“AI卖铲人”，股价三年大涨20倍

Core Viewpoint - The company, New Yisheng, has transformed from a low-end agent to a key player in the AI computing wave, achieving a significant revaluation of its value amid the AI infrastructure boom [1][4]. Financial Performance - As of August 8, the stock price of New Yisheng reached 182.28 yuan per share, with a year-to-date increase of over 120%, resulting in a total market capitalization of 181.1 billion yuan [1]. - The company's stock price peaked at 200.88 yuan in late July, bringing its market value close to 200 billion yuan, marking a 20-fold increase from the lowest price of 9.72 yuan per share on October 31, 2022 [3]. - The company is expected to achieve a net profit of 3.7 billion to 4.2 billion yuan in the first half of the year, representing a year-on-year growth of 327.68% to 385.47%, averaging about 20 million yuan in daily net profit [6]. Market Position and Demand - The demand for high-speed optical modules has surged due to the AI computing arms race, with New Yisheng positioned as a core supplier in the AI industry chain [6]. - The company's overseas revenue share increased from 62% in 2023 to 79.6% in 2024, indicating significant international expansion [7]. - The global optical module market is projected to grow at a compound annual growth rate of 22% from 2024 to 2029, potentially exceeding 37 billion dollars by 2029 [7]. Company Transformation - New Yisheng began as a low-end agent in 1998 and transitioned to a manufacturer in 2008, marking a significant strategic shift [9]. - The company focused on high-speed optical modules during the 4G network construction peak from 2011 to 2015, which laid the groundwork for future growth [9]. - A pivotal decision was made between 2018 and 2019 to shift R&D resources towards 100G/400G products, aligning with cloud computing trends [10]. Technological Advancements - New Yisheng has maintained a competitive edge through technological advancements, with a focus on high-speed products as the industry evolves from 400G to 800G and beyond [12]. - The company is set to scale up its 800G products in the second half of 2024, with significant market demand expected for 2025 [12]. - New Yisheng has made substantial progress in developing 1.6T optical modules, with plans for gradual production starting in the second half of 2025 [13]. Vertical Integration Strategy - The company has enhanced its vertical integration strategy through acquisitions, improving its self-supply ratio in key components [15]. - The gross margin for New Yisheng's optical module business is projected to reach 45% in 2024, significantly higher than the 34.7% of its competitor [15]. - The company's factory in Thailand is expanding production capacity, which is crucial for reducing costs and enhancing delivery capabilities to the North American market [15]. Industry Outlook - The demand for high-speed optical modules is expected to remain robust due to the ongoing AI computing needs and accelerated data center construction globally [16]. - New Yisheng's successful technological positioning and capacity expansion place it at the forefront of industry development [16].