新易盛(300502)：高度重视研发投入 盈利能力进一步提升

Core Insights - The company reported significant revenue and profit growth for the first three quarters of 2025, with revenue reaching 16.505 billion yuan, a year-on-year increase of 221.70%, and net profit attributable to shareholders at 6.327 billion yuan, up 284.38% [1] - In Q3 2025, the company achieved revenue of 6.068 billion yuan, a year-on-year increase of 152.53%, but a quarter-on-quarter decrease of 4.97%. The net profit for the same quarter was 2.385 billion yuan, reflecting a year-on-year growth of 205.38% and a slight quarter-on-quarter increase of 0.63% [1] - The company is positioned as a leader in the optical module industry, benefiting from investments in AI computing power, with expectations for continued growth in high-speed products and advanced layouts [1] Financial Performance - The company's gross profit margin for the first three quarters of 2025 was 47.25%, an increase of 4.20 percentage points year-on-year, while the net profit margin was 38.33%, up 6.62 percentage points year-on-year [2] - In Q3 2025, the gross profit margin reached 46.94%, a year-on-year increase of 5.41 percentage points and a quarter-on-quarter increase of 0.29 percentage points. The net profit margin was 39.30%, reflecting a year-on-year increase of 6.80 percentage points and a quarter-on-quarter increase of 2.19 percentage points [2] - The company anticipates further improvements in gross margins as high-speed products continue to ramp up production [2] Research and Development - The company invested 501 million yuan in R&D during the first three quarters of 2025, a year-on-year increase of 149.57%, with an R&D expense ratio of 3.04% [2] - Significant breakthroughs were achieved in the development of new products and technologies, including high-speed optical modules and silicon photonic modules, with successful launches of 400G, 800G, and 1.6T series products [2] - The company's focus on R&D and advanced technology positioning is expected to yield benefits from the growth of the AI industry [2]