EOPTOLINK(SZ:300502) Di Yi Cai Jing·2025-08-26 12:28Core Viewpoint - The company, New Yisheng, has experienced a remarkable stock price increase of over 28 times in three years, with a market capitalization exceeding 300 billion yuan, driven by a surge in demand for high-speed optical modules in global data centers [2][5][6]. Financial Performance - In the first half of 2025, New Yisheng achieved operating revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit attributable to shareholders of 3.942 billion yuan, up 355.86% from the previous year [2][3]. - The company's optical module sales volume increased significantly, with production capacity reaching 15.2 million units, a growth of 66.67%, and production volume of 7.1 million units, up 86.35% [3]. - The gross profit margin for optical modules reached 47.48%, an increase of 4.12 percentage points year-on-year [3]. Market Position and Growth Potential - New Yisheng is a key supplier of optical modules for major North American cloud providers, with overseas sales accounting for 78.5% of total sales volume [3]. - The company’s stock price has surged over 4 times since April 2023, significantly outpacing its revenue and profit growth [5][7]. - Analysts remain optimistic about the optical module industry, predicting a compound annual growth rate (CAGR) exceeding 50% in the short term, driven by demand from AI applications [8]. Future Outlook - The company anticipates continued high demand for high-speed optical modules, with expectations for 1.6T products to gradually ramp up production starting in the second half of 2025 [7]. - Expansion plans include the completion of a second factory in Thailand by the end of 2024, which will begin production in early 2025 [7]. - Despite the positive outlook, some analysts caution about potential risks in the industry due to increased competition and changes in supply-demand dynamics by 2026 [8]. Analyst Ratings - Guojin Securities has maintained a "buy" rating for New Yisheng, citing slightly better-than-expected interim results and an upward revision of annual profit forecasts [9].