证券研究报告 | 公司点评报告 2025 年 08 月 26 日 新易盛（300502.SZ） 800G 等高速率光模块放量，25Q2 业绩环比高增 TMT 及中小盘/通信 2025 年 8 月 25 日，公司发布 2025 年半年度报告。25H1 营业收入 104.37 亿 元，同比增长 282.64%；归母净利润 39.42 亿元，同比增长 355.68%。25Q2 单季度营收 63.85 亿元，环比增长 57.56%；归母净利润 23.70 亿元，环比增长 50.76%。公司业绩高增得益于 800G 光模块批量出货的规模效应及良率改善。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3098 | 8647 | 25611 | 36855 | 45900 | | 同比增长 | -6% | 179% | 196% | 44% | 25% | | 营业利润(百万元) | 785 | 3231 | 10773 | 15391 | 19222 | ...

消息面上，据TrendForce集邦咨询最新液冷产业研究显示，随着NVIDIA GB200 NVL72机柜式服务器于 2025年放量出货，云端业者加速升级AI数据中心架构，促使液冷技术从早期试点迈向规模化导入，预 估其在AI数据中心的渗透率将从2024年14%，大幅提升至2025年33%，并于未来数年持续成长。 渤海证券指出，人形机器人产业近期催化频出，技术进展顺利。在8月17日闭幕的全球首届世界人形机 器人运动会中，"天工"机器人通过视觉与环境感知实现自主识别赛道分道线，是全场唯一全自主奔跑无 需人工遥控的选手，展现出强大的自主控制能力。该赛事的成功举办标志着人形机器人在感知、控制、 交互等核心技术方面取得实质性突破，为后续商业化落地奠定基础。随着技术成熟度提升及政策支持加 强，人形机器人产业链有望加速进入产业化阶段。 截至2025年8月22日 14:19，中证央企创新驱动指数(000861)上涨0.65%，成分股中芯国际(688981)上涨 11.78%，中材科技(002080)上涨10.01%，盛科通信(688702)上涨9.69%，普天科技(002544)上涨7.27%， 中国海防(600764)上涨 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 39.71 per share [7][5]. Core Views - The company reported a 1H25 revenue of RMB 8.886 billion, a year-on-year increase of 21.76%, and a net profit attributable to shareholders of RMB 212 million, up 69.32% year-on-year, driven by accelerated data center construction in the internet sector [1]. - The demand for network equipment remains strong, particularly in the data center segment, with expectations for continued high growth in internet capital expenditures in the second half of the year [4][5]. - The company is focusing on optimizing internal operations while benefiting from external market conditions, which is expected to accelerate performance growth [1]. Summary by Sections Financial Performance - In 1H25, the company achieved a gross margin of 30.46%, down 2.30 percentage points year-on-year, primarily due to strong purchasing power from internet clients and intensified industry competition [3]. - The company’s sales expense ratio, management expense ratio, and R&D expense ratio were 9.38%, 4.61%, and 11.17%, respectively, showing significant optimization compared to the previous year [3]. Product Segmentation - The company’s revenue from enterprise network equipment products reached RMB 6.459 billion, a year-on-year increase of 41.7%, with data center switch products from its subsidiary, Ruijie Networks, seeing a remarkable growth of 110% [2]. - The network terminal segment reported a revenue of RMB 320 million, down 23.1% year-on-year, indicating a challenging market environment for cloud and payment terminals [2]. Market Outlook - The company is expected to benefit from the easing supply of H20 and the gradual release of domestic GPUs, which will likely sustain high growth in internet capital expenditures [4]. - The company is also expanding into the metaverse and AI sectors, with its subsidiary, StarNet Vision, focusing on immersive experience spaces [4]. Profit Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to RMB 806 million, RMB 1.092 billion, and RMB 1.358 billion, respectively, reflecting slight upward adjustments based on business conditions [5]. - The company is assigned a PE valuation of 29x for 2025, with a target price of RMB 39.71 per share, indicating a positive outlook based on expected performance growth [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's data center business is performing well, with a positive outlook for the HVDC and liquid cooling technologies. The product matrix includes UPS, precision air conditioning, micro-modules, power modules, and battery systems, serving key industries such as finance, communication, and healthcare [5]. - The storage business is gradually recovering, with a focus on expanding into new markets, particularly in Europe, the Asia-Pacific, and Africa. The European market is showing signs of recovery after a competitive phase [7]. - Revenue forecasts for 2025-2027 are projected at 48.21 billion, 65.20 billion, and 82.15 billion yuan, respectively, with corresponding EPS of 0.96, 1.39, and 1.87 yuan. The current stock price corresponds to PE ratios of 33.7, 23.2, and 17.3 times for the respective years [8]. Summary by Sections Data Center Business - The company has a strong presence in data center infrastructure, with domestic and overseas revenues evenly split. The data center revenue growth has improved in Q1 2025 and is expected to maintain high levels throughout the year [5]. Storage Business - The storage business is recovering, particularly in Europe, and the company is actively exploring new market channels in emerging regions such as the Middle East and Southeast Asia [7]. Financial Projections - The company anticipates a revenue increase from 4.82 billion yuan in 2025 to 8.22 billion yuan in 2027, with a significant recovery in net profit from 559 million yuan in 2025 to 1.09 billion yuan in 2027 [11].

Group 1 - The core viewpoint of the article highlights the increasing adoption of liquid cooling technology in AI data centers, driven by the upcoming release of NVIDIA's GB200 NVL72 server in 2025, which is expected to significantly enhance the penetration rate of liquid cooling from 14% in 2024 to 33% in 2025, with continued growth in subsequent years [1][3] Group 2 - TrendForce indicates that the power consumption of GPUs and ASIC chips in AI servers has significantly increased, with the NVIDIA GB200/GB300 NVL72 system having a thermal design power (TDP) of 130kW-140kW, surpassing the limits of traditional air cooling systems, leading to the initial adoption of Liquid-to-Air (L2A) cooling technology [3] - Due to the limitations of existing data center structures and water circulation facilities, L2A will serve as the mainstream transitional cooling solution in the short term, while Liquid-to-Liquid (L2L) architecture is expected to accelerate in popularity starting in 2027, providing higher efficiency and stable thermal management capabilities [3] - Major cloud service providers (CSPs) in North America are ramping up AI infrastructure, initiating a new wave of data center expansions in North America, Europe, and Asia, with companies like Google and AWS already implementing liquid cooling-capable modular buildings in various locations [3] Group 3 - The rising penetration of liquid cooling is driving demand for cooling modules, heat exchange systems, and peripheral components, with cold plates being a core component, supplied by companies such as Cooler Master, AVC, BOYD, and Auras, with three of them expanding liquid cooling capacity in Southeast Asia to meet high demand from US CSP clients [4] - Fluid distribution units (CDUs) are critical modules in liquid cooling systems responsible for heat transfer and coolant distribution, categorized into In-row and Sidecar types, with Sidecar CDU currently being the market leader, and Delta being the leading supplier [4] - Quick disconnects (QDs) are essential components in liquid cooling systems, ensuring the safety and stability of the cooling architecture, with the NVIDIA GB200 project being led by major international companies such as CPC, Parker Hannifin, Danfoss, and Staubli, leveraging existing certification systems and advanced application experience [5]

Core Insights - The article highlights the anticipated growth of liquid cooling technology in AI data centers, driven by the release of NVIDIA's GB200NVL72 server in 2025 [1] Group 1 - Liquid cooling technology is expected to transition from early trials to large-scale adoption as cloud operators upgrade their AI data center architectures [1] - The penetration rate of liquid cooling in AI data centers is projected to increase significantly from 14% in 2024 to 33% in 2025 [1] - This growth trend is expected to continue in the following years, indicating a robust market for liquid cooling solutions [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5][11]. Core Views - The aluminum processing industry is facing intensified competition, leading to a slowdown in profit growth for the company. However, with the gradual easing of international trade frictions and the ramp-up of new products, the company's performance is expected to return to a rapid growth trajectory [2][11]. - The company achieved a net profit attributable to shareholders of 570 million yuan in H1 2025, representing a year-on-year increase of 2.15%. In Q2 2025, the net profit was 304 million yuan, a slight decrease of 0.22% year-on-year but an increase of 14.24% quarter-on-quarter, aligning with expectations [11]. - The company is advancing its capacity construction steadily, with a current finished product supply capacity of 500,000 tons and an ongoing project for 450,000 tons of high-end aluminum plates for new energy vehicles [11]. - New growth opportunities are anticipated in the AIDC, air conditioning, and energy storage sectors, driven by the increasing demand for heat dissipation performance and the application of liquid cooling technology [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a net profit of 570 million yuan, with a year-on-year growth of 2.15%. The Q2 2025 net profit was 304 million yuan, down 0.22% year-on-year but up 14.24% quarter-on-quarter [11]. - The company adjusted its EPS forecasts for 2025-2027 to 1.40, 1.58, and 1.82 yuan respectively, down from previous estimates [11]. Market Position and Strategy - The company maintains a competitive edge in aluminum thermal transmission materials, despite the pressure on processing fees due to industry competition [11]. - The introduction of new products and continuous upgrades in product structure are expected to enhance profitability and market share [11]. Future Outlook - The report anticipates that the company's performance will benefit from the easing of international trade tensions and the launch of new products, positioning it for a return to rapid growth [2][11]. - The expansion into new application areas, particularly in AIDC and energy storage, is expected to open new growth avenues for the company [11].

Core Viewpoint - InnoLux (02577) saw a significant stock price increase, reaching a new high of 83.4 HKD, driven by its selection as the only domestic chip company in NVIDIA's updated list of partners for the 800V DC power architecture [1] Company Summary - InnoLux's stock rose over 20% in late trading, with a current price of 81 HKD and a trading volume of 1.647 billion HKD [1] - The collaboration with NVIDIA aims to enhance the scalability of AI data centers, increasing computing power density by over 10 times and cabinet power density exceeding 300 kW, marking a shift towards megawatt-level power supply for global AI data centers [1] Industry Summary - According to Yongxing Securities, the high power consumption of AI server clusters necessitates a focus on reducing power usage, which is a common goal across the industry [1] - The partnership between InnoLux and NVIDIA is expected to introduce new power devices into the supply chain, fostering the development of related industries such as GaN and SiC [1] - The industry recognizes NVIDIA's choice of InnoLux as a core partner, highlighting InnoLux's comprehensive capabilities across the entire IDM chain, including substrate, epitaxy, chip design, and packaging testing [1]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that while new orders have slowed down, demand for data centers and gas turbines remains strong, suggesting a shift in focus within the industry [6][13]. - Companies such as Siemens Energy and Eaton Electric have reported significant revenue growth, with Siemens Energy's revenue increasing by 23% year-on-year and Eaton's by 14% [10][25]. - The report emphasizes the importance of data centers as a strategic growth area, with Eaton's data center orders growing by 55% [25]. - The long-term outlook for overseas electrical equipment remains positive, driven by AI data centers, infrastructure upgrades, and the increasing penetration of renewable energy [6][13]. Summary by Sections 1. Performance of Overseas Power Equipment Companies - Most overseas power equipment companies reported strong performance in Q2, with significant revenue growth and improved profit margins [10]. - Companies like GE Vernova and Eaton Electric achieved double-digit revenue growth, while Siemens Energy also saw a 23% increase in revenue [10][25]. 2. New Order Trends - New order growth has slowed, particularly in high-voltage transmission, but data center-related orders continue to grow robustly [13]. - Siemens Energy's new orders increased by 24%, driven by strong demand in the U.S. market, while GE Vernova experienced a 32% decline in new orders due to high base effects [10][13]. 3. Gas Turbine Orders - Gas turbine orders have seen significant growth, with GE Vernova's new orders nearly doubling year-on-year [10]. - Siemens Energy's new gas turbine orders also grew by 17%, indicating strong demand in this segment [10]. 4. Investment Recommendations - The report suggests focusing on companies that have gained a foothold in overseas markets and are entering localized operations or have integrated into the supply chains of large enterprises [6][10].

Market Overview - The Hang Seng Index decreased by 0.06%, down 16 points, closing at 25,597 points, while the Hang Seng Tech Index fell by 0.45% [1] - The early trading volume in the Hong Kong stock market reached HKD 162.8 billion [1] Biotechnology Sector - The Hang Seng Biotechnology Index continued to strengthen, with notable gains in stocks such as Tigermed (03347) up 5.57% and Innovent Biologics (09969) up 2.9% [1] - Rongchang Biologics (09995) surged over 14% following the successful completion of a Phase III clinical trial for its drug targeting primary Sjögren's syndrome [1] Semiconductor Industry - Chip stocks showed resilience, with major foundries nearing or achieving full production capacity, leading to continued supply shortages [1] - Institutions remain optimistic about two key directions in the semiconductor sector: self-sufficiency and edge AI [1] - Hua Hong Semiconductor (01347) rose over 3%, while SMIC (00981) increased by 1.25% [1] Insurance Sector - The insurance sector maintained its recent upward trend, with China Ping An recently acquiring shares in China Pacific Insurance [1] - Notable stock performances included New China Life (01336) up 4.82%, China Pacific Insurance (02601) up 5.12%, China Life (02628) up 3.95%, and China Ping An (02318) up 2.38% [1] Other Notable Stocks - Crystal International (02228) rose over 10% due to a partnership with DoveTree, resulting in significant revenue growth and the company achieving its first half-year profit [1] - Jiufang Zhitu Holdings (09636) increased by 3% after reporting better-than-expected earnings for the first half of the year, with a new round of placements targeting stablecoins and RWA [1] Gaming Sector - Dreamland (01119) saw an 11% increase in early trading, attributed to the success of its game "Delta Action" and a recent strategic investment from Playrix [2] Data Center Sector - Hongteng Precision (06088) rose by 5.8%, with revenue growth in its data center business, and institutions expect continued benefits from AI data centers [3] Energy Sector - Yanzhou Coal Mining (01171) fell over 3% due to declining coal prices impacting its performance, with a reported net profit decrease of approximately 38% year-on-year for the first half [4]