2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 23:07Core Viewpoint - The performance reports of two leading companies in the optical module industry, Zhongji Xuchuang and Xinyi Sheng, demonstrate significant net profit growth, countering earlier market skepticism about a "computing power bubble" [4]. Financial Performance - Zhongji Xuchuang achieved a revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, with a net profit of 3.995 billion yuan, up 69.4% [6]. - Xinyi Sheng reported a revenue of 10.437 billion yuan, with a staggering year-on-year growth rate of 282.64%, and a net profit of 3.942 billion yuan, reflecting a 355.68% increase [6][9]. Growth Dynamics - Zhongji Xuchuang's growth is attributed to a steady increase in volume and price, focusing on high-end products [7]. - Xinyi Sheng's rapid growth stems from an increase in the proportion of high-speed optical modules, improved cost control, and aggressive market expansion [8]. Profitability and Cost Structure - Zhongji Xuchuang's comprehensive gross margin was 39.33%, with the optical module business gross margin around 40% [11]. - Xinyi Sheng's point-to-point optical module gross margin was 47.48%, up 4.12 percentage points year-on-year [12]. - Zhongji Xuchuang's sales expenses were 1.01 billion yuan, up 13.36%, while management expenses decreased by 5.17% to 291 million yuan [13]. Cash Flow - Both companies reported positive operating cash flow, with Zhongji Xuchuang's net operating cash flow reaching 3.218 billion yuan, a 232.45% increase [15]. - Xinyi Sheng's operating cash flow improved significantly to 953 million yuan, a 427.67% increase from the previous year [15]. Market Trends - The demand for optical modules is driven by the rapid growth of AI data centers, with the data communication market becoming the core growth driver for the industry [16]. - Both companies noted that increased capital expenditure by key customers in computing power infrastructure is a primary reason for their performance improvement [17]. International Expansion - Zhongji Xuchuang has established overseas production capacity in Thailand, with over 70,000 square meters of factory space dedicated to high-end optical modules [20]. - Xinyi Sheng's first phase of its Thailand factory began operations in the first half of 2023, with plans for further expansion [21]. Future Outlook - The global market for Ethernet optical modules is expected to continue growing, with sales projected to exceed $30 billion by 2030, particularly in AI clusters [21].