Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by the increasing demand for high-end optical modules due to AI applications [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 10.437 billion yuan, a year-on-year increase of 282.6%, and a net profit attributable to shareholders of 3.942 billion yuan, up 355.7% [1]. - For Q2 2025, the company recorded revenue of 6.385 billion yuan, representing a year-on-year growth of 295.4% and a quarter-on-quarter increase of 57.6% [1]. - The sales volume of optical modules reached 6.95 million units in the first half of the year, a year-on-year increase of 112.5%, with overseas sales accounting for 5.57 million units [1]. Cost Management and Profitability - The company demonstrated excellent cost control, with a sales expense ratio of 0.81%, down 0.31 percentage points from the previous year, and a management expense ratio of 1.20%, down 0.76 percentage points [2]. - The gross margin for optical modules was 47.48%, an increase of 4.12 percentage points year-on-year, attributed to the rising proportion of high-end optical module revenue [2]. Research and Development - The company invested 334 million yuan in R&D in the first half of 2025, a year-on-year increase of 157.6%, with multiple breakthroughs in new products and technologies [2]. - The company successfully launched new optical module products, including 1.6T/800G single-wave 200G optical modules, and expanded its product range to include various high-speed optical modules [2]. Investment Outlook - Given the sustained high demand for high-end optical modules driven by AI, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 8.728 billion yuan, 13.019 billion yuan, and 15.706 billion yuan, respectively [3]. - The company is well-positioned in the data communication optical module sector, maintaining strong ties with leading overseas manufacturers while focusing on new customer acquisition [3].

证券日报网讯太辰光（300570）8月21日发布公告，在公司回答调研者提问时表示，2025年Q1毛利率较 高是受产品结构的影响，并非常态。Q2毛利率还受到产线扩产等因素影响，因此较Q1环比有所下降。 公司毛利率近几年保持在30%出头，未来有信心维持。 ...

记者丨 雷晨 编辑丨张伟贤 在AI算力浪潮席卷全球的当下，这家曾经名不见经传的光模块厂商正迎来自己的高光时刻。 从低端代理起步，到抓住技术迭代窗口完成转型，新易盛（300502.SZ）最终在AI算力浪潮中实现价值重估。 截至8月8日收盘，新易盛股价报182.28元/股（前复权，下同），年初至今股价涨幅超120%，总市值达到1811亿元。 "在AI训练和推理过程中，GPU集群需要通过高速光模块实现互联。"有券商通信行业分析师指出，"随着大模型参数规模呈指数级增长，对光 模块的速率和数量需求都在同步提升。"行业数据显示，训练GPT-5所需的算力是GPT-4的10倍以上，而GPU与光模块的配比已从传统的1:3提 升至1:5甚至更高。 凭借在800G产品的技术储备和产能优势，新易盛迅速跻身全球供应链核心位置。 公司不仅成为英伟达等GPU巨头的重要合作伙伴，更拿下了 亚马逊、谷歌等云服务巨头的订单。 今年7月底，公司股价更是一度攀升至200.88元的阶段性高点，市值逼近2000亿元。从2022年10月31日最低的9.72元/股算起，不到三年时间， 新易盛已经上涨了20倍。 当ChatGPT引爆的算力军备竞赛进入白热化阶 ...