算力基建升级驱动光模块需求高涨 中际旭创上半年净利润同比增69.4%

Core Viewpoint - The company, Zhongji Xuchuang, reported significant growth in its financial performance for the first half of 2025, driven by increased demand for high-end optical modules due to capital expenditure from key customers in the computing infrastructure sector [1][2]. Financial Performance - The company achieved operating revenue of 14.789 billion yuan, a year-on-year increase of 36.95% [1] - Net profit attributable to shareholders reached 3.995 billion yuan, reflecting a year-on-year growth of 69.4% [1] - The net cash flow from operating activities was 3.218 billion yuan, up 232.45% compared to the previous year [1] - A mid-term dividend proposal was announced, with a cash dividend of 4 yuan per 10 shares (including tax) [1] Market Dynamics - The global optical module market is experiencing rapid growth, driven by strong demand for Ethernet switches and high-speed optical modules due to AI infrastructure development [2] - Domestic internet companies are also significantly increasing their capital expenditure on AI infrastructure, supported by favorable government policies [2] - The company's optical communication transceiver module production capacity reached 11.61 million units, with a sales volume of 9.05 million units and revenue of 14.432 billion yuan, achieving a gross margin of 39.96%, an increase of 6.13 percentage points year-on-year [2] Competitive Position - Zhongji Xuchuang ranks first among global optical module manufacturers in 2024, with a continuously increasing market share [2] - The overseas market is the primary revenue source, with 7.25 million units sold abroad, generating 12.769 billion yuan in sales revenue and a collection rate of 96% [2] - The company is enhancing its domestic market share through optimized channel layouts and customer service [2] Technological Advancements - The company is focusing on the development of 800G and 1.6T optical modules, with significant investments in R&D to optimize performance and apply silicon photonics technology [4] - At the OFC2025 exhibition, the company showcased industry-leading products, including the 3nm 1.6T OSFP2xFR4 optical module and the 800G LR2OSFP coherent simplified optical module [4] - The company is expected to maintain a leading position in the 1.6T era, with increasing customer adoption anticipated by 2026 [4][5] Production Capacity - The company is advancing its fundraising projects, including the "Copper Mountain Xuchuang High-end Optical Module Industrial Park Phase III," to enhance high-end product capacity [4] - The operational efficiency of the company's factory in Thailand is on par with domestic facilities, and further capacity expansion is planned in Thailand [4] - The coordinated layout of domestic and international production capacity will enhance the company's delivery capabilities to meet the growing global demand [4]