Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][8]. Core Insights - The company has demonstrated robust operational performance, with a significant revenue increase of 67.7% year-on-year in 2024, reaching 3.25 billion yuan, and a net profit growth of 84.1%, amounting to 1.34 billion yuan [1][10]. - The first quarter of 2025 shows continued growth, with revenues of 950 million yuan, reflecting a 29.1% quarter-on-quarter increase, although net profit decreased by 8.0% [1][10]. - The company is positioned to benefit from the growing demand for its 1.6T and CPO products, with expectations of substantial revenue contributions from these segments in the near future [3][7]. Financial Performance Summary - In 2024, the company achieved revenues of 3.25 billion yuan, with a year-on-year growth of 67.7%, and a net profit of 1.34 billion yuan, up 84.1% [1][10]. - The revenue forecast for 2025 is projected at 5.21 billion yuan, with a year-on-year growth of 60.1%, and net profit expected to reach 2.08 billion yuan, reflecting a growth of 55.1% [10][12]. - The gross margin is anticipated to improve, with a forecast of 56.7% for 2025, compared to 57.2% in 2024 [10][12]. Market Position and Strategic Advantages - The company is a key player in the supply chain for Nvidia's CPO products, which are expected to drive new growth as the market expands [7]. - The establishment of a factory in Thailand enhances the company's position in the silicon photonics supply chain, allowing for reduced tariff impacts and increased production capabilities [4][7]. - The company is focusing on high-speed data communication and silicon photonics products, which are expected to see increased demand due to the growth of AI and data communication markets [3][4].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][5]. Core Insights - The company achieved a revenue of 3.25 billion yuan in 2024, representing a year-on-year growth of 67.7%, and a net profit of 1.34 billion yuan, up 84.1% year-on-year [1]. - The first quarter of 2025 showed steady operations with a revenue of 950 million yuan, a quarter-on-quarter increase of 29.1%, and a net profit of 340 million yuan, reflecting a year-on-year growth of 21.1% [1]. - The company is positioned as a key player in the silicon photonics supply chain, with its Thai factory now operational and expanding production capabilities [3][4]. Financial Performance - In 2024, the company’s active and passive product lines generated revenues of 1.66 billion yuan (up 121.9% year-on-year) and 1.58 billion yuan (up 33.2% year-on-year), respectively [2][5]. - The projected net profits for 2025, 2026, and 2027 are 2.08 billion yuan, 2.88 billion yuan, and 3.24 billion yuan, respectively, with corresponding EPS of 3.75, 5.19, and 5.84 [5][7]. - The gross margin is expected to improve, with a forecast of 56.7% in 2025, up from 54.3% in 2023 [7][9]. Market Position and Growth Drivers - The company is a significant participant in the CPO supply chain for NVIDIA, which is expected to drive new growth as the market expands [4]. - The demand for passive components is anticipated to surge due to the AI data communication market, despite some pressure in traditional telecom markets [2][3]. - The company’s unique position in the silicon photonics industry, along with its partnerships and product offerings, is expected to facilitate market expansion [3][4].

报告原因：首次覆盖 买入（首次评级） | 市场数据： 2025 年 05 月 21 日 | | | --- | --- | | 收盘价（元） | 95.73 | | 一年内最高/最低（元） | 185.83/67.20 | | 市净率 | 5.1 | | 股息率%（分红/股价） | 0.47 | | 流通 A 股市值（百万元） | 105,231 | | 上证指数/深证成指 3,387.57/10,294.22 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.75 | | 资产负债率% | 30.39 | | 总股本/流通 A 股（百万） | 1,105/1,099 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 05-21 06-21 07-21 08-21 09-21 10-21 11-21 12-21 01-21 02-21 03-21 04-21 05-21 中际旭创 沪深300指数 (收益率) 证券分析师 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 8.65 billion yuan (YoY +179.15%) and net profit of 2.84 billion yuan (YoY +312.26%). For Q1 2025, revenue was 4.05 billion yuan (YoY +264.13%) and net profit was 1.57 billion yuan (YoY +384.54%) [1][5]. - The company has made substantial progress in developing new products and technologies, particularly in the silicon photonics sector, which is expected to drive future growth [1][4]. - The company has successfully increased its overseas revenue to 6.81 billion yuan (YoY +162.31%) and domestic revenue to 1.84 billion yuan (YoY +265.95%) in 2024, indicating strong demand for its products [1]. Financial Performance - The company's Q1 2025 performance showed a quarter-on-quarter revenue increase to 4.05 billion yuan (QoQ +15.24%) and net profit of 1.57 billion yuan (QoQ +31.95%), with a notable improvement in net profit margin [3]. - The gross margin for 2024 improved by 13.73 percentage points, while the expense ratio increased slightly by 1.17 percentage points, indicating enhanced profitability despite rising costs [4]. - The company is expected to continue its growth trajectory, with projected net profits of 7.33 billion yuan, 11.62 billion yuan, and 14.40 billion yuan for 2025, 2026, and 2027 respectively [5][11]. Product Development and Market Position - The company has expanded its product line in the silicon photonics sector, successfully launching 400G and 800G optical modules, which are anticipated to meet increasing market demand [4]. - The establishment of a factory in Thailand is expected to enhance the company's production capabilities and supply chain stability, further supporting its growth strategy [2]. Market Outlook - The company is well-positioned to benefit from the rapid growth in the AI and cloud computing data center markets, which are expected to drive demand for its high-speed optical modules [5]. - The ongoing development of the 1.6T optical module is anticipated to contribute significantly to the company's long-term growth [5].

Summary of the Conference Call on Optical Chip Industry Industry Overview - The optical chip industry is experiencing a shift towards self-sufficiency, with global production capacity expected to ease from 30 million units in the early AI boom to over 90 million units by 2024, meeting market demand, although high-end optical chips (100G and above) still rely on suppliers from the US and Japan [1][2][20]. Key Points and Arguments - **Market Position**: Domestic optical module manufacturers hold a significant position in the global market, but they lag in high-end optical chip technology, particularly in indium phosphide substrates and Vixel special processes, with a technological gap of approximately 3 to 5 years compared to international leaders [1][3][27]. - **Market Evolution**: The optical module market is evolving towards optoelectronic integration solutions to address power consumption and heat dissipation issues in data centers, with silicon photonics expected to play a crucial role in high-speed data communication [1][5][6]. - **Domestic Production**: Progress in domestic production of 25G and below optical chips is satisfactory, but self-sufficiency in 25G and above remains low, with a domestic production rate of less than 5% for 100G and above products [1][10][11]. - **Challenges for Domestic Companies**: Companies like Yuanjie Technology and Shijia Photon face challenges such as insufficient mass production capacity and low yield rates, leading to higher costs and difficulties in competing with international firms [1][12][27]. - **Emerging Technologies**: Silicon photonics is seen as a key future direction, with major players like TSMC and Intel investing heavily in this area. The integration of optical components into CMOS technology is expected to enhance data center capabilities [6][14][18]. Additional Important Insights - **Global Competition**: The global optical chip market is dominated by five companies (Broadcom, Lumentum, Coherent, and Japan's Sumitomo and Mitsubishi), which collectively hold over 90% market share. The production capacity for 100G and above optical chips is primarily led by US and Japanese manufacturers [2][20][26]. - **Domestic Market Dynamics**: Domestic companies are increasingly investing in upstream industries and independent research to adapt to future market changes, with a focus on high-end and high-speed product development [16][17]. - **Market Demand**: Demand for optical chips is concentrated in data centers, telecom operators, and AI data centers, with significant needs from companies like Alibaba, Tencent, and Huawei [19][20]. - **Production Capacity and Yield**: The production capacity for 25G optical chips in China is around one million units annually, but still falls short of the ten million mark. The self-sufficiency rate for 25G is approximately 50%, while it is about 20% for 50G [9][10][22]. - **Future Projections**: By 2028, silicon photonics is expected to mature, capturing over 50% of the market share in high-speed communication, while traditional optical modules will continue to dominate in lower-speed applications [13][14]. This summary encapsulates the critical insights from the conference call regarding the optical chip industry, highlighting the current state, challenges, and future directions of the market.

Group 1: Company Performance and Financial Outlook - In Q1 2025, the company's revenue declined by 63%, with a net loss of over 26 million [6] - The company anticipates that the optical electronics business will gradually improve its revenue and net profit due to ongoing projects and orders [7] - The company expects to see a significant increase in production capacity to meet customer delivery requirements after the acquisition of ficonTEC is completed [4] Group 2: ficonTEC Acquisition and Integration - The acquisition of ficonTEC has been approved by the China Securities Regulatory Commission, and it will become a wholly-owned subsidiary of the company [4][13] - The integration of ficonTEC is expected to enhance operational efficiency and reduce production costs, contributing positively to the company's performance [3][4] - The company plans to implement a "dual headquarters" global layout to better serve customers in the Asia-Pacific region while expanding overseas [4] Group 3: Market Demand and Customer Orders - ficonTEC has secured orders from major clients, including Tesat-Spacecom GmbH, a subsidiary of Airbus, and other leading companies in the satellite communication sector [3] - The company is actively expanding its service capabilities in Southeast Asia, Taiwan, and South Korea to meet the growing demand for Co-Packaged Optics (CPO) and optical transceiver technologies [7] - The domestic market for ficonTEC's equipment is expected to grow significantly, with increasing collaboration with major Chinese companies like Huawei and others [11] Group 4: Technology and Product Development - ficonTEC has developed equipment to enhance yield rates in wafer and chip manufacturing, which has been showcased at industry events [13] - The company is focusing on advancing its technology in the photonics field, with applications in data communication, AI, and quantum computing [13] - The company is a core member of the Taiwan Silicon Photonics Industry Alliance, collaborating with top semiconductor companies to promote the commercialization of silicon photonics technology [13] Group 5: Challenges and Market Conditions - The company faces challenges due to cyclical demand fluctuations in the photovoltaic industry, which have impacted its equipment segment [6][24] - Concerns have been raised regarding the low yield rates of the CPO project with NVIDIA and TSMC, but the company assures that measures are in place to improve these rates [6] - The company is closely monitoring geopolitical situations, such as the India-Pakistan tensions, to mitigate any potential impacts on its operations in India [15]

Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, driven by high-end product sales and improved operational efficiency [1][2][3] Financial Performance - In 2024, the company achieved revenue of 23.863 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1] - For Q1 2025, revenue reached 6.674 billion yuan, growing 37.82% year-on-year, with a net profit of 1.583 billion yuan, an increase of 56.39% [1] - The gross margin for 2024 was 33.80%, up 0.81 percentage points, while the net margin was 22.51%, an increase of 1.91 percentage points [1] - Q1 2025 gross margin was 36.70%, a quarter-on-quarter increase of 1.62 percentage points, and net margin was 25.33%, up 2.42 percentage points [1] Cost Management - Sales expense ratio decreased to 0.84%, down 0.32 percentage points year-on-year; management expense ratio was 2.85%, down 1.19 percentage points; R&D expense ratio was 5.21%, down 1.69 percentage points [1] Product Development and Market Trends - The company is experiencing increased demand for 800G and 400G products, with significant growth in shipments due to both domestic and overseas customer demand [2][3] - The introduction of new tariff policies has allowed for zero tariffs on shipments from Thailand, enhancing the company's competitive position [2] - The company has developed advanced technologies in silicon photonics and coherent optics, with a focus on high-end products [3] Future Outlook - The company is positioned as a leader in the optical module market, with expectations for rapid adoption of 800G products domestically and potential demand for 1.6T and 3.2T products overseas [4] - Projected net profits for 2025-2027 are 7.256 billion yuan, 9.163 billion yuan, and 10.542 billion yuan, respectively, with corresponding EPS of 6.57 yuan, 8.29 yuan, and 9.54 yuan [4]

Industry Overview - The Chinese optical communication system industry is experiencing market scale expansion, accelerated technological iteration, diversified competitive landscape, and strengthened policy support, showing steady overall development [1][13] - The market size of the optical communication system industry in China is projected to reach 215.4 billion yuan in 2024, with a year-on-year growth of 1.07% [1][13] - Technological advancements are moving towards ultra-high speed, large capacity, and low latency, with 400G optical networks already in commercial use and 800G/1.6T optical modules gradually being deployed [1][13] Technological Developments - Innovations such as silicon photonics and co-packaged optics (CPO) are driving power consumption reductions of over 50% [1][13] - The integration of quantum communication with optical communication provides new pathways for secure information transmission, while integrated optical technologies enhance device intelligence [1][13] Policy and Market Drivers - National policies such as "Broadband China" and "Three Networks Integration" are significantly promoting industry growth [1][13] - Emerging applications in computing networks and smart cities are expanding the boundaries of application, with AI model training driving the demand for upgraded computing infrastructure, further boosting the optical communication system market [1][13] Industry Development History - The optical communication system industry in China has undergone four main stages: early exploration (1970s), technological breakthroughs (1980s), rapid development and industrialization (1990s), and technological upgrades and globalization (2000s to present) [6][7] Industry Chain - The upstream of the optical communication system industry includes core components and basic materials, while the midstream involves R&D and production, and the downstream applications span telecommunications, data communications, consumer electronics, and more [9] Key Companies - Major players in the optical communication system industry include Huawei, ZTE, and FiberHome, which dominate the core markets of optical transmission and access equipment [15] - Companies like Zhongji Xuchuang and Xinyi Technology are gaining traction in the optical module and device segments through technological innovation and differentiated products [15] Market Trends - Technological innovation is the core driving force for the development of the optical communication system industry, with a focus on high speed, high integration, and low power consumption [21] - New application scenarios are expanding, including IoT and smart city initiatives, which will further increase the demand for optical communication devices [22][23] - International competition is intensifying, with Chinese optical communication companies needing to enhance their competitiveness in the global market [24]

事件：公司发布2024 年业绩，2024 年公司实现营收238.6 亿元，同比+122.6%；归母净利润51.7 亿，同 比+137.9%；毛利率33.8%，同比+0.8pct。 4Q24 公司实现营收65.5 亿，同比+77.6%，环比+0.5%；归母净利润14.2亿，同比+61.7%，环比+1.8%。 1Q25 公司实现营收66.7 亿，同比+37.8%，环比+1.9%；归母净利润15.8 亿，同比+56.8%，环比 +11.6%。公司业绩符合市场预期。 投资要点 公司有望深度受益于2025 年800G、1.6T 需求高景气+硅光加速渗透。 我们认为2025 年产业需求有以下趋势：1）云厂在推理需求凸显+算力卡供应扩张+自建网络迭代三重趋 势下，2025 年对800G 光模块的需求将充分释放；2）英伟达继续保持软硬件系统在训练、训推一体上 的优势，同时自身客户结构持续优化，将进一步引领1.6T 等前沿产品的迭代与应用；3）硅光模块具备 缓解光芯片等物料短缺、承接硅基共封装趋势、降低成本三层产业逻辑，有望加速渗透。公司作为与大 客户联系紧密的全球头部厂商，能够对接到主流客户需求，同时扩产有序推进，在上游物料 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met market expectations, with total revenue reaching 23.86 billion yuan, a year-on-year increase of 122.64%, and a net profit attributable to shareholders of 5.17 billion yuan, up 137.93% year-on-year [7] - The growth in the company's optical module shipments and prices is driven by increasing demand from AI computing [7] - The company is expected to benefit significantly from the high demand for 800G and 1.6T products in 2025, as well as the accelerated penetration of silicon photonics [7] Financial Summary - Total revenue forecast for 2024 is 23.86 billion yuan, with a projected growth rate of 122.64% [8] - Net profit attributable to shareholders for 2024 is forecasted at 5.17 billion yuan, with a year-on-year growth of 137.93% [8] - The company's earnings per share (EPS) for 2024 is estimated at 4.68 yuan, with a price-to-earnings (P/E) ratio of 17.10 [1][8] - The gross margin for the optical module business is expected to improve to 34.6% in 2024, up 0.5 percentage points year-on-year [7] - The company has a total market capitalization of approximately 88.45 billion yuan [5]