研报掘金丨群益证券(香港)：维持中际旭创“买入”建议，需求推动三季度业绩高增长

Core Viewpoint - Zhongji Xuchuang achieved a net profit attributable to shareholders of 7.13 billion yuan for the first three quarters, representing a year-on-year increase of 90.0%. In Q3 alone, the net profit reached 3.14 billion yuan, up 125.0% year-on-year, aligning with market expectations, and the recommendation remains "Buy" [1] Group 1: Financial Performance - The company reported a net profit of 7.13 billion yuan for the first three quarters, with a year-on-year growth of 90.0% [1] - In Q3, the net profit was 3.14 billion yuan, reflecting a year-on-year increase of 125.0% [1] Group 2: Demand and Production Capacity - Strong demand has driven performance growth, with a focus on the mass shipment of 1.6T optical modules [1] - Q3 saw continuous improvement in production capacity, with sufficient upstream material reserves and robust global demand for computing power [1] Group 3: Product Development and Future Outlook - The company’s 1.6T optical module products have entered the testing phase, with expectations for mass shipments in the second half of the year and gradual ramp-up starting in 2026 [1] - The company has ample technological reserves, including a 1.6T silicon photonics solution and self-developed silicon photonic chips, positioning it to maintain its leading industry status amid high AI demand [1]