中际旭创股份有限公司预计2025年全年盈利将实现爆发式增长，净利润规模有望突破百亿元大关，主要得益于核心光模块业务的强劲表现。 | 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 后的净利润 | 盈利: 970,000 万元 - 1,170,000 万元 | 盈利:506.835.63 万元 | | | 比上年同期增加:91.38% - 130.84% | | 本次业绩预告为财务部门初步测算结果，未经审计机构审计。公司表示，2025年年度业绩的具体数据将在后续发布的年报中详细披露，投资者应 注意投资风险。 财务影响因素 光模块业务表现 作为公司的核心增长引擎，光模块业务在2025年展现出极强的盈利弹性。剔除股权激励费用的影响后，光模块业务实现合并净利润约108亿元至 131亿元。 根据1月31日披露的公告，公司预计2025年归属于上市公司股东的净利润为98 ...

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，且随着产品方案不断优化、运营效率继续提升，公司营业收入与净利润均较去年同期实现较 大增长。 中际旭创（300308）(300308.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润98亿 元至118亿元，同比增长89.50%至128.17%;扣除非经常性损益后的净利润97亿元至117亿元，同比增长 91.38%至130.84%。 ...

智通财经APP讯，中际旭创(300308.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 98亿元至118亿元，同比增长89.50%至128.17%;扣除非经常性损益后的净利润97亿元至117亿元，同比增 长91.38%至130.84%。 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，且随着产品方案不断优化、运营效率继续提升，公司营业收入与净利润均较去年同期实现较 大增长。 ...

Financial Performance - The company forecasts a net profit attributable to shareholders of 9.8-11.8 billion yuan for 2025, representing a year-on-year growth of 89.5%-128.17% compared to 5.17 billion yuan in 2024 [1] - The non-recurring net profit is expected to be 9.7-11.7 billion yuan, with a year-on-year increase of 91.38%-130.84% [1] - The net profit from the optical module business is projected to be 10.8-13.1 billion yuan (before stock incentive expenses), reflecting a year-on-year growth of 90.81%-131.44% [1] Performance Drivers - The significant growth is attributed to strong investments in computing infrastructure by end customers, particularly North American cloud giants, leading to a rapid increase in the shipment and proportion of high-speed optical modules [2] - The upgrade in product structure has not only driven revenue growth but also improved profitability, which is the core reason for the net profit growth outpacing revenue growth [2] Profit Erosion Factors - The company faces a stock incentive expense of 223 million yuan, a foreign exchange loss of 270 million yuan, and a combined impact of 113 million yuan from inventory impairment and bad debt provisions [1][3] - The foreign exchange loss represents about 2.3%-2.8% of the net profit attributable to shareholders, indicating a persistent risk exposure due to the depreciation of the US dollar [3] Investment Income Contribution - The company confirmed an investment income and fair value change of 296 million yuan, with approximately 48 million yuan classified as non-recurring gains [5] - The sustainability of this income is questionable, as fair value changes are paper profits that depend on market conditions and exit timing [5] Sustainability of Growth - The company's performance surge is closely tied to the AI computing investment cycle, raising questions about the sustainability of capital expenditures from North American cloud giants [6] - The competitive landscape is becoming more challenging, with high margins in high-speed optical modules attracting more players, which could lead to price wars [6] - Rapid technological iterations in optical modules pose a risk, as the company must maintain a leading position in each generation of technology to avoid losing market share [6] - High customer concentration is a concern, as the company heavily relies on a few North American cloud giants, which could affect pricing power and order stability [6] Conclusion - The company's 2025 performance forecast is impressive, with a net profit doubling, which is rare in the A-share market [7] - However, the company is highly dependent on the AI computing investment cycle, faces high customer concentration, and is exposed to foreign exchange and technological iteration risks [7] - Investors should closely monitor specific metrics such as the shipment volume and unit price of high-speed optical modules, customer concentration, inventory turnover, accounts receivable aging structure, and management's outlook for industry conditions in 2026 [7]

Core Viewpoint - The company expects a significant increase in net profit attributable to shareholders for the fiscal year 2025, projecting between 9.8 billion to 11.8 billion yuan, representing a year-on-year growth of 89.50% to 128.17% [1] Financial Performance - The company experienced rapid growth in product shipments, particularly in high-speed optical modules, due to strong investments in computing infrastructure by end customers [1] - Both operating revenue and net profit saw substantial growth compared to the same period last year [1] Profit Adjustments - The net profit attributable to shareholders was reduced by approximately 223 million yuan due to expenses related to stock incentive plans and employee shareholding plans [1] - An additional reduction of about 113 million yuan in net profit was attributed to inventory impairment provisions and credit impairment losses on receivables [1] - A foreign exchange loss of approximately 270 million yuan due to the continuous decline of the US dollar also impacted net profit [1] Investment Gains - The company recognized investment income and fair value changes, resulting in an increase of about 296 million yuan in net profit attributable to shareholders, with approximately 48 million yuan classified as non-recurring gains [1] - The primary source of these gains was from equity method investments in joint ventures and fair value changes in other equity investments [1]

格隆汇1月30日｜中际旭创公告，预计2025年净利润98亿元–118亿元，同比增长89.50%-128.17%。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，且随着产品方案不断优化、运营效率继续提升，公司营业收入与净利润均较去年同期实现较大增 长。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 中际旭创公告，预计2025年度净利润为98亿元–118亿元，同比增长89.50%-128.17%。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 产品方案不断优化、运营效率继续提升，公司营业收入与净利润均较去年同期实现较大增长。 更多消息，持续更新中...... ...

Financial Projections - The company expects a net profit of RMB 980 million to RMB 1,180 million for the year 2025, representing an increase of 89.50% to 128.17% compared to the previous year[2]. - The net profit after deducting non-recurring gains and losses is projected to be RMB 970 million to RMB 1,170 million, an increase of 91.38% to 130.84% year-over-year[2]. - The optical module business is expected to achieve a consolidated net profit of approximately RMB 1,080 million to RMB 1,310 million, reflecting a year-over-year increase of 90.81% to 131.44%[3]. - The company anticipates a consolidated net profit of about RMB 1,050 million to RMB 1,270 million, which is an increase of 95.47% to 136.42% compared to the previous year[3]. - The specific data for the 2025 annual performance will be detailed in the company's annual report[7]. Revenue and Profit Drivers - The increase in revenue and net profit is attributed to strong customer investment in computing infrastructure and a growing proportion of high-speed optical modules[5]. Profit Impact Factors - The net profit was negatively impacted by approximately RMB 22.3 million due to stock incentive plan expenses[6]. - Inventory impairment and credit loss provisions led to a reduction in net profit by approximately RMB 11.3 million[6]. - Exchange rate losses from the declining USD resulted in a decrease of approximately RMB 27 million in net profit[6]. - Investment income and fair value changes contributed an increase of approximately RMB 29.6 million to net profit, with about RMB 4.8 million classified as non-recurring gains[6].

Core Viewpoint - The CPO optical module sector and AI-related stocks have shown strong performance, with significant gains in several key companies, indicating a bullish trend in the market driven by robust fundamentals and increasing demand for AI infrastructure [1][4][7]. Group 1: Company Performance - Zhishang Technology reached a 20% limit up, while Taicheng Light and Tianfu Communication saw increases of nearly 13% and 11% respectively, with Tianfu Communication hitting a historical high [1][7]. - Other notable performers included Lian De Technology, Xin Yi Sheng, Guang Ku Technology, Zhong Ji Xu Chuang, and Chang Xin Bo Chuang, all of which rose over 5% [1][4]. Group 2: Market Trends - The A-share market has seen 21 CPO optical module concept stocks disclose 2025 earnings forecasts, with 17 expecting year-on-year net profit growth, indicating strong fundamentals [4][10]. - The AI industry is experiencing a surge in applications and model upgrades, which is expected to stimulate demand for AI computing infrastructure [4][10]. - The global Ethernet optical module market is projected to grow at a rate of 35% year-on-year by 2026, driven by strong demand from AI infrastructure, particularly in data centers [4][10]. Group 3: ETF Insights - The ChiNext AI ETF (159363) has gained 2.76%, reaching a new closing high, with a trading volume of 916 million yuan, marking a ten-week winning streak [2][8]. - The ETF is strategically positioned with approximately 60% of its portfolio in computing (leading optical module and IDC companies) and 40% in AI applications, reflecting a balanced approach to capitalize on both sectors [5][10].

Core Viewpoint - The total trading volume of the Shanghai and Shenzhen stock markets on January 30 was 2.84 trillion yuan, a decrease of approximately 394.71 billion yuan compared to the previous trading day [1] Trading Volume Summary - The trading volume of the Shanghai Stock Exchange was 1.27 trillion yuan, while the Shenzhen Stock Exchange recorded a trading volume of 1.57 trillion yuan [1] Top Performing Stocks - Zijin Mining had the highest trading volume at 27.14 billion yuan [1] - Other notable stocks included: - Zhongji Xuchuang with 22.65 billion yuan - Bluefocus with 20.81 billion yuan - Newyi with 20.76 billion yuan - Tianfu Communication with 17.58 billion yuan [1]