中际旭创(300308):2Q earnings reinforce AI infrastructure spend momentum

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  17 Jul 2025

  CMB International Global Markets | Equity Research | Company Update

  Innolight (300308 CH)

  2Q earnings reinforce AI infrastructure spend

  momentum

  Innolight announced 1H25 preliminary earnings. 1H25 NP is guided to be

  RMB3.6bn-RMB4.4bn, up 53%-87% YoY. 2Q NP alone is estimated to be

  RMB2.0bn-RMB2.8bn, up 50%-107% YoY/27%-78% QoQ. 2Q NP beat

  Bloomberg consensus of RMB1.9bn by 9%-52%. According to the company, the

  strong results were driven by 1) robust topline growth on sustained AI demand

  (report) and 2) margin increases due to a favorable product mix (higher

  contribution from 800G and silicon photonics products) and yield improvement.

  Reiterate BUY with TP raised to RMB225.

  ? Sequential revenue growth in recent quarters driven by robust AI

  infrastructure spend. Innolight's revenue grew by 38% YoY/2% QoQ in