招银国际：中际旭创（300308）-Strongerinto2026on1.6TrampandSiPhmix

中际旭创(300308) InnolightdeliveredstrongFY25earnings,withrevenueup60%YoYtoRMB38.2bn,inlinewithourestimateandBloombergconsensus,whilenetprofitrose109%YoYtoRMB10.8bn,1.4%belowourforecastbutbroadlyinlinewithconsensus.GPMimprovedsharplyto42.6%from34.7%inFY24,drivenbycontinuedstrengthinhigh-speedopticalmoduleshipmentsandhigherSiPhmix.Momentumacceleratedfurtherin4Q25,withrevenueup102%YoYand30%QoQ,whileGPMexpandedto44.5%from42.8%in3Q25.WecontinuetoviewInnolightasakeydomesticAIbeneficiary,supportedbyimprov