ZHONGJI INNOLIGHT(SZ:300308) Xin Lang Cai Jing·2026-02-12 08:34Core Viewpoint - The company expects significant growth in net profit for the fiscal year 2025, driven by strong demand in the optical communication industry and the introduction of advanced technologies like silicon photonics and 1.6T modules [1][2]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 98 to 118 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% [1]. - The net profit, excluding non-recurring gains and losses, is projected to be between 97 billion and 117 billion yuan, reflecting a growth of 91.38% to 130.84% [1]. - In Q4, the company achieved a net profit of 36.7 billion yuan, marking a year-on-year increase of 158.53% and a quarter-on-quarter increase of 16.94% [1]. Group 2: Market Trends and Product Development - The company is set to officially start shipping 1.6T products to key customers in Q3 2025, with rapid growth expected in Q4 [2]. - The proportion of silicon photonics in the product mix is increasing, particularly in the 1.6T segment, which is expected to enhance gross margins [2]. - The company is actively positioning itself in the scale-up market, anticipating significant demand for optical connection products starting in 2027 [3]. Group 3: Strategic Initiatives - The company has accumulated extensive experience and technical expertise in the scale-out market, enabling it to develop complex products for scale-up optical connection scenarios [3]. - Collaborations with key customers for customized product development are underway, with sample validation expected in 2026 and large-scale deployment anticipated in 2027 [3]. Group 4: Investment Outlook - The company is projected to achieve revenues of 396.40 billion, 793.00 billion, and 1222.40 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 109.31 billion, 225.27 billion, and 353.62 billion yuan [4]. - The current stock price corresponds to a price-to-earnings ratio of 58, 28, and 18 for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4].