中际旭创(300308)2025年三季报点评：业绩高增符合预期 硅光、1.6T领航

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching approximately 25.005 billion yuan, a year-on-year increase of 44.43%, and net profit attributable to shareholders at about 7.132 billion yuan, up 90.05% [1] - The company is a leader in the 1.6T and silicon photonics module sectors, with increasing orders from key clients and a strong market position [2] - The demand for optical modules is rapidly growing, driven by the AI wave, with major overseas clients increasing their capital expenditure for AI data center construction [3] Financial Performance - For Q3 2025, the company achieved a single-quarter revenue of 10.216 billion yuan, a year-on-year increase of 56.83%, with a gross margin of 43% [1] - The net profit for Q3 was 3.327 billion yuan, a quarter-on-quarter increase of 30.38%, attributed to revenue and margin improvements [1] - The company’s net profit attributable to shareholders for the same quarter was 3.137 billion yuan, reflecting a year-on-year growth of 124.98% and a quarter-on-quarter increase of 30.04% [1] Market Position and Trends - The company is well-prepared for the upcoming deployment of 1.6T technology, with expectations of sustained growth in shipments over the next few quarters [2] - The optical module industry is experiencing a surge in demand, with major clients like Amazon, Google, Meta, and Microsoft significantly increasing their capital expenditure for 2025 [3] - The anticipated capital expenditures for 2025 include approximately 125 billion USD from Amazon, 91-93 billion USD from Google, and 70-72 billion USD from Meta, indicating a robust market outlook [3] Investment Outlook - The company is expected to achieve revenues of 39.64 billion yuan, 68.5 billion yuan, and 85.44 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 11.19 billion yuan, 19.23 billion yuan, and 23.97 billion yuan [4] - The price-to-earnings ratio (PE) for the closing price on November 3 is projected to be 48, 28, and 22 for the years 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]