研报掘金丨山西证券：维持中际旭创“买入-A”评级，盈利能力有望持续上行

Core Viewpoint - The report from Shanxi Securities indicates that Zhongji Xuchuang's gross margin and net margin have continued to improve quarter-on-quarter, reflecting ongoing capacity growth and a shift towards higher-end product structures [1] Financial Performance - In Q3 2025, the gross margin and net margin were reported at 42.8% and 32.6% respectively, marking a continuous quarter-on-quarter increase over four consecutive quarters [1] - The book value of fixed assets at the end of Q3 was 6.51 billion, an increase of 1.37 billion compared to the same period last year [1] Capacity and Expansion - As of the end of Q3, the company had 0.98 billion in construction in progress, primarily for factory expansion and equipment deployment [1] - The current construction projects are deemed insufficient to meet next year's order demand, indicating a certain degree of capacity tightness, prompting plans for further purchases [1] Recruitment and Resource Management - The company has proactively planned recruitment at production bases in Suzhou and Thailand to ensure resource availability [1] - The company's leading position in global optical modules and standardized operational processes create a clustering effect on local optical communication labor resources [1] Market Position and Future Outlook - The company has announced plans for an H-share listing, which is expected to provide liquidity for rapid expansion and may lead to a re-evaluation of the company's value by overseas investors [1] - The report highlights the significant advantages of 1.6T silicon photonics, with profitability expected to continue rising, and a potential shift in market style funds could drive valuation recovery [1] - The rating of "Buy-A" is maintained by the analysts [1]