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 ...

中际旭创（300308.SZ） 25Q2 净利率超预期，规模优势与先发优势突出 TMT 及中小盘/通信 2025 年 8 月 26 日，公司发布 2025 年半年度报告。25H1 营业收入 147.89 亿 元，同比增长 36.95%；归母净利润 39.95 亿元，同比增长 69.40%。25Q2 单 季度营收 81.15 亿元，环比增长 21.59%；归母净利润 24.12 亿元，环比增长 52.40%。公司业绩高增得益于高速产品出货比重增加及成本控制能力提升。 证券研究报告 | 公司点评报告 2025 年 08 月 27 日 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10718 | 23862 | 36693 | 67164 | 82661 | | 同比增长 | 11% | 123% | 54% | 83% | 23% | | 营业利润(百万元) | 2494 | 6050 | 11313 | 18705 | 23170 | | 同比 ...

Core Insights - Chengdu's local listed companies have achieved a historic milestone with two companies, Xinyi and Baili Tianheng, surpassing a market capitalization of 100 billion yuan, marking the first time the city has had "double billion" companies [1][6] - The market capitalization is a crucial indicator of a company's overall strength, and the presence of billion-yuan companies remains rare among over 5,000 listed companies in A-shares [1][6] - The ranking of Chengdu's listed companies has undergone significant changes, influenced by factors beyond just market valuation, including industry dynamics and company performance [1][6] Market Capitalization Rankings - As of August 26, the top ten Chengdu listed companies by market capitalization are: 1. Xinyi: 2802.67 billion yuan 2. Baili Tianheng: 1363.40 billion yuan 3. Tongwei: 959.82 billion yuan 4. ChuanTuo Energy: 757.51 billion yuan 5. Chengdu Bank: 756.98 billion yuan 6. Sichuan Road and Bridge: 750.81 billion yuan 7. Dongfang Electric: 675.92 billion yuan 8. Kelun Pharmaceutical: 610.46 billion yuan 9. Shenghe Resources: 413.67 billion yuan 10. Zhongwu Drone: 390.83 billion yuan [1][7] Historical Context - Chengdu first saw a billion-yuan company in 2015, but the milestone was short-lived, with the market capitalization of Guojin Securities dropping below 500 billion yuan within six months [2][3] - From 2015 to 2019, the market capitalization rankings were dominated by Guojin Securities, ChuanTuo Energy, Kanghong Pharmaceutical, and Tongwei, with the top company fluctuating around 500 billion yuan [3][5] - The resurgence of billion-yuan companies began in 2020 with Tongwei surpassing 1 billion yuan, followed by a significant increase in market capitalization for other companies [5][6] Emerging Companies and Industries - New entrants to the billion-yuan market include Xinyi and Baili Tianheng, which represent new industries such as AI, photovoltaic energy, and innovative pharmaceuticals [8][9] - Xinyi specializes in optical modules, facilitating high-speed data transmission, while Baili Tianheng focuses on innovative ADC drug development for cancer treatment [9][10] - Chengdu's industrial landscape is evolving, with the city launching a future industry fund aimed at sectors like humanoid robots and gene therapy, indicating a strategic push towards innovation [10][13] Industry Development - Chengdu has established itself as a hub for electronic information and innovative pharmaceuticals, with significant investments and a growing number of listed companies in these sectors [12][13] - The city has developed two trillion-yuan industrial clusters and several other significant industry clusters, showcasing its capacity for economic growth and innovation [13][14] - The presence of long-established companies in these sectors, such as Tongwei and Baili Tianheng, highlights the importance of sustained investment and development in achieving high market valuations [12][14]

Core Insights - Chengdu's local listed companies achieved a historic milestone in August with the emergence of two companies, Xinyi Technology and Baili Tianheng, surpassing a market capitalization of 100 billion yuan, marking the first time the city has seen "double billion" companies [1][5] - The market capitalization is a crucial indicator of a listed company's overall strength, and billion-yuan companies remain rare among over 5,000 listed companies in A-shares [1][5] - The ranking of Chengdu's listed companies has undergone significant changes, influenced by factors beyond just market valuation [1][5] Market Capitalization Rankings - As of August 26, the top ten Chengdu listed companies by market capitalization are: 1. Xinyi Technology: 2802.67 billion yuan 2. Baili Tianheng: 1363.40 billion yuan 3. Tongwei Co., Ltd.: 959.82 billion yuan 4. Chuan Investment Energy: 757.51 billion yuan 5. Chengdu Bank: 756.98 billion yuan 6. Sichuan Road and Bridge: 750.81 billion yuan 7. Dongfang Electric: 675.92 billion yuan 8. Kelun Pharmaceutical: 610.46 billion yuan 9. Shenghe Resources: 413.67 billion yuan 10. Zhong Wuyun Drone: 390.83 billion yuan [1][7] Historical Context - The first billion-yuan company in Chengdu was Guojin Securities, which reached a market cap of 1027.68 billion yuan in June 2015 but did not maintain this status for long [3][4] - From 2015 to 2019, the market capitalization rankings were dominated by four companies: Guojin Securities, Chuan Investment Energy, Kanghong Pharmaceutical, and Tongwei Co., Ltd., with market caps around 500 billion yuan [3][4] - In 2020, Tongwei Co., Ltd. broke the billion-yuan mark again, reaching 1730.4 billion yuan by year-end, leading to a new competitive landscape [4][5] New Entrants and Industries - The recent rankings feature new entrants such as Baili Tianheng, Xinyi Technology, and Jiachitech, with many companies representing emerging industries like AI, photovoltaic new energy, and innovative pharmaceuticals [8][9] - Xinyi Technology specializes in optical modules, facilitating data transmission in the digital world, while Baili Tianheng focuses on innovative ADC drug development for cancer treatment [9][10] Industrial Development - Chengdu has launched a future industry fund with an initial scale of 112 billion yuan, targeting sectors like humanoid robots, next-generation mobile communications, and gene therapy [10][15] - The city has developed two trillion-yuan industrial clusters in electronic information and equipment manufacturing, along with several other significant industry clusters [14][15]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 5.243 billion yuan, a year-on-year growth of 68.59%, and a net profit of 372 million yuan, reflecting a year-on-year increase of 78.98% [1] Financial Performance - The company's operating revenue for the first half of 2025 was 5.243 billion yuan, marking a 68.59% increase compared to the previous year [1] - The net profit attributable to shareholders was 372 million yuan, which is an increase of 78.98% year-on-year [1] Dividend Policy - The company announced that it will not distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Viewpoint - The company is experiencing significant growth in demand for its 800G and 400G optical modules, driven by increased capital expenditure from key overseas customers in AI infrastructure [1] Group 1: Product Development and Market Demand - The company has seen a rapid increase in the shipment volume of 800G products, with a growing proportion of silicon photonics within this category, which is beneficial for improving gross margin levels [1] - The company has begun gradual shipments of 1.6T products in Q2 of this year, with expectations for continued mass production and scale shipments over the next two quarters [1] - The company is actively advancing the capacity construction of high-end products such as 1.6T and 800G both domestically and internationally to maintain delivery capability amid rising industry demand [1] Group 2: Strategic Partnerships and New Solutions - The company has established copper connection solution companies and liquid cooling solution companies with various partners over the past year and this year [1] - AEC products are currently being sampled to domestic and overseas customers, while liquid cooling products are under development, with some products already being sampled to clients [1] - Overall progress in these areas is in line with expectations, and the company is optimistic about development opportunities in both fields [1]

Core Viewpoint - The company, Zhongji Xuchuang, is experiencing rapid growth in demand for 800G and 1.6T optical modules, driven by increased capital expenditure from overseas key customers in AI infrastructure [1] Group 1: Product Demand and Supply - The company has seen a significant increase in the shipment volume of 800G optical modules, with a rapid rise in the proportion of silicon photonics within this category [1] - The company has begun gradual shipments of 1.6T products in the second quarter, with expectations for continued mass production and scale shipments over the next two quarters [1] - There is a growing demand for optical connections due to the increasing interconnection needs between switches, as some customers transition from GPU to ASIC chips, leading to higher bandwidth and network layer requirements [1] Group 2: Strategic Initiatives - The company has established partnerships to set up copper connection solution companies and liquid cooling solution companies, indicating a strategic move to diversify its product offerings [1] - AEC products are actively being sampled to domestic and overseas customers, while liquid cooling products are under development, with some already being sampled to clients [1] - Overall progress in these areas aligns with the company's expectations, and there is optimism regarding development opportunities in these respective fields [1]

Core Insights - Cambridge Technology (603083.SH) clarifies that it currently does not produce chips containing CPO (Co-Packaged Optics) technology, and that the core components related to CPO are still in the collaborative research and design phase, with no business revenue generated yet [1] - The LPO (Linear Drive Optical) business has sent samples for testing to several major North American clients, but the cumulative order and shipment amount for the first half of 2025 accounts for only about 0.03% of the company's revenue during the same period, indicating minimal contribution to current performance [1] - The company advises investors to rationally assess the progress in emerging technology fields and not to overinterpret the impact of these related businesses on short-term performance, highlighting the uncertainty risks associated with business implementation [1]

Financial Performance - In the first half of 2025, the company's revenue reached 14.789 billion CNY, a year-on-year increase of approximately 37% [2] - The net profit for the same period was 4.242 billion CNY, with a net profit margin of 28.70% [3] - In Q2 2025, the company reported a revenue of 8.115 billion CNY, a quarter-on-quarter growth of about 22% [3] - The gross margin for Q2 2025 was 41.5%, an increase of nearly 5 percentage points compared to Q1 2025 [3] - The consolidated net profit for Q2 2025 was 2.552 billion CNY, with a quarter-on-quarter growth of approximately 51% [3] Business Operations - The company has seen a significant increase in demand for 800G and 400G optical modules, driven by capital expenditure from key overseas clients in AI infrastructure [4] - The company has begun gradual shipments of 1.6T products, with expectations for continued mass production in the upcoming quarters [4] - The company is actively expanding production capacity for high-end products like 1.6T and 800G to meet rising industry demand [4] Investor Q&A Highlights - The gross margin for high-end products like 1.6T is expected to be better, primarily due to the use of silicon photonics [5] - The company has strong inventory capabilities to address supply tightness in core upstream components, which is crucial given the rapid growth in demand for 800G and 1.6T [5] - The company plans to gradually increase its dividend payout ratio to share operational success with shareholders [6] - The company is observing a growing demand for optical connection solutions as the industry evolves [7] Market Outlook - The company anticipates that material costs will impact gross margins, but it remains confident in maintaining gross margin growth through product technology and bulk purchasing strategies [8] - The company has developed capabilities for 3.2T products and is in the active research phase, although market demand is currently focused on 1.6T and 800G [8] - The company is expanding both domestic and international production, with expectations for improved gross margins in the domestic market [9] Strategic Initiatives - The company is addressing foreign exchange risks by monitoring exposure and hedging against currency fluctuations [10] - There is a growing demand for data center interconnect solutions, driven by various application scenarios within data centers [11] - The company sees significant opportunities in the scale-out market due to increasing interconnect needs as clients transition from GPU to ASIC chips [12] - The company is actively developing copper connection and liquid cooling solutions, with positive progress reported [13] - The demand for ZR modules in AI data centers is expected to grow, with the company promoting its 400G ZR and 800G ZR technologies [14]

Group 1: Market Activity - A total of 13 stocks had closing limit orders exceeding 1 billion yuan, with the highest being Tianpu Co., Ltd. at 1.174 billion yuan [2] - The stocks with significant limit orders included Dechuang Environmental Protection, Pingtan Development, and Yanshan Technology, with orders of 393,600 hands, 301,000 hands, and 253,200 hands respectively [2] - Tianpu Co., Ltd. achieved a four-day consecutive limit increase, while *ST Suwu recorded five consecutive limit increases [2] Group 2: Company Announcements - Tianpu Co., Ltd. announced that Zhonghao Xinying (Hangzhou) Technology Co., Ltd. is leading a takeover through a combination of equity transfer and capital increase to gain control of the company [2] - Zhonghao Xinying is recognized as a "quasi-unicorn" in Hangzhou, specializing in AI chips for cloud computing and data centers [2] Group 3: Sector Performance - The Co-Packaged Optics (CPO) sector saw stocks like Dongtian Micro and Cambridge Technology reach their limit, with Cambridge Technology currently not producing CPO technology chips [3][4] - The Rare Earth Permanent Magnet sector was represented by Beikang Technology, which focuses on ferrite permanent magnet materials and other specialty materials [5] - The MCU chip sector included stocks like Broadcom Integration and Rockchip, with Broadcom's chips applicable in AI toy fields [6] Group 4: Institutional Investment - Four stocks on the Dragon and Tiger list had net purchases exceeding 1 billion yuan, including Yanshan Technology and Maigemi Te, with net amounts of 489 million yuan and 473 million yuan respectively [7] - Institutions showed significant net buying in stocks like Bubugao and Yuyin Co., with net purchases of 113 million yuan and 81 million yuan respectively [7]