新易盛：公司季报点评：业绩维持高增，订单放量可期

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Viewpoints - The company's performance continues to grow rapidly, with significant increases in both revenue and net profit driven by AI-related business [4] - The company is expected to maintain its leading position in the optical module industry, with stable growth in business revenue and further expansion of growth space [5] - The company's 2024-2026 revenue is forecasted to be 75.17 billion, 142.27 billion, and 184.82 billion yuan, respectively, with net profit attributable to the parent company expected to be 2.40 billion, 4.55 billion, and 5.88 billion yuan [5] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 51.30 billion yuan, a year-on-year increase of 145.82%, and net profit attributable to the parent company of 16.46 billion yuan, a year-on-year increase of 283.20% [4] - The gross profit margin for the first three quarters of 2024 was 42.34%, an increase of 14.14 percentage points year-on-year [4] - In Q3 2024, the company's revenue was 24.03 billion yuan, a year-on-year increase of 207.12%, and net profit attributable to the parent company was 7.81 billion yuan, a year-on-year increase of 453.07% [4] Valuation and Forecast - The company's 2025 dynamic PE range is estimated to be 28-30X, with a reasonable value range of 179.76-192.60 yuan [5] - The company's EPS for 2024-2026 is forecasted to be 3.39, 6.42, and 8.29 yuan, respectively [5] - The company's gross profit margin is expected to be 44.8%, 43.9%, and 42.9% for 2024-2026, respectively [7] Industry Comparison - The average PE ratio for comparable companies in 2024 and 2025 is 40X and 25X, respectively [8] - The company's valuation is supported by its strong performance and leading position in the optical module industry [5] Financial Ratios and Efficiency - The company's net profit margin is expected to be 31.9%, 32.0%, and 31.8% for 2024-2026, respectively [9] - The company's asset turnover ratio is forecasted to be 0.93, 1.11, and 0.96 for 2024-2026, respectively [10] - The company's inventory turnover days are expected to decrease from 204.83 days in 2023 to 157.29 days in 2024 [10]