Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a strong revenue performance in Q2 2025, with a year-on-year increase of 36.2% and a quarter-on-quarter increase of 21.6%, driven by the robust demand for 800G optical modules and the initial shipments of 1.6T products [2][6] - The gross margin significantly improved due to the accelerated penetration of silicon photonics solutions and the increased shipment of high-end products [2][6] - The company has a strong operating cash flow, with a net cash flow from operating activities reaching 3.218 billion yuan in H1 2025, a substantial increase of 232.5% year-on-year [2][6] - The company has initiated a mid-term dividend plan, proposing a cash dividend of 4 yuan per 10 shares, reflecting confidence in its financial health [2][6] - The company is actively expanding production capacity and inventory to enhance its delivery capabilities for high-end modules, further solidifying its leading position in the industry [2][6] Summary by Sections Revenue Performance - In H1 2025, the company achieved a revenue of 14.79 billion yuan, a year-on-year increase of 37.0%, and a net profit of 4.0 billion yuan, up 69.4% year-on-year [6] - Q2 2025 revenue reached 8.11 billion yuan, with a year-on-year growth of 36.2% and a quarter-on-quarter growth of 21.6% [6] Profitability - The gross margin for Q2 2025 was 41.5%, an increase of 8.1 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [2][6] - The net profit margin for Q2 2025 was 29.7%, reflecting a year-on-year increase of 7.1 percentage points and a quarter-on-quarter increase of 6.0 percentage points [2][6] Cash Flow and Dividends - The company reported a net cash flow from operating activities of 3.218 billion yuan in H1 2025, marking a significant year-on-year increase [2][6] - The introduction of a mid-term dividend plan indicates the company's commitment to returning value to shareholders [2][6] Production and Capacity Expansion - The company is actively expanding its production capacity and inventory, with total inventory reaching 9.17 billion yuan, a 30.0% increase from the beginning of the year [2][6] - Ongoing projects, such as the expansion of the high-end optical module industrial park, are aimed at enhancing production capabilities [2][6] Future Outlook - The company expects continued growth in revenue and profitability, with projected net profits of 9.238 billion yuan, 11.683 billion yuan, and 13.756 billion yuan for 2025, 2026, and 2027, respectively [2][6]

Core Insights - The data communication optical module is a critical component in fiber optic communication systems, designed specifically for data centers and high-performance computing, playing a vital role in modern data infrastructure [2][14] - The rapid growth of AI technology and the surge in computing power demand are driving the development of 1.6T optical modules, reshaping data center architecture and creating new growth opportunities for the industry [1][11] Industry Overview - The global data communication optical module market exceeded $6.25 billion in 2023 and is projected to reach $25.8 billion by 2029, with Ethernet optical modules being the core growth engine [1][14] - The Chinese market is expected to experience explosive growth, reaching 24.92 billion yuan in 2024, with high-speed products accounting for a significant increase in market share [1][14] Market Dynamics - The industry is transitioning from 800G demand growth to early deployment of 1.6T modules, with 800G already in large-scale commercial use and 1.6T becoming a competitive focus [3][15] - The technology iteration cycle has accelerated, with product development timelines shrinking from 3-4 years to 1-2 years, necessitating robust R&D capabilities [15][18] Competitive Landscape - Chinese manufacturers are gaining market share globally, with seven out of the top ten optical module suppliers being Chinese, indicating a significant shift in the competitive landscape [16][19] - Major players like Zhongji Xuchuang and Xinyi Sheng are leading the market, focusing on high-speed optical modules and achieving historical profit highs [16][17] Future Trends - The industry is expected to continue its rapid development, with 1.6T and silicon photonics technologies becoming key competitive areas [18][20] - The domestic optical chip market is seeing increased localization, but high-end optical chips still rely heavily on imports, highlighting the need for further breakthroughs in domestic production [10][19]

Summary of the Conference Call for Shijia Photonics Company Overview - Shijia Photonics has successfully transitioned to the data center AWG chip market through collaboration with the Chinese Academy of Sciences, establishing partnerships with North American clients such as AOY and Intel, and expanding production capacity overseas [2][4] Key Industry Insights - The AWG chip is utilized in data center wavelength division multiplexing (WDM) solutions for data transmission over distances greater than two kilometers, offering cost and integration advantages. The penetration rate of AWG solutions is expected to increase as leading domestic optical module companies adopt this technology [2][3] - The establishment of overseas factories has led to a significant influx of MPO multi-fiber connector orders, successfully integrating with global cabling companies like Corning, CommScope, and Fujikura, driving rapid growth in the high-end connector business [2][9] Financial Performance - The ADWG product line is a cornerstone of Shijia Photonics, projected to account for nearly half of the company's revenue in 2024, with a high gross margin contributing significantly to profits [12] - The laser chip business, initially focused on the telecom sector, is expected to see substantial growth as validation from major clients in the data center market progresses [8] Market Dynamics - The FR optical module market is currently dominated by Meta's procurement, with Google also planning to increase its purchases. Demand is expected to rebound in 2024 as Meta and Google ramp up their FR requirements, following a decline in 2023 due to shifts in project focus [11] - The MPO connector market is fragmented, with a global market space estimated at approximately 20 billion RMB. Chinese companies possess a competitive edge in high-end MPO technology, which is expected to enhance their market share [14] Technological Advancements - Domestic companies have made significant progress in the independent research and supply of MTX chips, although high-end MTX chips still rely on overseas suppliers. The acquisition of Foxima by Shijia has notably improved its MPU competitiveness, creating synergistic effects within the industry [16] - The penetration rate of silicon photonics technology is rapidly increasing, with expectations to rise from 10% in 2023 to 20% in 2024, and potentially exceed 50% by 2026. This technology shift positions Chinese companies favorably in the market [17] Future Growth Prospects - Shijia Photonics anticipates significant business growth over the next two years, driven by the successful ramp-up of AWG and MPU products, alongside emerging product lines such as CW light sources and FAU passive devices [18] - The development of silicon photonics is expected to have a profound impact on the high-speed module market, with projected demand for high-speed modules exceeding 30 million units in 2025 and potentially reaching 50 million units in 2026 [19] Conclusion - Overall, Shijia Photonics is well-positioned for future growth, with a strong focus on data center solutions and a competitive edge in high-end optical components, supported by strategic partnerships and technological advancements. The company's financial outlook remains positive, with expectations for improved profitability and market share expansion.

Financial Performance - The company reported a significant revenue increase of 59.54% year-on-year, reaching 1.2 billion yuan, primarily driven by the data communication, consumer, and industrial interconnection markets [1][5] - Net profit surged by 1,121.21% year-on-year to 168 million yuan, with a net profit margin of 14.02% [2][5] - The gross margin improved to 40.19%, an increase of 18.07 percentage points compared to the previous year [5][6] Core Business Progress - The data communication business became the growth engine, with revenue from this segment reaching 976 million yuan, a year-on-year increase of 154.37%, and its revenue share rising to 81.36% [1][5] - Traditional telecom market revenue declined by 39.66% year-on-year to 221 million yuan, reducing its share to 18.46% [1][5] Strategic Developments - The company completed the acquisition of an 18.16% stake in Changxin Sheng for approximately 391 million yuan, increasing its ownership from 42.29% to 60.45%, enhancing control over its data communication business [3] - The Chengdu Rongbo Communication Park commenced production in June, and the company is progressing with its third-phase production base in Indonesia, establishing a global layout with four production bases [3] - Research and development expenditure remained stable at 56.18 million yuan, accounting for 4.68% of revenue, focusing on advanced products like PON optical modules and 400G modules [3][6] Cash Flow and Internationalization - Operating cash flow improved significantly, reaching 297 million yuan, a year-on-year increase of 256.76%, indicating strong cash generation capability [5][6] - Overseas revenue accounted for 61.43% of total revenue, reflecting an increased level of internationalization [5][6]

Group 1: Industry Overview - The optical communication industry utilizes light waves for information transmission, with optical fibers as the medium, offering high speed, large capacity, and strong anti-interference capabilities [4][5] - Optical modules are core components of optical communication systems, facilitating the conversion of optical and electrical signals [4][5] - The demand for high-speed optical modules is driven by the rapid development of AI and the need for high-performance computing, leading to a significant reduction in the iteration cycle of optical modules from approximately 3-4 years to around 2 years since 2023 [5][6] Group 2: Market Trends - Data centers have become the primary application scenario for optical modules, accounting for over 60% of the total market [5] - The market for optical modules is expected to see a shift towards silicon photonics technology, with its market share projected to grow from 30% in 2025 to 60% by 2030 [5][6] - The global optical communication testing instrument market is anticipated to reach $950 million by 2024 and $1.33 billion by 2026, driven by the increasing demand for data communication [7][10] Group 3: Testing Instruments - Optical communication testing instruments play a crucial role in ensuring the reliability and performance of optical modules, which are subject to strict testing standards set by industry associations [6] - The testing process for optical modules includes various tests for both the transmitting and receiving ends, utilizing instruments such as sampling oscilloscopes, error analyzers, and wavelength meters [6] - As data transmission requirements continue to rise, the testing projects for optical modules are becoming more diverse and demanding, presenting both challenges and opportunities for the optical communication testing instrument industry [6][7] Group 4: Future Projections - The Chinese optical communication testing instrument market is projected to reach 3.3 billion yuan by 2024 and 6.59 billion yuan by 2029, reflecting sustained growth driven by demand from the optical module market [10][11] - The global optical communication testing instrument market is expected to expand significantly, with a forecasted market size of $1.33 billion by 2026 [7][9]

Core Viewpoint - Goldman Sachs expresses unprecedented optimism for the leading optical module companies, Zhongji Xuchuang and Xinyi Sheng, despite their recent significant stock price increases [3][4]. Group 1: Valuation and Price Targets - Goldman Sachs has raised the 12-month target prices for Zhongji Xuchuang to RMB 392 and Xinyi Sheng to RMB 398, based on their reasonable valuations despite recent stock price surges [9][24]. - The expected price-to-earnings (P/E) ratios for 2026 are 19x for Xinyi Sheng and 23x for Zhongji Xuchuang, which align closely with their historical averages since 2021 [4][24]. Group 2: Market Drivers - Three main drivers are identified for the upward revision of target prices: ongoing supply tightness, elimination of tariff risks, and a slowdown in the rate of price declines [5][9]. - The industry is facing a tight supply of upstream components, such as 200G EML lasers, which benefits leading companies like Zhongji Xuchuang due to their scale and silicon photonics technology advantages [11]. - The recent U.S. tariff policy has exempted optical modules shipped from Thailand and Malaysia, alleviating concerns about market share loss due to trade tensions [7][14]. Group 3: Price Trends and Earnings Projections - The average selling price (ASP) decline is expected to slow from a previous forecast of 20% to 15% annually from 2025 to 2027, driven by supply constraints and increased demand for higher-end products [8][14]. - Goldman Sachs has raised its earnings per share (EPS) forecasts for Zhongji Xuchuang and Xinyi Sheng by 3% to 38% for the years 2025-2027 [9][16]. Group 4: Long-term Growth Potential - The value of optical modules in AI infrastructure is continuously increasing, with a rising "binding rate" between optical modules and GPUs [17]. - The expected spending on optical modules per dollar of GPU expenditure is projected to increase from $0.07 in the H100 GPU era to $0.12 in the next-generation Rubin Ultra GPU era [18][20]. - This trend, along with product upgrades from 800G to 1.6T and eventually to 3.2T, is expected to provide strong and sustainable revenue growth for Zhongji Xuchuang and Xinyi Sheng, mitigating concerns about cyclical risks in the industry [21]. Group 5: Reasonable Valuation Post-Price Surge - Despite significant stock price increases, Goldman Sachs believes the valuations of both companies still do not fully reflect their growth potential [23][24]. - Long-term profit forecasts suggest that peak net profits for Zhongji Xuchuang and Xinyi Sheng could reach approximately RMB 400 billion and RMB 360 billion, respectively, by 2029 [25].

摘要 中际旭创 20250827 中汽创智 2025 年第二季度营收超 80 亿人民币，环比增长 22%，毛利 率达 41.5%，净利润近 26 亿，环比增长约 50%，净利润率首次突破 30%，盈利能力显著增强，主要得益于光模块业务的贡献。 800G 产品需求快速增长，硅光技术比例加速提升，推动毛利率增长。 预计第三、四季度 1.6T 产品将规模出货，硅光比例高，有望继续提升盈 利能力。上游原材料供应紧张，公司积极备货并锁定产能，以应对需求 增长。 公司积极推进国内外产能建设，包括 ADOT 和 800G 等高端产品，确保 交付能力领先。预计三、四季度 EDUC 将正式规模出货，进一步推动业 绩增长。同时，公司将逐步加大分红比例，以回报投资者。 公司关注 scale-up 场景中的光连接解决方案，并持续进行研发，有望进 入新领域。下游需求旺盛，上游原材料可能涨价，公司将通过技术提升 和规模采购等策略平衡影响，保持毛利率增长预期。 派西硅光调制芯片收入快速增长，硅光出货比例提升，未来集成度更高， 将助力硅光模块毛利率提高。公司已展示单波 400G 技术，正在积极研 发 3.2T 模块，但当前客户主要需求集中在 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company has shown impressive growth in its optical module segment, which is expected to further improve profitability [1] - The company achieved a revenue of 76.29 billion yuan in H1 2025, representing a year-on-year increase of 44.66%, with a net profit of 9.11 billion yuan, also up 44.87% year-on-year [4][5] - The company is a leading supplier of optical modules for data center construction in China and a leader in PTC and sensor markets for electric vehicles [8] Financial Performance - In Q2 2025, the company reported a revenue of 42.74 billion yuan, a year-on-year increase of 39.19% and a quarter-on-quarter increase of 27.36% [4] - The company's gross margin and net margin for H1 2025 were 20.24% and 11.88%, respectively, showing a decrease compared to the same period last year [7][8] - The company’s operating expenses have been effectively controlled, with the overall expense ratio decreasing to 9.94% from 13.16% year-on-year [8] Business Segments - The company’s smart manufacturing, connectivity, and sensing businesses achieved revenues of 16.76 billion, 37.44 billion, and 21.54 billion yuan in H1 2025, with year-on-year growth rates of -2.95%, +124%, and +17%, respectively [5] - The connectivity segment has seen significant growth, with the launch of a 3.2T CPO solution and mass production of 800G ZR/ZR+ Pro coherent optical modules [6] - The sensing business has made breakthroughs in pressure sensors, with sales exceeding the total for the previous year, and is focusing on domestic substitution [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 18.7 billion, 24.1 billion, and 29.6 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 52.8%, 29.2%, and 22.8%, respectively [8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.86 yuan, 2.40 yuan, and 2.94 yuan [8]

Core Viewpoint - The demand for high-end optical modules, particularly 800G, has significantly increased due to the AI infrastructure construction boom, benefiting Zhongji Xuchuang, which reported substantial revenue and profit growth in the first half of 2025 [1][2]. Financial Performance - The company achieved an operating revenue of 14.789 billion yuan, a year-on-year increase of 36.95% [1][2]. - The net profit attributable to shareholders reached 3.995 billion yuan, reflecting a year-on-year growth of 69.40% [1][2]. - The net profit after deducting non-recurring gains and losses was 3.975 billion yuan, up 70.40% year-on-year [1][2]. - Operating profit was 4.877 billion yuan, a year-on-year increase of 78.77% [2]. - The gross profit margin improved to 39.96%, up 6.13 percentage points from 33.83% in the same period last year [2][3]. - The net cash flow from operating activities was 3.218 billion yuan, a significant increase of 232.45% year-on-year, indicating improved cash return capabilities [2][6]. Market Dynamics - The investment surge in AI infrastructure has led to an explosive growth in demand for high-end optical modules [3]. - Major cloud service providers, including Microsoft, Amazon, Meta, and Google, increased their capital expenditures by 69% to 87.4 billion USD in Q2 2025 [2]. - Chinese internet giants, including Alibaba, Tencent, and Baidu, saw a 99.38% year-on-year increase in capital expenditures, totaling 55.012 billion yuan in Q1 2025 [2]. Production and Capacity - The optical communication transceiver business generated revenue of 14.432 billion yuan, with a gross profit margin of 39.96% [3]. - The company's production capacity for optical communication transceivers reached 11.61 million units, with a production volume of 9.4 million units and sales of 9.05 million units [5]. Technological Advancements - The optical module industry is undergoing significant technological changes, with rapid developments in silicon photonics, coherent technology, and linear pluggable optical modules [5]. - The market share of silicon photonics technology is expected to rise from 27% in 2023 to 59% by 2030 [5]. - The company holds 385 patents, including 201 invention patents, showcasing its commitment to technological innovation [5]. Competitive Position - Zhongji Xuchuang ranks first among global optical module manufacturers in 2024, with a continuously increasing market share [5]. - The company has established long-term stable partnerships with leading global cloud data center clients and mainstream communication equipment manufacturers, providing a competitive edge in high-end optical modules [5][6]. - The top five customers accounted for 60.14% of the company's revenue, indicating a high but manageable customer concentration risk [6]. Shareholder Returns - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling 444 million yuan, reflecting a commitment to shareholder returns [6].

研发创新是公司核心竞争力的关键支撑。2025上半年，新易盛研发投入达33.37亿元，同比增长 157.56%，研发人员数量增至7120人，占员工总数的40%。报告期内新增申请专利1211项，累计获得授 权专利144项，其中发明专利59项，涵盖硅光芯片封装、相干光传输、低功耗设计等关键技术领域。 新易盛（300502）今日晚间发布2025年半年度报告。受益于全球AI算力需求爆发及云数据中心建设加 速，公司上半年业绩实现跨越式增长，营收突破百亿元，净利润同比增幅超350%，同时在1.6T等高速 光模块领域持续突破，全球化布局进一步深化，公司海外营收占比达94.4%。 报告显示，2025年1—6月，新易盛实现营业收入104.37亿元，同比激增282.64%；归属于上市公司股东 的净利润39.42亿元，同比暴增355.68%；扣除非经常性损益后的净利润39.34亿元，同比增长354.93%， 核心盈利指标增速均大幅领先行业平均水平。 经营活动产生的现金流量净额显著改善，达9.53亿元，同比激增427.67%，上年同期为-2.91亿元，反映 出公司销售回款能力大幅增强，经营性现金流健康度持续优化。 作为公司核心业务，光 ...