直击股东大会｜新易盛总经理黄晓雷：今年二季度客户需求仍在攀升，美国AI芯片出口管制与公司产品无关

Core Viewpoint - New Yisong (300502.SZ) has achieved remarkable growth in its performance, driven by the booming AI industry, with a year-on-year profit increase exceeding 300% in both the previous year and the first quarter of this year [1][5]. Financial Performance - In the fiscal year 2024, New Yisong reported revenue of 8.647 billion yuan, a year-on-year increase of 179.15%, and a net profit attributable to shareholders of 2.838 billion yuan, up 312.26% [5]. - In the first quarter of 2025, the company achieved revenue of 4.052 billion yuan, representing a year-on-year growth of 264.13%, with a net profit of 1.573 billion yuan, an increase of 384.54% [5]. - The company has experienced nine consecutive quarters of sequential revenue growth [5]. Business Model and Market Position - New Yisong specializes in the research, production, and sales of high-performance optical modules, which are essential for high-speed data transmission, primarily in the telecommunications and data center sectors [7]. - The company has launched a series of high-speed optical module products, including 400G, 800G, and 1.6T series, based on VCSEL/EML, silicon photonics, and thin-film lithium niobate solutions [7]. Growth Drivers - The sustained high growth in performance is attributed to the company's alignment with the AI trend, with increasing customer demand and product breakthroughs being key factors [7]. - The company anticipates continued demand growth in the second quarter, with expectations that the hardware investments related to AI will persist for the next decade or two [7]. Production Capacity and Expansion - New Yisong is actively expanding its production capacity, with a flexible production line that allows for switching between different specifications of optical modules [8]. - The company has additional capacity and plans to expand further based on projected customer demand over the next one to three years [8]. - The second phase of New Yisong's factory in Thailand is set to enhance production capacity, with ongoing planning for next year's capacity [10]. Regulatory Environment - The recent U.S. export controls on AI chips do not impact New Yisong's products, as the company’s offerings are independent of the hardware used by customers [10]. - Current import policies are favorable for the industry, and the company is not significantly affected by U.S. tariffs on raw materials or exports, remaining vigilant about policy changes [10].