Investment Rating - The report gives a "Buy" investment rating for the company, with a target price of 112.7 RMB based on a 14x PE for 2025 [3]. Core Insights - The company has achieved significant revenue growth, with a 145.82% year-on-year increase in revenue to 5.13 billion RMB and a 283.20% increase in net profit to 1.65 billion RMB in the first three quarters of 2024 [1][14]. - The company is well-positioned in the optical module industry, focusing on high-margin products and expanding its market share, particularly in overseas markets [2][47]. - The company is actively investing in new technologies such as LPO (Linear Drive Pluggable Optical Module) and AEC (ASIC-Enabled Connectivity), which are expected to drive future growth [2][54]. Summary by Sections 1. Company Performance - The company has seen a substantial increase in revenue and net profit in 2024, with revenue reaching 51.30 billion RMB and net profit at 16.46 billion RMB [1][14]. - The gross margin for the company exceeded 40%, significantly higher than comparable companies, due to its self-processing of high-cost raw materials [1][21]. - The company’s overseas revenue share has increased to 79.56%, indicating strong demand from international clients [2]. 2. Industry Outlook - The optical module market is expected to grow significantly, with a projected market size of over 90 billion USD in 2024, driven by increasing demand from cloud service providers [39][45]. - The company is well-positioned to benefit from the rapid technological advancements in the optical module sector, particularly with the rise of AI and high-speed data transmission requirements [41][56]. - New technologies such as silicon photonics, CPO, and LPO are anticipated to dominate the market, with the company already making significant investments in these areas [48][54]. 3. Financial Projections - Revenue projections for 2024-2026 are 87.2 billion RMB, 182.4 billion RMB, and 255.1 billion RMB, respectively, with corresponding net profits of 29.0 billion RMB, 57.1 billion RMB, and 79.2 billion RMB [3][33]. - The company’s earnings per share (EPS) are expected to grow significantly, reaching 11.17 RMB by 2026 [3]. 4. Investment Plans - The company plans to raise up to 1.88 billion RMB through convertible bonds to fund high-speed optical module projects in Chengdu and Thailand [27][28]. - The investment will primarily focus on expanding production capacity and enhancing technological capabilities in the optical module sector [27].

证券代码： 300502 证券简称： 新易盛 公告编号： 2025-003 成都新易盛通信技术股份有限公司 关于公司控股股东、实际控制人收到中国证券监督管理委员会 《行政处罚决定书》的公告 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。 特别提示： 成都新易盛通信技术股份有限公司（以下简称"公司"）于2024年12月22日披露 了《关于公司控股股东、实际控制人被立案调查的公告》（公告编号：2024-078）， 因公司控股股东、实际控制人、董事长高光荣先生"涉嫌违反限制性规定转让股票" 等行为被中国证券监督管理委员会立案调查。 2025年1月17日，高光荣先生收到中国证券监督管理委员会出具的《行政处罚事 先告知书》（处罚字【2025】6号）。具体内容详见公司于2025年1月23日披露的《关 于公司控股股东、实际控制人收到中国证券监督管理委员会《行政处罚事先告知书》 的公告》（公告编号：2025-002）。 2025年2月17日，高光荣先生收到中国证券监督管理委员会出具的《行政处罚决 定书》（【2025】29号），现将相关内容公告如下： 一、《行政处罚决定书》的主 ...

证券代码： 300502 证券简称： 新易盛 公告编号： 2025-002 成都新易盛通信技术股份有限公司 关于公司控股股东、实际控制人收到中国证券监督管理委员会 《行政处罚事先告知书》的公告 高光荣先生： 高光荣涉嫌违反限制性规定转让股票一案，已由我会调查完毕，我会依法拟对 你作出行政处罚。现将我会拟对你作出行政处罚所根据的违法事实、理由、依据及 你享有的相关权利予以告知。 经查明，高光荣违法的事实如下： 建信信托有限责任公司-建信信托-金源家族信托单-信托2号（以下简称家族信 托2号）中金财富证券账户交易"新易盛"由高光荣实际决策。 2023年3月15日至4月11日，高光荣通过家族信托2号账户、高光荣华泰证券账户 合计转让占成都新易盛通信技术股份有限公司（以下简称新易盛或上市公司）总股 本1.42%的"新易盛"股票，其中，违反限制性规定转让比例0.42%，违法所得 9,498,554.64元。 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。 特别提示： 成都新易盛通信技术股份有限公司（以下简称"公司"）于2024年12月22日披露 了《关于公司控股股东、实 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong recommendation for investment based on its growth potential and market position [3][6]. Core Insights - The company is expected to achieve a net profit of 2.93 to 6.24 billion yuan in 2024, reflecting a year-on-year growth of 325.5% [3]. - The demand for high-speed optical modules, particularly 800G and 1.6T products, is anticipated to increase significantly, driven by the ongoing AI demand and the expansion of large-scale GPU clusters [2][3]. - The company has a robust management team focused on long-term value creation, emphasizing customer needs and core product technology development [2]. Financial Performance - The company forecasts a net profit of 28 to 30.5 billion yuan for 2024, representing a year-on-year increase of 306.8% to 343.1% [1]. - In Q4 alone, the expected net profit is projected to be between 11.5 to 14 billion yuan, marking a year-on-year growth of 345.6% to 442.1% [1]. - Revenue for 2024 is estimated at 88.4 billion yuan, with a growth rate of 185.4% compared to the previous year [5]. Product Development - The product mix is expected to shift from a focus on 400G to 800G as the primary product, with 1.6T and 400G as supplementary offerings [2]. - The company has been actively developing silicon photonics and related technologies, indicating a strong position in cutting-edge fields [2]. Market Position - The company is well-positioned in the overseas market with a rich customer base, making it one of the few long-term participants in the global computing power market [2]. - The report suggests that the industry is experiencing high demand and visibility, which will likely benefit the company's market share [3].

Financial Performance Expectations - The company expects net profit attributable to shareholders to be between 280 million and 305 million yuan, representing a year-on-year increase of 306.76% to 343.08%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 279.1 million and 304.1 million yuan, indicating a growth of 311.87% to 348.76% compared to the previous year[3] Factors Influencing Profit - The increase in sales revenue and net profit is attributed to the continuous growth in computing power investment and the rapid increase in demand for high-speed products[5] - Interest income and foreign exchange gains are expected to have a positive impact on the company's profit level during the reporting period[5] - The estimated impact of non-recurring gains and losses on net profit is approximately 9 million yuan[5] Financial Reporting and Caution - The financial data in the performance forecast has not been audited by a registered accountant[4] - The specific financial data for the 2024 fiscal year will be disclosed in detail in the company's annual report[6] - The performance forecast is based on preliminary calculations by the company's finance department[6] - Investors are advised to make cautious decisions and be aware of investment risks[6] - The performance forecast period is from January 1, 2024, to December 31, 2024[3]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **data center** and **GPU chip** industry, highlighting the current trends and challenges faced by companies in this sector [2][4][5]. Core Insights and Arguments - **GPU Chip Supply**: There is a significant shortage of GPU chips, particularly from companies like Nvidia, which is driving demand for related companies such as Guotong Integration and Xinyi Sheng [2][4]. - **Investment Trends**: Overseas investments are exceeding expectations, indicating a robust influx of capital into the sector over the next few years [3][4]. - **IDC Spending**: Global IDC spending is approximately **300 billion RMB**, with domestic spending around **50 billion RMB**. Electrical system costs account for **50%** of IDC spending, with cooling systems and UPS making up **25%** and **18%**, respectively [4][5]. - **High Costs of GPU Servers**: The cost of GPU servers is notably high, with the H100 server priced at around **8 million RMB** and high-power GPU servers like the NVL72 liquid-cooled CTO costing up to **24 million RMB** [4][6]. - **Power Supply Market**: The PSU market is valued at **16 billion RMB**, with Magpower holding a **20%** market share. The shift from AC to high-voltage DC power supply methods is intensifying competition in the UPS and HTC markets [4][7]. - **Data Center Power Consumption**: There has been a significant increase in power consumption and density in data center cabinets, leading to rising rental costs. However, companies are improving profit margins due to enhanced energy efficiency and increased capacity [10][11]. - **Liquid Cooling Systems**: The market for liquid cooling systems is promising, with cold plate liquid cooling technology widely adopted overseas. The domestic market primarily relies on single supplier models, presenting growth opportunities [4][13][14]. Additional Important Insights - **UPS and HTC Market Dynamics**: Major overseas players include Midea and Delta, while domestic representation is led by Zhongheng, which focuses on DC systems. The UPS market is expected to remain stable, while HTC technology will attract more leading manufacturers [8][18]. - **Diesel Generator Requirements**: Not all data centers are required to have diesel generators; only Class A data centers must comply with this regulation [9]. - **Competition in the ABC Industry**: The ABC industry is experiencing increased customization of GPU components, rising liquid cooling prices, and upgrades in power supply systems, which are reshaping competitive dynamics [15][16][17]. - **Challenges in the Power Equipment Market**: The market faces challenges such as the uncertainty of international trade, particularly due to US-China trade tensions, which have limited impact on the industry so far [18]. - **Xing Sheng Company Performance**: Xing Sheng has shown strong performance with a broad product line and effective cost control, leading to an expected profit of **5-6 billion RMB** this year and **8-9 billion RMB** next year [19][20]. - **ZTE Corporation's Position**: ZTE is performing well, with a focus on expanding its IC chip and IT product lines, which is expected to enhance profitability this year [21]. - **Future of Electronic IC Sector**: The electronic IC sector has a slower revenue release cycle, making it suitable for long-term investors despite its complexities [22].

Group 1: Company Overview and Investor Relations - The investor relations activity was conducted on January 10, 2025, at the company's conference room, attended by major funds and asset management firms [2] - Key personnel present included General Manager Mr. Huang Xiaolei, Deputy General Manager and Board Secretary Mr. Wang Cheng, and Chief Financial Officer Ms. Lin Xiaofeng [2] Group 2: Product Development and Market Trends - The company anticipates that CPO (Co-Packaged Optics) will not see applications in 800G, with 1.6T pluggable optical modules remaining the market mainstream [2] - The 800G product is expected to gain traction in the second half of 2024, becoming a significant part of the company's revenue in 2025 [2] - The company has established a strong technical foundation for both traditional EML and silicon photonics solutions for 800G and higher-speed products [2] Group 3: Supply Chain and Production Capacity - The company maintains long-term relationships with suppliers and has effectively managed inventory to avoid shortages of EML chips [3] - The company has a robust supply chain system in place, ensuring normal operations despite market demands [3] - The Thai factory's first phase was operational in the first half of 2023, with the second phase expected to be completed by the end of 2024 [3] Group 4: Future Outlook and Strategic Initiatives - The company is closely monitoring customer demand for optical modules in 2026, with a focus on application-level developments [3] - AEC (Application-Specific Integrated Circuit) products are highly customized and require extensive technical expertise for production [3] - The company is committed to continuous R&D investment and has been expanding its R&D capabilities through recruitment and training [4]

Core Viewpoint - The actual controllers of Tian Shun Co., Ltd. and Xin Yi Sheng Co., Ltd. are under investigation for violations related to stock transfer and information disclosure, which has raised regulatory scrutiny in 2024 [1][4][9]. Group 1: Company Investigations - Tian Shun's actual controller, Wang Pu Yu, received a notice of investigation on December 20 for suspected violations of information disclosure and transfer regulations [1]. - Xin Yi Sheng's actual controller, Gao Guang Rong, is also under investigation for similar violations, with the matter currently in the investigation stage [4]. - Both companies have stated that the investigations are related to personal stock transfer matters and will not impact their operations [10]. Group 2: Shareholding and Stock Transfer Plans - As of the end of Q3 2024, Tian Shun's controlling shareholder holds 65.856 million shares, accounting for 43.25% of the total shares, while Wang Pu Yu holds 6.2916 million shares, accounting for 4.13% [7]. - Xin Yi Sheng's actual controller, Gao Guang Rong, previously planned to reduce his holdings by up to 5 million shares but has not executed this plan [11]. - The last recorded reduction by Gao Guang Rong occurred between March 17 and July 21, 2023, where he reduced his holdings by 8.2235 million shares, representing 1.23% of the total share capital [1]. Group 3: Regulatory Environment - The regulatory environment for stock transfers by actual controllers and senior management has tightened significantly in 2024, with increased penalties for violations [3]. - Recent cases include penalties imposed on other companies and individuals for similar violations, indicating a broader trend of regulatory enforcement [8].

Group 1 - The core point of the article is that the chairman and actual controller of New Yi Sheng, Gao Guangrong, has been notified of an investigation by the China Securities Regulatory Commission for allegedly violating restrictions on stock transfers [1] Group 2 - Gao Guangrong received the notice of investigation on December 20, indicating that the regulatory body is taking action against potential misconduct [1]

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、基本情况 成都新易盛通信技术股份有限公司（以下简称"公司"）于近日收到公司控 股股东、实际控制人、董事长高光荣先生的通知，高光荣先生于 2024 年 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》，高光荣先生"涉嫌 违反限制性规定转让股票"等行为被立案调查。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。 证券代码：300502 证券简称：新易盛 公告编号：2024-078 成都新易盛通信技术股份有限公司 关于公司控股股东、实际控制人被立案调查的公告 二、对公司的影响及相关风险 特此公告。 成都新易盛通信技术股份有限公司 董事会 2024年12月22日 高光荣先生因其个人转让股票事宜被立案调查，与公司经营无关，不会对公 司产生影响，公司生产经营情况一切正常。公司将持续关注上述事项的进展情况， 并严格按照有关法律、法规的规定和要求，及时履行信息披露义务。敬请广大投 资者理性投资，注意投资风险。 ...