Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is expected to benefit significantly from the expansion of computing hardware demand and the iterative advancements in technology, particularly in high-speed optical modules [4][3]. - The demand for computing hardware is strong both domestically and internationally, with a notable increase in the proportion of high-speed products contributing to revenue growth [2][3]. - The marginal impact of tariffs has weakened, allowing the company to mitigate risks through early overseas capacity planning [3]. Financial Performance - In 2024, the company achieved a revenue of 238.62 billion yuan, representing a year-on-year growth of 122.64%, and a net profit of 51.71 billion yuan, up 137.93% [1]. - For Q1 2025, the company reported a revenue of 66.74 billion yuan, a year-on-year increase of 37.82%, and a net profit of 15.83 billion yuan, up 56.83% [1][9]. - The gross margin improved due to a higher proportion of new structure and high-speed products, with Q4 2024 and Q1 2025 gross margins reaching 35.08% and 36.70%, respectively [2]. Demand and Market Dynamics - The capital expenditure of North American cloud providers remains high, with Meta's guidance increasing from 60-65 billion USD to 64-72 billion USD [3]. - The domestic market is also seeing a significant increase in the number of tenders for 400G products starting in the second half of 2024, with the introduction of 800G products accelerating [3]. - The company is adapting its investment projects to enhance domestic production capacity for high-end optical modules [3]. Profitability Forecast - The company is projected to achieve revenues of 367.39 billion yuan, 454.74 billion yuan, and 528.94 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 80.83 billion yuan, 99.75 billion yuan, and 118.61 billion yuan [4].

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024 and Q1 2025, driven by increased demand for optical modules and a favorable product mix [1][2]. Financial Performance - In 2024, the company achieved a revenue of 23.861 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1]. - For Q1 2025, the revenue reached 6.674 billion yuan, reflecting a year-on-year growth of 37.82%, with a net profit of 1.583 billion yuan, an increase of 56.83% [1]. Product Demand and Market Trends - The sales volume of optical modules surged from 7.45 million units to 14.59 million units in 2024, driven by strong capital expenditure in computing infrastructure [1]. - The average price of optical modules increased from 1,367 yuan in 2023 to 1,569 yuan in 2024, indicating an improved product mix with a higher proportion of high-end modules [1]. - The company anticipates continued growth in demand for 1.6T optical modules, with significant deployment expected in the second half of 2025 [2]. Inventory and Production Capacity - The company's inventory increased from 4.295 billion yuan at the end of 2023 to 7.05 billion yuan at the end of 2024, and further to 7.82 billion yuan by the end of Q1 2025, indicating preparedness for strong demand [2]. - The production capacity doubled year-on-year, aligning with the increase in inventory and anticipated demand [2]. Cost Management and Profitability - The expense ratio for Q1 was 7.07%, a decrease of 1.32 percentage points year-on-year and 2.43 percentage points quarter-on-quarter, attributed to significant revenue growth [3]. - The gross margin for Q1 2025 increased by 3.94 percentage points year-on-year, reflecting improved profitability [2]. Strategic Initiatives - The company launched a joint product with CarLink, focusing on high-bandwidth optical communication modules for smart automotive applications, enhancing its position in the automotive market [4]. - The company is evaluating the potential for exemption applications for exports to the U.S., which could mitigate procurement risks [3]. Investment Outlook - The company forecasts net profits of 7.87 billion yuan, 10.33 billion yuan, and 12.40 billion yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6][4]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 23.86 billion yuan, up 122.64% year-on-year, and net profit at 5.17 billion yuan, up 137.93% [1][4]. - In Q1 2025, the company achieved revenue of 6.67 billion yuan, a year-on-year increase of 37.82%, and net profit of 1.58 billion yuan, up 56.83% [1]. - The growth in sales volume of optical modules is attributed to strong capital expenditure in computing infrastructure, with sales volume increasing from 7.45 million units to 14.59 million units [1]. - The company is expanding into the automotive sector with a new high-bandwidth optical communication module, aiming to support smart cockpit and autonomous driving applications [4]. Financial Performance - The company's gross margin is expected to continue improving, with the average price of optical modules increasing from 1,367 yuan in 2023 to 1,569 yuan in 2024 [1]. - The inventory levels have increased significantly, with stock at the end of 2024 reaching 7.05 billion yuan, up from 4.29 billion yuan at the end of 2023, indicating preparedness for strong demand [2]. - The company’s Q1 expense ratio decreased to 7.07%, down 1.32 percentage points year-on-year, primarily due to significant revenue growth [3]. Market Position and Strategy - The company has enhanced its non-U.S. business share, with plans to apply for exemptions for its U.S. exports, indicating a strategic move to mitigate procurement risks [3]. - The partnership with CarLink aims to develop integrated optical communication solutions for the automotive market, showcasing the company's commitment to innovation in high-speed data transmission [4]. - The forecast for net profit from 2025 to 2027 is projected at 7.87 billion yuan, 10.33 billion yuan, and 12.40 billion yuan respectively, with corresponding P/E ratios of 14X, 10X, and 9X [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is experiencing high growth in both domestic and overseas optical modules for 2024, with a revenue of 23.86 billion yuan, a year-on-year increase of 123%, and a net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 138% [6][11]. - The gross margin has improved for two consecutive quarters, with further potential for growth, driven by an increase in the proportion of silicon photonics products and cost efficiencies from overseas operations [11][11]. - The company has shown strong cash flow performance and continuous improvement in expense management, indicating a robust operational efficiency [11][11]. - The diversified capacity layout helps mitigate tariff impacts, although the dilution effect on net profit attributable to the parent company is limited [11][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 6.67 billion yuan, a year-on-year increase of 38% and a quarter-on-quarter increase of 2%. The net profit attributable to the parent company was 1.58 billion yuan, a year-on-year increase of 57% and a quarter-on-quarter increase of 13% [6][11]. - The gross margin for Q4 2024 and Q1 2025 was 35.1% and 36.7%, respectively, reflecting a sequential increase of 1.4 percentage points and 1.6 percentage points [11][11]. Operational Efficiency - The company’s expense ratios for sales, management, R&D, and financial expenses in Q1 2025 were 0.8%, 2.2%, 4.4%, and -0.3%, respectively, showing a clear trend of improvement [11][11]. - Operating cash flow increased significantly, with year-on-year growth of 307% in Q4 2024 and 233% in Q1 2025, indicating strong operational cash generation [11][11]. Market Position and Strategy - The company’s overseas subsidiary, TeraHop, generated revenue of 11.13 billion yuan in 2024, a year-on-year increase of 388%, contributing to the overall revenue growth and helping to mitigate tariff risks [11][11]. - The company is expected to achieve net profits attributable to the parent company of 7.66 billion yuan, 9.14 billion yuan, and 10.65 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 48%, 19%, and 17% [11][11].

Group 1 - The core point of the article is the significant increase in stock prices of companies such as 新易盛 and 中际旭创, which rose over 5% following news about potential changes in AI chip export restrictions [1] - The U.S. Department of Commerce spokesperson announced that President Trump plans to lift the restrictions on advanced AI chip exports that were implemented during the Biden administration [1] - Other companies in the sector, including 兆龙互连, 天孚通信, 长飞光纤, 太辰光, 源杰科技, and 博创科技, also experienced stock price increases in response to this news [1]

证券代码：300308 证券简称：中际旭创 公告编号：2025-061 中际旭创股份有限公司 关于使用部分自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 4 月 18 日召开第五届董事会第二十次会议、第五届监事会第十七次会议分别审议并通过了 《关于继续使用自有资金进行现金管理的议案》，为提高公司暂时闲置自有资金的使 用效率，增加资金收益，在保证日常经营资金需求和资金安全的前提下，中际旭创 及合并报表范围内子公司、孙公司或分公司合计拟使用不超过人民币 150,000 万元 （或等值外币）的闲置自有资金进行现金管理，在该额度范围内，资金可循环滚动 使用；使用期限自公司董事会审议通过之日起十二个月内有效，单个投资产品的投 资期限不超过十二个月；具体内容详见公司在中国证监会指定创业板上市公司信息 披露网站巨潮资讯网披露的《中际旭创股份有限公司关于继续使用自有资金进行现 金管理的公告》（公告编号：2025-043）。 近期，公司使用部分自有资金进行现金管理，现将有关情 ...

中际旭创（300308）4月30日在业绩说明会上表示，公司在围绕自动驾驶所需要的高速率大带宽乘用车 光互连解决方案已有产品开发出来，目前正在积极进行市场推广。(人民财讯) ...

证券代码：300308 证券简称：中际旭创 中际旭创股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □ 其他 （电话会议） 参与单位 名称 线上参与公司 2024 年度业绩说明会的投资者 时间 2025 年 4 月 30 日（星期三）15:00—17:00 地点 价值在线（https://www.ir-online.cn/） 上市公司接 待人员姓名 董事长、总裁：刘圣先生 董事、副总裁、财务总监：王晓丽女士 副总裁、董事会秘书：王军先生 独立董事：战淑萍女士 投资者关系 活动主要 内容介绍 一、投资者问答环节 Q1：首先祝贺公司 2024 年度取得佳绩，相信在新的激励方案下， 全体职工众志成城，继创辉煌。提两个问题：1.公司在加速客户多元 化，提升产品市占率方面有哪些举措？2.应对模型优化减少 GPU 依赖 （云服务商租赁价格下跌），公司在自动驾驶及机器人领域研发投入 计划？ A1:投资者您好！公司会积极寻找更多海外和国内的算力基础设施 方面的新客户，并通过自身有特色的技术和产品和 ...

4月30日，中际旭创（300308）高管在业绩说明会上表示，从客户的资本开支和光模块需求判断，今年 和明年海外与国内算力需求仍在持续，暂未看到放缓迹象。据介绍，公司预计2025年主要以来自 1.6T/800G/400G的收入为主，在手订单充足。(人民财讯) ...

证券代码：300308 证券简称：中际旭创 公告编号：2025-052 中际旭创股份有限公司 第五届监事会第十八次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司(以下简称"公司"或"中际旭创")第五届监事会第十八 次会议通知于 2025 年 4 月 22 日以电话、电子邮件的方式向全体监事发出，并于 2025 年 4 月 28 日上午 10:30 以通讯方式召开。会议应到监事 3 人，实到监事 3 人，会议的 召开及表决程序符合《公司法》等法律、行政法规、部门规章、规范性文件及《公司 章程》的有关规定，会议合法有效。会议由监事会主席陈彩云女士主持，会议审议并 以记名投票表决方式通过了如下决议： 一、审议通过了《关于调整公司第二期限制性股票激励计划股票归属数量及价格 的议案》 因在限制性股票归属前公司实施了 2023 年度利润分派方案，根据《公司第二期 限制性股票激励计划（草案）》的规定，公司本次将首次授予部分和预留部分的归属 价格和归属数量进行了调整。 表决结果：3 票赞成、0 票反对、0 票弃权。 二、审议通过了《关于公司 ...