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]

证券研究报告 公 2024年04月22日 司 报 告 中际旭创(300308) │ 行 业： 通信/通信设备 公 投资评级： 买入（维持） 司 2023A&2024Q1 业绩点评： 当前价格： 158.36元 年 报 高端产品放量带动业绩持续高增 目标价格： 224.43元 点 事件： 评 基本数据 2024年4月21日，公司发布2023年年度报告和2024年一季度报告。2023 总股本/流通股本(百万股) 802.83/748.52 年公司实现营业收入107.18亿元，同比增长11.16%；归母净利润21.74亿 流通A股市值(百万元) 118,535.04 元，同比增长 77.58%；扣非归母净利润 21.24 亿元，同比增长 104.71%。 每股净资产(元) 19.56 2024Q1，公司实现营业收入 48.43 亿元，同比增长 163.59%；归母净利润 资产负债率(%) 25.45 10.09 亿元，同比增长 303.84%；扣非归母净利润 9.90 亿元，同比增长 一年内最高/最低(元) 186.08/72.05 325.73%。 ➢ 高端产品提升盈利水平 股价相对走势 2023年，得益于800 ...

研究报告Research Report 22 Apr 2024 中际旭创 Zhongji Innolight (300308 CH) 业绩符合预期，持续看好 800G、1.6T 上量 Rev in line, optimistic about 800G/1.6T ramping up [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 业绩符合预期，看好今年800G放量：公司发布年报及2024年 评级 优于大市OUTPERFORM 现价 Rmb170.70 一季度业绩报。2023年收入107.2亿，同比增长11.2%，归母净利 目标价 Rmb210.00 润 21.7 亿元，同比增加 77.6%。2024 年第一季度营收48.4 亿，同 比/环比增长 164%/31%，净利润 10.1 亿元，同比/环比增长 HTI ESG 4.0-4.0-4.0 304%/15%。1Q24毛利率环比下降2.6%，主要受一季度产品价格年 E- ...

通信/通信设备 公 司 研 中际旭创（300308.SZ） 高速光通信时代，光模块龙头扬帆起航 究 2024年04月22日 ——公司信息更新报告 投资评级：买入（维持） 蒋颖（分析师） jiangying@kysec.cn 日期 2024/4/19 证 书编号：S0790523120003 当前股价(元) 170.70  全球高速光模块龙头，业绩实现大幅上涨，维持“买入”评级 公 一年最高最低(元) 186.08/72.05 （1）公司业绩实现大幅上涨。2023 年公司实现营收 107.18 亿元，同比增长 司 信 总市值(亿元) 1,370.42 11.16%，实现归母净利润 21.74 亿元，同比增长 77.58%，实现扣非归母净利润 息 流通市值(亿元) 1,277.72 21.24亿元，同比增长104.71%；2024年Q1，公司实现营收48.43亿元，同比增 更 总股本(亿股) 8.03 长 163.59%，实现归母净利润 10.09亿元，同比增长 303.84%，实现扣非归母净 新 报 流通股本(亿股) 7.49 利润9.90亿元，同比增长325.73%。（2）得益于 800G/400G 等高端 ...

中际旭创 24 一季报交流 240421_原文 2024年04月22日10:44 发言人 1 00:04 言，谢谢。 发言人 2 01:08 主持人是先介绍情况吗？还有其他的介绍吗？还是我们直接进入主题？ 发言人 1 01:14 领导您这边可以直接发言。 发言人 2 01:19 好的，行，谢谢主持人，各位投资者晚上好。我先来介绍一下，我是中信聚创财务总监王小丽， 然后很高兴又有机会跟大家来汇报一下我们年度和 2024 年第一季度的财务业绩情况。相信各 位投资已经从公告里面也看到了数据。我简要的就是说一下提一下我们二三年度的全年情况。 因为这个应该相对大家比较了解情况了。2023 年整体的话，我们营收在公司层面合并是 107 亿， 相较 2022 年同比的话是增涨了 11%左右。那规模的净利润是在 21.73 亿，跟去年同比是增长约 78%。 发言人2 02:11 当然净利润层面这个幅度会更高一些。2023 年整个情况来讲的话，不管是在毛利率，包括在净 利率，都应该是去属于一个比较高的水平。这个数据应该大家从绝对额的数量级，应该大家从 这公告里都能看到。其实想说明一下的包括是各项财务指标，包括像这个现金流，还有 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 28, 19, and 15 for 2024, 2025, and 2026 respectively [3] Core Views - The company's revenue and net profit have shown significant growth, with 2023 revenue reaching RMB 10.718 billion (up 11.16% YoY) and net profit reaching RMB 2.174 billion (up 77.58% YoY) [2] - The company's performance is driven by the AI trend, with increased demand for high-speed products like 800G/400G modules, leading to continuous quarterly revenue growth [2] - Cloud service providers' capital expenditure is expected to grow by 27.2% in 2024, reaching USD 193.83 billion, which will further boost the company's business [3] - The company is expanding its production capacity and advancing new technologies like 1.6T pluggable optical modules, which are expected to be deployed by key customers in late 2024 [3] Financial Performance - Revenue is projected to grow from RMB 9.642 billion in 2022 to RMB 45.369 billion in 2026, with a CAGR of 47.2% [1] - Net profit attributable to the parent company is expected to increase from RMB 1.224 billion in 2022 to RMB 8.891 billion in 2026, with a CAGR of 64.1% [1] - ROE (Return on Equity) is forecasted to rise from 10.25% in 2022 to 32.37% in 2026 [1] - The company's gross margin improved to 32.99% in 2023, up 3.44 percentage points YoY [2] Business Analysis - The company's high-speed products, particularly 800G modules, are driving profitability, with significant increases in shipments [2] - The company is strategically expanding its production bases in Suzhou, Tongling, and overseas, ensuring capacity for future growth [3] - The company is investing in advanced technologies such as silicon photonics, coherent optics, LPO, LRO, and CPO, which are currently in the R&D or validation stages [3] Market and Industry Trends - The cloud computing industry is entering a new growth cycle, with capital expenditure shifting towards AI and network infrastructure [3] - The demand for high-speed optical modules is expected to surge, driven by the need for increased computing power and network upgrades [3] - The company is well-positioned to benefit from the industry's rapid growth, with a strong focus on high-end products and technological innovation [3]

大家好欢迎参加中继实创2023年度报告电话会议目前所有参会者均处于静音状态下面开始播报声明本次会议服务于邀请参会的广大投资者会议音频及文字记录的内容仅供参会者内部使用不得公开发布 终极叙创未授权任何媒体转发本次会议相关内容未经允许和授权的转载转发均属侵权终极叙创将保留追究其法律责任的权利终极叙创不承担因转载转发而产生的任何损失和责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间下面有请领导发言谢谢 主持人是先介绍情况吗还有其他的介绍吗还是我们直接进入主题领导您这边可以直接发言好的行谢谢主持人各位投资者晚上好我先来介绍一下我是中期剧创财务总监王小丽然后很高兴也有机会跟大家来汇报一下我们年度和2024年第一季度的财务业绩情况 相信各位投资人已经从公告里面也看到了数据那我简要的就是提一下我们23年度的全年情况因为这个应该相对大家比较了解情况了那2023年整体的话我们营收在公司成命合并是107亿相较2022年同比的话是增长了11%左右那规模的净利润是在21.73亿 跟去年同比是增长约78%那当然金利润层面这个幅度会更高一些那2023年整个情况来讲的话 ...

中际旭创 业绩会 智能速览 Q1 _ 2024年04月21日21:43 关键词 中继续创年度报告财务业绩 营收净利润 毛利率毛利价格成本产能电信产品交付股权激励 费用光模块国内海外海外扩建硅光800G400G 全文摘要 本次电话会议是服务于邀请参会的广大投资者，会议内容仅供参会者内部使用。2023年度，中 际旭创营收增长11%，净利润增长78%。2024年第一季度，营收预计增长30%以上。毛利率受 产品结构和季节因素影响，略有波动。费用率相对稳定，净利润增长明显。投资者主要关注了 公司的需求情况和盈利能力。军总提到400G和800G的交付量相对快速，而在全年的订单预期 中，800G的交付量可能会更快。小李总解释了毛利率下降的原因，并指出400G的毛利率相对 较低。此外，投资者还关注了原材料的交付问题和股权激励费用的影响。整体而言，公司面临 着一定的挑战，但也有相应的应对措施。国内光模块市场需求提升迅猛，特别是在400G产品 上具有竞争优势。对于1.6T光模块，预计将在今年下半年开始测试送样，并在明年看到大量出 货。此外，对于800G和400G的产能扩张，海外工厂将起到重要作用。本次对话还讨论了硅光 产品在成本 ...