ZHONGJI INNOLIGHT(SZ:300308) Changjiang Securities·2025-11-05 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported accelerated revenue growth in Q3 2025, with a revenue of 10.22 billion yuan, representing a year-on-year increase of 56.8% and a quarter-on-quarter increase of 25.9%. The net profit attributable to shareholders reached 3.14 billion yuan, up 125.0% year-on-year and 30.0% quarter-on-quarter [4][10]. - High-margin products are increasing in proportion, and the company is benefiting from improved manufacturing yields and cost reduction measures, leading to a record high gross margin of 42.8% in Q3 2025 [10]. - The company is actively expanding production capacity and securing core resources to ensure the delivery of large-scale orders in the future, with inventory reaching 11.22 billion yuan, a 52.6% increase from the beginning of the year [10]. Summary by Sections Revenue and Profitability - In the first three quarters of 2025, the company achieved a total revenue of 25 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. The Q3 revenue alone was 10.22 billion yuan, with a net profit of 3.14 billion yuan [4][10]. Product Performance - The company has seen continuous growth in the shipment of 800G products since Q1 2025, and 1.6T products are expected to begin large-scale shipments next year due to increasing orders from key customers [10]. Cost Management and Efficiency - The company has successfully reduced costs, with sales, management, and financial expense ratios decreasing to 0.6%, 2.1%, and 0.8% respectively, compared to the previous year [10]. Future Outlook - The company forecasts net profits of 10.4 billion yuan, 17.02 billion yuan, and 21.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 101%, 64%, and 28% [10].