Investment Rating - Buy rating maintained for the company [1][4] Core Views - The company's performance shows significant year-on-year and quarter-on-quarter growth, driven by AI-related demand expansion [2][3] - AI-driven demand for computing power hardware is boosting the company's revenue and profitability, with high-speed products contributing significantly [3] - The company's cost control and high-speed product offerings have led to a gross margin increase of 14.14 pcts YoY to 42.34% in the first three quarters of 2024 [3] - OpenAI's new model, o1-preview, has further boosted market confidence in AI capabilities, accelerating the demand for high-speed, low-power, and low-cost optical modules [3] - The company has a strong product portfolio, including 400G, 800G, and 1.6T high-speed optical modules, with LPO solutions offering advantages in power consumption and cost [3] Financial Performance - In Q3 2024, the company achieved revenue of 2.403 billion yuan, up 207.12% YoY and 48.79% QoQ, with net profit of 781 million yuan, up 453.07% YoY and 44.46% QoQ [2] - For the first three quarters of 2024, the company's revenue reached 5.130 billion yuan, up 145.82% YoY, with net profit of 1.646 billion yuan, up 283.20% YoY [2] - The company's gross margin for Q3 2024 was 41.53%, up 15.37 pcts YoY, while expense ratios continued to decline [3] - Revenue and net profit are expected to grow significantly from 2024 to 2026, with revenue projected at 6.909 billion, 12.064 billion, and 16.731 billion yuan, and net profit at 2.220 billion, 3.635 billion, and 5.059 billion yuan, respectively [4] Industry Trends - The demand for high-speed optical modules is accelerating due to the increasing need for AI computing power and faster data transmission [3] - The trend towards lower power consumption and cost in optical modules is becoming more prominent as the number of interconnected GPUs in clusters grows [3] Product Portfolio - The company offers a wide range of high-speed optical modules, including 400G, 800G, and 1.6T solutions based on VCSEL/EML, silicon photonics, and thin-film lithium niobate technologies [3] - LPO (Linear Pluggable Optics) solutions are highlighted for their advantages in power consumption and cost efficiency [3]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 3,311 | 3,098 | 8,345 | 19,365 | 25,359 | | (+/-)% | 13.8% | -6.4% | 169.4% | 132.1% | 30.9% | | 净利润（归母） | 904 | 688 | 2,553 | 5,457 | 6,360 | | (+/-)% | 36.5% | -23.8% | 270.9% | 113.7% | 16.5% | | 每股净收益（元） | 1.27 | 0.97 | 3.60 | 7.70 | 8.97 | | 净资产收益率 (%) | 18.7% | 12.6% | 3 ...

新易盛（300502.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 业绩超预期，高端产品加速放量助力实现高增长 2024 年 10 月 26 日 ➢ 事件：10 月 25 日，公司发布 2024 年三季报，前三季度实现营收 51.30 亿 元，同比增长 145.82%，实现归母净利润 16.46 亿元，同比增长 283.20%，实 现扣非归母净利润 16.44 亿元，同比增长 287.73%。从 24Q3 单季度来看，实 现营收 24.03 亿元，同比增长 207.12%，环比增长 48.79%，实现归母净利润 7.81 亿元，同比增长 453.07%，环比增长 44.46%，实现扣非归母净利润 7.79 亿元，同比增长 456.43%，环比增长 44.33%。 ➢ 高端光模块放量助力业绩高增，毛利率&净利率水平保持高位：AI 需求高企 提振高端数通光模块需求，24Q3 公司营收和归母净利润分别同比增长 207.12% 和 453.07%。业绩高增的同时，产品结构迎来持续优化，高端光模块出货占比的 提升助力公司毛利率和净利率水平持续保持高位。毛利率方面，24Q3 为 41. ...

证券研究报告 非金融公司|公司点评|新易盛（300502） 2024 年三季报点评： 紧抓 AI 机遇，业绩持续兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月25日 证券研究报告 |报告要点 公司发布 2024 年 Q3 业绩报告，公司前三季度实现营业收入 51.30 亿元，同比增长 145.82%； 归母净利润 16.46 亿元，同比增长 283.20%；受益 AI 发展，公司 800G 产品持续出货，预计泰 国工厂二期 2024 年 Q4 建成。公司光模块产品向 1.6T 持续升级，公司具备 400G LPO 光模块 量产能力。鉴于公司产品迭代升级及泰国工厂产能逐步释放，盈利能力有望提升，维持"买 入"评级。 |分析师及联系人 张宁 张建宇 SAC：S0590523120003 SAC：S0590524050003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月25日 新易盛(300502) 2024 年三季报点评： 紧抓 AI 机遇，业绩持续兑现 | --- | --- | --- | |---------- ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 24 年 月 日 新易盛（300502.SZ） Q3 全面超预期，持续看好 800G/1.6T 产品升级放量 事件：10 月 24 日晚，公司发布 2024 年三季报，单季度实现营收 24.03 亿元，同比增长 207.1%，环比 Q2 增长 54.4%。Q3 单季度实现归母净利 润 7.81 亿元，同比增长 453.1%，环比 Q2 增长 44.5%，再创历史新高。 Q3 业绩大超预期，凸显公司高质量经营成果。公司 Q3 单季度业绩继续 保持超高同环比增速，从利润率上看，Q3 单季度毛利率为 41.53%，同比 大幅度增长 15.37 个百分点，环比下降 2.23 个百分点，Q3 单季度净利率 为 32.5%，同比大幅度增长 14.45 个百分点，环比下降 0.98 个百分点， 公司 Q3 财务费用为-2396 万元，结合 Q3 人民币升值趋势，我们判断汇兑 可能对公司利润率造成一定影响，产品结构上依旧是加速 800G 及以上出 货的大趋势。公司期末存货为 30.3 亿元，进一步大幅度提升，体现对于在 手订单和预期订单的乐观判断。 800 ...

F原证券 通信/通信设备 公 司 研 究 新易盛（300502.SZ） 2024 年 10 月 24 日 业绩持续高增，AI 时代市场地位不断提升 ——公司信息更新报告 投资评级：买入（维持） 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 业绩实现大幅增长，维持"买入"评级 | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/24 | | 当前股价 ( 元 ) | 139.52 | | 一年最高最低 ( 元 ) | 160.20/29.98 | | 总市值 ( 亿元 ) | 988.93 | | 流通市值 ( 亿元 ) | 873.96 | | 总股本 ( 亿股 ) | 7.09 | | 流通股本 ( 亿股 ) | 6.26 | | 近 3 个月换手率 (%) | 267.4 | 2024 年 10 月 24 日公司发布 2024 年三季度报告，2024 前三季度公司实现营收 51.30 亿元，同比增长 145.82%，实现归母净利润 16.46 亿元，同比增长 283. ...

成都新易盛通信技术股份有限公司 2024 年第三季度报告 1 证券代码：300502 证券简称：新易盛 公告编号：2024-069 成都新易盛通信技术股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 成都新易盛通信技术股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-------------------------------------------|------------------|-------------------------|------------ ...

Investment Rating - The report initiates coverage on Xinsheng (300502) with a "Recommend" rating [1] Core Views - Xinsheng is a leading provider of optical module solutions, specializing in the R&D, manufacturing, and sales of optical modules since its establishment in 2008 [1] - The company has successfully delivered high-speed optical modules such as 100G, 200G, 400G, and 800G, and has established strong relationships with global communication equipment manufacturers and internet companies, with overseas revenue accounting for 83.8% in 2023 [1] - Xinsheng has released 800G and 1.6T high-speed products, with its 800G optical module achieving a power consumption of only 11.2W, setting a new industry standard [1] - The company is deeply involved in LPO (Linear-drive Pluggable Optics) technology and has showcased 800G LPO modules, which are expected to be widely used in short-distance interconnection scenarios [1] - Xinsheng's profitability is industry-leading, with a focus on high-margin products and continuous optimization of cost control and production processes [1] - The company is expanding its production capacity, with its Thailand factory expected to be fully operational by 2024, and plans to issue convertible bonds to fund the construction of new high-speed optical module production lines [1] Financial Projections - Revenue is projected to grow significantly, with 2024-2026 revenues estimated at 7.564 billion, 13.159 billion, and 17.184 billion yuan, representing year-on-year growth rates of 144.2%, 74.0%, and 30.6% respectively [1][8] - Net profit attributable to shareholders is expected to reach 2.099 billion, 3.521 billion, and 4.542 billion yuan in 2024-2026, with year-on-year growth rates of 205.0%, 67.7%, and 29.0% respectively [1][8] - The company's gross margin and net margin are expected to remain strong, with gross margins of 37.4%, 34.8%, and 34.0% projected for 2024-2026 [8] Industry Analysis - The demand for 400G/800G optical modules is driven by AI infrastructure construction, with major cloud providers like Amazon and Meta continuing to deploy 400G solutions [7] - The 800G optical module market is expected to see significant growth by 2025, driven by AI inference demand and the adoption of high-performance Ethernet in data centers [7] - LPO technology, which offers lower power consumption and cost advantages, is expected to be widely deployed in short-distance interconnection scenarios, particularly within data center racks [7] Company Development - Xinsheng has a clear equity structure, with Gao Guangrong and Huang Xiaolei as the actual controllers, holding 7.4% and 7.1% of the company's shares respectively [13] - The company has four major subsidiaries, including Alpine, which focuses on silicon photonics and coherent optical technology [13] - Xinsheng has a comprehensive product matrix, covering various communication network interfaces, transmission rates, and wavelengths, with applications in data broadband, telecommunications, data centers, and more [12][15] Market Performance - Xinsheng's revenue and net profit have shown strong growth, with revenue increasing from 760 million yuan in 2018 to 3.311 billion yuan in 2022, and net profit growing from 32 million yuan to 904 million yuan over the same period [17] - The company's gross margin has remained above 30% since 2019, reaching 43.0% in the first half of 2024, while the net margin has stabilized above 20% since 2020, reaching 31.7% in the first half of 2024 [18][19]

丨证券研究报告丨 公司研究丨点评报告丨新易盛（300502.SZ） [Table_Title] 高速产品出货加速，毛利率持续改善 | --- | --- | |------------------------------------------------------------------------------------------|-------| | | | | 400G/800G 产品出货加速，出货的产品结构大幅升级，存货及固定资产增长显著， | | | 反映扩产及备料力度提升，展望 24H2 高增长有望延续。 24Q2 公司毛利率持续改善，环比提 | | | 升或主要来自产品结构升级，以及公司的良率效率改善，费用端环比改善可观。光模块迭代加 | | | 速，公司持续布局新技术方案。 | | 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 新易盛（300502.SZ） 相关研究 2023-10-22 [Table_Title2] 高速产品出货加速，毛利率持续 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_Title] 新易盛（300502）2024年中报点评 24H1行业景气度持续提升，带动高速率 产品需求快速增长 2024 年 09 月 19 日 [【投资要点】 Table_Summary] 2024 年上半年公司实现营业收入 27.28 亿元，同比增长 109.07%，归 母净利润 8.65 亿元，同比增长 200.02%，主要是受益于行业景气度持 续提升，带动高速率产品需求快速增长。上半年公司综合毛利率 43.04%，同比增长 13.63%，盈利能力的提升，一方面是公司固有产品 结构、技术方案、工艺流程等成本管控的优势，也持续通过多种方式 优化成本管控能力，一方面光模块随着新技术、新产品的持续迭代和 上量，公司高速率产品的销售占比持续提升。上半年公司销售费用率、 管理费用率、研发费用率分别为 1.45%、2.48%、4.75%，销售费用率 同比增长主要是持续开拓市场导致，研发费用率同比增长主要是人员 薪酬及股份支付费用增加。上半年公司经营产生的净现金流为-2.91 亿元，去年同期为 4.83 亿 ...