2026年格隆汇“下注中国”十大核心资产之中际旭创

Core Viewpoint - The essence of the AI computing power explosion is a dual revolution of "computation + transmission," with optical modules evolving from auxiliary components to core infrastructure in AI computing power [2] Group 1: Company Growth and Financial Performance - From 2021 to 2024, the company achieved remarkable growth, with revenue soaring from 7.7 billion to 23.9 billion, representing a compound annual growth rate (CAGR) of 40%. Net profit increased from 900 million to 5.3 billion, with a CAGR of 55% [2] - The gross margin improved from 25.6% to 37.8%, demonstrating the company's ability to capitalize on each iteration of the computing power era [2] Group 2: Market Dynamics and Demand - AI computing power demand is experiencing exponential growth, driving the rapid iteration of optical module rates from 400G to 800G/1.6T, with industry concentration continuing to favor leading players [9] - Goldman Sachs predicts that the global high-speed optical module market will see a CAGR exceeding 60% from 2025 to 2027, with the market size expected to surpass 100 billion by 2027 [9] - The shift in the global AI server market from GPU dominance to a multi-chip architecture, including ASICs, is a core driver of this demand, as ASICs require significantly more optical modules than traditional GPUs [9] Group 3: Competitive Advantages - The company's industry dominance is attributed to a combination of demand explosion, technological barriers, and product iteration, aligning with the trends of diversified AI chips and global cloud service providers' capacity expansion [8] - The company has established a dual moat of technology and production capacity, with a market share exceeding 40% in the domestic 800G/1.6T product segment [12][14] Group 4: Product Development and Client Relationships - The 800G optical module is expected to remain the company's revenue cornerstone, with a projected 104% year-on-year growth in 2026, driven by large-scale deployments from global cloud service providers and AI server manufacturers [17] - The 1.6T optical module is anticipated to enter a peak production phase in 2026, with domestic orders expected to grow by 120% year-on-year, further solidifying the company's leading position in high-speed optical modules [18] Group 5: Financial Outlook and Valuation - The company's financial performance exemplifies high growth and profitability, with a projected revenue of 38 billion in 2025 and 70 billion in 2026, representing year-on-year growth rates of 50% and 120%, respectively [27] - The company is expected to achieve a revenue of 100 billion and a net profit of 27 billion by 2027, maintaining high growth rates of 40% and 35% [27]