中际旭创：公司信息更新报告：业绩符合预期，盈利能力提升，高速光模块销售大幅增加

Investment Rating - Buy (maintained) [1][2] Core Views - The company continues to benefit from the rapid growth of high-end optical modules, with strong demand for 800G and 400G modules driven by downstream computing infrastructure construction and related capital expenditures [2] - Revenue and profitability have significantly improved, with Q3 2024 revenue reaching 6.514 billion yuan, up 115.25% YoY, and net profit reaching 1.394 billion yuan, up 104.40% YoY [2] - The company maintains a leading position in the global optical module market, ranking first in Lightcounting's 2023 global optical module manufacturer rankings [3] Financial Performance - 2024 Q3 revenue: 6.514 billion yuan, up 115.25% YoY and 9.37% QoQ [2] - 2024 Q3 net profit: 1.394 billion yuan, up 104.40% YoY and 3.34% QoQ [2] - 2024 Q1-Q3 revenue: 17.313 billion yuan, up 146.26% YoY [2] - 2024 Q1-Q3 net profit: 3.753 billion yuan, up 189.59% YoY [2] - Gross margin for 2024 Q1-Q3: 33.32%, up 1.57 pct YoY [2] - Net margin for 2024 Q1-Q3: 22.36%, up 3.70 pct YoY [2] Market Position and Expansion - The company has a strong presence in overseas markets, with overseas revenue reaching 9.472 billion yuan in H1 2024, up 172.03% YoY [3] - It has secured a leading position in the global optical module market, ranking first in Lightcounting's 2023 global optical module manufacturer rankings [3] R&D and Technological Advancements - R&D expenses for 2024 Q1-Q3: 742 million yuan, up 57.41% YoY, with an R&D expense ratio of 4.29% [4] - The company has demonstrated advanced products such as 1.6T OSFP-XD DR8+ pluggable optical modules and second-generation 800G optical modules based on 5nm DSP and silicon photonics technology [4] - It showcased 1.6T OSFP224 2XDR4 and a full series of 800G/400G silicon photonic modules at CIOE 2024 [4] Financial Forecasts - 2024E revenue: 25.379 billion yuan, up 136.8% YoY [5] - 2024E net profit: 5.140 billion yuan, up 136.5% YoY [5] - 2025E revenue: 36.424 billion yuan, up 43.5% YoY [5] - 2025E net profit: 8.219 billion yuan, up 59.9% YoY [5] - 2026E revenue: 45.340 billion yuan, up 24.5% YoY [5] - 2026E net profit: 9.026 billion yuan, up 9.8% YoY [5] Valuation Metrics - 2024E P/E: 37.1x [5] - 2025E P/E: 23.2x [5] - 2026E P/E: 21.1x [5] - 2024E P/B: 10.0x [5] - 2025E P/B: 7.1x [5] - 2026E P/B: 5.4x [5]