Ge Long Hui A P P·2026-02-03 05:39Core Viewpoint - The performance of Zhongji Xuchuang meets expectations, with significant growth potential anticipated due to scale-up opportunities [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 9.8 to 11.8 billion yuan in 2025, representing a year-on-year growth of 89.50% to 128.17%, aligning with market expectations [1] - The company is in an upward trend regarding profit margins, driven by high demand for 800G and 1.6T products, as well as the accelerated penetration of silicon photonics [1] Growth Drivers - The company is expected to benefit from increased shipment scale, higher silicon photonics proportion, and improved integration of silicon photonics chips, which will enhance profit margins in the future [1] - Continuous expansion and increased R&D investment in cutting-edge products are being pursued by the company [1] - The ongoing high growth in AI computing power is expected to trigger an explosive demand for optical communications, creating a multiplier effect [1] Investment Outlook - Given the clear prospects for the ramp-up of 1.6T products and scale-up opportunities, the company's profit forecast has been upgraded [1] - The company is viewed positively in light of industry trends and the release of high-end products, maintaining a "buy" rating [1]