Goldman Sachs initiated coverage of Zhongji Xuchuang (03308.HK) H shares with a
buy rating and a HK$3,267 price target. It forecasts revenue CAGR of 78% in
2026-28, driven by silicon photonics (SiPh) optical module shipment growth and
the company expanding from scale-out into scale-up and scale-across markets.
Goldman’s net profit forecasts for 2026 and 2027 are 25% and 42% above
consensus, respectively. It expects gross margin to improve from 42% in 2025 to
50% in 2028 and projects net profit to post an 84% CAGR in 2026-28.
