中际旭创（300308）：毛利率环比提升，硅光产品放量在即

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is experiencing high growth in both domestic and overseas optical modules for 2024, with a revenue of 23.86 billion yuan, a year-on-year increase of 123%, and a net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 138% [6][11]. - The gross margin has improved for two consecutive quarters, with further potential for growth, driven by an increase in the proportion of silicon photonics products and cost efficiencies from overseas operations [11][11]. - The company has shown strong cash flow performance and continuous improvement in expense management, indicating a robust operational efficiency [11][11]. - The diversified capacity layout helps mitigate tariff impacts, although the dilution effect on net profit attributable to the parent company is limited [11][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 6.67 billion yuan, a year-on-year increase of 38% and a quarter-on-quarter increase of 2%. The net profit attributable to the parent company was 1.58 billion yuan, a year-on-year increase of 57% and a quarter-on-quarter increase of 13% [6][11]. - The gross margin for Q4 2024 and Q1 2025 was 35.1% and 36.7%, respectively, reflecting a sequential increase of 1.4 percentage points and 1.6 percentage points [11][11]. Operational Efficiency - The company’s expense ratios for sales, management, R&D, and financial expenses in Q1 2025 were 0.8%, 2.2%, 4.4%, and -0.3%, respectively, showing a clear trend of improvement [11][11]. - Operating cash flow increased significantly, with year-on-year growth of 307% in Q4 2024 and 233% in Q1 2025, indicating strong operational cash generation [11][11]. Market Position and Strategy - The company’s overseas subsidiary, TeraHop, generated revenue of 11.13 billion yuan in 2024, a year-on-year increase of 388%, contributing to the overall revenue growth and helping to mitigate tariff risks [11][11]. - The company is expected to achieve net profits attributable to the parent company of 7.66 billion yuan, 9.14 billion yuan, and 10.65 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 48%, 19%, and 17% [11][11].