中际旭创出货增长前三季归母净利增9成 订单需求释放经营现金流暴增315%

Core Insights - Zhongji Xuchuang (300308.SZ) reported significant growth in its Q3 2025 financial results, with revenue reaching 25 billion yuan, a year-on-year increase of 44.4%, and net profit of 7.13 billion yuan, up 90.1% [1][3][4] Financial Performance - For the first three quarters of 2025, Zhongji Xuchuang's revenue was 25 billion yuan, with a net profit of 7.13 billion yuan, and a non-GAAP net profit of 7.08 billion yuan, reflecting increases of 44.4%, 90.1%, and 90.5% respectively [1][3] - In Q3 alone, the company achieved revenue of 10.22 billion yuan, a 56.8% increase year-on-year, and a net profit of 3.14 billion yuan, up 125% [3] - Cash received from sales and services reached 23.09 billion yuan, a 50.5% increase, while operating cash flow net amount surged by 314.54% to 5.455 billion yuan [4] Product Demand and Market Position - The demand for 800G orders has been consistently increasing since Q1 2025, with expectations for continued growth in shipment volumes [1][3] - The company is preparing for large-scale orders in 2026-2027 by expanding domestic and overseas production capacity [1][8] - Zhongji Xuchuang's main clients include major global tech companies such as Nvidia, Google, and Microsoft, indicating a strong market position [8] Capacity Expansion and Investment - As of Q3 2025, the company's construction projects increased significantly from 100 million yuan to nearly 1 billion yuan, primarily due to expansion investments [2][9] - Total assets reached 39.726 billion yuan, a 37.6% increase from the previous year, while net assets grew by 37.9% to 26.389 billion yuan [9] Research and Development - R&D expenses for the first three quarters of 2025 amounted to 9.45 billion yuan, a 27.41% increase, with an R&D expense ratio of 3.78% [9] - The company holds 385 patents, including 201 invention patents, maintaining its position as the world's leading optical module manufacturer [10] Stock Performance - Zhongji Xuchuang's stock price reached a historical high of 542.01 yuan per share in 2025, reflecting a year-to-date increase of 717.51% from a low of 66.3 yuan [7]