中际旭创：经营质量持续提升，全面迎接800G/1.6T进一步放量

Investment Rating - The report maintains a "Buy" rating for the company [4][19]. Core Views - The company has demonstrated continuous improvement in operational quality, with significant revenue and profit growth driven by the increasing demand for high-speed optical modules, particularly 800G and 1.6T products [1][16]. - The report anticipates that the demand for high-speed optical modules will further expand due to ongoing AI-driven needs, leading to an upward revision of profit forecasts for 2024-2026 [2][17]. Financial Performance - For the first half of 2024, the company achieved a revenue of 10.8 billion yuan, representing a year-on-year increase of 169.7%, and a net profit of 2.36 billion yuan, up 284.3% year-on-year [1][16]. - In Q2 2024, the company reported a revenue of 5.96 billion yuan, a 174.9% increase year-on-year, and a net profit of 1.35 billion yuan, reflecting a 270.8% year-on-year growth [1][16]. - The gross margin and net margin for Q2 2024 were 33.4% and 23.2%, respectively, showing improvements compared to the same period last year [1][16]. Market Dynamics - The industry is experiencing accelerated iterations driven by AI, with a trend towards concentration among leading firms as technology cycles shorten [2][17]. - The report suggests that as AI demand continues, the market for 800G and above optical modules will expand, benefiting leading companies in the sector [2][17]. Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are 5.59 billion yuan, 9.78 billion yuan, and 12.99 billion yuan, respectively, with corresponding P/E ratios of 20.4, 11.7, and 8.8 [2][18]. - The company is expected to maintain strong cash flow, with operating cash inflow reaching 10.37 billion yuan in the first half of 2024 [1][16].