招银国际：中际旭创（300308）-1Q26earnings:Brighterthanashootingstar

中际旭创(300308) Innolightdeliveredastandout1Q26,withrevenuejumping192%YoY/47.3%QoQtoRMB19.5bn(vs.BloombergconsensusofRMB15.4bn),andnetprofitsurging262%YoY/56.5%QoQtoRMB5.7bn(vs.RMB4.4bnconsensus),bothmarkingnewquarterlyhighs.Duringtheperiod,GPMexpandedfurtherto46.1%(vs.44.5%in4Q25),primarilyduetoimprovingmixandrisingSiPhopenetration.Mgmt.framedthestrongquarternotasaone-offoutperformancebutasareflectionofsustaineddemandstrengthandimprovedexecution,withrobustcapacityramp-up,includingThailand,andresil