中际旭创（300308）今日发布2025年半年度报告，上半年实现营业收入147.89亿元，同比增长36.95%； 净利润39.95亿元，同比增长69.40%；扣除净利润为39.75亿元，同比增长70.40%，盈利规模与增速均创 同期新高。 公司经营现金流表现强劲，经营活动产生的现金流量净额32.18亿元，同比大幅增长223.45%，主要系销 售回款规模增加所致。 公司主营业务为高端光通信收发模块的研发、生产及销售，产品涵盖200G、400G、800G、1.6T等高速 光模块，广泛应用于云计算数据中心、5G无线网络、电信传输和固网接入等领域。其中，800G及1.6T 光模块受益于AI基础设施建设需求激增，出货占比显著提升，成为营收核心增长极；5G前传、中传、 回传光模块及骨干网、核心网传输光模块，持续为电信设备商客户提供整体解决方案。 在行业重要展会OFC2025上，公司展示3nm1.6T OSFP2xFR4光模块、800G LR2OSFP相干精简型光模块 等新品，技术参数与性能指标行业领先，为后续产品迭代与市场拓展奠定技术基础。 公司核心募投项目"铜陵旭创高端光模块产业园三期项目"建设稳步推进，该项目为202 ...

新易盛股价3年涨幅超28倍。 近3年涨幅超28倍、市值一度超过3000亿元的新易盛（300502.SZ）近日发布了2025年半年报。 上半年，新易盛实现营业收入104.37亿元，同比增长282.64%；归母净利润39.42亿元，较去年同期激增 近31亿元，同比增长355.86%，这份中报在创下历史同期最好业绩的同时，营收和净利均超过2024年全 年水平。公司实现业绩跨越式增长，主要受益于全球数据中心高速光模块需求持续爆发。 新易盛未来业绩增速能否支撑已经大幅上涨的股价，是市场的主要关注点。2022年10月11日以来，新易 盛总市值累计激增逾2700亿元。同期，公司在创业板的市值排名从165名攀升至第5位。仅今年4月以 来，新易盛的股价就涨逾4倍，超出上半年业绩增速。随着本周新易盛股价再创历史新高的304.08元， 国金证券26日发布报告仍给予"买入"评级。 高速率光模块放量推动业绩增长 根据中报，上半年新易盛产销均实现增长，点对点光模块产能1520万只，同比增长66.67%；光模块产 量710万只，同比增长86.35%。 新易盛作为光模块行业领先企业，主要提供100G、200G、400G、800G及1.6T光 ...

Core Viewpoint - On August 15, the Shanghai Stock Exchange officially accepted the listing application of Suzhou Lianxun Instrument Co., Ltd. (hereinafter referred to as "Lianxun Instrument"), which plans to raise 1.954 billion yuan for the development and industrialization of next-generation optical communication, automotive-grade chips, storage testing, and digital testing equipment and instruments [1][5]. Group 1: Company Overview - Lianxun Instrument, established in 2017, is a domestic high-end testing instrument supplier, primarily engaged in the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [2]. - The company provides core testing instruments and equipment with high speed, high precision, and high efficiency for global high-speed communication and semiconductor clients [2]. Group 2: Financial Performance - Financial data indicates that Lianxun Instrument's revenue is projected to grow from 214 million yuan in 2022 to 789 million yuan in 2024, representing a compound annual growth rate (CAGR) of over 90% [2]. - The cumulative R&D investment is 350 million yuan, with R&D personnel accounting for 40.32% by the end of 2024 [2]. Group 3: Product Offerings - In optical communication, Lianxun Instrument has mass-produced core testing instruments for 400G and 800G high-speed optical modules, including 50GHz sampling oscilloscopes and 800Gbps error analyzers [3]. - The company has expanded its product line for automotive-grade power device testing, with key products achieving industrial application [3]. - In semiconductor integrated circuit testing, the company offers precision source meters with a minimum current resolution of 1fA [3]. Group 4: Market Position - According to Frost & Sullivan data, Lianxun Instrument ranks third in the Chinese optical communication testing instrument market in 2024, being the only domestic company among the top five [3]. - The company holds the first market share in the 2024 Chinese silicon carbide power device wafer-level aging system market [3]. Group 5: Customer Base and Global Expansion - Lianxun Instrument has established a customer base in the optical communication sector, covering major players such as Zhongji Xuchuang and Broadcom [4]. - The company has also expanded its global footprint through subsidiaries in Japan, Singapore, and Malaysia, increasing its overseas revenue share from 13.54% in 2022 to 20.23% in early 2025 [4]. Group 6: Fundraising Plans - The company plans to use the 1.954 billion yuan raised for six main projects, including the development of next-generation optical communication testing equipment and automotive chip testing equipment [5].

Group 1: Financial Performance - The company achieved a revenue of 7.629 billion CNY, representing a 45% year-on-year growth [5] - The net profit attributable to the parent company was 911 million CNY, also reflecting a 45% increase [5] - R&D investment reached 461 million CNY, marking a 19% increase compared to the previous period [5] Group 2: Business Segments - The perception business generated a revenue of 2.154 billion CNY, with a 17% year-on-year growth; sensor business revenue was 1.942 billion CNY [6] - The optical connection business saw a revenue of 3.744 billion CNY, a significant 124% increase [6] - The laser + intelligent manufacturing segment achieved a revenue of 1.676 billion CNY, with notable growth in high-power laser equipment [7] Group 3: Market Expansion and Strategy - The company is focusing on the new energy vehicle and shipbuilding industries, enhancing its global operations and international business base [5] - The domestic demand for optical modules is expected to grow, transitioning from 400G to 800G products [8] - The overseas market for optical connection business is expanding, with a 50% increase in orders in the first half of the year [9] Group 4: Technological Advancements - The company has made significant progress in silicon photonics technology, with applications in 400G optical modules and plans for 800G and 1.6T modules [10] - The pressure sensor business has seen substantial growth, with a focus on domestic and international automotive markets [14] - The laser precision micro-nano business is targeting 3D printing and green agriculture, with plans for commercial applications of intelligent laser weeding robots [16][17]

Group 1 - The global AI boom continues to drive rapid growth in the telecommunications and communication equipment industry, with AI server revenue growing over 60% year-on-year [1] - The GB200 series products have achieved mass production, and revenue from 800G high-speed switches is expected to increase nearly threefold compared to 2024, confirming the high demand for computing infrastructure [1] - The optical communication sector is performing well, with 400G and 800G optical modules achieving large-scale delivery, and the 1.6T product layout leading the market, while CPO solutions are driving the demand for liquid cooling [1] Group 2 - Domestic optical communication companies have seen rapid growth in performance, with Huagong Technology's connection business revenue increasing by 124% year-on-year, and Taicheng Light's dual layout in MPO and CPO fields [1] - The three major telecom operators are expected to see stable performance in the first half of 2025, with capital expenditure as a percentage of revenue continuing to decline and dividend ratios increasing [1] - The telecommunications industry overall is exhibiting a high prosperity trend, with outstanding performance in optical modules, IDC, and equipment manufacturers [1] Group 3 - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can have a daily fluctuation of up to 20% [1] - This index selects listed companies involved in artificial intelligence technologies such as machine learning and natural language processing from the ChiNext market to reflect the overall performance of AI-related enterprises and highlight technological innovation and growth characteristics [1]

证券研究报告 | 2025年08月17日 公司产能国际化，布局 LPO 光模块和 AEC 技术。公司持续推进全球化布局， 在海外构建生产基地降低关税贸易风险。公司前瞻布局 1.6T LPO、1.6T LRO 产品，以及 1.6T 3nm DSP 方案，行业首推 3.2T CPO 解决方案。公司后续有 望受益于硅光渗透以及高速率光模块放量，实现业绩高速增长。同时，公司 也在 1.6T ACC/AEC 正在美国 OTT 测试并准备小批量出货，后续有望放量。 毛利率小幅波动，费用管控良好。2025H1 公司毛利率 20.24%，同比下降 3.4pct，主要受公司产品结构变化影响；2025Q2 公司毛利率 20.0%，随着后 续高速光模块逐步放量，公司毛利率有望改善。公司费用管控良好，2025H1 销 售 费 用 率 / 管 理 费 用 率 / 研 发 费 用 率 同 比 分 别 变 化 -1.70pct/-0.81pct/-1.4pct 至 3.21%/1.79%/5.3%。 风险提示：AI 发展不及预期、技术创新发展不及预期、行业竞争加剧。 投资建议：受益 AI 发展高速光模块批量交付，小幅上调盈利预测，预计公 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][66]. Core Insights - The communication industry is experiencing robust growth driven by AI infrastructure and high demand for related products, particularly in the optical communication and AI server sectors [4][66]. - Major domestic optical communication companies are seeing rapid revenue growth, with significant contributions from high-speed optical modules [2][31]. - The three major telecom operators are showing stable performance with increasing dividends, indicating a solid investment opportunity [4][42]. Summary by Sections Industry News Tracking - Industrial Fulian reported a revenue of 360.76 billion yuan in H1 2025, a year-on-year increase of 35.58%, with net profit rising by 38.61% [13]. - Lumentum's cloud computing and networking business grew by 66.5%, with Q4 revenue reaching $480.7 million, up 55.9% year-on-year [21][22]. - AVC's revenue for H1 2025 was 52.927 billion New Taiwan dollars, a 66.48% increase, driven by strong demand for AI server cooling and chassis products [25]. Domestic Optical Communication Companies - Huagong Technology's revenue in H1 2025 was 7.629 billion yuan, up 44.66%, with net profit increasing by 44.87% [31]. - Taicheng Technology achieved a revenue of 828 million yuan in H1 2025, a 62.49% increase, with net profit rising by 118.02% [36][37]. Telecom Operators Performance - China Mobile reported a revenue of 543.8 billion yuan, a slight decrease of 0.5%, but net profit increased by 5.0% [48]. - China Telecom's revenue grew by 1.3% to 269.4 billion yuan, with net profit increasing by 5.5% [48]. - China Unicom's revenue reached 200.2 billion yuan, up 1.5%, with net profit growing by 5.1% [48]. Market Performance Review - The communication sector index rose by 7.66%, outperforming the Shanghai and Shenzhen 300 index, which increased by 2.37% [3][62]. - The optical module and device sectors showed strong performance, with significant gains in stock prices [63]. Investment Recommendations - The report suggests focusing on AI computing infrastructure, particularly in optical communication and domestic computing sectors [4][66]. - Long-term investment in the three major telecom operators is recommended due to their stable operations and increasing dividend payouts [4][66].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][26]. Core Views - The company reported a revenue of 7.629 billion yuan for the first half of 2025, representing a year-on-year growth of 44.66%, with a net profit attributable to shareholders of 911 million yuan, also up 44.87% year-on-year [1][9]. - The rapid growth in the company's connectivity business, which generated 3.744 billion yuan in revenue, saw a significant increase of 124% year-on-year, driven by the surge in computing power demand from domestic internet and equipment manufacturers [2][11]. - The company is actively expanding its international production capacity and is well-positioned to benefit from the increasing demand for high-speed optical modules and silicon photonics technology [3][19]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 4.274 billion yuan, marking a 41.04% increase year-on-year, and a net profit of 501 million yuan, which is a 49.62% increase year-on-year [1][9]. - The gross margin for the first half of 2025 was 20.24%, a slight decrease of 3.4 percentage points year-on-year, primarily due to changes in product mix [3][19]. Business Segments - The connectivity business is the largest segment, with a revenue of 3.744 billion yuan in H1 2025, driven by the successful delivery of 400G and 800G optical modules [2][11]. - The sensing business generated 2.154 billion yuan in revenue, a 16.8% increase, benefiting from the growth in the electric vehicle market [2][11]. - The intelligent manufacturing segment saw a slight decline in revenue, down 3% year-on-year, but orders from the commercial aviation sector increased by 220% [2][16]. Future Outlook - The company has adjusted its profit forecasts upwards, expecting net profits of 1.914 billion yuan, 2.435 billion yuan, and 2.964 billion yuan for 2025, 2026, and 2027 respectively [4][26]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 27, 21, and 18 for the years 2025, 2026, and 2027 [4][26].

Financial Performance - In the first half of 2025, the company's revenue reached 7,629,000,199.83 yuan, representing a year-on-year increase of 44.66% [3][4] - The net profit attributable to shareholders was 911,149,825.31 yuan, up 44.87% compared to the same period last year [3][4] - The net profit after deducting non-recurring gains and losses was 729,341,768.14 yuan, reflecting a growth of 43.01% year-on-year [3][4] - The basic and diluted earnings per share were both 0.91 yuan, an increase of 44.44% [4] Asset and Equity Position - As of the end of the first half, total assets amounted to 21,075,716,709.7 yuan, a growth of 1.21% year-on-year [3][4] - The net assets attributable to shareholders were 10,495,062,539.76 yuan, showing a year-on-year increase of 3.12% [3][4] Business Segments - The intelligent manufacturing segment generated revenue of 1.676 billion yuan, with a significant focus on the new energy and intelligent manufacturing sectors [4] - Orders from the new energy vehicle sector grew by 43%, driven by the expansion of application scenarios [4] - The shipbuilding industry saw a 26% increase in orders, aided by innovative products and automation solutions [4] - The commercial aviation sector experienced a remarkable 220% growth in orders, attributed to self-developed high-end equipment [4] - The rail transit industry achieved a 67% increase in orders, focusing on the intelligent upgrade of traditional industries [4] Connectivity Business - The connectivity segment reported revenue of 3.744 billion yuan, a substantial increase of 124% [5] - The growth was primarily driven by opportunities in the AI application market and the large-scale delivery of 400G and 800G optical modules [5] - The company launched several industry-leading products, including the 1.6T LPO and 1.6T LRO, enhancing its competitive edge [5] Sensing Business - The sensing segment achieved total revenue of 2.154 billion yuan, with sensor sales contributing 1.942 billion yuan [6] - The company made significant strides in the new energy vehicle sector, securing multiple high-end automotive brand projects [6] - The pressure sensor business expanded its coverage and achieved substantial sales growth, with over 15 new projects launched in the first half of 2025 [6]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2][10]. Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 8.9 billion to 9.5 billion yuan, representing a year-on-year growth of 42.43% to 52.03% [5][6]. - The rapid growth in the company's connectivity business is driven by the increasing demand for high-speed optical modules due to the surge in computing power requirements from domestic internet and equipment manufacturers [6][7]. - The company is advancing its global strategy, with successful overseas expansion in response to the explosive growth in AI demand, including the mass production of self-developed 800G silicon photonic modules [7][10]. - The company has achieved a breakthrough in 3D printing, focusing on metal additive manufacturing equipment, and is expanding into various fields such as 3C electronics and automotive electronics [8][9]. Summary by Sections Financial Performance - The company forecasts revenues of 158.40 billion, 198.18 billion, and 234.40 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.76, 2.18, and 2.60 yuan [10][12]. Business Growth - The connectivity business is experiencing explosive growth, with significant revenue and profit increases driven by high-speed optical module demand [6][10]. - The sensing business is capitalizing on the rising penetration of electric vehicles and export growth, leading to an increase in market share [6]. - The smart manufacturing sector is benefiting from equipment upgrades in the electric vehicle and shipping industries, resulting in rapid order growth [6]. Global Strategy - The company is implementing a global strategy by establishing subsidiaries and industrial bases in countries like Vietnam, South Korea, and Hungary to mitigate international trade risks [7]. - The company is set to increase production capacity for 800G and above optical modules significantly in the coming months [7]. 3D Printing Expansion - The company has formed a joint venture to enhance its technological capabilities in 3D additive manufacturing, aiming to meet the market demand for high-precision metal components [8][9].