[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 新易盛（300502）公司年报点评 2024年04月26日 [Table_InvestInfo] 投资评级 优于大市 维持 AI 驱动 24Q1 利润同环比大增 股票数据 [Table_Summary] 0[4Ta月b2le5_日S收to盘ck价（In元fo）] 79.16 投资要点： 52周股价波动（元） 29.98-87.87 总股本/流通A股（百万股） 710/618 总市值/流通市值（百万元） 56197/48891  事件：公司发布23年报和24年一季报。23年全年营收30.98亿元（-6.43%）， 相关研究 归母净利润6.88亿元（-23.82%），扣非归母净利润6.78亿元（-13.54%）， [《Ta业b绩le快_R报e发po布rt，In Qfo 4] 利润环比同比大增》 毛利率30.99%（-5.67pcts），部分产品根据市场情况进行调整导致毛利率水 平下降，电信市场业务受行业结构性调整需求减弱，23年整体营收承压。24Q1 2024.03.04 《深耕光模块业务，发力 800G 和 1.6T》 营收 11. ...

证券研究报告 公 2024年04月25日 司 报 告 新易盛(300502) │ 行 业： 通信/通信设备 公 投资评级： 买入（维持） 司 2023A&2024Q1 业绩点评： 当前价格： 79.38元 年 报 2024Q1 业绩高增，高速光模块研发进展显著 目标价格： 100.50元 点 事件： 评 基本数据 2024年4月22日，公司发布2023年年度报告和2024年一季度报告。2023 总股本/流通股本(百万股) 709.92/617.62 年公司实现营业收入30.98亿元，同比下降6.43%；归母净利润6.88亿元， 流通A股市值(百万元) 49,026.51 同比下降 23.82%；扣非归母净利润 6.78亿元，同比下降 13.54%。2024Q1 每股净资产(元) 8.17 公司实现营业收入11.13亿元，同比增长85.41%；归母净利润3.25亿元， 资产负债率(%) 21.17 同比增长200.96%；扣非归母净利润3.25亿元，同比增长206.69%。 一年内最高/最低(元) 87.87/29.98 ➢ 高速率光模块产品研发进展显著 公司高速率光模块、硅光模块、相干光模块、800G LPO ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 新易盛(300502)公司点评报告 2024年04月25日 [Table高_Ti速tle] 率产品占比提升，成本控制能力领先 [Table_Inves 买t] 入|上调 ——新易盛（300502）2023年及2024 年 Q1 报告点评 事[T件ab：le_ Summary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 4月22日，新易盛发布2023年及2024年Q1报告。2023年，公司实现营 52周最高/最低价（元）： 84.43 / 30.06 业收入30.98亿元，同比-6.43%；实现归母净利润6.88亿元，同比-23.82%。 A股流通股（百万股）： 617.62 其中，2023 年 Q4，公司实现营业收入 10.11 亿元，同比 12.78%，环比 A股总股本（百万股）： 709.92 29.17%；实现归母净利润2.59，同比83.35%，环比83.29%。2024年Q1， 流通市值（百万元）： 40237.80 公司实现营业收入11.13亿元，同比85.41%，环比10.12%；实现归 ...

证券研究报告|季报点评 2024年04月23日 新易盛（300502.SZ） Q1 业绩亮眼，AI 驱动 400G/800G 产品放量 事件：4 月 22 日晚，公司发布 2023 年度报告及 2024 年一季报。2023 年 买入（维持） 公司实现营收30.98亿，同比减少6.43%，归母净利润6.88亿元，同比减 股票信息 少23.82%，主要受到产品迭代周期波动影响。2024年一季度，公司实现收 入 11.13 亿元，同比增长 85.41%，实现归母净利润 3.25 亿元，同比增长 行业 通信设备 200.96%，业绩爆发态势明显。 前次评级 买入 4月22日收盘价(元) 65.15 Q1业绩亮眼，业绩有望逐级加速。公司2024Q1毛利率42%，同比提高近 总市值(百万元) 46,251.22 8 个百分点，环比提高 5.2 个百分点；净利率达 29.2%，同比提高 11.2 个 总股本(百万股) 709.92 百分点，环比提高3.6个百分点。Q1存货达到15.1亿，环比明显增长。我 其中自由流通股(%) 87.00 们判断公司利润率的大幅度提升，主要系 400G/800G 高速产品占比提升所 30日日 ...

新易盛20240423_智能速览 2024年04月24日12:35 关键词 泰国工厂 产能 毛利率 净利率 成本管控 新产品 供应链 出货量 LPO方案 LPU 400G 800G 1.6T 产品迭代 市 场需求 技术路线 职工薪酬 海外 硅光芯片 微光 全文摘要 泰国工厂的一期已经投产，二期建设中，公司产能持续上升。公司对今年市场情况充满信心，持续扩大 产能和交付能力。产品毛利率和净利率提升的原因是成本管控和新产品增长。供应链紧张问题暂时不存 在。新产品落地情况良好，未来有持续增长趋势。公司解释了存货增长是为了应对需求增长和备货需 求，并且整个存货结构没有大变化。现金流下降是因为采购原材料和设备投资增加。对于经销收入 和1.6T光模块的研发送量进展，公司表示会根据市场情况和客户需求进行调整，并且对于1.6T光模块的 研发送量进展，公司表示正在积极推进中。李总和王总介绍了LPO方案在技术和成本上的优势，并表示 未来有望替代传统方案。然而，他们也指出LPO方案仍需通过充分验证和成熟稳定来实现这一目标。对 于产品升级和报价问题，李总表示产品的报价会受到产品特点和市场因素的影响，而每一代产品都会进 行优化改进。公司 ...

股 票 研 究 [Table_industryInfo] 电信运营/信息技术 [ Table_Main[新ITnaf 易bol]e 盛_Ti(tl3e]0 0502) [评Tab级le_：Inv est] 增持 上次评级： 增持 盈利能力亮眼，高端产品占比加速提升 目标价格： 94.00 上次预测： 93.00 公 ——2023年报和2024 一季报点评 当前价格： 65.15 司 王彦龙(分析师) 黎明聪(分析师) 2024.04.23 更 010-83939775 0755-23976500 [交Ta易bl数e_M据a rket] 新 wangyanlong@gtjas.com limingcong@gtjas.com 证书编号 S0880519100003 S0880523080008 52周内股价区间（元） 30.06-84.43 报 总市值（百万元） 46,251 告 本报告导读： 总股本/流通A股（百万股） 710/618 流通 B股/H股（百万股） 0/0 上调盈利预测和目标价，维持增持评级；Q1业绩超预期，盈利能力亮眼；产能持续扩 流通股比例 87% 张，后续仍有催化。 日均成交量（百万股） ...

新易盛（300502.SZ）2023年年报及2024年一季报点评 一季度业绩超预期，毛利率提升显著 2024年04月24日 ➢ 事件：4月22日，公司发布2023年年报及2024年一季报。2023年全年 推荐 维持评级 实现营收30.98亿元，同比下降6.43%，实现归母净利润6.88亿元，同比下降 当前价格： 69.04元 23.82%，实现扣非归母净利润6.78亿元，同比下降13.54%。2024年一季度来 看，实现营收 11.13 亿元，同比增长 85.41%，环比增长 10.12%，实现归母净 利润 3.25 亿元，同比增长 200.96%，环比增长 25.40%。实现扣非归母净利润 3.25亿元，同比增长206.71%，环比增长28.04%。 [T able_Author] ➢ 部分产品价格调整&电信市场需求波动影响23年业绩，24Q1业绩提升显 著，毛利率提升幅度超预期：2023 年海外数通市场需求平稳，公司产品推进顺 利，但部分产品价格根据市场情况进行调整导致毛利率水平下降，同时电信市场 业务受行业结构性调整需求渐弱，因而导致 23 年公司营收和归母净利润分别同 比下降6.43%和23.82%。 ...

[Table_StockInfo] 买入 2024年 04月 23日 （维持） 证券研究报告•2023年报&2024一季报点评 当前价： 65.15元 新 易 盛（300502） 通信 目标价： ——元（6个月） 24Q1 业绩高增，高速率产品稳步放量 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ary布] 2023年年度报告&2024年一季度报告，2023年实现营收30.98 [分Ta析bl师e_：Au叶th泽or佑] 亿元，同比下降 6.43%；归母净利润 6.88亿元，同比下降 23.82%；扣非归母 执业证号：S1250522090003 净利润 6.79亿元，同比下降 13.42%。其中，Q4单季度实现营收 10.1亿元， 电话：13524424436 同比增长12.78%；归母净利润2.59亿元，同比增长83.35%；24Q1实现营收 邮箱：yezy@swsc.com.cn 11.13亿元，同比增长85.41%；归母净利润3.24亿元，同比增长200.96%。  24Q1业绩高增，业绩逐步释放。分产品来看，23年公司点对点光模块实现收 [T相ab对le指_Q数u表ot现 ...

成都新易盛通信技术股份有限公司2024年第一季度报告 证券代码：300502 证券简称：新易盛 公告编号：2024-035 成都新易盛通信技术股份有限公司 2024 年第一季度报告 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.第一季度报告是否经过审计 □是 否 ...

Financial Performance - Revenue for 2023 was RMB 3,097,605,750.52, a decrease of 6.43% compared to 2022[13] - Net profit attributable to shareholders was RMB 688,361,095.12, down 23.82% year-over-year[13] - Basic earnings per share (EPS) decreased by 23.62% to RMB 0.97[13] - Total assets grew by 9.60% to RMB 6,439,983,560.34 at the end of 2023[13] - Shareholders' equity increased by 13.19% to RMB 5,465,978,473.54[13] - Weighted average return on equity (ROE) was 13.36%, down 7.37 percentage points from 2022[13] - Revenue for Q1, Q3, and Q4 was 600.22 million, 782.36 million, and 1.01 billion respectively, showing a steady increase[15] - Net profit attributable to shareholders for Q1, Q3, and Q4 was 107.83 million, 141.20 million, and 258.80 million respectively, with significant growth in Q4[15] - Non-recurring gains and losses for 2023 amounted to 10.72 million, a significant decrease from 119.78 million in 2022[17][18] - Total operating revenue for 2023 was 3,097,605,750.52 yuan, a decrease of 6.43% compared to 2022[33] - Net profit for 2023 was 688,361,095.12 yuan, a decrease of 23.82% compared to 903,581,090.81 yuan in 2022[195] - Total comprehensive income for 2023 was 694,169,168.45 yuan, a decrease of 23.51% compared to 907,583,177.40 yuan in 2022[195] - Revenue for 2023 decreased to 1,641,747,522.71 yuan from 2,002,256,151.37 yuan in 2022, a decline of 18%[197] - Net profit for 2023 increased to 259,089,114.69 yuan from 218,014,428.78 yuan in 2022, an increase of 18.8%[197] Cash Flow and Liquidity - Net cash flow from operating activities increased by 49.87% to RMB 1,245,984,809.46[13] - Net cash flow from operating activities for Q1, Q3, and Q4 was 254.89 million, 394.45 million, and 368.90 million respectively, indicating strong cash generation[15] - Operating cash flow for 2023 increased to 1,245,984,809.46 yuan from 831,352,211.86 yuan in 2022, a growth of 49.9%[198] - Investment cash flow for 2023 was -449,590,293.34 yuan, an improvement from -639,662,655.55 yuan in 2022[198] - Cash and cash equivalents at the end of 2023 increased to 2,498,968,947.36 yuan from 1,744,944,639.92 yuan in 2022, a rise of 43.2%[199] - Operating cash flow decreased to 216.15 million yuan in 2023 from 228.67 million yuan in 2022, a decline of 5.5%[200] - Net cash flow from financing activities was negative 63.89 million yuan in 2023, compared to negative 38.89 million yuan in 2022[200] - Net increase in cash and cash equivalents rose to 219.24 million yuan in 2023 from 133.45 million yuan in 2022, an increase of 64.3%[200] Dividend and Shareholder Returns - The company proposed a dividend distribution of RMB 1.55 per 10 shares[3] - Cash dividend distribution for 2022: RMB 1.26 per 10 shares, totaling RMB 63,892,334.39[100] - Cash dividend distribution for 2023: RMB 1.55 per 10 shares, totaling RMB 110,036,798.03[102] - Total distributable profit for 2023: RMB 1,213,333,218.50[102] - Cash dividend as a percentage of total profit distribution: 100%[102] - Net profit attributable to the parent company in 2023 was RMB 688,361,095.12, with a cash dividend distribution of RMB 110,036,798.03, equivalent to RMB 1.55 per 10 shares[103] R&D and Innovation - The company's R&D focuses on high-speed and ultra-high-speed optical transmission module technologies, enhancing core competitiveness[26] - The company has successfully developed and mass-delivered 25G, 50G, 100G, and 200G series optical modules for 5G front-haul, mid-haul, and back-haul applications, and has introduced 400G, 800G, and 1.6T high-speed optical modules based on VCSEL/EML, silicon photonics, and thin-film lithium niobate solutions[28] - The company invested 133.77 million yuan in R&D in 2023, accounting for 4.32% of total revenue, focusing on high-speed optical modules, silicon photonics modules, coherent optical modules, and LPO optical modules[31] - R&D expenses decreased by 28.56% to 133,774,501.55 yuan in 2023[42] - R&D investment in 2023 was RMB 133.77 million, accounting for 4.32% of revenue, a decrease from 5.66% in 2022[46] - The number of R&D personnel increased by 14.06% to 365 in 2023, with 18.88% of total employees being R&D staff[44] - The company successfully developed 800G/1.6T optical modules based on single-wave 200G optical devices, advancing high-speed optical module technology[46] - R&D projects include silicon photonics, high-speed optical modules, and low-power optical modules, with several projects entering small-scale production[43] - The company launched 400G and 800G ZR/ZR+ coherent optical modules and LPO-based 400G/800G optical modules[47] Market and Industry Trends - The company is positioned to benefit from the growth of AI data centers, with 20% of Ethernet data center switch ports expected to support AI tasks by 2027[19] - Global 5G users are projected to reach 1.5 billion by the end of 2023 and 4.6 billion by 2028, aligning with the company's focus on 5G technology[19] - The company offers a range of high-speed optical modules, including 100G, 200G, 400G, 800G, and 1.6T, catering to AI/ML clusters, cloud data centers, and 5G networks[21] - New product launches include the OSFP-XD 1.6T and QSFP-DD 800G single-wave 200G optical modules, targeting data centers and cloud computing networks[22] - The company has developed nearly 3,000 types of optical modules covering various communication network interfaces, transmission rates, and wavelengths, with applications in AI/ML clusters, cloud data centers, data communication, 5G wireless networks, and telecom transmission[30] - The company has established strong partnerships with global leading internet companies and communication equipment manufacturers, continuously expanding its market share in high-speed optical modules[28] - The company has successfully launched 800G/1.6T optical modules based on single-wave 200G optical devices, further enhancing its product portfolio[30] Production and Operations - The company's point-to-point optical module production capacity increased to 8.5 million units in the reporting period, with sales of 6.03 million units generating revenue of 3.03 billion yuan and a gross margin of 31.03%[29] - The company's Thailand factory Phase I has commenced operations, and Phase II is under construction with expected completion in 2024[31] - The company has implemented process optimization and lean production management, improving automation and production efficiency while reducing costs and inventory[32] - The company achieved mass production of 100G, 400G, and 800G optical modules, and has successfully launched the latest 800G/1.6T optical module products based on single-wave 200G optical devices[65] - The company's high-speed optical module product portfolio includes VCSEL/EML, silicon photonics, and thin-film lithium niobate technology solutions[65] - The company has introduced 400G and 800G ZR/ZR+ coherent optical modules, as well as 400G/800G optical modules based on LPO solutions[65] - The company plans to further strengthen R&D and production capabilities in AI/ML clusters and cloud data center application areas[65] - The company aims to enhance core technical capabilities guided by 5G technology to solidify its development foundation[65] - The company will focus on optimizing product structure and improving profitability by seizing market development opportunities[66] - The company will continue to expand its high-speed optical module production line and increase the scale of its Thailand factory[66] - The company plans to implement vertical integration to cover all aspects of optical device chip manufacturing, packaging, and optical module manufacturing[66] Corporate Governance and Shareholder Structure - The company maintains a robust corporate governance structure with independent directors and specialized committees to ensure compliance and sustainable development[72] - The company ensures transparency and equal access to information for all shareholders through strict adherence to disclosure regulations[73] - A performance evaluation and incentive system is in place to align the compensation of directors, supervisors, and senior management with company performance[73] - The company respects the rights of stakeholders including creditors, suppliers, customers, and employees, fostering cooperation and communication for sustainable growth[73] - The company maintains independence in assets, personnel, finance, organization, and business operations, with no significant issues affecting autonomy[74] - The 2022 Annual General Meeting had a 24.05% investor participation rate, held on May 18, 2023[75] - The 2023 First Extraordinary General Meeting saw a 25.49% investor participation rate, held on September 12, 2023[75] - The 2023 Second Extraordinary General Meeting had a 23.76% investor participation rate, held on December 29, 2023[75] - Chairman Gao Guangrong reduced his shareholding by 10,397,581 shares, with a final holding of 52,460,988 shares[77] - Director and General Manager Huang Xiaolei maintained his shareholding at 50,567,343 shares, with no changes during the period[77] - Vice President Dai Xuemin reduced her shareholding by 1,077,000 shares, with a final holding of 3,818,269 shares[78] - Vice President Chen Wei reduced his shareholding by 46,000 shares, with a final holding of 196,251 shares[78] - Vice President and Board Secretary Wang Cheng reduced his shareholding by 25,200 shares, with a final holding of 86,638 shares[78] - CFO Lin Xiaofeng maintained her shareholding at 21,000 shares, with no changes during the period[78] - Michael Xiaoyan Wei will no longer serve as a director of the company and will not hold any other positions after January 19, 2024[81] - Yang Chuanping will no longer serve as an independent director and will not hold any other positions after January 19, 2024[81] - Liao Jian will no longer serve as an independent director and will not hold any other positions after January 19, 2024[82] - Dai Xuemin will no longer serve as the company's vice president but will continue to hold other positions within the company[83] - The company held its first interim shareholders' meeting of 2024 on January 19, 2024, completing the election of the fifth board of directors and the fifth board of supervisors[81][82][83] - Total pre-tax compensation for directors, supervisors, and senior management in 2023 amounted to 7.7518 million yuan[89] - Chairman Gao Guangrong received a pre-tax compensation of 1.1262 million yuan[88] - General Manager Huang Xiaolei received a pre-tax compensation of 1.2709 million yuan[88] - The company held 4 board meetings in 2023, with all directors attending as required[91] - No directors raised objections to company matters during the reporting period[92] - All reasonable suggestions from directors were adopted by the company[93] - The company's directors strictly complied with relevant laws and regulations, fulfilling their duties diligently[93] - The company's directors actively participated in reviewing important matters such as profit distribution and equity incentives[93] Employee and Workforce - Total number of employees at the end of the reporting period: 1,933, including 638 from the parent company and 1,295 from major subsidiaries[96] - Number of production personnel: 1,381, accounting for 71.4% of total employees[96] - Number of employees with a master's degree or above: 88, accounting for 4.6% of total employees[96] - Total labor outsourcing hours: 207,235.5 hours, with total payments of RMB 5,257,244.04[99] - The company maintained a high level of employee stability, ranking among the top in the industry[114] - The company established a sound safety production management system and conducted regular safety training and emergency drills[114] - The company implemented a competitive compensation system and fair incentive mechanisms to support employee career development[114] Environmental and Social Responsibility - The company strictly adheres to ISO14001:2015 environmental management standards, conducting regular environmental monitoring and training[112] - The company passed ISO14001:2015 environmental management system certification in March 2023[113] - The company passed RBA V7.0 social responsibility management system certification in April 2023[113] - The company passed ISO45001:2018 occupational health and safety management system certification in November 2023[113] - The company established a comprehensive environmental management system and set clear annual goals for environmental sustainability[115] - The company achieved a dynamic evaluation as a green factory by the Sichuan Provincial Department of Economy and Information Technology in April 2023[115] - The company implemented energy-saving measures, including purchasing energy-efficient air conditioners and setting minimum temperature limits for air conditioning[115] - The company promoted green R&D technologies to reduce environmental impact and minimize the use of harmful substances[115] Risk Management and Challenges - The company faces risks related to rapid technological upgrades in the optical communication industry[67] - The company will strengthen supply chain management and implement digital workshops to improve efficiency and reduce costs[66] - The company faces risks of product substitution due to potential misjudgments in R&D direction or the emergence of higher-integration photonic devices[68] - Inventory quality risks exist due to the need for rapid supply to communication equipment manufacturers and internet companies, leading to potential overstocking and asset turnover issues[68] - Intensified competition in the 5G and data center markets could lead to a decline in market share or product competitiveness[68] - Risks associated with mergers and acquisitions include potential failures in expansion direction, timing, target selection, and post-merger integration[68] - Trade disputes and policy changes may impact global economic development and the company's overseas operations[68] - The company has implemented a "Quality and Return Dual Improvement" action plan to enhance core competitiveness, innovation, governance, and investor relations[71] Financial Position and Assets - Total assets increased from RMB 5,876,061,496.29 to RMB 6,439,983,560.34, a growth of approximately 9.6%[188][190] - Cash and cash equivalents rose from RMB 1,784,968,530.53 to RMB 2,515,323,176.61, a significant increase of 40.9%[188] - Inventory decreased from RMB 1,469,203,587.93 to RMB 963,348,198.68, a reduction of 34.4%[188] - Fixed assets grew substantially from RMB 661,022,315.83 to RMB 1,310,388,088.04, an increase of 98.2%[188] - Total liabilities decreased from RMB 1,046,893,880.44 to RMB 974,005,086.80, a reduction of 7%[190] - Shareholders' equity increased from RMB 4,829,167,615.85 to RMB 5,465,978,473.54, a growth of 13.2%[190] - Accounts receivable increased from RMB 661,963,107.43 to RMB 715,139,103.21, a rise of 8%[188] - Construction in progress decreased significantly from RMB 371,521,696.15 to RMB 49,159,263.00, a reduction of 86.8%[188] - Deferred tax assets increased from RMB 56,437,769.30 to RMB 71,320,118.30, a growth of 26.4%[188] - Other non-current financial assets decreased from RMB 79,254,284.56 to RMB 55,500,821.93, a reduction of 30%[188] - Total assets for 2023 were 4,284,140,334.26 yuan, a slight increase of 0.08% compared to 4,280,689,037.42 yuan in 2022[192] - Long-term equity investments for 2023 were 2,125,069,912.21 yuan, a slight increase of 0.06% compared to 2,123,879,761.46 yuan in 2022[192] - Total liabilities for 2023 were 796,834,154.03 yuan, a decrease of 19.92% compared to 995,113,661.12 yuan in 2022[193] - Fixed assets for 2023 were 82,847,825.70 yuan, a decrease of 10.91% compared to 92,996,917.67 yuan in 2022[192] - Intangible assets for 2023 were 7,334,169.69 yuan, a decrease of 7.86% compared to 7,959,857.61 yuan in 2022[192] Shareholder and Equity Information - The company's total share capital is 709,919,026 shares, with 4,200 shares repurchased[