中际旭创(300308):Solid results despite supply chain constraints;expect for another strong year in 2025

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  MN

  27 Jan 2025

  CMB International Global Markets | Equity Research | Company Update

  Innolight (300308 CH)

  Solid results despite supply chain constraints;

  expect for another strong year in 2025

  Innolight released its FY24 prelim. results. The company expects NP to go up

  by 111.6%-166.9% to RMB4.6bn-5.8bn. Mid-point value of RMB5.2bn implies

  139.2% YoY growth and is largely in-line with consensus and our estimate

  (3.2%/1.4% below, respectively). We continue to view Innolight as a key

  domestic beneficiary amid the ongoing AI infra. investment cycle driven by

  resilient demand for more computing power globally. Recent additional AI

  spending developments (i.e., $60-65bn from Meta, $12bn from ByteDance, and

  up to $500bn Stargate project) show intensifying capex in AI. We also believe

  the recent fear of CPO solution becoming mains