Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [2][5] Core Views - The company is well-positioned to benefit from the ongoing AI investment boom, with 2025 expected to see continued growth in AI-related investments [1] - The company has completed testing and certification for its 1.6T optical modules, with shipments expected to start in December [1] - The company is actively expanding production capacity domestically and in Thailand, with fixed assets increasing by 8.4% QoQ in Q3 [1] - Inventory value grew by 15.9% QoQ in Q3, reflecting strong expansion intentions [1] - The company is a leader in R&D for silicon photonics and CPO (Co-Packaged Optics), with significant cost advantages in self-developed silicon photonic chips [1] Financial Performance - Q3 2024 revenue reached 6.51 billion yuan, up 115.3% YoY and 9.4% QoQ [3] - Q3 2024 net profit attributable to shareholders was 1.39 billion yuan, up 104.4% YoY and 3.3% QoQ [3] - For the first three quarters of 2024, revenue was 17.31 billion yuan (+146.3% YoY), with net profit of 3.75 billion yuan (+189.6% YoY) [3] - The company's R&D expenses for the first three quarters reached 740 million yuan, a 57.4% YoY increase [1] Industry Trends and Outlook - The global AI optical module market remains highly prosperous, with expectations of rapid growth in the next two quarters due to increased 800G orders and 1.6T volume [4] - The company is expected to play a significant role in the CPO supply chain due to its expertise in silicon photonic engine packaging and understanding of end-user needs [4] - Trendforce estimates that Blackwell platform will account for over 80% of NVIDIA's high-end GPUs in 2025, driving a 55% YoY increase in shipments [1] Valuation and Forecast - 2024-2026 net profit forecasts are revised to 5.17/9.84/12.00 billion yuan (previously 5.32/9.63/11.31 billion yuan) [5] - 2024-2026 revenue is projected to be 23.29/43.05/48.43 billion yuan, with YoY growth of 117.3%/84.9%/12.5% [7] - 2024-2026 EPS is forecasted at 4.61/8.78/10.70 yuan [7] - ROE is expected to reach 26.6%/34.9%/31.3% in 2024-2026 [7] Market Performance - As of November 4, 2024, the stock closed at 143.15 yuan, with a 52-week range of 89.00-192.88 yuan [1] - The company's market capitalization stands at 160.50 billion yuan, with a circulating market value of 159.72 billion yuan [1] - Basic EPS for Q3 2024 was 3.42 yuan, with ROE at 20.72% [1]

Investment Rating - The report maintains a "Recommend" rating for the company, reflecting its strong position in the data communication sector and technological competitiveness [2][5] Core Views - The company reported significant revenue and net profit growth in Q3 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit reaching 3.753 billion yuan, up 189.59% [1] - The introduction of high-margin products like 800G modules has boosted the company's profitability, with a gross margin of 33.32% and a net margin of 22.36% in the first three quarters of 2024 [1] - The company is expected to benefit from the rapid development of AI, with increasing demand for high-speed optical modules, particularly 800G and 1.6T products [1][2] Financial Performance and Forecast - The company's revenue for 2024 is projected to reach 25.724 billion yuan, with a year-on-year growth of 140.01%, and net profit is expected to reach 5.552 billion yuan, up 155.45% [2][4] - The EPS for 2024/2025/2026 is forecasted to be 4.95/8.11/9.34 yuan, with corresponding P/E ratios of 28.97/17.70/15.36 [2][4] - The global optical module market is expected to grow at a CAGR of 11% from 2022 to 2027, reaching over 20 billion USD by 2027, with the company well-positioned to capture market share due to its technological leadership [2] Industry and Market Position - The company is a leader in the optical module industry, with a stable market share and a first-mover advantage in high-speed products like 800G and 1.6T modules [2] - The AI-driven demand for high-speed optical modules is expected to continue growing, with the company benefiting from its strong R&D capabilities and customer base [2] Future Outlook - The company is expected to maintain high profitability and growth momentum as AI development accelerates, with further adoption of 800G and 1.6T products [1][2] - The report predicts continued revenue and profit growth for the company, driven by the increasing demand for high-speed optical modules in AI and data center applications [2][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][11]. Core Views - The company has shown steady growth in revenue and profit in the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders reaching 3.753 billion yuan, a year-on-year increase of 189.59% [2][5]. - The demand for high-end optical modules, driven by the construction of computing power infrastructure, is expected to continue to grow, particularly for 800G and 1.6T products [3][5]. - The company is actively expanding its market presence in silicon photonics technology, which offers material cost advantages over traditional solutions, and plans to increase the shipment ratio of silicon photonic modules [3][5]. Financial Summary - For 2024, the company is projected to achieve a net profit of 5.076 billion yuan, with earnings per share (EPS) expected to be 4.53 yuan [5]. - The company's revenue is forecasted to grow significantly, with estimates of 25.723 billion yuan in 2024, representing a 140% year-on-year increase [5]. - The overall gross margin for the first three quarters of 2024 was 33.32%, an increase of 1.57 percentage points year-on-year, while the net profit margin was 22.36%, up 3.69 percentage points year-on-year [2][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [2][11]. Core Views - The company has shown significant revenue growth, with a 146.26% year-on-year increase in revenue for the first three quarters of 2024, reaching 173.13 billion yuan, and a 189.59% increase in net profit attributable to shareholders, totaling 37.53 billion yuan [1]. - The demand for high-speed optical modules, particularly 400G and 800G products, continues to drive sales, although growth has slowed due to shortages of optical chips [1]. - The company's gross margin remains high, with a slight increase to 33.64% in Q3 2024, supported by cost reduction and efficiency improvement measures [1]. - The company is expected to benefit from the growing demand for computing hardware, with projected revenues of 246.52 billion yuan, 371.44 billion yuan, and 471.01 billion yuan for 2024, 2025, and 2026, respectively [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 65.14 billion yuan, a year-on-year increase of 115.25% and a quarter-on-quarter increase of 9.37% [1]. - The gross profit margin for Q3 2024 was 33.64%, reflecting a 0.20 percentage point increase from the previous quarter [1]. - The company’s operating expenses have decreased, with sales, management, and R&D expenses declining by 0.04, 0.44, and 1.15 percentage points, respectively [1]. Market Position and Outlook - The company is positioned as a leading supplier of optical modules, with strong technical reserves and a rich customer base, which is expected to enhance its profitability as demand for computing hardware continues to grow [2]. - The transition in industry demand towards Ethernet 800G and 1.6T products is anticipated to further boost the company's revenue and market share [1]. - The report forecasts net profits of 52.06 billion yuan, 79.03 billion yuan, and 100.94 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 33, 21, and 17 [2].

证券代码：300308 证券简称：中际旭创 公告编号：2024-087 中际旭创股份有限公司 关于公司参与投资乾融旭润基金的公告 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、对外投资概述 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）拟以自有资金 5,900 万元认购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"或"基 金"，具体名称以后续工商登记为准）的出资份额，并成为该合伙企业的有限合伙人。 根据《苏州乾融旭润创业投资合伙企业（有限合伙）》（以下简称"本协议"），本次投 资完成后，公司将持有合伙企业 84.29%的出资份额。 根据《深圳证券交易所创业板股票上市规则》《上市公司自律监管指引第 7 号— —交易与关联交易》等法律法规以及《公司章程》的相关规定，本次对外投资事项在 公司总裁对外投资审批权限内，无需经董事会及股东大会审议。 本次投资不涉及关联交易，不构成《上市公司重大资产重组管理办法》所规定的 重大资产重组情况。 二、投资基金基本情况（以最终工商登记为准） （一）基本概况 1、公司名称：苏州乾融旭润创业投资合伙企业（ ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 17.313 billion yuan, a year-on-year increase of 146.26%, and net profit attributable to shareholders of 3.753 billion yuan, up 189.59% [2][3] - In Q3 alone, the company achieved revenue of 6.514 billion yuan, growing 115.25% year-on-year, and net profit of 1.394 billion yuan, an increase of 104.40% [2][3] - The company faces challenges from foreign exchange losses impacting profit growth, primarily due to the depreciation of the US dollar against the Chinese yuan, which has affected profits since over 80% of its revenue comes from overseas [3] - The company has improved its cost control, with a decrease in the expense ratios for sales, management, and R&D compared to the previous quarter, while still experiencing high absolute growth in these expenses [3] - The company is expected to benefit from advancements in silicon photonics technology and increased demand for computing power, particularly in the context of large-scale AI model applications [3] Financial Summary - The company forecasts revenue growth from 25.942 billion yuan in 2024 to 53.514 billion yuan in 2026, with corresponding net profits expected to rise from 5.105 billion yuan to 10.664 billion yuan during the same period [4][6] - The projected revenue growth rates are 142.04% for 2024, 70.92% for 2025, and 20.69% for 2026, while net profit growth rates are expected to be 134.89%, 64.40%, and 27.06% respectively [4][6] - The company's earnings per share are projected to increase from 4.55 yuan in 2024 to 9.51 yuan in 2026, with corresponding price-to-earnings ratios of 34, 21, and 16 times [6][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 17.31 billion yuan, a year-on-year increase of 146.26%, and net profit of 3.75 billion yuan, up 189.59% year-on-year [4] - The growth in performance is primarily driven by the increased shipment of high-end products such as 400G and 800G modules, despite some impact from upstream optical chip shortages [5] - The company is expected to continue expanding its production capacity to meet strong demand for 800G and 1.6T products in the coming years [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a single-quarter revenue of 6.51 billion yuan, a year-on-year increase of 115.25% and a quarter-on-quarter increase of 9.37% [4] - The gross profit margin for Q3 was 33.64%, showing a slight increase compared to the previous year [4] - The company’s total revenue for 2024 is projected to be 24.93 billion yuan, with net profit expected to reach 5.46 billion yuan [6] Profit Forecast - The forecasted net profits for the company from 2024 to 2026 are 5.46 billion yuan, 9.71 billion yuan, and 11.02 billion yuan respectively, with corresponding EPS of 4.87 yuan, 8.66 yuan, and 9.83 yuan [5][6] - The company is positioned as a direct beneficiary of the industry's upgrade to 800G technology, justifying a valuation range of 173.20 to 216.50 yuan based on a PE ratio of 20-25x for 2025 [5] Market Comparison - The company’s stock performance has shown a significant absolute increase of 28.2% over the last month, outperforming the market index [3] - The relative performance against the market index has also been positive, indicating strong market sentiment towards the company [3]

Investment Rating - The report maintains a **Buy** rating for Innolight (300308 SZ) despite a 7% reduction in the 12-month target price to RMB 215 (from RMB 230) due to near-term supply constraints [1] Core Viewpoints - Innolight's 3Q24 net profit of RMB 1 39bn (+3% QoQ +104% YoY) missed Goldman Sachs estimates by 12% primarily due to FX losses of ~RMB 80mn and EML supply tightness which slowed shipment growth [1] - Demand for 800G and 1 6T transceivers remains strong with 3Q order growth outpacing shipment growth Management expects 800G demand to grow significantly into 2025 driven by cloud customers' AI inferencing on Ethernet networks while 400G demand is expected to phase out gradually in 2H25 [1][3][4] - 100G EML supply is expected to remain tight through 4Q24 but may improve in 1H25 due to supplier capacity expansion and Innolight's increased EML order placements [2] Financial Performance Summary - 3Q24 revenue was RMB 6 514bn (+115% YoY) with gross profit of RMB 2 191bn (+116% YoY) and gross margin of 33 6% (+0 1ppts YoY) [2] - Operating profit for 3Q24 was RMB 1 751bn (+143% YoY) while net income reached RMB 1 39bn (+104% YoY) [2] Estimate Revisions - Revenue estimates for 2024-26E were revised down by 4% due to FX changes and component constraints Net profit estimates were revised down by 6%-9% [6] - 2024E revenue is now projected at RMB 24 491bn (-4% vs previous estimate) with gross profit of RMB 8 221bn (-6 7%) and net income of RMB 5 222bn (-9%) [7] Industry and Competitive Position - Innolight is the largest optical transceiver supplier in China's datacom market with a leading position in global 800G/1 6T optical transceivers used in AI networking [8] - The company benefits from strong execution in capacity ramp and new product development maintaining tight supply relationships with global hyperscalers and networking/GPU vendors [8] Component Pricing and Margins - Potential price hikes from EML and DSP vendors are expected to have limited impact on Innolight's margins as pricing is still under negotiation and not all vendors are seeking price increases [5]

证 券 研 究 报 告 中际旭创（300308）2024 年三季报点评 强推（维持） 上游缺芯+汇率影响当期利润，看好后期硅光 渗透率提升对出货能力的提升 事项： 10 月 22 日，公司发布《2024 年三季度报告》，2024 年前三季度，公司实现营 业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。 评论： 收入增速受缺芯影响放缓，预计加大硅光出货比例以提升保供能力。2024 年 前三季度，公司实现营业收入 173.1 亿元，同比+146.26%；实现归母净利润 37.5 亿元，同比+189.59%。其中 2024Q3 实现营收 65.1 亿元，同比+115.25%， 环比+9.37%；实现归母净利润 13.9 亿元，同比+104.40%，环比+3.34%。根据 公司公告，上游光芯片的紧张对公司三季度的出货交付有一定影响，但后面几 个季度公司备料充足，同时硅光出货比例进一步提高，预计缓解对 EML 的依 赖，未来随着公司硅光渗透率提升出货能力有望显著恢复。 毛利率维持稳定，净利率受到汇率波动负面影响。公司 2024Q3 实现毛利率 33.64%，环比+0 ...