中际旭创(300308)：业绩符合预期 AI带动高端光模块需求高增

Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, driven by increased demand for high-end optical modules due to AI advancements [1][2][4]. Financial Performance - For 2024, the company achieved revenue of 23.862 billion yuan, a year-on-year increase of 122.6%, and a net profit attributable to shareholders of 5.171 billion yuan, up 137.9% [1]. - In Q1 2025, the company reported revenue of 6.674 billion yuan, a year-on-year growth of 37.8%, and a net profit of 1.583 billion yuan, increasing by 56.8% [1]. Revenue Breakdown - In 2024, revenue from optical modules reached 22.886 billion yuan, a growth of 124.8%, accounting for 95.9% of total revenue, with total shipments of 14.59 million units, up 95.6% [2]. - Revenue from optical components was 0.214 billion yuan, a 6.2% increase, while automotive optoelectronics revenue was 0.762 billion yuan, growing by 128.1% [2]. - International revenue was 20.716 billion yuan, up 128.3%, while domestic revenue was 3.146 billion yuan, increasing by 91.3% [2]. Profitability and Cost Management - The company's overall gross margin for 2024 was 33.81%, an increase of 0.81 percentage points, and further improved to 36.70% in Q1 2025 [3]. - The sales expense ratio decreased to 0.84%, management expense ratio to 2.85%, and R&D expense ratio to 5.21%, indicating effective cost control [3]. Future Growth Initiatives - The company announced a stock incentive plan on March 18, aiming to grant 10 million restricted shares to 772 employees, with performance targets set for revenue growth from 2025 to 2028 [3]. - The company is positioned as a leading global supplier of data communication optical modules, benefiting from strong ties with major overseas clients and a first-mover advantage in advanced optical module technologies [4]. Investment Outlook - The company is expected to continue benefiting from the growing demand for high-end optical modules driven by AI, with projected net profits of 8.393 billion yuan, 10.665 billion yuan, and 12.820 billion yuan for 2025-2027, corresponding to PE multiples of 11x, 8x, and 7x [4].