中际旭创--第二季度业绩后更新；利润率改善。买入

8 September 2025 | 12:11PM CST Innolight (300308.SZ): Update post 2Q result; reflecting better margins. Buy Margin expansion will be a key driver of earnings growth, in our view, driven by cost reduction on the back of SiPho expansion and production yield improvements, which has already contributed to a strong margin increase in 2Q25. We reflect 2Q results and update our margin estimates for 2025-27E. We maintain Buy on Innolight. In 2Q25 results, gross margin at 41.5% came above our pre-print estimate at 3 ...