股价暴涨、股东套现，中际旭创的高增长逻辑还能走多远？

Core Viewpoint - The article discusses the strong market performance of Zhongji Xuchuang, highlighting the symbiotic relationship between manufacturers in the AI and data center sectors, emphasizing the importance of deep partnerships [1]. Group 1: Market Performance - Zhongji Xuchuang's stock price surged from 92.00 yuan in early June to 416.75 yuan by September 29, achieving a cumulative increase of 353.1%, pushing the company's market value close to 460 billion yuan [2]. - The company announced a plan for its controlling shareholder to reduce holdings by up to 5.5 million shares, amounting to approximately 2.275 billion yuan, raising concerns about the high valuation amidst market enthusiasm [3]. Group 2: Shareholder Actions - The controlling shareholder's son had previously planned to sell all his unrestricted shares, and other specific shareholders also reduced their holdings during the same period [4]. - The market has seen intense debates regarding the rationality of Zhongji Xuchuang's valuation, particularly concerning the projected net profit of 25 billion yuan by 2027 [5]. Group 3: Industry Dynamics - Industry experts express uncertainty about the sustainability of demand for optical modules in the coming years, highlighting the difference between industrial logic and A-share valuation logic [6]. - The ability to achieve the 25 billion yuan profit target is contingent on the spending intensity of major North American companies like Microsoft and Meta [8]. Group 4: Financial Performance - Zhongji Xuchuang's revenue grew from 7.075 billion yuan in 2020 to 10.718 billion yuan in 2023, with a projected leap to 23.862 billion yuan in 2024, reflecting a year-on-year growth rate of 122.64% [13]. - The company's strong growth is attributed to its deep partnership with Nvidia, positioning it favorably in the AI and data center market [13]. Group 5: Technological Advancements - The company is advancing in the development of 1.6T optical modules, with expectations for mass production and delivery in the coming quarters [15]. - The emergence of CPO (Co-Packaged Optics) technology is noted, although its short-term impact on the optical module market is considered limited [9]. Group 6: Future Outlook - The optical module market is expected to continue its explosive growth for 1 to 2 years, driven by the increasing scale of data centers and the demand for AI infrastructure [16]. - The trend towards domestic production of core chips is anticipated to provide additional growth momentum for the optical module market in China [16].