Zhong Guo Jing Ying Bao·2025-10-12 15:19Core Viewpoint - The recent share transfer by the actual controller of Xinyi Sheng, a leading optical module company, has raised concerns about the high valuation of the optical module industry, despite the absence of clear signs of a bubble in the market [1][9]. Group 1: Company Performance - Xinyi Sheng reported a revenue of 8.647 billion yuan in 2024, a year-on-year increase of 179.15%, and a net profit of 2.838 billion yuan, up 312.26% [3]. - In the first half of 2025, the company achieved a revenue of 10.4 billion yuan, a year-on-year growth of 282.64%, with a net profit of 3.942 billion yuan, reflecting a growth of 355.68% [3]. - The stock price of Xinyi Sheng surged from a low of 46.56 yuan per share in April 2023 to a peak of 401.1 yuan per share in September 2023, marking a maximum increase of 761% [3]. Group 2: Market Reaction - Following the announcement of the share transfer, Xinyi Sheng's stock price fell by 4% on October 9, 2023, and by an additional 1.41% on October 10, resulting in a market value loss of over 8.9 billion yuan in just two trading days [4]. - The share transfer was conducted through a pricing inquiry method, attracting 29 institutional investors, with a subscription multiple of 2.6 times, indicating strong interest from the market [4][5]. Group 3: Industry Outlook - The optical module industry is experiencing significant growth driven by advancements in AI and cloud computing, which increase the demand for high-speed data transmission [2][5]. - Experts believe that the optical module sector has a vast development potential, with continuous market demand growth expected due to the rapid evolution of technologies like 5G and AI [5][9]. - Despite concerns about high valuations, the industry is not currently exhibiting clear signs of a bubble, as the growth in demand and technological advancements support long-term development [9][10].