ZHONGJI INNOLIGHT(SZ:300308) Dong Jian Yan Bao·2025-10-31 11:35Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The optical module industry maintains high prosperity and certainty due to the continuous growth of AI computing power demand. It is expected to continue a good growth trend in 2026 [30]. - With the increasing demand from customers, the company is actively preparing core materials such as chips and expanding domestic and overseas production capacity to prepare for large - scale order delivery from 2026 - 2027 [31]. 3. Summary by Directory 3.1. Research Basic Information - The research object is Zhongji Xuchuang, belonging to the communication equipment industry. The reception time was on October 30, 2025. The listed company's reception staff included the company's vice - president and financial director, Wang Xiaoli, and the company's vice - president and board secretary, Wang Jun [16]. 3.2. Detailed Research Institutions The research institutions include asset management companies (e.g., Fosun Asset), other types (e.g., Anben Fund), fund management companies (e.g., Liwo Private Equity Fund), insurance asset management companies (e.g., Taikang Asset Management), securities companies (e.g., Huatai Securities), and others [17][18][19]. 3.3. Research Institution Proportion No information provided in the document. 3.4. Main Content Data - Financial Indicator Interpretation: In Q3 2025, the company's single - quarter revenue was 10.216 billion yuan, with a single - quarter gross profit margin of 43%. The consolidated net profit was 3.327 billion yuan, a 30.38% increase from the previous quarter. The attributable net profit was 3.137 billion yuan, showing a significant quarter - on - quarter increase. The non - recurring items were mainly investment and financial management income. The profit margins of each quarter this year showed a quarter - on - quarter growth trend, and various indicators such as cash flow and asset - liability performed well [30]. - Business Situation Interpretation: Since this year, industry demand has grown rapidly. Overseas large customers have continuously raised their capital expenditure guidelines and increased the construction plan for AI data centers, with clear demand guidelines for optical modules from 2025 - 2026. The 800G order demand has been continuously released since Q1 this year, and the shipment volume has maintained a quarter - on - quarter growth. In Q3, key customers began to deploy 1.6T and continuously increased orders, and the 1.6T shipment volume is expected to continue to grow in the next few quarters [30][31]. - Investor Q&A: - 1.6T Product Gross Margin: The gross margin is expected to further increase due to product structure optimization, the increasing proportion of silicon photonics, and the growth of yield [31][32]. - Construction in Progress: The significant increase in construction in progress is due to capacity expansion investment, including factory building expansion and equipment deployment. The existing construction in progress may not be sufficient to meet next year's order demand, and there is still a certain degree of capacity tightness [32]. - Overseas Expansion: The company has made advance plans for materials and personnel, but due to the rapid growth of order demand, the demand for materials and personnel is also increasing, and the company will continue to work hard to meet the demand [32]. - Core Materials: The tightness of optical chips is relatively high currently, but the company has locked in raw materials through advance planning and orders, and suppliers are also actively supporting [32]. - Tax Rate: The higher tax rate in Q3 is mainly due to the provision of income tax related to "Pillar Two". If the policy changes, the provision can be reversed [32][33]. - Labor Shortage: There is currently no sign of labor shortage [34]. - Silicon Photonics Proportion: The proportion of silicon photonics is expected to continue to increase, and specific data is not convenient to quantify [34]. - 3.2T Product Launch: There is currently no corresponding demand, and the core demand of customers in the Scale - out scenario from 2026 - 2027 is still expected to be 1.6T and 800G [34]. - Scale - up Scenario Demand: The bandwidth demand in the Scale - up scenario grows very fast. CSP customers are promoting the application of ASIC chips in Scale - up and hope to use Ethernet technology for optical connection, and relevant solutions are expected to be applied and deployed in 2027 [34]. - Fixed - Asset Payback Period: The payback period of the 800G production line is about 2 - 2.5 years, and the payback period of the 1.6T production line is estimated to be similar to that of the 800G [34][35]. - Management Summary: With the growth of computing power and AI data center hardware demand, the industry demand is highly prosperous. In 2026, the demand guidelines of large customers are clear. In 2027, industry trends such as the large - scale deployment of 1.6T, optical connection solutions in Scale - up, and all - optical switch solutions will gradually emerge. The company will fully prepare to seize industry opportunities and drive revenue and profit to a new level [35][36].