300308.SZ Innolight: high-speed optics for AI interconnect

Snapshot

Price

CNY 450

Mkt cap

CNY 1100.0B

Revenue

CNY 24.0B

800G/1.6T momentum

1.5

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Zhongji Innolight AI clusters drive 800G/1.6T optics demand; a top datacom transceiver supplier—growth vs rich valuation hinges on share, GM, and next-gen ramps.

Business

Model: high-speed optical transceivers. Flagships: 800G; 400G; path to 1.6T. Edge: tech cadence, qualifications, capacity. Strategy: follow NVIDIA/hyperscaler interconnect roadmaps.

Value chain

Optical midstream; upstream lasers/DSP; downstream cloud/OEMs. Risks: chip supply; customer concentration; generation skips.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 450	300308.SZ · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

High-PE growth; extremely sensitive to AI CapEx and transceiver pricing.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Operations

Volume: units; price: speed-tier ASP; cost: yield and optical chip cost.

Key financials

Key financials

Item	Value	YoY	Note
定位	数通光模块龙头	全球前列	AI 主线
产品	800G 放量 / 1.6T 导入	高增	代际切换
利润	2025 净利跻身创业板前列量级	高增	年报榜单语境
客户	北美云为主	集中	订单能见度

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
中际旭创	数通龙头	高	速率与客户	估值贵
新易盛	高速模块	高	弹性大	客户重叠竞争
天孚通信	器件	高	配套	非整机模块
Coherent 等	海外	中高	品牌	中国厂商份额挤压

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
董事长/总经理	核心团队	长期深耕光通信	战略连续
CFO	财务负责人	在任	稳定
研发	技术负责人	迭代关键	1.6T 节奏

Stability: Deep optical bench; strategy tied to compute interconnect upgrades.

Outlook

Track 800G/1.6T shipments, GM, hyperscaler CapEx and inventory.

Scenarios

Risks

References

Issuer / key sources:

• https://www.zhongji.cn/
• https://wap.eastmoney.com/a/202606183776508166.html {#references}

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.