中际旭创 20260131 摘要 中际旭创四季度毛利率环比提升近两个百分点，主要受益于高端产品和 硅光产品出货比例增加，毛利润绝对额环比增长约 30-35%，但受一次 性费用、研发及汇兑损失影响，费用绝对额环比增加 55-60%。 2025 年四季度，中际旭创 800G 产品出货量持续增长，1.6T 产品开始 快速上量，硅光产品占比进一步提高，尤其是 800G 硅光产品全年占比 超一半，1.6T 硅光产品占比更高，显著拉动毛利率。 客户需求旺盛，部分重点客户已下达 2026 年全年订单，订单能见度已 达 2026 年四季度，部分客户正在酝酿 2027 年订单，行业前景持续景 气。 2026 年一季度 1.6T 产品出货量预计将快速增长，全年需求规模显著提 升，但单季是否超过 800G 产品需根据后续出货情况判断。 光芯片供应相对紧张，公司通过提升硅光比例、锁定大规模生产厂商产 能等方式缓解，预计 2026 年上半年物料紧张状况逐步缓解，不影响交 付能力。 Q&A 请介绍一下中际旭创 2025 年四季度的整体经营情况和财务表现。 2025 年四季度，中际旭创的整体经营情况和财务表现均呈现出稳健增长态势。 首先， ...

Core Viewpoint - The stock of Amlogic Co., Ltd. has shown a positive trend with an increase of 8.63% year-to-date and a market capitalization of 39.91 billion yuan as of January 16, 2025 [1] Financial Performance - For the period from January to September 2025, Amlogic achieved a revenue of 5.071 billion yuan, representing a year-on-year growth of 9.29% [2] - The net profit attributable to shareholders for the same period was 698 million yuan, reflecting a year-on-year increase of 17.51% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Amlogic was 21,900, a decrease of 1.08% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.09% to 19,200 shares [2] Dividend Distribution - Amlogic has distributed a total of 257 million yuan in dividends since its A-share listing, with 208 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included notable funds such as Xingquan Helun Mixed A and E Fund Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, both of which saw a reduction in their holdings [3]

Group 1 - The core viewpoint of the news is that Guoxin Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a total market value of 10.51 billion yuan [1] - As of January 15, Guoxin Technology's stock price is 31.28 yuan per share, with a trading volume of 200 million yuan and a turnover rate of 1.88% [1] - The company has seen a year-to-date stock price increase of 3.06%, but a decline of 4.69% over the last five trading days [1] Group 2 - Guoxin Technology is engaged in providing IP licensing, chip customization services, and self-developed chips and modules, primarily in the fields of information security, automotive electronics, and industrial control [1] - The revenue composition of Guoxin Technology includes 42.19% from self-developed chips and modules, 28.54% from chip customization services, and 0.70% from IP licensing [1] - As of September 30, the number of shareholders for Guoxin Technology is 25,700, a decrease of 3.43% from the previous period [2] Group 3 - For the period from January to September 2025, Guoxin Technology reported a revenue of 259 million yuan, a year-on-year decrease of 44.92%, and a net profit attributable to the parent company of -127 million yuan, a decrease of 0.03% [2] - Since its A-share listing, Guoxin Technology has distributed a total of 120 million yuan in dividends, with 59.99 million yuan distributed over the past three years [3]

Group 1 - The core stock price of Cambrian has decreased by 2.18% to 1477.01 CNY per share, with a total market capitalization of 622.83 billion CNY as of January 13 [1] - Cambrian's stock has increased by 8.96% year-to-date, with a 6.79% rise over the last five trading days, 9.90% over the last twenty days, and 18.38% over the last sixty days [2] - The company primarily focuses on the research, design, and sales of AI core chips for various cloud servers, edge computing devices, and terminal devices, with 99.62% of its revenue coming from cloud products [2] Group 2 - As of September 30, 2025, Cambrian's revenue reached 4.607 billion CNY, representing a year-on-year growth of 2386.38%, while the net profit attributable to shareholders was 1.605 billion CNY, up 321.49% [2] - The number of shareholders increased by 52.13% to 62,000, while the average circulating shares per person decreased by 34.13% to 6,748 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 12.0035 million shares, and several ETFs that have reduced their holdings [3]

Group 1 - The core viewpoint of the news is that Cambricon Technologies has shown significant stock performance and financial growth, with a notable increase in revenue and net profit year-on-year [1][2]. - As of January 5, Cambricon's stock price increased by 2.06%, reaching 1383.50 yuan per share, with a total market capitalization of 583.40 billion yuan [1]. - The company has a strong presence in the semiconductor industry, focusing on AI core chip development, with 99.62% of its revenue coming from cloud products [1]. Group 2 - As of September 30, the number of shareholders for Cambricon increased by 52.13% to 62,000, while the average number of circulating shares per person decreased by 34.13% to 6,748 shares [2]. - For the period from January to September 2025, Cambricon achieved a revenue of 4.607 billion yuan, representing a year-on-year growth of 2386.38%, and a net profit of 1.605 billion yuan, up 321.49% year-on-year [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.0035 million shares, a decrease of 3.7005 million shares from the previous period [2].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 103.01 CNY, compared to the current price of 77.43 CNY [5]. Core Insights - The company aims to create a "Chinese version of TPU" to seize opportunities in AI inference, leveraging its subsidiaries to penetrate the AI consumer electronics market. The consumer segment is expected to realize its potential soon, while enterprise orders are rapidly increasing, indicating a broad future growth space [2][10]. - The company is projected to achieve revenues of 12.51 billion CNY, 16.07 billion CNY, and 19.54 billion CNY from 2025 to 2027, respectively, with a focus on optimizing its revenue structure through both consumer and enterprise segments [10][17]. Financial Summary - Total revenue is expected to grow from 506 million CNY in 2023 to 1.95 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.6% [4][17]. - The net profit attributable to the parent company is forecasted to improve from -383 million CNY in 2023 to -208 million CNY in 2027, indicating a reduction in losses over the forecast period [4][17]. - The company’s gross margin is expected to increase from 20.94% in 2024 to 29.84% in 2027, driven by improvements in both consumer and enterprise segments [19]. Revenue and Profit Forecast - Consumer segment revenue is anticipated to grow at a rate of 20% to 21% from 2025 to 2027, reaching approximately 4.87 million CNY, 5.89 million CNY, and 7.07 million CNY, respectively [14][15]. - Enterprise segment revenue is expected to see significant growth, with projections of 99.49%, 50.23%, and 30.11% year-on-year increases from 2025 to 2027, resulting in revenues of 4.96 million CNY, 7.45 million CNY, and 9.69 million CNY [15][16]. - Industry segment revenue is forecasted to grow modestly at 2% annually, reaching 2.59 million CNY, 2.64 million CNY, and 2.69 million CNY from 2025 to 2027 [16]. Valuation Analysis - The report utilizes both PS and PB valuation methods, concluding a reasonable valuation of 369.62 billion CNY, corresponding to a target price of 103.01 CNY [21][22]. - The company is expected to maintain a PS ratio of 23 times by 2026, reflecting its growth potential in the AI inference chip market [21][22]. Market Position and Strategy - The company is recognized as a leading player in the AI sector, focusing on AI inference chips and aiming to capitalize on the rapid growth of the AI market, which is projected to expand significantly in the coming years [25][44]. - The strategic acquisition of Qiancheng Technology is expected to enhance the company's capabilities in integrating AI technology with consumer electronics, thereby accelerating its market penetration [14][45].

Core Viewpoint - The stock of Amlogic Co., Ltd. experienced a decline of 2.01% on December 26, with a trading price of 87.30 CNY per share and a market capitalization of 36.768 billion CNY. The company has seen a year-to-date stock price increase of 27.11% but has faced a decline over the past 60 days of 16.06% [1]. Financial Performance - For the period from January to September 2025, Amlogic reported a revenue of 5.071 billion CNY, representing a year-on-year growth of 9.29%. The net profit attributable to shareholders was 698 million CNY, reflecting a year-on-year increase of 17.51% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Amlogic was 21,900, a decrease of 1.08% from the previous period. The average number of circulating shares per shareholder increased by 1.09% to 19,200 shares [2]. Dividend Distribution - Amlogic has distributed a total of 257 million CNY in dividends since its A-share listing, with 208 million CNY distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, notable changes include a decrease in holdings by major funds such as Xingquan Helun Mixed A and E Fund Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, while Xingquan Commercial Model Mixed A saw an increase in holdings [3].

Core Viewpoint - The stock of Cambricon Technologies Co., Ltd. has experienced fluctuations, with a notable increase of 98.95% year-to-date, but a recent decline in trading performance over the past few days [1][2]. Group 1: Stock Performance - As of December 24, Cambricon's stock price was 1309.10 CNY per share, with a market capitalization of 5520.28 billion CNY [1]. - The stock has seen a trading volume of 27.50 billion CNY, with a turnover rate of 0.50% [1]. - Year-to-date, the stock has risen by 98.95%, but it has decreased by 0.49% over the last five trading days, 0.42% over the last twenty days, and 3.06% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Cambricon reported a revenue of 46.07 billion CNY, reflecting a year-on-year growth of 2386.38% [2]. - The net profit attributable to shareholders for the same period was 16.05 billion CNY, showing a significant increase of 321.49% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Cambricon was 62,000, which is an increase of 52.13% compared to the previous period [2]. - The average number of circulating shares per shareholder was 6748 shares, a decrease of 34.13% from the previous period [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some experiencing a reduction in holdings [3].

Core Viewpoint - The stock of Rockchip Microelectronics has shown significant volatility, with a year-to-date increase of 61.75%, but a recent decline in the last five trading days, indicating potential fluctuations in investor sentiment and market conditions [1][2]. Group 1: Stock Performance - As of December 22, Rockchip's stock price rose by 2.00% to 176.57 CNY per share, with a trading volume of 519 million CNY and a turnover rate of 0.70%, resulting in a total market capitalization of 74.32 billion CNY [1]. - Year-to-date, Rockchip's stock has increased by 61.75%, but it has experienced a decline of 1.99% over the last five trading days and a decrease of 17.98% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Rockchip achieved a revenue of 3.141 billion CNY, representing a year-on-year growth of 45.46%, and a net profit attributable to shareholders of 780 million CNY, reflecting a significant increase of 121.65% [2]. - The company has distributed a total of 1.274 billion CNY in dividends since its A-share listing, with 566 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of Rockchip shareholders increased by 34.79% to 87,500, while the average number of tradable shares per shareholder decreased by 25.76% to 4,811 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 15.3608 million shares, an increase of 1.6511 million shares compared to the previous period [3].

Core Viewpoint - The stock of Amlogic Co., Ltd. has shown a 26.50% increase year-to-date, with recent trading activity indicating a mixed performance in the short term [1][2]. Financial Performance - For the period from January to September 2025, Amlogic achieved a revenue of 5.071 billion yuan, representing a year-on-year growth of 9.29% [2]. - The net profit attributable to shareholders for the same period was 698 million yuan, reflecting a year-on-year increase of 17.51% [2]. Stock Market Activity - As of December 22, Amlogic's stock price was 86.88 yuan per share, with a market capitalization of 36.591 billion yuan [1]. - The stock experienced a net inflow of 25.9861 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Amlogic was 21,900, a decrease of 1.08% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.09% to 19,200 shares [2]. Dividend Distribution - Amlogic has distributed a total of 257 million yuan in dividends since its A-share listing, with 208 million yuan distributed over the past three years [3]. Institutional Holdings - The top ten circulating shareholders include notable funds such as Xingquan Helun Mixed A and E Fund's SSE STAR 50 ETF, with some institutions reducing their holdings [3].