证券研究报告 | 公司点评报告 2025 年 04 月 24 日 新易盛（300502.SZ） 25Q1 业绩增长再提速，高速产品需求强劲 TMT 及中小盘/通信 事件：25 年 4 月 22 日晚间，公司发布《2024 年年度报告》及《2025 年一季 度报告》，24 年公司实现营收 86.47 亿元（yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净利润 28.30 亿元（yoy+317.59%）；25Q1 公司实现营收 40.52 亿元（yoy+264.13%）、归母净利润 15.73 亿元 （yoy+384.54%）、扣非归母净利润 15.69 亿元（yoy+383.10%）。 ❑24 年业绩高速增长，25Q1 再创单季度新高。24 年公司实现营收 86.47 亿元 （yoy+179.15%）、归母净利润 28.38 亿元（yoy+312.26%）、扣非归母净 利润 28.30 亿元（yoy+317.59%），主要得益于算力投资持续增长，公司高 速率光模块产品需求快速提升所致。 25Q1 行业景气度持续延伸，800G 产品出货同环比持续提升。24Q4 公司实 ...

新易盛 2025042320250416 摘要 • 新易盛通过扩大生产规模、优化人员控制、提升生产效率以及优化产品结 构（更高速度产品占比增加）等多重手段，有效提升了盈利能力，同时在 原材料、人工成本及生产效率方面进行精细化成本控制。 • 尽管光模块行业面临年降压力，新易盛通过不断优化产品方案和工艺流程， 增强自身竞争力，以减轻价格下降对盈利能力的影响。同时，公司会根据 行业需求、市场变化和竞争环境灵活调整价格策略。 • 新易盛在泰国的运营进展顺利，一期项目已于 2023 年上半年投产，二期 项目于 2025 年 1 月全面运营，并持续扩产以满足未来需求，泰国工厂具 备充足的产能和人员储备。 • 新易盛通过精细化管理降低成本，并从产品设计源头控制成本，涵盖工艺 流程、设计方案、成本管控、人员效率及供应链管理等环节，以提高利润 率。 • 新易盛积极拓展境内外市场，与国内客户保持密切沟通，国内市场是公司 关注的重点，公司将积极参与并密切关注国内需求变化，以保持境内外市 场平衡。 800G 光模块产品占比情况如何？ 虽然没有具体统计数据，但 800G 光模块产品占比正在持续提升。这反映了整 个行业的发展节奏，各家客 ...

Investment Rating - The report maintains a "Buy" rating for Eoptolink, with a revised 12-month target price of Rmb123, indicating a potential upside of 51.5% from the current price of Rmb81.2 [9][17]. Core Insights - Eoptolink's revenue for 1Q25 reached Rmb4.05 billion, representing a 264% year-over-year increase and a 15% quarter-over-quarter increase, which aligns closely with Goldman Sachs' estimate of Rmb3.99 billion. The net profit of Rmb1.57 billion exceeded estimates by 11%, driven by strong margin expansion with a gross margin of 48.7% [1][2]. - The company is well-positioned to benefit from the ramp-up of 400G and 800G optical transceivers, particularly in AI infrastructure, which is expected to be a primary earnings driver in 2025 [15]. - Eoptolink's net profit has converged with that of its larger peer, Innolight, despite having a market capitalization that is only 65% of Innolight's, suggesting a potential narrowing of the valuation gap due to Eoptolink's strong profitability and growth momentum [1][12]. Summary by Sections Revenue and Profitability - Eoptolink's revenue growth has been robust, with sequential increases of 49%, 46%, and 15% quarter-over-quarter in 3Q24, 4Q24, and 1Q25, respectively. The company is expected to achieve a net profit of Rmb6.4 billion in 2025, reflecting a year-over-year growth of 126% [2][9]. - The gross margin has shown significant improvement, reaching 48.7% in 1Q25, which is well above peer levels, attributed to better cost efficiency and the ramp of 800G products [2][6]. Estimate Revisions - Revenue estimates for 2025-2027 have been revised upward by up to 10%, and net profit estimates have been increased by up to 40% due to the reversal of negative pricing impacts from tariffs and stronger-than-expected margin performance [8][9]. - The new revenue estimates for 2025E are Rmb17.12 billion, with a gross margin projected at 48.8% [10][17]. Market Position and Valuation - Eoptolink is trading near its historical trough level P/E, which is considered attractive given the expected growth and profitability [15]. - The report highlights that the stock's valuation is set in line with the company's trough level P/E during 2021-2025, reflecting uncertainties in the tariff and demand outlook [9][15].

通信/通信设备 新易盛（300502.SZ） 2025 年 04 月 23 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 91.33 | | 一年最高最低(元) | 160.20/65.64 | | 总市值(亿元) | 647.35 | | 流通市值(亿元) | 575.56 | | 总股本(亿股) | 7.09 | | 流通股本(亿股) | 6.30 | | 近 3 个月换手率(%) | 324.89 | 股价走势图 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 新易盛 沪深300 数据来源：聚源 相关研究报告 《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 》 -2024.10.24 《业绩符合预期，2024Q2 毛利率同比 环 比 提 升 — 公 司 信 息 更 新 报 告 》 -2024.8.29 《业绩大幅增长，高速光模块加速释 放—公司信息更新报告》-2024.7.15 业绩表现亮眼，光模块领军地位不断提升 ——公司信息更新 ...

长江商报消息 ●长江商报记者 沈右荣 AI时代来临，全球算力投资持续增长，数据中心建设如火如荼，新易盛（300502.SZ）从中受益，经营业绩高速增 长。 4月22日晚，新易盛披露2025年第一季度报告，公司实现营业收入40.52亿元，同比增长264.13%；归属于母公司股 东的净利润（简称"归母净利润"）15.73亿元，同比增长384.54%；扣除非经常性损益的净利润（简称"扣非净利 润"）15.69亿元，同比增长383.10%。 无论是营业收入，还是归母净利润，新易盛均表现为倍增。公司表示，受益于数据中心建设快速加快，公司销售 收入快速增长，带动归母净利润高速增长。 2024年，新易盛的营收、净利也为成倍增长。 或许是亮丽业绩刺激，二级市场上，4月23日，新易盛股价大涨12.48%，收报91.33元/股。 新易盛深耕全球市场，2024年，公司来自境外市场的收入占比为78.70%。 新易盛力图保持充足现金流，采取了谨慎分红策略。2024年，公司拟派发现金红利3.19亿元，分红率11.24%。 净利连续以3倍速度增长 市场需求旺盛，新易盛抓住了市场机遇，实现了经营业绩超高速增长。 行业分析人士认为，随着Cha ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 8.647 billion CNY, with a net profit attributable to shareholders of 2.838 billion CNY, representing a year-on-year growth of 179.15% and 312.26% respectively [2] - In Q1 2025, the company reported a revenue of 4.052 billion CNY and a net profit of 1.573 billion CNY, showing a year-on-year increase of 384.54% [2] Group 2: Market and Product Insights - The growth in revenue and profit is primarily driven by continuous investment in computing power and a strong demand for high-speed optical module products [2] - The company has seen a sustained increase in the shipment of 800G products in Q1 2025, both year-on-year and quarter-on-quarter [3] Group 3: Operational Developments - The first phase of the Thailand factory commenced operations in H1 2023, with the second phase officially starting in early 2025, currently in a phase of continuous capacity expansion [3] - The company is actively focusing on domestic market development, with a dedicated team for market expansion and customer service, achieving good progress in 2024 [3] Group 4: Future Outlook and Strategic Considerations - The company does not currently observe any weakening in computing power demand in overseas markets for the second half of the year based on existing market demand and order conditions [3] - The company remains focused on its core business and technological innovation, emphasizing long-term performance and stable returns to investors, with future considerations for dividends and share buybacks to be announced as per official communications [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 revenue of 4.05 billion yuan, a year-on-year increase of 264.1%, and a net profit attributable to shareholders of 1.57 billion yuan, up 384.5% year-on-year, indicating strong growth driven by the ramp-up of 800G products [1][2]. - The management team focuses on core technology and R&D, which is essential for the company's sustained high-quality operations. The company has a stable supply chain and efficient cost control, contributing to its long-term growth [2]. - Despite fluctuations in overseas demand due to macroeconomic factors, the technology direction remains clear, with expectations for significant deployment of 800G optical modules and the commercial launch of 1.6T optical modules this year [2]. Financial Summary - The company expects net profits for 2025-2027 to be 6.89 billion, 9.18 billion, and 12.02 billion yuan, corresponding to P/E ratios of 8.4, 6.3, and 4.8 times, respectively [3]. - Revenue projections for 2023A to 2027E are 3.098 billion, 8.647 billion, 19.426 billion, 25.547 billion, and 33.384 billion yuan, with growth rates of -6.4%, 179.1%, 124.7%, 31.5%, and 30.7% respectively [5][10]. - The latest diluted EPS for 2025 is projected at 9.72 yuan per share, with a net asset return rate of 45.2% [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a significant revenue increase of 179% year-on-year for 2024, reaching 8.6 billion RMB, with a net profit growth of 312% to 2.84 billion RMB, aligning with previous forecasts [1] - In Q1 2025, the company achieved a revenue of 4.1 billion RMB, marking a 264% year-on-year increase and a 15% quarter-on-quarter growth, with net profit soaring 385% year-on-year to 1.57 billion RMB [1] - The growth is primarily driven by the rapid demand for 400G and 800G optical modules, and the company is expected to benefit from the AI computing industry chain [1][4] Revenue Growth - The point-to-point optical module business generated 8.6 billion RMB in 2024, a 183% increase, with overseas revenue at 6.8 billion RMB (up 162%) and domestic revenue at 1.8 billion RMB (up 266%) [2] - The company anticipates continued high revenue growth due to increasing optical module demand and expanding customer base in 2025 [2] Profitability and Cost Management - The overall gross margin for 2024 was 45%, up 14 percentage points year-on-year, with Q1 2025 gross margin at 49%, a 0.5 percentage point increase quarter-on-quarter [3] - Effective cost control is evident with sales, management, and R&D expense ratios decreasing year-on-year in Q1 2025 [3] Future Opportunities - The company is positioned as a leading manufacturer of high-speed optical modules, with successful advancements in new products such as the 800G single-wave 200G optical module [4] - The completion of the second phase of the factory in Thailand is expected to mitigate potential tariff risks, and the gradual ramp-up of 800G and 1.6T products is anticipated to contribute to new growth points [4] Valuation and Price Target - The revenue assumptions for high-speed products have been revised upwards for 2025-2026, with target revenues set at 4.839 billion RMB for 2025 and 6.174 billion RMB for 2026 [5] - The target price is set at 128.76 RMB, based on a 19x PE ratio for 2025, reflecting a decrease from the previous 35x PE due to market concerns over tariffs [5]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 revenue of 4.05 billion yuan, a year-on-year increase of 264.1%, and a net profit attributable to shareholders of 1.57 billion yuan, up 384.5% year-on-year, indicating strong growth driven by the ramp-up of 800G products [1]. - The management team focuses on core technology and R&D, which is essential for the company's sustained high-quality operations. The company has a stable supply chain and efficient cost control, contributing to its long-term growth [2]. - Despite fluctuations in overseas demand due to macroeconomic factors, the technology direction remains clear, with expectations for significant deployment of 800G optical modules and the commercial launch of 1.6T optical modules this year [2]. Financial Summary - The company is projected to achieve net profits of 6.89 billion yuan, 9.18 billion yuan, and 12.02 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8.4, 6.3, and 4.8 [3][5]. - Revenue is expected to grow significantly, with projections of 19.43 billion yuan in 2025, 25.55 billion yuan in 2026, and 33.38 billion yuan in 2027, reflecting growth rates of 124.7%, 31.5%, and 30.7% respectively [5][10]. - The company's gross margin is expected to improve, reaching 47.5% in 2025 and maintaining around 48% in subsequent years, while net margin is projected to be 35.5% in 2025 [10].

Group 1 - The A-share market continued to show a narrow fluctuation trend, with the Shanghai Composite Index turning positive again, and major broad-based indices showing more gains than losses. Sectors such as automotive, machinery, telecommunications, electric equipment, and computers led the gains [1] - Recently, the cloud computing 50 ETF (516630) saw a significant increase, with its holdings including companies like Xinyi Technology, Zhongji Xuchuang, Aofei Data, and Runze Technology, which experienced notable price increases, particularly Xinyi Technology, which rose over 13% [1] - Xinyi Technology reported its 2024 annual report and 2025 Q1 report, achieving an operating income of 8.647 billion yuan in 2024, a year-on-year increase of 179.15%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year increase of 312.26%. For Q1 2025, the company reported an operating income of 4.052 billion yuan, a year-on-year increase of 264.13%, and a net profit of 1.573 billion yuan, a year-on-year increase of 384.54% [1] Group 2 - According to Lightcounting's forecast, the market size for 800G Ethernet optical modules is expected to exceed that of 400G by 2025. The rapid introduction of high-speed optical modules is projected to lead to a total market size exceeding 16 billion USD for 800G and 1.6T optical modules by 2029. Coherent predicts that 800G and 1.6T optical modules are likely to become mainstream products in the next five years [1] - Xinyi Technology's 1.6T optical module has completed all sample verifications and has entered the small-scale production phase, indicating the company's readiness to meet the growing demand for high-speed optical modules [1] - The cloud computing 50 ETF (516630) has a high AI computing power content, covering sectors such as optical modules & devices, computing leasing (IDC), data storage, servers, and liquid cooling. Additionally, the DeepSeek concept stocks account for 42.9% of the cloud computing index (930851) [2]