中际旭创(300308)

　　Innolight delivered yet another record-breaking quarter,with revenue rising+57%/+26%YoY/QoQ to RMB10.2bn.Gross margin expanded sharply by+9.2/+1.3ppt YoY/QoQ to42.8%,driven by strong leverage from800Gtransceiver shipments and broader uptake of SiPh-based solutions.Net profitsurged+125%YoY/+30%QoQ to RMB3.1bn,also a record high,with netmargin reaching30.7%(vs.29.7%in2Q25and21.4%in3Q24).ReiterateBUY,with TP raised to RMB591.

　　Strong800G shipments and rising SiPh adoption underpin record-high GPM.GPM expansion was mainly driven by a richer product mix,ledby sustained800G volume growth and the ramp of1.6T transceivers.Thebroader adoption of SiPh across both800G and1.6T product lines furtherlifted margins,given its inherently more favorable cost structure.Continuedyield improvement and higher production efficiency also contributed tomargin gains.Mgmt.expects800G momentum to remain solid,while1.6TSiPh transceivers are set to enter mass production in early-2026.

　　Raw material tightness manageable given market leadership.Mgmt.acknowledged ongoing tightness in key upstream opticalcomponents such as EML and CWL since2024,but noted the company’sleading position in the global optical transceiver market enables it to securesufficient material supply for production needs.The company hasproactively locked in long-term capacity with major suppliers to mitigatepotential disruptions.Mgmt.expects the current supply constraints togradually ease by1H26as upstream manufacturers expand productioncapacity.

　　Hyperscalers’expanding AI infrastructure capex reinforces near-to-term growth for the company.Major overseas hyperscalerscontinue to scale investment in AI infrastructure,providing a strong demandtailwind for Innolight.Google recently guided CY25E capex of US$91–93bn(vs.US$85bn previously),while Meta raised its CY25E target to US$70-72bn.Microsoft also reiterated that capex will continue to grow despiteearlier expectations of moderation.This sustained hyperscaler spendingmomentum will further support the company’s sales in the coming quarters.

　　Reiterate BUY,with TP raised to RMB591,based on28x2026E P/E,1SDabove5-year historical avg.P/E,justified by Innolight’s leadership in AIoptical transceivers market during this strong investment cycle.Our NPforecast for2026E is revised up by52%,reflecting higher revenueexpectations due to increasing capex.Key risks include lower-than-expected AI capex,geopolitical/tariff uncertainties,supply chain disruptionsand intensified competition,etc.

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