证券日报网讯 12月3日，新易盛在互动平台回答投资者提问时表示，公司硅光产品已批量出货，公司在 硅光芯片设计方面有充足的技术及研发实力。具体的客户信息及合作情况属于公司商业秘密，不便披 露，敬请谅解！ （编辑 楚丽君） ...

格隆汇12月3日丨新易盛(300502.SZ)在互动平台表示，公司硅光产品已有批量出货，公司在硅光芯片设 计方面有充足的技术及研发实力。 ...

格隆汇12月3日丨新易盛(300502.SZ)在互动平台表示，公司硅光产品已有批量出货，公司在硅光芯片设 计方面有充足的技术及研发实力。 ...

Core Viewpoint - The company reported strong financial results for Q3, with significant year-over-year growth in revenue and net profit, driven by robust demand and new product launches [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 25 billion yuan, a year-over-year increase of 44.4%, and a net profit attributable to shareholders of 7.13 billion yuan, up 90.0% year-over-year [1]. - In Q3 alone, revenue reached 10.22 billion yuan, reflecting a year-over-year growth of 56.8%, while net profit was 3.14 billion yuan, marking a 125.0% increase year-over-year [1]. - The company's gross margin for Q3 was 42.79%, with a sequential increase of 1.30 percentage points, and the net profit margin improved to 32.57%, up 1.12 percentage points sequentially [1]. Product Development and Market Position - The company is a global leader in the optical module sector, with successful advancements in emerging technologies such as 1.6T and silicon photonics [2]. - The 1.6T optical module products are in the testing phase and are expected to begin mass shipments in the second half of the year, contributing to revenue growth starting in 2026 [2]. - The company has a strong technology reserve, including self-developed silicon photonic chips, positioning it well to maintain its industry leadership amid rising AI demand [2]. Profit Forecast - The company has revised its net profit forecasts for 2025-2027 to 11.263 billion yuan, 20.126 billion yuan, and 28.023 billion yuan, representing year-over-year growth rates of 117.8%, 78.7%, and 39.23% respectively [2]. - Earnings per share (EPS) are projected to be 10.14 yuan, 18.11 yuan, and 25.22 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 51, 28, and 20 times [2].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][12]. Core Insights - The company reported strong growth in Q3, with revenue reaching RMB 250.0 billion, a year-over-year increase of 44.4%, and a net profit of RMB 71.3 billion, up 90.0% year-over-year [8]. - The company is positioned as a global leader in the optical module sector, with significant advancements in 1.6T and silicon photonics technologies, which are expected to drive future revenue growth [10]. - The report anticipates continued high growth in net profit for the years 2025 to 2027, with projected figures of RMB 112.63 billion, RMB 201.26 billion, and RMB 280.23 billion respectively, reflecting year-over-year growth rates of 117.8%, 78.7%, and 39.23% [10]. Company Overview - The company operates in the communication industry and has a current A-share price of RMB 477.01 as of November 5, 2025, with a target price set at RMB 550 [2][8]. - The company has a market capitalization of RMB 527.34 billion and a total share count of 1,111.12 million [2]. - The major shareholder is Shandong Zhongji Investment Holding Co., Ltd., holding 11.42% of the shares [2]. Financial Performance - For Q3, the company achieved a single-quarter revenue of RMB 102.2 billion, representing a year-over-year increase of 56.8%, and a net profit of RMB 31.4 billion, up 125.0% year-over-year [8]. - The gross margin for Q3 was reported at 42.79%, with a net profit margin of 32.57%, indicating improved profitability [10]. - The earnings per share (EPS) for the forecasted years are projected to be RMB 10.14, RMB 18.11, and RMB 25.22 for 2025, 2026, and 2027 respectively [9]. Market Position - The company is recognized as the top player in the optical module market, maintaining its leading position according to LightCounting's 2023 rankings [10]. - The demand for the company's products is driven by the global growth in computing power, with the 1.6T products expected to see large-scale shipments soon [10].

Core Viewpoint - The performance of "Dachain" companies shows a mixed picture, with some experiencing significant year-on-year profit growth while facing sequential declines, raising questions about whether this is a temporary adjustment or a sign of peak industry conditions driven by AI demand [2][3][4]. Group 1: Financial Performance - In Q3, several "Dachain" companies reported impressive year-on-year profit growth: Shenghong Technology (300476.SZ) up 260.52%, Xinyi Technology (300502.SZ) up 205.38%, Zhongji Xuchuang (300308.SZ) up 124.98%, and Industrial Fulian (601138.SH) up 62.04% [3]. - Despite strong year-on-year growth, the market reacted negatively, with significant stock price declines for many companies, including a combined market value loss of over 140 billion yuan for leading firms in the optical module segment [3][4]. - Sequentially, Shenghong Technology's net profit fell by 9.88%, Xinyi's revenue decreased by 4.97%, and Tianfu Communication's revenue dropped by 3.18% [4][6]. Group 2: Industry Dynamics - The PCB segment, crucial for AI servers, is showing signs of pressure, with Shenghong Technology citing product upgrades and increased labor costs as reasons for its sequential decline [6][7]. - New Yisheng experienced its first sequential revenue drop after nine consecutive quarters of growth, attributed to changes in product shipment schedules [7]. - The liquid cooling segment, led by Yingweike, also faced sequential declines, with revenue down 11.44% in Q3 [8]. Group 3: Market Trends and Future Outlook - Zhongji Xuchuang and Industrial Fulian emerged as leaders, with Zhongji's net profit up 124.98% and Industrial Fulian's net profit surpassing 10 billion yuan for the first time [8][9]. - The demand for 800G optical modules is expected to continue growing, with significant orders anticipated for next-generation 1.6T products [9][10]. - The industry is witnessing a shift towards "Scale-up" scenarios, where high bandwidth connections between GPUs are becoming critical for AI model training [10]. Group 4: Inventory and Financial Pressure - Companies are facing financial pressure due to increased inventory levels, with Industrial Fulian's inventory rising to 164.66 billion yuan, leading to higher short-term borrowings [12][13]. - New Yisheng reported a significant increase in asset impairment losses due to rising inventory write-downs, indicating potential financial risks [13]. Group 5: Shareholder Behavior - There has been a notable increase in shareholding among retail investors, while major shareholders and executives have begun to reduce their stakes, indicating a potential shift in market sentiment [14]. - The number of shareholders for New Yisheng surged by 58.46% to 155,300, reflecting growing retail interest in the sector [14]. Group 6: Market Projections - TrendForce analysts predict a 20% increase in global AI server shipments in 2026, with a significant rise in the value of AI servers driven by higher-priced integrated solutions [15]. - The growth rate of ASIC chip shipments is expected to surpass that of GPUs, potentially impacting Nvidia's market share [15].

Core Viewpoint - The "Dachain" companies, which supply AI computing power infrastructure, are experiencing significant attention in the A-share market amid strong AI demand, despite recent stock price corrections following their Q3 2025 earnings reports [2][3]. Financial Performance - The Q3 2025 financial results show impressive year-on-year profit growth for several key players: - Shenghong Technology (归母净利润增长260.52%) - Xinyi Technology (205.38%) - Zhongji Xuchuang (124.98%) - Industrial Fulian (62.04%) - Invidk (8.35%) [3][4]. - However, many companies faced significant stock price declines post-earnings, with a combined market value loss exceeding 140 billion yuan for leading firms in the optical module segment [3][4]. Quarterly Trends - Several companies reported a decline in quarter-on-quarter performance: - Shenghong Technology's net profit decreased by 9.88% - Xinyi Technology's revenue fell by 4.97% - Tianfu Communication's revenue dropped by 3.18% - Invidk's revenue decreased by 11.44% [4][5]. - Xinyi Technology experienced its first revenue decline after nine consecutive quarters of growth, while Tianfu Communication also saw a decline after a period of growth [6]. Market Dynamics - The market is divided between bullish and bearish perspectives: - Bullish investors believe that capital expenditures from major North American cloud providers have not peaked, suggesting continued growth for "Dachain" companies. - Bearish investors argue that current stock prices have already priced in future expectations, making corrections reasonable [3][4]. Inventory and Financial Pressure - Companies are facing financial pressure due to increased inventory levels: - Industrial Fulian's inventory reached 164.66 billion yuan, up from 85.27 billion yuan at the end of 2024. - Xinyi Technology's inventory increased by 59.79% to 6.60 billion yuan [10][11]. - This inventory surge has led to significant asset impairment losses for companies like Xinyi Technology and Tianfu Communication [11]. Shareholder Behavior - There has been a notable increase in shareholding among retail investors, while major shareholders and executives have begun to reduce their stakes: - Xinyi Technology's shareholder count surged by 58.46% to 155,300. - Invidk's shareholder count increased by 129.66% [12]. Future Outlook - Market analysts predict that global AI server shipments will continue to grow, with an expected increase of over 20% in 2026, despite a downward adjustment for 2025 due to delays in product launches [13]. - The value of AI servers is projected to grow significantly, with a nearly 48% increase expected in 2025, driven by higher-priced integrated solutions [13][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company has continued high growth in the first three quarters, with Q3 revenue showing slight fluctuations due to seasonal adjustments in shipment schedules, while maintaining industry-leading gross margins and effective cost control, resulting in improved profitability [2][4] - Customer orders and demand indicators remain optimistic, with new products such as 1.6T and silicon photonics progressing well, alongside the gradual release of production capacity in Thailand and steady strategic inventory buildup, providing ample growth momentum [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 16.5 billion yuan, a year-on-year increase of 221.7%, and a net profit attributable to the parent company of 6.33 billion yuan, up 284.4% year-on-year. In Q3 alone, operating revenue was 6.07 billion yuan, a year-on-year increase of 152.5% but a quarter-on-quarter decrease of 5.0% [4] - The gross margin for Q3 reached 46.9%, an increase of 5.4 percentage points year-on-year and 0.3 percentage points quarter-on-quarter, maintaining an industry-leading level [11] - The net profit margin for Q3 was 39.3%, up 6.8 percentage points year-on-year and 2.2 percentage points quarter-on-quarter, indicating robust overall profitability [11] Product and Market Dynamics - The demand for high-speed optical modules is strong, driven by ongoing investments in AI computing power. The proportion of products with 800G and above continues to rise, with expectations for 1.6T products to enter a sustained growth phase in Q4 and next year [11] - The company is actively advancing overseas capacity construction and strategic inventory to meet strong downstream demand, with the second phase of the Thailand factory steadily contributing to capacity release [11] Future Outlook - The company forecasts net profits for 2025-2027 to be 8.763 billion yuan, 15.124 billion yuan, and 19.744 billion yuan, respectively, with corresponding year-on-year growth rates of 209%, 73%, and 31%. The price-to-earnings ratios are projected to be 39 times, 23 times, and 17 times [11]

Core Viewpoint - Nomura has significantly raised its earnings forecast for Zhongji Xuchuang for 2026-2027, driven by accelerated shipments of 1.6T optical modules and increased penetration of silicon photonics technology, positioning the company as a key beneficiary in the industry upcycle [1][6]. Group 1: Earnings Forecast and Valuation - Nomura has increased revenue expectations for Zhongji Xuchuang by 44%-53% and net profit expectations by 64%-75% for 2026-2027 [1][6]. - The expected earnings per share for 2026 is projected at 20.41 yuan, with a valuation based on a 30x price-to-earnings ratio [1]. - The target price has been raised from 375 yuan to 612 yuan, indicating a potential upside of 27.5% from the current stock price [1]. Group 2: Q3 Performance - Zhongji Xuchuang reported a year-on-year revenue growth of 56.8% and a net profit growth of 125.0% in Q3, outperforming market expectations [3]. - The company achieved a significant improvement in gross margin, which increased by 9.2 percentage points to 42.8% [4]. Group 3: Product and Market Position - Zhongji Xuchuang is expected to lead the market with a 30%-35% share in the 800G segment and a 40%-45% share in the 1.6T segment [5]. - The demand for 800G and 1.6T products is strong, with NVIDIA GPU orders expected to accelerate the shipment of related transceiver products [5]. - The company has a significant advantage in silicon photonics technology, with a penetration rate expected to exceed 50%, which will continue to enhance gross margins [5]. Group 4: Supply Chain and Long-term Growth - Despite a short-term impact on earnings due to tight EML chip supply, the long-term growth outlook remains solid, with structural adjustments made to earnings forecasts [6]. - The company is focusing on next-generation technologies such as 3.2T transceivers and NPO/CPO, leveraging supply chain management advantages to strengthen its value chain position [5].

Core Viewpoint - In October, the A-share market experienced increased differentiation, but institutional research activities remained robust, with over 600 listed companies undergoing institutional research [1][2][3]. Group 1: Market Performance - The overall upward trend of the A-share market slowed down in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.10% and 1.56%, respectively [3]. - Despite the market fluctuations, institutional research activities maintained high levels, with over 600 companies being researched [3]. Group 2: Institutional Research Highlights - Okoyi was the most frequently researched company in October, with over 10 institutional research sessions, involving various types of institutions such as public funds, brokerages, private equity, insurance companies, and foreign institutions [3]. - Okoyi reported low channel inventory and a transition to a restocking phase, with product prices in an upward trend, indicating a simultaneous increase in volume and price [3]. - The company is expanding into downstream applications in sectors like aerospace, new energy vehicles, and robotics, significantly increasing its market capacity [3]. Group 3: Company-Specific Developments - Boshi Jie also had a high number of institutional research sessions, focusing on its project construction status and business expansion needs [5]. - Fangyuan Co. explained its increased use of recycled materials due to breakthroughs in nickel and lithium separation technology, leading to lower costs and higher efficiency [5]. - Feilong Co. reported a self-manufacturing rate of over 90% for its electronic pump products and is actively engaged in over 120 R&D projects in various advanced fields [6]. Group 4: Stock Performance of Key Companies - Okoyi's stock price rose over 30% in October, while Boshi Jie saw a decline of 1.13% [5]. - Fangyuan Co.'s stock price increased by over 26% in October [5]. - New Yiseng's stock price fluctuated, with a cumulative drop of about 6% in October after a significant rise earlier in the year [8]. - Zhongji Xuchuang's stock price rose over 17% in October, reflecting strong demand in the industry [9]. - Haiguang Information's stock price experienced a decline of over 9% in October after a substantial increase in previous months [10].