Investment Rating - Buy (Upgraded) with a target price of 208.00 RMB for the next 6 months [1] Core Views - The company's performance met expectations, driven by strong growth in 800G products [2] - High-end optical modules contributed significantly to revenue growth, with 800G/400G products increasing their share [2] - The company's gross margin improved due to higher sales of high-end products, but Q1 2024 saw slight pressure on profitability [3] - The company is focusing on expanding its delivery capacity for 800G and 400G products, aiming to strengthen its market position and international strategy [3] - The company is accelerating the market introduction of 1.6T optical modules, targeting mass production by 2025 [3] Financial Performance - 2023 revenue reached 10.725 billion RMB, up 11.23% YoY, with net profit attributable to shareholders of 2.181 billion RMB, up 78.19% YoY [2] - Q4 2023 revenue was 3.695 billion RMB, up 33.06% YoY, with net profit of 885 million RMB, up 138.54% YoY [2] - Q1 2024 revenue surged to 4.843 billion RMB, up 163.59% YoY, with net profit of 1.009 billion RMB, up 303.84% YoY [2] - High-speed optical module revenue reached 9.8 billion RMB in 2023, up 12% YoY, with ASP increasing by 27.1% to 1,798 RMB per unit [2] Business Segments - Optical communication transceiver modules accounted for 95% of total revenue, generating 10.18 billion RMB in 2023 [2] - Optical component and automotive optoelectronics businesses contributed 200 million RMB and 330 million RMB, respectively [2] Profitability and Cost Control - 2023 gross margin improved to 33%, up 3.4 percentage points YoY, driven by higher sales of high-end products [3] - Q1 2024 gross margin was 32.8%, up 3.2 percentage points YoY but down 2.6 percentage points QoQ due to product price reductions [3] - Sales and management expense ratios were well controlled, with Q1 2024 ratios at 0.9% and 2.7%, respectively [3] Future Outlook - The company expects EPS of 6.5 RMB, 8.76 RMB, and 10.88 RMB for 2024-2026, with a 59% CAGR in net profit [3] - High-speed optical module sales are expected to grow significantly, with 800G modules projected to account for over 50% of sales by 2026 [7] - The company is pre-researching next-generation optical module technologies to maintain its competitive edge [3] Valuation - The company's 2024 PE ratio is 24x, below the industry average of 32x, indicating potential undervaluation [8] - The target price of 208 RMB is based on a 32x PE multiple for 2024 [3] Industry Comparison - The company's valuation is lower than peers such as Xinyisheng (36.56x PE) and Accelink (38.36x PE) [9] - The company's growth prospects are supported by its leadership in high-speed optical modules and strong market demand [7]

] y r t s u d n I _ e l b a T [ [ 中Ta 际bl 旭e_ 创T （itl 3e 0] 0 308）2024年一季报点评 公 司 行业高景气，高端光模块持续迭代 研 挖掘价值 投资成长 究 / [Table_Rank] 增持 信 （首次） 息 技 2024 年 04 月 24 日 术 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：邹杰 研 究 证书编号：S1160523010001 报 联系人：刘琦 告  公司发布 2024 年一季报：公司 1Q24 年实现营收 48.42 亿元（同比 +163.59%），归母净利润10.09亿元（同比+303.84%）。公司一季度收 电话：021-23586475 入、毛利率、净利率、归母净利润均同比向好。通常公司每年一季度 [相T对ab指le数_P表ic现Qu ote] 联 系 方 式 ： 会执行新的价格年降，产品结构上，400G在Q1上量比800G相对快一 021-23586305 111.11% 些，毛利较 800G 低一些，两者对综合毛利率会有一些影响。202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 157.51 CNY [1][5]. Core Insights - The company reported a revenue of 10.718 billion CNY for 2023, representing a year-over-year growth of 11.16%, and a net profit of 2.174 billion CNY, which is a significant increase of 77.58% [1][3]. - In Q1 2024, the company achieved a revenue of 4.843 billion CNY, showing a remarkable year-over-year growth of 163.59%, with a net profit of 1.009 billion CNY, up 303.84% [1][3]. - The demand for high-speed optical modules, particularly 800G and 1.6T, is expected to rise significantly due to advancements in AI and increased capital expenditure from major cloud providers [3][4]. Financial Summary - The company's revenue and net profit projections for 2024 to 2026 are as follows: - 2024E Revenue: 25.575 billion CNY, Net Profit: 5.146 billion CNY - 2025E Revenue: 36.188 billion CNY, Net Profit: 7.172 billion CNY - 2026E Revenue: 46.747 billion CNY, Net Profit: 9.109 billion CNY [2][4]. - The company’s earnings per share (EPS) are projected to be 6.41 CNY in 2024, 8.93 CNY in 2025, and 11.35 CNY in 2026 [2][4]. Product Performance - High-speed optical modules generated revenue of 9.799 billion CNY in 2023, with a gross margin of 35.06%, while mid-speed modules saw a decline in revenue [3]. - The company is positioned as a leader in the optical module market, with a strong focus on R&D and innovation, particularly in silicon photonics and coherent technologies [3][4]. Market Outlook - The report highlights the anticipated growth in the optical module market driven by AI developments and the increasing deployment of 1.6T modules, which are expected to enhance the company's performance [3][4]. - The company is recognized for its competitive edge in technology and scale, with a strong market position supported by significant capital expenditures from major tech firms [3][4].

M N 24 Apr 2024 CMB International Global Markets | Equity Research | Company Update InnoLight (300308 CH) 1Q24 results set stage for accelerated growth in 2024 Innolight has recently released results for FY23 and 1Q24, exceeding both our Target Price RMB183.00 and market’s expectations. For FY23, the company's revenue grew by 11.2% (Previous TP RMB136.00) YoY to RMB10.7bn, with net profit soaring by 77.6% YoY to RMB2.2bn. 1Q saw Up/Downside 15.6% even more impressive growth, with revenue up by 163.6% YoY to ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company achieved a total revenue of 10.718 billion yuan in 2023, representing a year-on-year growth of 11.16%, and a net profit attributable to shareholders of 2.174 billion yuan, up 77.58% year-on-year. For Q1 2024, the company reported a revenue of 4.843 billion yuan, a significant year-on-year increase of 163.59%, and a net profit of 1.009 billion yuan, which is a 303.84% increase year-on-year [6][9]. - The increasing proportion of 400G/800G products has significantly enhanced the company's profitability, with Q1 2024 gross margin improving by 3.21 percentage points year-on-year [7]. - The demand for high-speed products is on an upward trend, with rapid penetration of silicon photonics technology [8]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 10.718 billion yuan and a net profit of 2.174 billion yuan. For Q1 2024, revenue reached 4.843 billion yuan, with a net profit of 1.009 billion yuan [6][9]. - The gross margin for Q1 2024 was impacted by product pricing and structure changes, but is expected to stabilize in Q2 [7]. Product Development - The company is focusing on enhancing its production capacity for 400G and 800G products, with ongoing projects in Suzhou and Tongling [7]. - The 1.6T product is currently in the sample testing phase, with expectations for scale production next year [8]. Profitability Forecast - The company is projected to achieve net profits of 4.867 billion yuan, 6.547 billion yuan, and 7.808 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26, 19, and 16 [9].

[Table_Stock] 中际旭创（300308） 证 Q1 业绩高增速，AI 驱动光模块放量 券 研 ◼ ——中际旭创 23年年报及 24年一季报点评 究 报 [Table 买_R 入at （ing 维] 持） [◼Ta bl投e_资Su摘mm要a ry] 告 事件概述 [行Ta业bl:e _Indu通st信ry] 中际旭创发布23年年报及24年一季报。年报数据显示，公司实现营业 日期: s 20h2z4q年da0t4e月m2a3r日k 收入107.18亿元，同比增长11.16%；实现归母净利润21.74亿元，同 比增长77.58%。一季报数据显示，公司实现营业收入48.43亿元，同 [T分ab析le师_A: utho刘r]京 昭 比增长163.59%；实现归母净利润10.09亿元，同比增长303.84%。 E-mail: liujingzhao@shzq.com SAC编号: S0870523040005 核心观点 高速光模块开启放量，业绩表现亮眼。23 年公司高速光模块业务收入 [基Ta本bl数e_据Ba seInfo] 达 97.99 亿元，同比增长 9.56%，而中低速光通信模块同比增长率为- 1 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company's revenue and net profit have shown significant growth, driven by the demand for high-end products such as 400G and 800G modules, particularly in the AI computing sector [3][4]. - The company is expected to continue its growth trajectory, with projected net profits of 5.09 billion, 7.00 billion, and 8.18 billion yuan for 2024, 2025, and 2026 respectively [8]. Financial Summary - **Revenue (Million Yuan)**: - 2022A: 9,642 - 2023A: 10,718 (YoY growth: 11.2%) - 2024E: 27,009 (YoY growth: 152.0%) - 2025E: 36,192 (YoY growth: 34.0%) - 2026E: 41,983 (YoY growth: 16.0%) [1][9] - **Net Profit (Million Yuan)**: - 2022A: 1,224 - 2023A: 2,174 (YoY growth: 77.6%) - 2024E: 5,089 (YoY growth: 134.2%) - 2025E: 7,004 (YoY growth: 37.6%) - 2026E: 8,176 (YoY growth: 16.7%) [1][9] - **EPS (Latest Diluted)**: - 2022A: 1.52 - 2023A: 2.71 - 2024E: 6.34 - 2025E: 8.72 - 2026E: 10.18 [1][9] - **P/E Ratios**: - 2022A: 112.0 - 2023A: 63.1 - 2024E: 26.9 - 2025E: 19.6 - 2026E: 16.8 [1][9] - **ROE (%)**: - 2022A: 10.2 - 2023A: 14.9 - 2024E: 26.3 - 2025E: 26.8 - 2026E: 24.1 [1][9] Market Position and Product Development - The company is enhancing its product offerings in the optical communication sector, focusing on high-end products and solutions for overseas data center clients [4]. - The deployment of silicon photonics and the introduction of 1.6T optical modules are expected to further enrich the product chain and increase market share [4].

2024年04月22日 公司研究●证券研究报告 中际旭创（ ） 公司快报 300308.SZ 通信 | 网络接配及塔设Ⅲ 高速率光模块行业领军，市场有望进一步增长 投资评级 买入-B(维持) 股价(2024-04-22) 158.36元 投资要点： 事件：2024年4月22日，中际旭创发布2023年年度报告，2023年公司实现营业 交易数据 收入107.18亿元，同比增长11.16%，实现归母净利润21.74亿元，同比增长77.58%， 总市值（百万元） 127,135.56 2024年第一季度实现营业收入48.43亿元，同比增长163.59%, 归母净利润10.1 流通市值（百万元） 118,535.04 亿元，同比增长303.84%。 总股本（百万股） 802.83 流通股本（百万股） 748.52 事件分析： 12个月价格区间 177.59/76.79 高速光通信稳定增长，产品结构不断优化。公司主营业务为光通信收发模块以及光 一年股价表现 器件的研发、生产及销售, 产品服务于云计算数据中心、数据通信、5G无线网络、 电信传输和固网接入等领域的国内外客户。2023年公司主营业务光模块、光组件、 汽车光 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's Q1 2024 net profit continued its sequential growth trend, with revenue reaching 4 84 billion yuan, up 163 6% YoY and 31 3% QoQ, and net profit reaching 1 01 billion yuan, up 303 8% YoY and 15 0% QoQ [2] - The company's gross margin in Q1 2024 was affected by product structure and annual price reductions, declining by 2 6pct QoQ to 32 8%, but there is still room for improvement due to increased production efficiency and cost optimization [2] - High-speed optical module demand is accelerating, with the company's 1 6T products entering the sampling and testing phase with key overseas customers, expected to complete certification and enter the ordering phase in H2 2024 [2] - The company is a leader in silicon photonics technology, with rapid volume growth in 400G and 800G silicon photonics single-mode products, and is actively developing LPO, CPO, and 3D packaging technologies [2] Financial Performance and Forecasts - Revenue for 2023 was 10 718 billion yuan, up 11 2% YoY, with net profit of 2 174 billion yuan, up 77 6% YoY [2] - Revenue for 2024E is forecasted at 27 030 billion yuan, up 152 2% YoY, with net profit of 5 049 billion yuan, up 132 3% YoY [1] - Revenue for 2025E is forecasted at 40 083 billion yuan, up 48 3% YoY, with net profit of 7 993 billion yuan, up 58 3% YoY [1] - Revenue for 2026E is forecasted at 50 092 billion yuan, up 25 0% YoY, with net profit of 10 308 billion yuan, up 29 0% YoY [1] - The company's EBIT margin is expected to increase from 20 3% in 2024E to 23 7% in 2026E [1] - ROE is forecasted to rise from 27 2% in 2024E to 32 0% in 2025E, before slightly declining to 31 1% in 2026E [1] Product and Market Analysis - High-speed optical modules are expected to see significant growth, with revenue forecasted to increase by 166 9% in 2024E and 50 0% in 2025E, driven by AI infrastructure demand [7][9] - Low-speed optical module revenue is expected to decline, with a forecasted decrease of 8 2% in 2024E and 12 7% in 2025E [9] - The company's gross margin for high-speed optical modules is expected to improve, reaching 35 0% in 2024E and 35 7% in 2025E, due to product iteration and cost optimization [7][9] Valuation and Peer Comparison - The company's PE ratio is forecasted to decrease from 25 2x in 2024E to 12 3x in 2026E [1] - The company's PB ratio is expected to decline from 6 85x in 2024E to 3 83x in 2026E [1] - Compared to peers, the company has a higher PE ratio but a lower PB ratio, with a total market cap of 127 136 billion yuan [10][11]

Investment Rating - Maintain "Recommend" rating [1] Core Views - The company's performance meets expectations, with AI driving high demand for high-end optical modules [1] - The company achieved revenue of 10,718 million yuan in 2023, a year-on-year increase of 11.16%, and net profit attributable to the parent company of 2,174 million yuan, a year-on-year increase of 77.58% [1] - In Q1 2024, the company achieved revenue of 4,843 million yuan, a year-on-year increase of 163.59%, and net profit attributable to the parent company of 1,009 million yuan, a year-on-year increase of 303.84% [1] - The company's high growth is driven by the increasing proportion of high-end optical module products such as 400G and 800G, optimized product structure, and continuous cost reduction and efficiency improvement [1] - The company's gross profit margin in 2023 and Q1 2024 was 32.99% and 32.76%, respectively, with year-on-year increases of 3.68pct and 3.21pct [1] Financial Performance and Forecast - Revenue is expected to grow from 10,718 million yuan in 2023 to 44,039 million yuan in 2026, with growth rates of 139.1%, 32.0%, and 30.2% in 2024, 2025, and 2026, respectively [1] - Net profit attributable to the parent company is expected to grow from 2,174 million yuan in 2023 to 9,455 million yuan in 2026, with growth rates of 132.1%, 39.0%, and 34.9% in 2024, 2025, and 2026, respectively [1] - EPS is expected to increase from 2.71 yuan in 2023 to 11.78 yuan in 2026 [1] - PE ratios are forecasted to decrease from 58 in 2023 to 13 in 2026 [1] Product and Market Analysis - High-speed optical modules contributed 97.99 million yuan in revenue in 2023, accounting for 91.42% of total revenue, with a gross profit margin of 35.06%, a year-on-year increase of 4.31pct [1] - Mid-to-low-speed optical modules contributed 3.83 million yuan in revenue in 2023, accounting for 3.58% of total revenue, with a gross profit margin of 10.50%, a year-on-year decrease of 6.80pct [1] - The company is accelerating the market introduction of 1.6T optical modules, aiming for mass production and delivery by 2025 [1] - The company has launched 800G ZR/ZR+ coherent optical modules in collaboration with Marvell [1] Strategic Positioning and Competitive Advantage - The company is a global leader in data communication optical modules, with a significant first-mover advantage in cutting-edge technologies [1] - The company is continuously investing in high-rate optical modules, telecom-grade optical modules, silicon photonics, and coherent technologies [1] - The company's strong market position and technological leadership are expected to benefit from the growing demand for high-end data communication optical modules driven by AI [1] Financial Metrics and Ratios - The company's ROE is expected to increase from 15.24% in 2023 to 28.26% in 2026 [5] - The company's total asset turnover ratio is expected to increase from 0.59 in 2023 to 1.06 in 2026 [5] - The company's debt-to-asset ratio is expected to decrease from 26.15% in 2023 to 27.37% in 2026 [5]