新易盛：Q3全面超预期，持续看好800G/1.6T产品升级放量

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported Q3 2024 results that exceeded expectations, with a single-quarter revenue of 2.403 billion yuan, representing a year-on-year increase of 207.1% and a quarter-on-quarter increase of 54.4%. The net profit attributable to shareholders for Q3 was 781 million yuan, up 453.1% year-on-year and 44.5% quarter-on-quarter, marking a historical high [1]. - The company is positioned to benefit from the ongoing upgrade cycle in the overseas computing power supply chain, with significant demand for 800G and 1.6T products expected to drive growth [2]. Financial Performance - Q3 gross margin was 41.53%, a significant increase of 15.37 percentage points year-on-year, while the net margin was 32.5%, up 14.45 percentage points year-on-year [1]. - The company’s inventory at the end of the period was 3.03 billion yuan, indicating a positive outlook on current and expected orders [1]. - Revenue projections for 2024-2026 are estimated at 2.4 billion, 4.83 billion, and 6.3 billion yuan respectively, with corresponding P/E ratios of 41.2, 20.5, and 15.7 [2]. Market Position and Product Development - The company has successfully launched a complete product line of high-speed optical modules, including 400G, 800G, and 1.6T series, and is expected to further expand its market share driven by AI demand [2]. - The company is one of the few long-term participants in the global optical module market, with a strong customer base and ongoing production ramp-up for 800G products [2].