中际旭创（300308）：硅光方案加速放量，盈利和交付能力双升

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a strong revenue performance in Q2 2025, with a year-on-year increase of 36.2% and a quarter-on-quarter increase of 21.6%, driven by the robust demand for 800G optical modules and the initial shipments of 1.6T products [2][6] - The gross margin significantly improved due to the accelerated penetration of silicon photonics solutions and the increased shipment of high-end products [2][6] - The company has a strong operating cash flow, with a net cash flow from operating activities reaching 3.218 billion yuan in H1 2025, a substantial increase of 232.5% year-on-year [2][6] - The company has initiated a mid-term dividend plan, proposing a cash dividend of 4 yuan per 10 shares, reflecting confidence in its financial health [2][6] - The company is actively expanding production capacity and inventory to enhance its delivery capabilities for high-end modules, further solidifying its leading position in the industry [2][6] Summary by Sections Revenue Performance - In H1 2025, the company achieved a revenue of 14.79 billion yuan, a year-on-year increase of 37.0%, and a net profit of 4.0 billion yuan, up 69.4% year-on-year [6] - Q2 2025 revenue reached 8.11 billion yuan, with a year-on-year growth of 36.2% and a quarter-on-quarter growth of 21.6% [6] Profitability - The gross margin for Q2 2025 was 41.5%, an increase of 8.1 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [2][6] - The net profit margin for Q2 2025 was 29.7%, reflecting a year-on-year increase of 7.1 percentage points and a quarter-on-quarter increase of 6.0 percentage points [2][6] Cash Flow and Dividends - The company reported a net cash flow from operating activities of 3.218 billion yuan in H1 2025, marking a significant year-on-year increase [2][6] - The introduction of a mid-term dividend plan indicates the company's commitment to returning value to shareholders [2][6] Production and Capacity Expansion - The company is actively expanding its production capacity and inventory, with total inventory reaching 9.17 billion yuan, a 30.0% increase from the beginning of the year [2][6] - Ongoing projects, such as the expansion of the high-end optical module industrial park, are aimed at enhancing production capabilities [2][6] Future Outlook - The company expects continued growth in revenue and profitability, with projected net profits of 9.238 billion yuan, 11.683 billion yuan, and 13.756 billion yuan for 2025, 2026, and 2027, respectively [2][6]