中际旭创（300308）：公司信息更新报告：全球光模块龙头业绩持续亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][12] Core Views - The company reported a revenue of 14.789 billion yuan for H1 2025, a year-on-year increase of 36.95%, and a net profit attributable to shareholders of 3.995 billion yuan, up 69.40% year-on-year [4][5] - The growth is attributed to the increased shipment of high-end optical modules, particularly 800G products, and a significant rise in capital expenditure from key clients in the computing infrastructure sector [4][5] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 9.046 billion, 16.004 billion, and 20.834 billion yuan respectively [4][5] Financial Performance - For H1 2025, the company achieved a gross margin of 39.33%, an increase of 6.19 percentage points year-on-year, and a net profit margin of 28.69%, up 6.40 percentage points year-on-year [4][5] - The sales expense ratio decreased to 0.68%, down 0.14 percentage points year-on-year, while the management expense ratio fell to 1.97%, down 0.87 percentage points year-on-year [4][5] Research and Development - The company invested 586 million yuan in R&D in H1 2025, an increase of 11.61%, with an R&D expense ratio of 3.96% [5] - The company holds 385 patents, including 201 invention patents, and continues to rank first globally among optical module manufacturers [5] Production Capacity - The company's optical communication transceiver module capacity reached 11.61 million units in H1 2025, a year-on-year increase of 29.00%, with a production volume of 9.4 million units, up 43.74% year-on-year [6] - The demand for high-speed optical modules is expected to grow significantly due to the increasing penetration of AI applications and ongoing investments in computing power by cloud service providers [6] Financial Summary and Valuation Metrics - The company forecasts revenues of 41.124 billion yuan for 2025, with a year-on-year growth of 72.3% [8] - The projected net profit for 2025 is 9.046 billion yuan, reflecting a year-on-year increase of 74.9% [8] - The P/E ratios for 2025, 2026, and 2027 are projected to be 38.6, 21.8, and 16.7 respectively [8]