证券研究报告 | 公司点评 gszqdatemark 2025 01 21 年 月 日 新易盛（300502.SZ） Q4 继续全面超预期，2025 迎接 800G、1.6T 及新品放量 事件：公司发布 2024 年度业绩预告，预计实现盈利 28-30.5 亿元，同比 增长 306.8%-343.1%。单 Q4 季度实现归母净利润 11.5-14 亿元，同比增 长 345.6%-442.1%，环比 Q3 增长 47.9%-80%。公司业绩增长主要受益 于算力投资持续增长，高速产品需求快速提升。报告期内，利息收入和汇 兑对公司利润产生了正贡献。 Q4 继续全面超预期，AI 驱动高速光模块放量。公司单 Q4 季度业绩再次 创下历史新高，全面超市场预期，我们预计主要是市场蛋糕变大，公司产 品需求提升所致。我们预计公司 Q4 利润水平与前三季度基本一致，考虑 到 Q4 汇率走势，预计汇率对公司单业绩起到正面影响。从产品结构上， 预计 800G 收入占比有望进一步提升，但 2024 年全年依旧以 400G 为主， 公司一如既往高质量高效率经营，是业绩超预期的重要保障。 2025 年速率全面升级，800G 和 1.6T ...

证券代码： 300502 证券简称： 新易盛 公告编号： 2025-001 本期业绩预告相关的财务数据未经注册会计师审计。 三、业绩变动原因说明 成都新易盛通信技术股份有限公司 2024 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024 年 1 月 1 日—2024 年 12 月 31 日 2、预计的业绩：□扭亏为盈 ■同向上升 □同向下降 3、业绩预告情况表： | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：280,000 万元–305,000 万元 | 万元 盈利：68,836.11 | | | 比上年同期增长：306.76%-343.08% | | | 扣除非经常性损 | 盈利 279,100 万元-304,100 万元 | 盈利：67,763.92 万元 | | 益后的净利润 | 比上年同期增长：311.87%-348.76% | | 二、业绩预告预审计情况 1、报告期内公司受益于算力投资持续增长，高速率产品需求 ...

旭创新易盛最新变化更新和重大推荐 20250113 我们发现海外企业家的投资力度比预期更大，不仅在 2025 年不会结束，而是刚 刚开始进入猛投阶段。这种趋势表明未来几年内会有更多资金投入相关领域。 • 海外 GPU 芯片供应紧张，英伟达等公司产品需求旺盛，带动相关公司如国 通集成和新易盛发展。 • 海外企业投资力度超出预期，未来几年将持续加大对相关领域的资金投入。 • 全球 IDC 开支达 3,000 亿人民币，国内 IDC 开支约 500 亿，电气系统成本 占比达 50%，冷却和 UPS 分别占 25%和 18%。 • GPU 服务器成本高昂，H100 服务器造价约 800 万人民币，高功率 GPU 服务 器如 NVL72 液冷 CTO 造价高达 2,400 万人民币。 • PSU 市场规模达 160 亿元，麦格米特占据 20%市场份额；数据中心供电方 式正从交流向高压直流转型，UPS 和 HTC 市场竞争激烈。 • 数据中心机柜功耗和密度显著提升，导致租金上涨，但相关企业因能效提 升和容量增加而利润率提高。 • 液冷系统市场前景广阔，冷板式液冷技术在海外应用广泛，国内市场则以 单一供应商模式为主，存在发 ...

天顺股份（002800.SZ）表示，实际控制人王普宇因涉嫌信息披露违法违规及违反限制性规定转让证 券，于12月20日收到《立案告知书》 其中，新易盛实控人高光荣上一次减持要追溯至2023年3月17日至2023年7月21日，其通过集中竞价交易 方式累计减持公司股份822.35万股，占公司现总股本比例1.23%。 2022年12月和2023年9月，天顺股份控股股东还一度筹划协议转让部分股权和公司控制权，不过均随后 终止。 界面新闻记者注意到，2024年，针对上市公司实际控制人以及董监高相关违规减持的监管与处罚明显增 加。2024年4月30日，证监会对中核钛白（002145.SZ）实际控制人王泽龙违反限制性规定转让股票及信 披违法行为作出行政处罚，对包括王泽龙、洪浩炜、中信中证资本、中信证券、海通证券、韩雨辰在内 的当事方合计被没收违法所得7753.2万元，并合计处以罚款1.55亿元。 新易盛（300502.SZ）公告，公司控股股东、实际控制人、董事长高光荣因"涉嫌违反限制性规定转让股 票"等行为被证监会立案调查。该事项现处于调查阶段，具体情况尚待有关部门的最终确认。 界面新闻记者注意到，近期以来，新易盛和天顺股份 ...

证券时报e公司讯，新易盛(300502)12月22日晚间公告，公司于近日收到公司控股股东、实际控制人、 董事长高光荣的通知，高光荣于12月20日收到中国证券监督管理委员会签发的《立案通知书》，高光 荣"涉嫌违反限制性规定转让股票"等行为被立案调查。 ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Viewpoints - The company's performance continues to grow rapidly, with significant increases in both revenue and net profit driven by AI-related business [4] - The company is expected to maintain its leading position in the optical module industry, with stable growth in business revenue and further expansion of growth space [5] - The company's 2024-2026 revenue is forecasted to be 75.17 billion, 142.27 billion, and 184.82 billion yuan, respectively, with net profit attributable to the parent company expected to be 2.40 billion, 4.55 billion, and 5.88 billion yuan [5] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 51.30 billion yuan, a year-on-year increase of 145.82%, and net profit attributable to the parent company of 16.46 billion yuan, a year-on-year increase of 283.20% [4] - The gross profit margin for the first three quarters of 2024 was 42.34%, an increase of 14.14 percentage points year-on-year [4] - In Q3 2024, the company's revenue was 24.03 billion yuan, a year-on-year increase of 207.12%, and net profit attributable to the parent company was 7.81 billion yuan, a year-on-year increase of 453.07% [4] Valuation and Forecast - The company's 2025 dynamic PE range is estimated to be 28-30X, with a reasonable value range of 179.76-192.60 yuan [5] - The company's EPS for 2024-2026 is forecasted to be 3.39, 6.42, and 8.29 yuan, respectively [5] - The company's gross profit margin is expected to be 44.8%, 43.9%, and 42.9% for 2024-2026, respectively [7] Industry Comparison - The average PE ratio for comparable companies in 2024 and 2025 is 40X and 25X, respectively [8] - The company's valuation is supported by its strong performance and leading position in the optical module industry [5] Financial Ratios and Efficiency - The company's net profit margin is expected to be 31.9%, 32.0%, and 31.8% for 2024-2026, respectively [9] - The company's asset turnover ratio is forecasted to be 0.93, 1.11, and 0.96 for 2024-2026, respectively [10] - The company's inventory turnover days are expected to decrease from 204.83 days in 2023 to 157.29 days in 2024 [10]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1] Core Viewpoints - The company's Q3 2024 performance exceeded market expectations, driven by strong demand for 800G and LPO products [1] - Revenue for the first three quarters of 2024 reached 5.13 billion yuan, a year-on-year increase of 145.8%, with net profit attributable to shareholders of 1.65 billion yuan, up 283.2% year-on-year [1] - The company's 800G products have achieved mass production, and demand for LPO products is expected to grow significantly in 2025 [1] - The company is expanding production capacity in both Sichuan and Thailand, with the Thai factory's second phase expected to be completed in Q4 2024, supporting future growth [1] Financial Performance - Q3 2024 revenue was 2.4 billion yuan, up 207.1% year-on-year and 48.8% quarter-on-quarter, with net profit attributable to shareholders of 780 million yuan, up 453.1% year-on-year [1] - Gross margin for Q3 2024 was 41.5%, an increase of 15.3 percentage points year-on-year, driven by higher sales of high-speed products and economies of scale [3] - The company's inventory value increased by 35.3% quarter-on-quarter to 3.03 billion yuan, reflecting preparations for future production [1] Industry Outlook - The global AI cluster optical module market is expected to double in size in 2024 and continue to grow at a near-doubling rate in 2025, with demand from non-NVIDIA customers driving growth [1] - The company is well-positioned to benefit from the increasing demand for 800G and LPO products, with strong technical reserves in 1.6T technology [4] - The DCI optical module market is expected to grow rapidly due to the trend towards distributed training across multiple data centers and low-latency edge-cloud inference [1] Future Projections - The company's revenue is projected to grow from 7.12 billion yuan in 2024 to 16.82 billion yuan in 2026, with net profit expected to increase from 2.24 billion yuan in 2024 to 5.46 billion yuan in 2026 [6] - Gross margin is expected to remain stable at around 44-45% from 2025 onwards, reflecting the company's strong market position and efficient operations [6] - The company's ROE is forecasted to reach 38.1% in 2025, indicating strong profitability and efficient use of capital [6]

公司点评报告 · 通信行业 经营业绩快速增长，高速率产品出货量提升 2024年三季报业绩点评 核心观点 ● 2024 前三季度业绩高速增长,高速率光模块出货量提升:公司发布 2024 年三季报,报告期内公司实现营收 51.03亿元,同增 145.82%,实现归母净利 润 16.46 亿元,同增283.2%;实现毛利率 42.34%,同增 11.35pcts,实现净 利率 32.08%,同增9.86pcts。3Q24 单季度方面,公司实现营收 24.03亿元, 同增 207.12%,环增 48.79%,实现归母净利润 7.81 亿元,同增 453.07%, 环增 44.46%;实现毛利率 41.53%,同增 15.37pcts,环降 2.23pcts,实现净 利率 32.50%,同增 14.45pcts,环降 0.98pcts。公司营收质量提升主因为高 速率光模块产品占比显著提升,同时公司研发能力突出,高速率光模块、硅光 模块、相干光模块及800G LPO光模块获得较大突破及进展,预计随着公司高 速率光模块及光引擎在海外市场及大客户中认可度逐步提高,公司市占率有望 持续提升,赋能公司业绩延续2024年前三季度态 ...

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