中际旭创在此前接受调研时表示，从产品角度来看，2025年一季度起800G订单需求持续释放，三季度 重点客户开始部署1.6T并持续增加订单，预计2026年-2027年其他重点客户也将大规模部署1.6T。随着 算力和AI数据中心硬件需求的增长，行业需求呈现高景气度，2026年大客户需求指引明确，公司将全 力准备、把握产业机会，推动营收与利润规模再上台阶。 同时，中际旭创在报告期内确认投资收益及公允价值变动损益，带来归母净利润增加约2.96亿元，其中 约4800万元投资收益计入非经常性损益事项。 中证报中证网讯(记者孟培嘉)中际旭创（300308）1月30日晚披露的2025年度业绩预告显示，公司2025 年预计实现归母净利润98亿元至118亿元，同比增长89.50%至128.17%；扣非净利润预计为97亿元至117 亿元，同比增长91.38%至130.84%；扣除股权激励费用前，光模块业务实现合并净利润约108亿元至131 亿元，同比增长90.81%至131.44%。 对于业绩变动原因，中际旭创表示，报告期内，受益于终端客户对算力基础设施的强劲投入，公司产品 出货较快增长，其中高速光模块占比持续提高，且随着产品方案 ...

行 业 研 究 通信 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 《重视硅光和 CPO 链投资机会—行 业点评报告》-2026.1.21 《台积电和谷歌表现亮眼，重视硅光 链和谷歌链—行业周报》-2026.1.18 《光、液冷、国内 AIDC 迎新变化— 行业周报》-2026.1.11 Meta、康宁、微软财报亮眼，重视硅光 CPO、光 纤、液冷投资机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S0790124040002 | Meta 营收资本开支双超预期，业绩指引维持乐观 2026 年 1 月 29 日，Meta 公布 20 ...

Core Insights - The company anticipates a rapid increase in customer demand starting from 2025, leading to a tight supply of upstream core materials that cannot fully match this demand [1] - Production cycles for optical chips such as EML and CW are relatively long, resulting in a more pronounced supply shortage, which is expected to persist through the first half of this year [1] - Supply conditions are projected to improve somewhat in the second half of the year, but the company is proactively securing material procurement and has established agreements with suppliers to ensure overall supply for this year and next [1] - The company is confident in its ability to maintain continuous growth in shipment volumes due to effective supply chain management [1]

中际旭创在机构调研时表示，NPO是一个新的技术方案，相较CPO拥有更多的灵活性和性价比优势，例 如光引擎的可插拔能力、成熟的PCB封装技术、大规模量产能力、更加开放的供应链生态和更低的成本 等。目前NPO是CSP客户比较青睐和重视的方案，并有可能成为一个较为长期的技术选择。 ...

中际旭创在机构调研时表示，很多客户订单已下到2026年四季度，行业需求呈现较高的景气度和持续 性。 ...

四季度部分物料存在供给紧张的情况，主要由于客户需求提升太 快，光芯片等物料的产能供给跟不上需求速度，对公司生产和出货有一 定影响。 三、投资者问答环节 Q1：2025 年四季度的有效税率情况？ 编号：2026-001 | 投资者关 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 系活动类 | □业绩说明会 | □新闻发布会 | □路演活动 | | 别 | □现场参观 （电话会议） | 其他 ☑ | | | | 易方达基金；工银瑞信基金；大成基金；华泰柏瑞基金；永赢基金；中 | | | | | 欧基金；嘉实基金；华宝基金；泰康基金；安信基金；民生加银基金； | | | | | 海富通基金；中海基金；红土创新基金；南方基金；广发基金；长信基 | | | | | 金；华夏基金；长城基金；信达澳亚基金；中银基金；华安基金；新华 | | | | | 基金；睿远基金；中信保诚基金；西部利得基金；鹏华基金；农银汇理 | | | | | 基金；天治基金；融通基金；万家基金；汇添富基金；银河基金；国泰 | | | | | 基金；诺德基金；国投瑞银基金；中庚基金； ...

| 序号 | 股票代码 | 股票简称 | 现价(元) | 张跌幅(%) | 补绕预告摘要 | 预告净利润变动中值(%) ② | | f | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025.12.31 | 2025.12.31 | | 20 | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | | | | -31 ·绩:归属于圆公司股东的 | | | | | | | | | | 净利润980000万元至1180000 | | | | | | 300308 | 中际旭创 | 649.00 | 5.73 | 万元,增长幅度为89.50%至128. | | 108.84 | 2 | | | | | | | 17%;上年同期上绩:归属于母 | | | | | | | | | | 公司股东的净利润517148.60万 | | | | | | | | | | F | | | | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | ...

Group 1: Economic Growth and Projections - In 2025, Shandong Province's GDP is projected to exceed 10 trillion yuan, reaching 10.32 trillion yuan, with a year-on-year growth of 5.5%, making it the third province in China and the first in the north to join the "trillion club" [2] - The value added by the primary industry is expected to be 677.5 billion yuan, growing by 4.0%; the secondary industry is projected at 4.0541 trillion yuan, with a growth of 5.0%; and the tertiary industry is anticipated to reach 5.5881 trillion yuan, growing by 6.1% [2] - Industrial output is expected to maintain a high growth rate, with a year-on-year increase of 7.6% in the added value of above-scale industries [2] Group 2: Capital Market Development - The number of listed companies in Shandong is expected to reach 311 by 2025, with the total market capitalization nearing 5 trillion yuan, achieving a historical high [4] - The Shandong stock index is projected to have a growth rate of 44.25%, ranking third in the country, with a total trading volume of 1.36 trillion shares, placing it sixth nationwide [6] - The direct financing amount for listed companies in Shandong is expected to reach 24.901 billion yuan, a year-on-year increase of 303.52% [5] Group 3: Corporate Performance and Market Dynamics - In 2025, Shandong's listed companies are projected to achieve a total operating income of 2.31 trillion yuan, representing a year-on-year growth of 4.52% [14] - The net profit for these companies is expected to reach 151.451 billion yuan, highlighting their significant role in the national economy [14] - The total market capitalization of Shandong's listed companies is anticipated to reach 4.91 trillion yuan, marking a year-on-year increase of 35.82% [10] Group 4: Innovation and R&D - Shandong's listed companies are expected to invest 625.66 billion yuan in R&D in 2025, with a growth rate of 1.87% [17] - The R&D intensity for these companies is projected to be 2.71%, indicating a focus on technological innovation and industry upgrades [17] - Notable advancements include the successful mass production of high-performance materials and breakthroughs in key technologies, contributing to the development of new productive forces [18][19]

扬子晚报网1月31日讯(记者范晓林薄云峰)1月30日晚间，中际旭创（300308）发布2025年度业绩预告， 预计2025年归属于上市公司股东的净利润比上年同期增长89.50%至128.17%。对于业绩增长的原因，中 际旭创表示，报告期内，受益于终端客户对算力基础设施的强劲投入等。截至发稿时，中际旭创股价总 市值约为7211.16亿元。 | 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 | 盈利:970,000 万元 - 1,170,000 万元 | 盈利:506,835.63 万元 | | 后的净利润 | 比上年同期增加:91.38%-130.84% | | 中际旭创业绩预告。 所谓"易中天"组合概念股，是代指3家专注于CPO(共封装光学)概念的上市公司：新易盛（300502）、中 际旭创和天孚通信（300394）。这三家公司因身处AI算力基础设施的热门赛道 ...

Core Viewpoint - The performance forecasts for the leading CPO companies in A-shares, namely Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, indicate significant growth in net profits for 2025, driven by strong demand in the AI and data center sectors [1][5][7]. Group 1: Company Performance Forecasts - Zhongji Xuchuang (300308.SZ) expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% [7]. - Xinyi Sheng (300502.SZ) anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a growth of 231.24% to 248.86% compared to the previous year [9]. - Tianfu Communication (300394.SZ) projects a net profit of 1.881 billion to 2.150 billion yuan for 2025, indicating a year-on-year increase of 40% to 60% [11]. Group 2: Market Performance - As of January 30, 2025, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have seen substantial increases over the past year, with growth rates of 468%, 368%, and 248% respectively [2][12]. - On January 30, 2025, the CPO sector experienced a collective surge, with stocks like Jieput and Zhishang Technology hitting a 20% limit up, and Tianfu Communication rising nearly 17% during trading [2][3]. Group 3: Industry Trends and Catalysts - The AI industry is witnessing a surge in positive developments, with new models and technologies being released, which is expected to further stimulate market enthusiasm and demand for computing power [16]. - Market research indicates that the revenue for optical modules driven by AI is projected to exceed $18 billion by 2025, with related optical modules expected to reach nearly $6 billion [16].