研报掘金丨开源证券：中际旭创受益于高端光模块释放，维持“买入”评级

Core Viewpoint - The report from Kaiyuan Securities highlights that Zhongji Xuchuang achieved significant growth in net profit and revenue in the first half of 2025, driven by the increasing demand for high-end products like 800G optical modules and cost reduction efforts [1] Financial Performance - In H1 2025, the company reported a net profit attributable to shareholders of 3.995 billion yuan, representing a year-on-year increase of 69.40% [1] - In Q2 2025, the net profit attributable to shareholders reached 2.412 billion yuan, showing a year-on-year growth of 78.80% and a quarter-on-quarter increase of 52.40% [1] - The gross profit margin for H1 2025 was 39.33%, up by 6.19 percentage points year-on-year, while the net profit margin was 28.69%, an increase of 6.40 percentage points year-on-year [1] Cost Management - The sales expense ratio for H1 2025 was 0.68%, a decrease of 0.14 percentage points year-on-year, and the management expense ratio was 1.97%, down by 0.87 percentage points year-on-year [1] Market Trends and Future Outlook - The growth in revenue and profit is attributed to the rapid increase in the shipment proportion of high-end products like 800G, along with ongoing cost reduction and efficiency improvements [1] - The company is expected to benefit from increased capital expenditures from key clients in the computing infrastructure sector, leading to a significant rise in demand for 800G optical modules [1] - The technological iteration towards 1.6T and above rates in optical modules is accelerating, indicating a broad growth potential for the company in the future [1] Earnings Forecast - The earnings forecast for 2025-2027 has been raised to 8.783 billion yuan, 12.313 billion yuan, and 16.206 billion yuan respectively, maintaining a "buy" rating [1]