a 10.93% stake [2]. Financial Performance - The company forecasts a net profit of RMB 11.26 billion for 2025, with a year-on-year growth of 117.8% [8]. - Revenue is projected to grow significantly, reaching RMB 36.5 billion in 2025 and RMB 58.6 billion in 2026 [10]. - The gross profit margin is expected to improve, with Q4 2025 showing a 30% increase in revenue and a 35% increase in gross profit [6]. Product and Market Position - The company is recognized as the global leader in the optical module market, with its 1.6T optical module product entering the testing phase and expected to start mass shipments in the second half of 2026 [6]. - The company has a strong technological foundation in silicon photonics, which is anticipated to enhance its competitive edge in the AI-driven market [6]. Earnings Forecast - The earnings per share (EPS) for 2025 is estimated at RMB 10.14, with a projected P/E ratio of 64 [8]. - The company expects to maintain robust growth in net profit through 2027, with estimates of RMB 20.13 billion and RMB 28.02 billion for 2026 and 2027, respectively [8].

2月2日，中际旭创跌5.04%，截至发稿，报616.30元/股，成交162.44亿元，换手率2.31%，总市值 6847.82亿元。 路博迈中证A500指数增强A（023325）成立日期2025年3月20日，最新规模4.65亿。今年以来收益 4.07%，同类排名3315/5579；成立以来收益28.1%。 路博迈中证A500指数增强A（023325）基金经理为魏晓雪、韩羽辰。 截至发稿，魏晓雪累计任职时间13年83天，现任基金资产总规模9.76亿元，任职期间最佳基金回报 263.65%， 任职期间最差基金回报-18.07%。 韩羽辰累计任职时间2年185天，现任基金资产总规模12.14亿元，任职期间最佳基金回报21.78%， 任职 期间最差基金回报-16.96%。 责任编辑：小浪快报 资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信收发模块97.58%，汽车电子1.74%，光组件0.67%。 从基金十大重仓股角度 数据显示，中 ...

Flash | 01 Feb 2026 17:21:38 ET │ 11 pages Innolight (300308.SZ) FY25/4Q25 NP guidance inline with consensus CITI'S TAKE Innolight (300308.SZ) 02 February 2026 Citi Research Innolight guided FY25 net profit of Rmb9800-11800mn, up 89.5-128.2% YoY, mid-point is largely inline with BBGe. Recurring net profit reached Rmb9700-117000mn, up 91.4-130.8% YoY. Excluding ESOP impact, optical transceiver business achieved net profit of Rmb10800-13100mn, up 90.8-131.4% YoY. Several financial impacts incurred in 2025: ES ...

Group 1 - The A-share market showed mixed performance on February 2, 2026, with the optical module sector opening high and the ChiNext Growth ETF (159967) rising by 1.07% [1] - On January 30, Zhongji Xuchuang and Xinyi Sheng both released their 2025 earnings forecasts, reporting impressive performances with net profits exceeding 9 billion [1] - The three leading companies in the A-share CPO concept—Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication—have all announced significant increases in net profits for 2025 [1] Group 2 - CITIC Securities believes that the AI industry remains highly prosperous, and optical modules, as core components of computing networks, will directly benefit from this trend [1] - There is a substantial increase in capital expenditure from overseas cloud vendors, leading to strong demand for optical modules, while technological iterations (such as NPO and CPoE) will further solidify the advantages of leading companies [1]

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]