Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released its 2024 earnings forecast, expecting a net profit attributable to shareholders of 4.6 to 5.8 billion yuan, corresponding to a year-on-year increase of 111.6% to 166.8%, with a median of 5.2 billion yuan indicating a year-on-year increase of 139.2% [2] - The company is expected to benefit significantly from the high demand for 800G and 1.6T products in 2025, as well as the accelerated penetration of silicon photonics [4] Summary by Relevant Sections Earnings Forecast and Valuation - The company forecasts total revenue of 24.38 billion yuan for 2024, representing a year-on-year growth of 127.47% [1] - The net profit attributable to shareholders is projected to be 5.283 billion yuan for 2024, with a year-on-year growth of 143.07% [1] Financial Impact Factors - The net profit and non-recurring net profit are affected by several factors, including stock incentive expenses reducing net profit by approximately 190 million yuan, and impairment provisions for inventory and receivables reducing net profit by about 60 million yuan [3] - The company anticipates further improvement in gross margin and net profit margin due to increased shipment volumes and cost efficiencies [3] Market Trends and Product Demand - The demand for 800G optical modules is expected to be fully released in 2025, driven by the growing needs of cloud providers and advancements in computing power [4] - The company is well-positioned to meet mainstream customer demands and is expected to gain structural advantages in material supply due to its deep layout in silicon photonics [4]

Financial Performance Overview - In Q4 2024, the company anticipates a net profit of 4.6 to 5.8 billion CNY, a year-on-year increase of approximately 112% to 167% compared to 2.17 billion CNY in the same period last year [3] - The average gross margin for the entire year is projected to be around 34%, with a 1.5% increase in Q4 compared to Q3 [3] - Non-recurring net profit is expected to be between 4.5 to 5.7 billion CNY, also reflecting a year-on-year growth of about 112% to 169% [3] Market Demand and Supply Challenges - There is a strong demand for AI data center investments, with overseas customers' infrastructure construction growing rapidly compared to 2023 [4] - EML shortages are expected to impact revenue growth in Q3 and Q4, despite high order demand [4] - The company has completed testing and certification for 800G optical modules for CSP customers, with a focus on 400G demand in 2024 and an upgrade to 800G in 2025 [4] Customer Insights and Future Projections - The company has observed a significant increase in capital expenditures from overseas AI data center clients, which is beneficial for the optical module industry [5][7] - Orders are expected to continue growing in Q1 2025, reflecting strong demand [8] - The company anticipates a gradual easing of EML shortages in the first half of 2025, with a full resolution expected in the second half [9] Product Development and Innovations - The company is preparing for a gradual increase in shipments of 1.6T products starting in Q2 2025, with expectations of sequential growth throughout the year [10] - There is ongoing research and development for 3.2T products, although specific customer demand has not yet been established [12] - The introduction of silicon photonics modules is expected to alleviate some reliance on EML as 800G shipments increase [14] Strategic Market Positioning - The company maintains a strong position as a primary supplier for domestic large clients, despite a lower revenue proportion from the domestic market compared to overseas [13] - The company is committed to expanding its domestic market presence through dedicated subsidiaries [13] Closing Remarks - The company is optimistic about maintaining a positive growth trajectory in 2025, driven by increased investments in AI computing infrastructure from various clients [18]

Financial Performance Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between RMB 460 million and RMB 580 million, representing an increase of 111.64% to 166.85% compared to the previous year's profit of RMB 217.35 million[2]. - The net profit after deducting non-recurring gains and losses is expected to be between RMB 450 million and RMB 570 million, reflecting an increase of 111.90% to 168.40% from RMB 212.37 million in the same period last year[2]. - The subsidiary Suzhou Xuchuang is expected to achieve a consolidated net profit of approximately RMB 500 million to RMB 630 million, marking an increase of 100.88% to 153.11% compared to RMB 248.90 million in 2023[3]. - The company anticipates a consolidated net profit of approximately RMB 470 million to RMB 600 million, which is an increase of 112.90% to 171.78% from RMB 220.77 million in the previous year[3]. Factors Affecting Profit - The increase in performance is attributed to strong growth in capital expenditures and the ongoing construction of computing power infrastructure, leading to significant sales growth in 800G and 400G high-end optical modules[5][6]. - The recognition of stock incentive expenses reduced the net profit attributable to shareholders by approximately RMB 19.20 million during the reporting period[3][6]. - The depreciation and amortization of fixed and intangible assets from acquisitions of subsidiaries resulted in a decrease of approximately RMB 4 million in net profit attributable to shareholders[6]. - The company recognized a total of approximately RMB 6.20 million in credit impairment losses and inventory impairment provisions, impacting net profit[6]. - Non-recurring gains, including government subsidies, contributed an increase of approximately RMB 4.60 million to the net profit attributable to shareholders[6]. Investor Guidance - The specific data for the 2024 annual performance will be detailed in the company's annual report, and investors are advised to make cautious decisions[7].

证券代码：300308 证券简称：中际旭创 公告编号：2025-002 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 2024 年 4 月 18 日召开第五届董事会第七次会议、第五届监事会第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； 使用期限自公司股东大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：2024-034），该事项已经公司 2023 年度股东大会审议通过。 近期 ...

Market Demand and Orders - Strong demand for 800G products in 2025, with robust order growth [3] - No customer order cancellations reported, contrary to market rumors [3] - 800G and 1.6T products expected to ramp up in 2025, with 1.6T starting to scale quarterly [4] Supply Chain and Global Strategy - No evidence of overseas customers reducing reliance on Chinese supply chains [3] - Globalized production strategy with overseas factories matching domestic delivery and yield levels [3] - Tariff concerns addressed through overseas capacity expansion [3] Technology and Product Development - 400G silicon photonics products already in volume production, with 800G silicon photonics expected to ramp up in 2025 [4] - 3.2T products in pre-research phase, with 1.6T expected to scale between 2026-2027 [6] - Continued use of pluggable optical modules for 800G and 1.6T due to stability, reliability, and cost advantages [3] - CPO (Co-Packaged Optics) technology under pre-research and development, with value impact dependent on technical solutions and business models [7] Financial and Market Performance - No extreme price reductions observed in 2025, with cost reduction efforts focused on silicon photonics [8] - Silicon photonics expected to improve cost competitiveness and potentially surpass traditional module usage [9] - Company committed to maintaining investor confidence through strong performance and potential market value protection measures [5] Investor Concerns and Clarifications - Market rumors of 30% order cancellations and supply chain reductions addressed and denied [3] - Concerns about CPO replacing pluggable modules clarified, with both technologies expected to coexist [3] - Delayed delivery of certain cabinets does not impact 800G or 1.6T product schedules [4]

Investment Rating - The report maintains a "Buy" rating for the company, Zhongji Xuchuang (300308.SZ), indicating a positive outlook based on several driving factors in early 2025 [1]. Core Insights - The report highlights multiple catalysts for the company in the first two months of 2025, including strong AI capital expenditure guidance from clients and the successful rollout of 1.6T products, which are expected to continue throughout the year [1]. - The current stock price corresponds to a 14x expected P/E ratio for 2025, which is considered attractive compared to global peers trading at a 30% to 50% premium [1]. - Concerns regarding tariff risks, new technologies (CPO), and competition from active electrical cables (AEC) are noted, but the report suggests that these risks are already factored into the recent stock price correction [6][7]. Summary by Sections Company Overview - Zhongji Xuchuang is the largest optical module supplier in China's data communication market, benefiting from its leading position in the 800G/1.6T optical module market, which is crucial for AI and data center development [8]. Financial Projections - Revenue is projected to grow significantly, with estimates of RMB 24.475 billion for 2024 and RMB 37.430 billion for 2025, reflecting a robust growth trajectory [12]. - The report anticipates a net income of RMB 10.352 billion for 2025, with an EPS of RMB 9.23, indicating strong profitability [12]. Market Position and Competitive Landscape - The company is well-positioned to capitalize on the growing demand for optical modules driven by AI applications, with a strong execution capability in capacity expansion and new product development [8]. - The report emphasizes that the company maintains a competitive edge through its established supply chain and relationships with major cloud service providers [8]. Price Target - The 12-month price target for Zhongji Xuchuang is set at RMB 240, representing an upside potential of 87% from the current price of RMB 128.35 [9].

中际旭创股份有限公司 （一） 主持公司的生产经营管理工作，组织实施董事会决议，并向董事会报告 工作； 第二条 本工作细则所适用的人员范围为董事会聘任的总裁、副总裁、财务总监 等高级管理人员。 第二章 总裁及其他高级管理人员的职责和分工 第三条 公司设总裁一名，由董事会聘任或解聘；公司设副总裁若干名，由总裁 提名，董事会聘任或解聘；公司设财务总监一名，由总裁提名，董事会聘任或解聘。 总裁工作细则 第一条 为明确中际旭创股份有限公司(以下简称"公司")总裁等高级管理人员 的职责，保障总裁等高级管理人员依法行使职权，促进公司的稳定健康发展，根据 《中华人民共和国公司法》(以下简称《公司法》)、《深圳证券交易所创业板股票上 市规则》等有关法律、法规、规范性文件以及《中际旭创股份有限公司章程》(以下 简称《公司章程》)的相关的规定，结合公司实际情况，特制订本工作细则。 第四条 总裁对公司董事会负责，行使下列职权： 第一章 总则 （二） 组织实施公司年度经营计划和投融资方案； （三） 拟订公司的内部管理机构设置方案； （四） 拟订公司的基本管理制度； （五） 制定公司的具体规章； （六） 依据《公司章程》及公司有关内控制 ...

第五届董事会独立董事专门会议第四次会议决议公告 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")第五届董事会独立董 事专门会议第四次会议（以下简称"本次会议"）于 2024 年 12 月 20 日以电子邮件 方式发出通知，并于 2024 年 12 月 26 日上午 9:00 以通讯方式召开，会议由独立董事 屈文洲先生召集并主持，会议应到独立董事 4 人，实到独立董事 4 人。本次会议的召 开及表决程序符合《公司法》《公司章程》的有关规定，会议合法有效。会议审议并 通过了以下议案： 一、审议通过了《关于全资子公司转让参股公司股权暨关联交易的议案》 中际旭创股份有限公司 证券代码：300308 证券简称：中际旭创 公告编号：2024-101 表决结果：4 票赞成、0 票反对、0 票弃权。 二、备查文件 1、中际旭创第五届董事会独立董事专门会议第四次会议决议。 特此公告 中际旭创股份有限公司董事会 2024 年 12 月 30 日 公司全资子公司苏州旭创科技有限公司持有集益威半导体（上海）有限公司（以 下简称"标 ...

证券代码：300308 证券简称：中际旭创 公告编号：2024-100 中际旭创股份有限公司 关于全资子公司转让参股公司股权暨关联交易公告 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。 一、交易概述 （一）交易基本情况 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2024 年 12 月 27 日召开第五届董事会第十六次会议和第五届监事会第十四次会议，分别审议通过了 《关于全资子公司转让参股公司股权暨关联交易的议案》，公司全资子公司苏州旭创 科技有限公司（以下简称"苏州旭创"）持有集益威半导体（上海）有限公司（以下 简称"标的公司"）3.3619%的股权，苏州旭创拟将其持有的标的公司 2.2732%的股权 转让给苏州乾融旭润创业投资合伙企业（有限合伙）（以下简称"乾融旭润"），拟将 其持有的标的公司 1.0887%的股权转让给上海元创未来私募基金合伙企业（有限合 伙）（以下简称"上海元创"），本次转让完成后苏州旭创不再持有标的公司股权。 （二）关联关系 公司持有交易对方苏州乾融旭润创业投资合伙企业（有限合伙）84.29%的有限 合伙份额，根据《深 ...

证券代码：300308 证券简称：中际旭创 公告编号：2024-099 中际旭创股份有限公司 第五届监事会第十四次会议决议公告 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")第五届监事会第十四 次会议通知于 2024 年 12 月 20 日以电话、电子邮件的方式向全体监事发出，并于 2024 年 12 月 27 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《关于全资子公司转让参股公司股权暨关联交易的议案》 公司全资子公司苏州旭创科技有限公司持有集益威半导体（上海）有限公司（以 下简称"标的公司"）3.3619%的股权，苏州旭创拟将其持有的标的公司 2.2732%的股 权转让给苏州乾融旭润创业投资合伙企业（有限合伙），拟将其持有的标的公司 1.0887%的股权转让给上海 ...