ZHONGJI INNOLIGHT(SZ:300308) Chang Jiang Shang Bao·2025-07-17 23:27Core Viewpoint - Zhongji Xuchuang (300308.SZ), a leading optical module supplier, is expected to achieve significant profit growth in the first half of 2025, driven by strong demand for high-end optical modules and ongoing investments in computing infrastructure [1][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% [1][3]. - The optical module business is expected to generate a net profit of approximately 4 billion to 4.9 billion yuan, up 57.02% to 92.35% compared to the same period in 2024 [1][4]. - In Q1 2025, Zhongji Xuchuang reported revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, with net profits of 1.583 billion yuan and 1.568 billion yuan, reflecting growth rates of 56.83% and 58.39% respectively [3][4]. Market Dynamics - The growth in performance is attributed to the increasing demand for optical modules driven by AI infrastructure development and strong capital expenditures from CSP customers [4][5]. - Major clients, including Microsoft, Meta, Google, and Amazon, increased their capital expenditures by 69% year-on-year to 70.6 billion USD in Q4 2024, indicating robust market demand [8]. R&D Investment - Zhongji Xuchuang has been increasing its R&D investment, which reached 1.333 billion yuan in 2024, contributing to its competitive edge in high-end optical module technology [2][9]. - The company has maintained a strong market position, ranking first globally among optical module manufacturers according to LightCounting [9]. Stock Market Performance - Since early April 2025, Zhongji Xuchuang's stock price has surged over 160%, with a market capitalization nearing 200 billion yuan [2][9]. - The stock price increased from 67.20 yuan per share to 176.85 yuan per share between April 9 and July 17, 2025 [9].