证券代码： 300502 证券简称： 新易盛 公告编号： 2024-077 成都新易盛通信技术股份有限公司 2024 年第四次临时股东大会决议公告 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： （一） 会议召开情况 （1）现场会议：2024 年 11 月 12 日（星期二）下午 14:00。 （2）网络投票：2024 年 11 月 12 日（星期二）。 其中，通过深圳证券交易所交易系统进行网络投票的时间为2024年11月 12日9:15—9：25，9：30—11:30 和13:00—15:00；通过深圳证券交易所互 联网系统投票的具体时间为11月12日9:15-15:00期间的任意时间。 2、现场会议地点：中国(四川)自由贸易试验区成都市双流区黄甲街道物 联大道 510 号公司会议室 1、本次股东大会无增加、否决或变更议案的情况。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 3、会议召开方式：现场投票与网络投票相结合的形式 4、会议召集人：公司董事会 5、会议主持人：董事长高光荣先生 6、本次股东大会的召集、召开 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于成都新易盛通信技术股份有限公司 2024 年第四次临时股东大会的 法律意见书 国枫律股字[2024]A0547号 致：成都新易盛通信技术股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法 律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《成都新易盛通信技 术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表 ...

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]

证券代码： 300502 证券简称： 新易盛 公告编号： 2024-075 成都新易盛通信技术股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 1、成都新易盛通信技术股份有限公司（以下简称"公司"）本次注销公司 回购专用证券账户股份为公司 2021 年股份回购方案剩余的 4,200 股股份，占注 销前公司总股本的 0.0006%；本次回购股份注销手续完成后，公司总股本由 708,810,852 股变更为 708,806,652 股。 2、经中国登记结算有限责任公司深圳分公司审核确认，截至本公告披露日， 公司本次回购股份注销已办理完成。 根据《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关法律法规规定，现就公司本次回购股份注销完成的具 体情况公告如下： 一、 回购股份的基本情况 公司于 2021 年 5 月 18 日召开的第四届董事会第四次会议、第四届监事 会第四次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使用自 有资金以集中竞价交易方式回购公司股份用于实施 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong outlook based on its market position and growth potential [5]. Core Views - The company has experienced rapid growth in its operating performance, with a significant increase in the shipment of high-speed optical modules. For the first three quarters of 2024, the company reported revenue of 5.103 billion yuan, a year-on-year increase of 145.82%, and a net profit attributable to shareholders of 1.646 billion yuan, up 283.2% [1][2]. - The gross margin improved to 42.34%, an increase of 11.35 percentage points, while the net profit margin reached 32.08%, up 9.86 percentage points. In Q3 2024 alone, revenue was 2.403 billion yuan, reflecting a year-on-year growth of 207.12% and a quarter-on-quarter increase of 48.79% [1][2]. - The company's revenue quality has improved significantly due to the increased proportion of high-speed optical module products, supported by strong R&D capabilities and breakthroughs in various optical module technologies [1][2]. Financial Performance Summary - The company is projected to achieve revenues of 7.337 billion yuan, 15.135 billion yuan, and 20.563 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 136.87%, 106.28%, and 35.86% [2][4]. - The estimated earnings per share (EPS) for the same years are 3.50 yuan, 6.45 yuan, and 8.55 yuan, with corresponding price-to-earnings (PE) ratios of 37.32, 20.23, and 15.25 [2][4]. - The company has maintained strong cost control, with sales expenses remaining stable and a decrease in management and R&D expense ratios, which has helped maintain a high level of net profit [2]. Industry Outlook - The report highlights a positive industry trend, driven by the rapid growth in shipments of new AI chips from companies like NVIDIA, indicating a robust capital expenditure environment among overseas cloud vendors [2]. - The optical module market is expected to see significant growth, with predictions of a doubling in demand for AI-related optical modules in 2024, continuing into 2025-2026 [2]. - As a leading player in the optical module sector, the company is well-positioned to benefit from the increasing investments in AI by cloud computing firms, with expectations of maintaining and growing its market share [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical modules is rapidly increasing, leading to better-than-expected performance in the third quarter. The company reported a revenue of 5.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 145.82%. The net profit attributable to shareholders reached 1.646 billion yuan, up 283.20% year-on-year [1][2] - In the third quarter alone, the company achieved a revenue of 2.403 billion yuan, a year-on-year increase of 207.12% and a quarter-on-quarter increase of 48.79%. The net profit attributable to shareholders was 781 million yuan, reflecting a year-on-year growth of 453.07% and a quarter-on-quarter growth of 44.46% [1] Financial Performance Summary - For the first three quarters of 2024, the company benefited from the development of AI technology and increased computing power demand, which significantly boosted the demand for high-speed optical modules [1] - The company's gross margin for the third quarter was 41.53%, an increase of 15.37 percentage points year-on-year [1] - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, with a continuous increase in the sales proportion of high-speed optical module products, enhancing profitability [1] Earnings Forecast - The company is expected to achieve revenues of 7.631 billion yuan, 11.872 billion yuan, and 15.654 billion yuan for the years 2024, 2025, and 2026, respectively. The previous estimates were 6.644 billion yuan, 9.939 billion yuan, and 13.102 billion yuan [1][2] - The net profit attributable to shareholders is forecasted to be 2.339 billion yuan, 4.008 billion yuan, and 5.549 billion yuan for the years 2024, 2025, and 2026, respectively, with previous estimates being 2.045 billion yuan, 3.349 billion yuan, and 4.601 billion yuan [1][2] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 41.2, 24.1, and 17.4, respectively [2][3] - The company’s average market capitalization is approximately 101.11 billion yuan [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company, with an upgraded target price of 215.60 CNY, up from the previous 145.20 CNY [2][5]. Core Insights - The company's performance has exceeded market expectations, showcasing significant profitability. The demand for 400G and 800G products has surged, with material procurement and delivery capabilities in place [2][3]. - The forecast for net profit attributable to the parent company has been raised for 2024-2026 to 25.53 billion, 54.57 billion, and 63.60 billion CNY, respectively, corresponding to EPS of 3.60, 7.70, and 8.97 CNY [3][10]. Financial Summary - **Revenue**: - 2022A: 3,311 million CNY - 2023A: 3,098 million CNY - 2024E: 8,345 million CNY (up 169.4%) - 2025E: 19,365 million CNY (up 132.1%) - 2026E: 25,359 million CNY (up 30.9%) [1] - **Net Profit (attributable to parent)**: - 2022A: 904 million CNY - 2023A: 688 million CNY - 2024E: 2,553 million CNY (up 270.9%) - 2025E: 5,457 million CNY (up 113.7%) - 2026E: 6,360 million CNY (up 16.5%) [1] - **EPS**: - 2022A: 1.27 CNY - 2023A: 0.97 CNY - 2024E: 3.60 CNY - 2025E: 7.70 CNY - 2026E: 8.97 CNY [1] - **ROE**: - 2022A: 18.7% - 2023A: 12.6% - 2024E: 32.0% - 2025E: 42.4% - 2026E: 34.3% [1] - **PE Ratio**: - Current: 146.89 - 2024E: 39.60 - 2025E: 18.53 - 2026E: 15.90 [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 5.13 billion yuan, a year-on-year growth of 145.82%, and a net profit of 1.646 billion yuan, up 283.20% [1]. - The demand for high-end optical modules, driven by AI, has significantly boosted the company's performance, with a gross margin of 41.53% and a net margin of 32.50% in Q3 2024 [1]. - The company is strategically positioned in the optical module market, with a comprehensive product range and ongoing development in advanced fields such as silicon photonics [1]. Financial Performance Summary - Revenue for Q3 2024 was 2.403 billion yuan, reflecting a year-on-year increase of 207.12% and a quarter-on-quarter increase of 48.79% [1]. - The gross margin for Q3 2024 was 41.53%, showing a significant improvement of 15.37 percentage points compared to the same period last year [1]. - The net profit for Q3 2024 was 781 million yuan, marking a year-on-year increase of 453.07% and a quarter-on-quarter increase of 44.46% [1]. Future Outlook - The company is expected to benefit from the growing demand for high-end optical modules driven by AI, with projected net profits of 2.501 billion yuan, 4.306 billion yuan, and 5.374 billion yuan for 2024, 2025, and 2026, respectively [1][4]. - The company is actively expanding its product offerings in cutting-edge areas, including 800G and 1.6T optical modules, which are currently in production and testing phases [1].