新易盛(300502)：大客户800G拉货提速 毛利率再上一台阶

Core Viewpoint - The company reported significant revenue and profit growth in 2024 and Q1 2025, driven by increased demand for 800G products and effective cost management [1][4]. Financial Performance - In 2024, the company achieved revenue of 8.65 billion, a year-on-year increase of 179%, with a net profit of 2.84 billion, up 312% [1]. - For Q1 2025, revenue reached 4.05 billion, reflecting a year-on-year growth of 264% and a quarter-on-quarter increase of 15%. Net profit was 1.57 billion, up 385% year-on-year and 32% quarter-on-quarter [1]. Product Demand and Inventory - The increase in revenue and gross margin in Q4 2024 and Q1 2025 was primarily driven by the ramp-up of 800G product shipments, while 400G products are expected to remain stable [2]. - Inventory increased by 1.33 billion in Q1 2025, a 32% quarter-on-quarter rise, indicating higher material preparation and customer virtual warehouse stock [2]. Cost Management and Profitability - The gross margin improved to 48.2% in Q4 2024 and 48.7% in Q1 2025, with net margins at 33.9% and 38.8%, respectively, showing significant year-on-year increases [3]. - The company maintained a positive trend in cost management, with reductions in sales, management, and R&D expense ratios [3]. Research and Development - R&D investment reached 403 million in 2024, accounting for 4.66% of revenue, an increase from the previous year. The number of R&D personnel grew by 65.75% to 605 [3]. - The company has successfully validated several new technology products, including 1.6T optical modules and high-speed AEC cable modules, which are now in small-scale production [3]. Future Outlook - The company expects continued revenue growth driven by the acceleration of 800G product shipments, particularly in H2 2025 [2]. - The diversified production layout, including the new factory in Thailand, is anticipated to mitigate tariff impacts and enhance overseas influence [2][4]. - Profit forecasts for 2024-2026 project net profits of 6.55 billion, 7.97 billion, and 9.11 billion, with corresponding year-on-year growth rates of 131%, 22%, and 14% [4].