文/瑞财经 程孟瑶 当光模块企业中际旭创（300308.SZ）用低功耗高性能产品收割AI时代红利，为亚马逊、英伟达、阿里 巴巴、谷歌、微软等算力大厂供货，稳坐全球光模块核心供应商龙头之位时，其上游供应链的一家设备 商悄然加速IPO进程。 来源：预审IPO 这家名为苏州猎奇智能设备股份有限公司（简称：猎奇智能）的供应商成立于2015年底，2016年开始与 中际旭创展开合作。中际旭创的增长快车，是支撑其业绩增长的核心动力。 2022年-2024年及2025年上半年（简称：报告期），猎奇智能收入中有57.12%、62.19%、58.85%、 65.55%来自中际旭创。 与此同时，其在高精度贴片、自动化检测等设备领域持续研发，又反过来支撑了中际旭创的产能扩张与 技术领先性。2022年-2024年，猎奇智能研发投入复合增长率达90.71%，满足了中际旭创对光模块传输 速率从100G向400G、800G升级的需求。 据LightCounting、弗若斯特沙利文统计，2024年中际旭创光模块全球市场份额排名第一，其中800G及 以上光模块市场份额超过40%，市场领先地位显著。 同期，猎奇智能光模块贴片设备市场份额排名全球第 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [10][16]. Core Insights - The company achieved a revenue of 407 million yuan in 2024, representing a year-on-year increase of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, a decrease of 7.44% year-on-year, but adjusted net profit after excluding share-based payment effects was 87.21 million yuan, reflecting a growth of 2.85% [2][3]. - The semiconductor industry is showing signs of marginal recovery, particularly in the packaging and testing equipment sector. The company's EXCEED-9000 series products' revenue contribution increased to 25.80% in 2024 from 11.45% in 2023, driven by rising demand in specific market segments and enhanced product configurations [3][4]. - The company is actively pursuing product innovation and technology upgrades, with new testing functions added to its sorting machines. The establishment of a semiconductor testing equipment innovation and manufacturing center is expected to enhance its competitive edge [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 407 million yuan, with a growth rate of 17.12%. The net profit attributable to shareholders was 78.48 million yuan, down 7.44% year-on-year, while adjusted net profit was 87.21 million yuan, up 2.85% [2][12]. - Projections for 2025, 2026, and 2027 indicate revenues of 700 million yuan, 930 million yuan, and 1.18 billion yuan, respectively, with corresponding net profits of 200 million yuan, 300 million yuan, and 400 million yuan [10][12]. Market Position and Strategy - The company is focusing on expanding its global market presence and enhancing product offerings through continuous R&D investments. The establishment of a production center in Malaysia is aimed at better serving market demands [4][5]. - The company has made strategic investments in four firms related to semiconductor testing and packaging, indicating a proactive approach to technology and market positioning [5][9]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 60.01 for 2024, which is expected to decrease to 23.18, 15.70, and 11.72 for 2025, 2026, and 2027, respectively [12][10].