中际旭创 Conference Call Key Points 0728 (Please Do Not Forward, Thank You)

English summary

1. The company states that next year's 1.6T prices are far higher than rumored. There is no vicious competition, and peers have not quoted such low prices; the rumors are seriously inconsistent with facts. Currently, demand is strong, raw materials are in shortage, and 1.6T delivery is scarce (not everyone can deliver). The number of manufacturers able to deliver this year and next is very limited. 2. US-listed peers and AI-related stocks have fallen, and the market is pessimistic about capex. From downstream CSP customer demand, the company sees that almost all customers have placed orders for 2026, and some have placed orders for 2027 (not guidance, but real orders specifying monthly volumes). There is no need to worry about 2027 being unclear; orders are very clear, and 800G 1.6T growth is substantial. Some customers have also provided guidance for 2028 (including new products such as 2.4T coherent lite, NPO, XPO, without disclosing specific customers or amounts). If major CSP customers were not optimistic about AI or capex sustainability, they would not provide specific 2028 guidance to the company. 3. Material preparations are sufficient, and shipments in H2 this year will improve significantly. ...