新易盛：募投扩充高速率产品产能，持续满足AI技术迭代

Investment Rating - The report recommends a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Insights - The company plans to raise up to 1.88 billion yuan through convertible bonds, with significant investments allocated to expanding production capacity for high-speed optical modules in Chengdu and Thailand, expected to add annual production of 1.85 million and 1.1 million units respectively over a three-year construction period [1]. - The demand for Ethernet optical modules is projected to grow significantly, with annual sales expected to increase from 3.67 billion USD in 2023 to 8.7 billion USD by 2028, reflecting a compound annual growth rate (CAGR) of 18.9% [3]. - The company has already launched 800G and 1.6T optical module products, and the new investment projects will enhance its product matrix, including silicon photonic modules and coherent optical modules [4]. Financial Projections - Revenue forecasts for the company from 2024 to 2026 are 5.868 billion yuan, 8.203 billion yuan, and 11.468 billion yuan, with year-on-year growth rates of 89.44%, 39.79%, and 39.81% respectively [5]. - The net profit attributable to the parent company is expected to reach 1.427 billion yuan, 1.970 billion yuan, and 2.612 billion yuan for the same period, with growth rates of 107.30%, 38.06%, and 32.57% respectively [5]. - Earnings per share (EPS) are projected to be 2.01 yuan, 2.78 yuan, and 3.68 yuan for 2024, 2025, and 2026, respectively, indicating a three-year CAGR of 55.97% [5]. Market Position and Strategy - The company is enhancing its production capabilities to meet the growing market demand for high-speed optical modules, which is driven by advancements in AI technology and networking equipment [1][2]. - The expansion into Thailand is expected to improve the company's overseas production capacity and responsiveness, thereby optimizing product supply and strengthening its market share internationally [3].