中际旭创：业绩符合预期，看好公司外延Scaleup新增长曲线-20260306

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance for 2025 is in line with expectations, with projected revenue of 38.24 billion yuan, representing a year-on-year growth of 60.25%, and a net profit attributable to shareholders of 10.799 billion yuan, reflecting a growth of 108.81% [9] - The company is actively expanding into the Scale-up market, which is expected to have bandwidth demands 5-10 times greater than the current Scale-out market, with significant demand anticipated for in-cabinet optical connection products starting in 2027 [9] - The report highlights strong capital expenditure guidance from major clients like Google and Amazon, indicating robust demand in the AI-driven high-end optical module market [9] Financial Forecasts - Revenue projections for the company are as follows: 2024A: 23.862 billion yuan, 2025E: 38.240 billion yuan, 2026E: 79.300 billion yuan, 2027E: 122.240 billion yuan, with growth rates of 122.6%, 60.3%, 107.4%, and 54.1% respectively [2][10] - Net profit attributable to shareholders is forecasted to be: 2024A: 5.171 billion yuan, 2025E: 10.799 billion yuan, 2026E: 22.533 billion yuan, 2027E: 35.362 billion yuan, with growth rates of 137.9%, 108.8%, 108.7%, and 56.9% respectively [2][10] - The report indicates a significant increase in earnings per share, projected at 4.65 yuan for 2024, rising to 31.83 yuan by 2027 [2][10]