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研報掘金丨東吳證券:中際旭創業績大超市場預期,維持“買入”評級

東吳證券研報指出,中際旭創預計2025H1實現歸母淨利潤36.0-44.0億元,同比+52.6%至86.6%,對應2025Q2實現歸母淨利潤20.2~28.2億元,中值24.2億,對應同比+80.4%,環比+54.4%。公司業績大超市場預期。2025年一二線雲廠商資本支出保持強勁態勢,企業及主權實體對AI算力的需求同樣顯現。在技術層面,GPU和ASIC的單卡迭代的同時,多卡互連的帶寬優化成爲關鍵瓶頸解決路徑,直接推動帶寬需求提升。預計2025年數據中心光模塊需求將進一步爆發。另外,Blackwell驅動新一輪增長,1.6T光模塊有望加速滲透。展望2025H2及後續,認爲在雲廠商持續迭代網絡架構的趨勢下,公司憑藉在硅光技術、供應鏈垂直整合及客戶服務方面的綜合優勢,有望在800G和1.6T的產業趨勢中深度受益。考慮到海外算力需求持續增長,網絡架構及公司公司產品繼續升級,維持“買入”評級。

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