ZHONGJI INNOLIGHT(SZ:300308) Soochow Securities·2025-11-03 06:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2025 met market expectations, with revenue of 25.01 billion yuan, a year-on-year increase of 44.4%, and a net profit of 7.13 billion yuan, up 90.1% year-on-year [8] - The demand for 800G and 1.6T products is high, and the company is experiencing an upward trend in profit margins, with a gross margin of 42.8% in Q3 2025, an increase of 9.2 percentage points year-on-year [8] - The company is actively expanding production and increasing R&D investment, with R&D expenses reaching 950 million yuan in the first three quarters of 2025, a 27.4% increase year-on-year [8] - The demand for AI computing power is expected to drive a surge in optical communication demand, benefiting the company as a leading global optical module manufacturer [8] - The company maintains its profit forecast, expecting net profits of 9.90 billion yuan, 14.41 billion yuan, and 18.39 billion yuan for 2025-2027, with corresponding P/E ratios of 53, 36, and 29 times [8] Financial Summary - Total revenue is projected to reach 35.31 billion yuan in 2025, with a year-on-year growth of 47.97% [1] - The net profit attributable to the parent company is expected to be 9.90 billion yuan in 2025, reflecting a year-on-year increase of 91.48% [1] - The latest diluted EPS is forecasted to be 8.91 yuan per share in 2025 [1] - The company's gross margin is expected to improve to 42.64% in 2026 and 43.51% in 2027 [9] - The company's asset-liability ratio is projected to decrease to 24.95% by 2026 [9]