中际旭创：长期利好，从规模扩张到提质升级，目标价上调至 780 元，重申买入评级

Accessible version Zhongji Innolight (A) Long-term positives, from scale-out to scale-up: lift PO to CNY780, reiterate Buy Reiterate Rating: BUY | PO: 780.00 CNY | Price: 619.60 CNY Reiterate Buy; raise PO on strong long-term positives We lift Innolight's PO to CNY780 (30x 2H26-1H27E P/E) from CNY580 (30x 2026E P/E), after our 2-14% upward earnings revision to 2025-27E EPS and a valuation base rollover. Our positive view is backed by an extended earnings upcycle scenario, under: (1) stronger 800G/1.6T deman ...