短期业绩波动，不改长期行业趋势 新易盛(300502) ——三季报业绩点评 股票研究 /[Table_Date] 2025.11.18 2025-11-18 电信运营 [Table_Industry] /信息技术 本报告导读： 维持盈利预测，下调目标价，维持优于大市评级；业绩低于预期，Q4 有望重拾高 增；短期业绩波动不改长期行业趋势。 投资要点： 风险提示：行业需求低于预期，行业竞争更加恶劣。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,098 | 8,647 | 25,024 | 46,421 | 51,319 | | (+/-)% | -6.4% | 179.1% | 189.4% | 85.5% | 10.6% | | 净利润(归母) | 688 | 2,838 | 9,021 | 16,849 | 19,075 | | (+/-)% | -23.8% | 312.3% | 217.9% | 86.8% | ...

Group 1 - The A-share market opened lower but the TMT sector showed resilience, with concepts like Kimi, Douyin Doubao, multimodal models, and virtual humans becoming active [1] - The AI-focused ETF, Huaxia (159381), saw a positive performance, with its constituent stock BlueFocus rising over 10%, and other stocks like Yidian Tianxia, Zhongwen Online, Chengmai Technology, Wanxing Technology, and Kunlun Wanwei rising over 4% [1] - In the past 20 trading days, the Huaxia AI ETF has attracted over 270 million yuan in capital, being the lowest fee rate ETF in its category [1] Group 2 - The Huaxia AI ETF tracks the entrepreneurial board AI index and focuses on companies in the AI sector, with over 54% weight in optical modules CPO, covering domestic software and AI application enterprises [2] - The top three weighted stocks in the ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%) [2] - The ETF has a low comprehensive fee rate of only 0.20%, making it the lowest in its category [2]

Group 1 - The A-share market saw a rebound in CPO concept stocks, with Cambridge Technology rising over 7% [1] - Yongding Co. increased by more than 6% [1] - Robotech and Kechuan Technology both rose over 4% [1] - Changxin Bochuang and Xinyisheng experienced an increase of over 3% [1]

Core Viewpoint - The CPO concept continues to rebound during trading, with several companies experiencing significant stock price increases [1] Company Performance - Yuanjie Technology saw its stock price rise by over 10% [1] - Cambridge Technology reached its daily limit increase [1] - Yongding Co., Dongshan Precision, Dekoli, and New Yi Sheng also reported notable gains [1]

Group 1: Company Investigation - Kexin Information (300730) has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, as announced on November 17, 2025 [1] - The company reported a revenue of 93.65 million yuan for the first three quarters, a year-on-year decline of 36.58%, and a net loss attributable to shareholders of 58.84 million yuan [1] - Kexin Information's stock price was 18.01 yuan per share, with a total market capitalization of 4.343 billion yuan as of November 17 [1] Group 2: Financing Trends - The financing balance of A-shares has reached a historical high of 24,746.99 billion yuan as of November 14, 2025, marking a 34.63% increase from the end of the previous half-year [2] - Thirteen primary industries have seen net financing purchases exceeding 10 billion yuan, with the electronics sector leading at 148.91 billion yuan [2] - The power equipment sector followed with net financing purchases of 91.57 billion yuan, while the communication and non-ferrous metal sectors also exceeded 40 billion yuan [2] Group 3: Individual Stock Performance - A total of 110 stocks have recorded net financing purchases exceeding 1 billion yuan since the second half of 2025, with Ningde Times (300750) leading at 12.25 billion yuan [4] - Other notable stocks include Xinyi Technology (300502) and Zhongji Xuchuang (300308), with net financing purchases of 11.68 billion yuan and 11.43 billion yuan, respectively [4] - The demand for optical modules is expected to grow significantly, with a projected compound annual growth rate of 22% over the next five years, driven by AI applications and network upgrades [5]

Core Viewpoint - The major shareholder transfer of New Yisheng (300502) has been completed, as confirmed by the company in response to investor inquiries on November 17, with details available in the announcement disclosed on October 21 [1] Group 1 - The completion of the major shareholder transfer is a significant event for New Yisheng [1]

Group 1 - The core viewpoint of the article is that Xinyisheng's 3.2T product is currently in the pre-research stage, and its commercialization timeline will depend on market and customer demand [2] Group 2 - The company responded to investor inquiries on November 17, indicating the status of the product development [2] - The emphasis is placed on the importance of market and customer needs in determining the launch of the product [2]

Group 1 - The core viewpoint of the article is that the company, Xinyisheng (300502), is maintaining good cooperation with suppliers to optimize procurement costs and ensure supply chain stability and product market competitiveness [1] Group 2 - The company is actively engaging with suppliers through various methods to enhance procurement efficiency [1] - The focus on supply chain stability is crucial for maintaining competitive product offerings in the market [1]

Group 1 - The core viewpoint of the article is that the company, Xinyisheng (300502), is experiencing good production and operational conditions, with order execution closely tied to customer delivery plans [1] - The company stated that specific delivery arrangements for orders are considered commercial agreements between the company and its customers, making it inappropriate to disclose details publicly [1]

证券日报网讯新易盛11月17日在互动平台回答投资者提问时表示，公司将在后续定期报告中披露股东人 数情况。 （文章来源：证券日报） ...