ZHONGJI INNOLIGHT(SZ:300308) Shanxi Securities·2025-09-17 03:36Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 6-12 months [2][7]. Core Insights - The company achieved a revenue of 14.79 billion yuan in the first half of 2025, representing a year-on-year increase of 37.0%, and a net profit attributable to shareholders of 4.0 billion yuan, up 69.4% year-on-year [3][4]. - The second quarter saw a revenue of 8.11 billion yuan, with year-on-year and quarter-on-quarter growth of 36.2% and 21.6%, respectively, and a net profit of 2.41 billion yuan, reflecting a year-on-year increase of 78.8% and a quarter-on-quarter increase of 52.4% [3][4]. - The company is expected to continue benefiting from increased demand for its 1.6T products, which are primarily silicon-based, leading to further improvements in gross margins [4][6]. Financial Performance - The company’s fixed assets increased to 6.11 billion yuan, up 290 million yuan from the previous year, primarily due to the addition of machinery and equipment [4]. - Inventory rose to 9.17 billion yuan, an increase of 2.12 billion yuan, mainly due to higher raw materials and work-in-progress [4]. - The company’s production capacity for optical modules reached 11.61 million units, with an output of 9.4 million units, marking increases of 29% and 44% year-on-year, respectively [4]. Market Outlook - The global optical module market is expected to maintain high growth due to increasing demand for computing power driven by AI applications and cloud service providers, with a projected 50% increase in capital expenditures from major cloud companies [5][6]. - The company is well-positioned to meet the growing demand from major clients, particularly in North America, and is focused on expanding production capacity to ensure delivery capabilities [7][6]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 9.37 billion yuan, 18.11 billion yuan, and 24.89 billion yuan, respectively, with corresponding price-to-earnings ratios of 48.8, 25.2, and 18.4 [7][9].