研報掘金丨羣益證券(香港):中際旭創上半年業績略超預期,維持“買進”建議
羣益證券(香港)研報指出,中際旭創上半年業績略超預期,1.6T光模塊將帶來新的增長動力。上半年業績增長主要得益於終端客戶對算力基礎設施的持續建設、資本開支強勁增長帶來800G等高端光模塊銷售的大幅增加,產品結構持續優化,帶動公司營業收入和淨利潤同比得到大幅提升。7月15日,英偉達官宣將恢復H20在中國的銷售,同時爲中國推出新的完全合規的GPU。英偉達稱,美國政府已經向英偉達保證授予許可,公司希望儘快開始交付,預計國內市場短期內將快速恢復採購,中際旭創等英偉達產業鏈公司有望受益,且市場較爲擔憂的關稅問題有望進一步緩解,目前公司海外營收佔比約88%,其中大部分出口美國相關大廠,伴隨貿易爭端緩解後公司業績有望穩定維持高增長。認爲未來公司技術儲備充足,有望在AI需求高企的時代維持行業龍頭地位。考慮到明年1.6T滲透率有望快速提升、AI算力需求持續火爆,維持“買進”建議。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.