每经AI快讯，有投资者在投资者互动平台提问：公司在未来技术布局中，除了光模块业务，还涉及哪 些与AI相关的新兴领域？这些领域的布局对公司的整体发展战略有何重要意义？ （记者 曾健辉） 中际旭创（300308.SZ）9月14日在投资者互动平台表示，公司还布局了AEC产品和液冷相关产品。 ...

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]

Group 1 - The core viewpoint of the news is that Panjing Investment has conducted research on a listed company, Zhongji Xuchuang, indicating a significant expected growth in the demand for 800G and 1.6T optical modules in the coming years [1] - The demand for 800G optical modules is anticipated to increase substantially next year, with 1.6T demand expected to grow rapidly by 2026 [1] - There is an expectation of a price reduction for 800G modules, while the gross margin for 1.6T is projected to be higher than that of 800G [1] Group 2 - The company has sufficient production capacity currently, with plans for further expansion overseas, primarily relying on existing suppliers [1] - North American CSP customer demand is strong, and capital expenditures are expected to increase [1] - The Thai factory's production capacity has reached parity with domestic capabilities and is set to expand further [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In Q1 2025, the company achieved a revenue of 761 million yuan, representing a year-on-year growth of 64.66%, and a net profit attributable to shareholders of 76 million yuan, up 81.36% year-on-year [1] - The company plans to issue convertible bonds to raise up to 1 billion yuan, aimed at upgrading high-frequency and high-speed connection systems and enhancing liquidity [3] - The company is expected to benefit from the growing markets in new energy smart vehicles and AI computing power, with significant growth potential anticipated [3] - The robotics and AEC product lines are projected to open up substantial market opportunities, with ongoing product development and testing [4] Financial Summary - Revenue projections for 2025-2027 are 3.03 billion, 3.68 billion, and 4.42 billion yuan, with year-on-year growth rates of 25.5%, 21.4%, and 20.2% respectively [5] - Net profit forecasts for the same period are 256 million, 320 million, and 385 million yuan, with growth rates of 46.3%, 24.6%, and 20.5% respectively [5] - The company’s P/E ratios are projected to be 30, 24, and 20 for 2025, 2026, and 2027 respectively [5]