Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative return exceeding the benchmark index by over 10% in the next 12-18 months [5][9]. Core Insights - The company achieved a revenue of RMB 25.01 billion and a net profit attributable to shareholders of RMB 7.13 billion for Q1-Q3 2025, with Q3 alone contributing RMB 10.22 billion in revenue and RMB 3.14 billion in net profit [5][9]. - Business growth is primarily driven by increased sales of high-end optical modules, such as 800G, due to the growth in infrastructure and capital expenditures [5][9]. - The EPS forecast for 2025-2026 has been adjusted to RMB 10.08 and RMB 16.80, respectively, with a new EPS for 2027 set at RMB 21.09 [5][9]. - The target price is set at RMB 504.00, based on a PE ratio of 30X for 2026, reflecting the company's leadership position in the industry [5][9]. Financial Summary - For 2025 Q1-Q3, the gross profit margin (GPM) improved to 40.74% (YoY +7.42 percentage points), and the net profit margin (NPM) reached 30.27% (YoY +7.91 percentage points) [10]. - The company reported a Q3 GPM of 42.79% (YoY +9.16 percentage points, QoQ +1.30 percentage points) and an NPM of 32.57% (YoY +10.09 percentage points, QoQ +1.12 percentage points) [10]. - The expense ratios decreased with sales growth, with the sales expense ratio at 0.64% (YoY -0.14 percentage points), G&A expense ratio at 2.02% (YoY -0.70 percentage points), and R&D expense ratio at 3.78% (YoY -0.51 percentage points) [10]. Company Developments - The company has initiated preparations for a Hong Kong listing, which is expected to enhance its international strategy and global expansion, as well as improve overseas financing capabilities [11]. - The ongoing expansion in AI infrastructure is anticipated to further increase the demand for high-end optical modules [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 14.789 billion yuan, a year-on-year increase of 36.95%, while the net profit attributable to shareholders was 3.995 billion yuan, up 69.40% year-on-year [5] - The growth in revenue is primarily driven by increased capital expenditures from key downstream customers, with significant demand for 800G high-end optical modules and a shift towards 1.6T iterations [6] - The company's gross profit margin for optical module products reached 39.96%, an increase of approximately 5.31 percentage points compared to the end of 2024, and the overall net profit margin improved to 28.69% from 22.29% at the end of 2024 [7] Summary by Sections Company Overview - The latest closing price of the company's stock is 354.92 yuan, with a market capitalization of 392.364 billion yuan [2] Financial Performance - The company is expected to achieve revenues of 36.515 billion, 47.230 billion, and 56.536 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 8.069 billion, 11.268 billion, and 13.606 billion yuan [8][11] - The expected growth rates for revenue and net profit from 2025 to 2027 are 56.03%, 39.64%, and 20.75% respectively [8] Market Position - The company is positioned as a leading global manufacturer of optical modules, benefiting from the increasing capital expenditures of cloud service providers in North America and mainland China [8] - The ongoing expansion of production capacity, particularly in high-end optical modules, is expected to maintain the company's competitive advantage in the industry [6]

格隆汇8月28日｜开源证券研报指出，中际旭创2025H1实现归母净利润39.95亿元，同比增长69.40%， 2025Q2实现归母净利润24.12 亿元，同比增长78.80%，环比增长52.40%。2025年H1，公司销售毛利率 达39.33%，同比提升6.19pct，销售净利率为28.69%，同比提升6.40pct。从费用率上来看，2025年H1公 司销售费用率为0.68%，同比降低0.14pct，管理费用率为1.97%，同比降低0.87pct。整体来看，得益于 800G等高端产品出货比重的快速增加以及持续降本增效，公司营业收入、毛利率和净利润进一步得到 提升，同时公司重点客户进一步增加资本开支加大算力基础设施领域投资，800G等高端光模块需求显 著增长，并加速了光模块向1.6T及以上速率的技术迭代，公司未来成长空间广阔，因此上调原2025- 2027年盈利预测87.83、123.13、162.06亿元，维持"买入"评级。 ...