研報掘金丨海通證券:中際旭創訂單穩步增長,予“優於大市”評級
海通證券研報指出,中際旭創(300308.SZ)前三季度歸母淨利潤37.53億元(同比+ 189.59%);Q3歸母淨利潤13.94億元(同比+104.40%,環比+3.34%)。公司業績增長主要受400G和800G等高端產品出貨量提升驅動,財務費用波動較大、引起利潤增長波動主要系本期匯率波動帶來匯兑損失增加所致。未來幾個季度公司備料充足,同時硅光出貨比例進一步提高,後續的交付能力有望進一步提升。2025年以太網800G需求旺盛,加上1.6T的逐步上量,行業總體需求進一步增長,公司在手訂單中2025年800G及1.6T需求維持強勁,公司將持續加大海內外產能擴張力度以滿足客户交付需求。參考可比公司估值以及公司行業龍頭地位,考慮公司是光模塊行業向800G升級的直接受益者,給予公司25年PE20-25x,對應合理價值區間173.20-216.50元,給予“優於大市”評級。
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