中际旭创（300308）：800G需求高增推动公司业绩提升，加大产能建设助力长期发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Views - The company's performance is driven by the high demand for 800G products, with significant revenue growth projected in the coming years. The report forecasts revenues to reach CNY 62.9 billion by 2027, with a compound annual growth rate (CAGR) of 26.1% from 2023 to 2027 [1][4]. - The company is expected to benefit from the increasing capital expenditures by global cloud service providers, which are projected to grow by 69% year-on-year in Q2 2025, further boosting sales of high-end optical modules [2][3]. - The company is actively enhancing its production capacity for high-end products and is committed to technological advancements, particularly in 1.6T and above rate technologies, to meet the growing market demand [3][4]. Financial Summary - Revenue is projected to grow from CNY 10.72 billion in 2023 to CNY 62.9 billion in 2027, with year-on-year growth rates of 11.2%, 122.6%, 58.9%, 31.6%, and 26.1% respectively [1][10]. - Net profit attributable to shareholders is expected to increase from CNY 2.17 billion in 2023 to CNY 16.55 billion in 2027, with growth rates of 77.6%, 137.9%, 85.5%, 32.6%, and 30.1% respectively [1][10]. - The report highlights a significant improvement in profitability, with the gross margin reaching 39.33% and net margin at 28.69% in the first half of 2025, reflecting a year-on-year increase of 6.2 percentage points and 6.4 percentage points respectively [2][3]. Market Position and Outlook - The company is positioned as a leader in the optical module market, with a strong competitive advantage expected to sustain its growth trajectory [4][9]. - The report anticipates that the market for 800G and 1.6T Ethernet optical modules will exceed USD 22 billion by 2030, indicating a robust growth opportunity for the company [3][4].