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 | ...

业绩简评 2025 年 8 月 25 日公司发布 2025 年半年度报告，公司 1H25 营收 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%。对应 2Q25 营收 63.85 亿元，同比增长 295.39%； 归母净利润 23.70 亿元，同比增长 338.36%。考虑一次计提绩效奖 金和减值损失，业绩略超预期。 经营分析 800G 高速率光模块放量，带动公司增收增利：公司 1H25 境外点对 点光模块收入达 98.53 亿，同比增长 355.96%；光模块产能 1520 万只，同比增长 66.67%；光模块产量 710 万只，同比增长 86.35%。 公司是北美云厂商的重要光模块供应商，下游大客户 AI 算力投资 增长带动高速率光模块需求量高增。2Q25公司销售毛利率46.64%， 同比+2.88pct，环比-2.02pct，我们认为环比下降主要系：1）公 司给 Mellanox 做代工带来产品结构调整；2）原材料成本涨价。 前瞻布局 LPO、AEC、硅光，市场规模有望进一步扩大：公司 800G LPO 光模块已进入大批量生产，单模产品功耗降至行业领 ...

点击 最 下方 关注《材料汇》 ， 点击"在看"和" "并分享 添加 小编微信 ，遇见 志同道合 的你 正文 1、 科技博弈：中国科技的全链前进 2、 投资策略：点燃自主科技树，0-1提供高弹性 3、投资机会：产业链边际变化，硬科技投资机会 1.1博弈复盘：美国打压和针对的方向带来预期外增长 德邦证券 图表1:"实体清单"企业节选 图表2：工信部官宣国产光刻机参数 300mm : 昭明波长 · 248nm : 氧化氢并亥树 资料来源:各公司官网 维尔克斯光电、工信部、德邦研究所 1.1基金持仓：基本面与主题共振，24年基金大幅增持 無邦证券 ◆24H1起基金重仓持仓占比超4％，21年来逐步提升：24Q3，通信行业在基金重仓股中的占比约为4.1%，同比增长1.09 pct 在申万一级行业中排名第10。个股来看，通信行业前三大重仓股为中际旭创、新易盛、中国移动。 ◆AI、华为链等相关标的业绩逐步验证，主题与基本面共振：通信行业（申万）24年前三季度同比，营收+4%，归母净利润 +8%，扣非净利润+6%。从细分板块来看，光模块、AIDC受益于AI训练及推理需求提升，收入利润持续增长，25年有望维持 景气度。 造务必 ...

国产替代加速从下游向上游传导。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 近期，仕佳光子（688313.SH）以业绩飙升百倍的表现，再度引发市场对光芯片产业发展前景的聚 焦。 （市值风云APP） 光芯片是光模块的核心价值环节。作为光通信产业链的上游，主要为中游光模块厂商提供有源光芯片 以及无源光芯片（主要包括PLC和AWG芯片）。 光模块厂商将光芯片嵌入到光器件后，再将其与其他结构部件组合封装制成光模块，下游广泛分布在 数据中心、5G 基站和承载网、光纤接入及新兴产业等领域。 （仕佳光子招股说明书） 在AI浪潮驱动下，光芯片产业迎来持续催化。 根据 Light Counting 预测，光通信芯片组市场预计将在2025-2030年间以17%的CAGR增长，总销售额 将从2024年的约35亿美元增至2030年的超110亿美元。 从产业链来看，光通信产业链国产化替代加速从下游向上游传导。 下游设备商，中国头部企业已占据全球百分之六七十的份额，而光模块领域在过去十年依托工程师红 利和快速响应能力等因素也快速完成了国产化替代，上游主要是高端光芯片亟待国产替代的进一步 ...

Core Viewpoint - The company, Taicheng Light (300570), focuses on passive optical devices as its main product, with optical modules serving as a supplementary core business to meet customer needs and enhance the development of passive products [1] Group 1: Product Positioning - The primary products of the company are passive optical devices [1] - Optical modules are positioned as a core business supplement, fulfilling customer support needs and promoting the research and development of passive products [1] Group 2: Product Development - The company has already begun supplying 800G optical modules [1] - The 1.6T optical module is currently under development [1]

Core Viewpoint - The company focuses on passive optical devices as its main product, with optical modules serving as a supplementary core business to meet customer needs and enhance the development of passive products [1] Product Positioning - The primary product of the company is passive optical devices, while optical modules are developed to complement the main offerings [1] - The company has already supplied 800G optical modules and is currently developing 1.6T optical modules [1]

Group 1 - The A-share market is experiencing fluctuations after breaking through the 3700-point mark, but the CPO and artificial intelligence sectors are leading the gains [1][2] - The AI sector has seen significant growth, with the AI ETF (159819) rising over 46% since April 9, and the Sci-Tech AI ETF (588730) increasing over 36% [2] - Strong fundamentals and a booming stock market are the underlying reasons for the current performance, with companies like New Yisheng reporting a net profit growth of over 300% in H1 2025 [5][6] Group 2 - Recent AI-related policy announcements, such as the "AI + Manufacturing" initiative in Shanghai, are stimulating the market [4] - The total market capitalization of A-shares has surpassed 100 trillion yuan, indicating a significant milestone for the market [7] - The current valuation levels of A-shares are still considered reasonable compared to historical data, with the CSI 300 dynamic P/E ratio around 12.2 times [7][26] Group 3 - Major cloud service providers in North America are increasing their capital expenditure plans for AI infrastructure, with a projected total of $359 billion for 2025, a 57% increase year-on-year [14][15] - The demand for optical modules is expected to surge, with global demand for 800G optical modules projected to exceed 18 million units by 2025 [22] - The optical module industry is anticipated to maintain high growth in earnings per share (EPS), with projections of doubling by 2025 and over 50% growth in 2026 [23] Group 4 - The macroeconomic environment is improving, with factors such as easing geopolitical tensions and potential interest rate cuts contributing to a bullish market sentiment [25] - The influx of international capital into the A-share market is expected to enhance the market's attractiveness and deepen the connection between Chinese companies and global investors [25][27] - The AI sector, including optical modules, chips, and cloud computing, is likely to continue benefiting from the ongoing AI revolution, with sustained investment opportunities [30]

Core Viewpoint - The article highlights the strong performance and growth prospects of Zhongji Xuchuang, a leading optical module supplier, driven by the increasing demand for AI infrastructure and capital expenditures from major cloud service providers [4][5]. Financial Performance - As of August 19, Zhongji Xuchuang's market capitalization reached 306.1 billion yuan, with a stock price of 275.50 yuan, marking a historical high [1]. - The company reported a significant increase in net profit expectations for the first half of 2025, projected to be between 3.6 billion to 4.4 billion yuan, representing a year-on-year growth of 52.64% to 86.57% [4]. - The non-GAAP net profit is expected to be between 3.59 billion to 4.39 billion yuan, with a year-on-year growth of 53.89% to 88.18% [4]. Market Trends - The global AI "arms race" continues, with North America's four major internet companies projected to have a total capital expenditure of 95.8 billion USD (approximately 685.8 billion yuan) in Q2 2025, reflecting a year-on-year growth of 64% [4]. - Major companies like Google and Meta have raised their guidance for the year, while Amazon indicated that its Q2 capital expenditure could represent the level for the second half of the year [4]. Demand Outlook - Zhongji Xuchuang has indicated that some customers have begun to release demand guidance for next year, with expectations for overall demand to be better than this year [5]. - The company plans to enhance its efforts in capacity, shipment structure, and yield to meet the anticipated growth in demand for 800G and 1.6T products [5]. Leadership Recognition - Zhongji Xuchuang's CEO, Liu Sheng, was included in the 2025 Forbes China Best CEO list, with the companies led by the 50 CEOs on the list experiencing an average stock price increase of 79% during the performance assessment period [6].

Market Overview - The three major indices experienced slight declines, with the Shanghai Composite Index down 0.02%, the Shenzhen Component down 0.12%, and the ChiNext down 0.17%, indicating a negligible impact on the overall market [3] - Despite the index declines, the North Securities 50 index rose over 1%, reaching a historical high, suggesting a shift in capital towards small-cap stocks and specialized technology companies, particularly in the policy-supported tech growth sector [3] Sector Performance - The CPO (Chip-on-Board) concept continues to surge, with leading stocks like DiAo Micro and Lingyi ZhiZao hitting the daily limit, and Zhongji Xuchuang and Xinyi Sheng reaching new highs. A key data point indicates that the shipment volume of 800G optical modules is expected to double year-on-year in 2024, with 1.6T products entering the sampling stage, reflecting accelerating AI computing demand [3] - The liquor sector showed strong performance, with stocks like JiuGuiJiu hitting the daily limit and GuQingGongJiu and ShanXiFenJiu seeing significant gains. This is driven by a recent policy to boost consumption and a 30.9% year-on-year increase in liquor exports in the first half of the year [3] - The integrated die-casting sector is noteworthy, with Top Group hitting the daily limit and Guangdong Hongtu and Wencan shares following suit. The production of a 16,000-ton die-casting machine has begun, which significantly reduces costs and improves efficiency in automotive manufacturing, with a projected compound annual growth rate exceeding 40% over the next three years [4] Declining Sectors - The military industry experienced a collective adjustment, with stocks like Guangqi Technology and Feili Hua leading the decline. This is attributed to changes in market risk appetite as some investors choose to take profits ahead of an upcoming military parade [4] - Brokerage stocks weakened, with Dongfang Caifu and Tianfeng Securities leading the decline due to a reform in fee structures. A report indicates that the reduction in management fees for public funds and trading commissions has led to a 37% decrease in brokerage firms' income from brokerage services in the first half of the year [4] Investment Strategy - The current market is transitioning from being driven by capital to being driven by performance, with a trading volume of 2.5 trillion indicating a shift in main capital towards sectors like CPO, liquor, and integrated die-casting, which remain the primary focus [5] - Caution is advised for sectors that have seen significant short-term gains, as they may experience volatility, while sectors like military and brokerage that have undergone sufficient adjustments may present new opportunities for investment [5]

Market Overview - A-shares opened higher on August 19, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.3%, and the ChiNext Index up by 0.39% at midday [2] - The total market turnover reached 1.68 trillion yuan, with over 3,200 stocks rising [3] Sector Performance - Strong sectors included telecommunications, computers, food and beverage, and real estate, while defense, non-bank financials, and oil and petrochemicals experienced pullbacks [3] - Notable gainers included: - Optical modules up 4.74% - Rare earths up 4.56% - Liquor up 3.43% [4] Hong Kong Market - The Hong Kong market also saw a synchronized fluctuation, with the Hang Seng Index up by 0.19%, the Hang Seng Tech Index up by 0.1%, and the Hang Seng China Enterprises Index up by 0.13% [5] Pharmaceutical Sector - The pharmaceutical sector experienced a surge, particularly in innovative drugs, with several stocks hitting the daily limit up [6][7] - Key stocks included: - Tuo Jing Life up 20.01% - Fu Rui Shares up 20.00% - Bo Ji Pharmaceutical up 19.98% [8] Optical Module Industry - The optical module industry is expected to enter a prosperous cycle starting in 2025, with significant growth anticipated in 2026 [10] - Domestic optical module giants have established a strong foothold in the global market, particularly through partnerships with North American cloud providers [10] AI and Robotics Development - Shanghai has launched an initiative to accelerate the integration of AI in manufacturing, aiming to implement smart applications in 3,000 manufacturing enterprises [12][13] - The initiative includes the deployment of industrial robots in high-risk and repetitive tasks to enhance production efficiency and safety [13] Stock Movements in AI and Robotics - Stocks related to AI and robotics saw significant gains, with companies like Nan Fang Precision Engineering hitting the daily limit up and reaching historical highs [14][15] - Notable performers included: - Far East Holdings up 10.03% - Chongda Technology up 9.99% - Shanghai Mechanical and Electrical up 9.99% [16] Smartphone Market Trends - The Chinese smartphone market saw a 4.1% decline in Q2, with a total shipment of 68.86 million units, marking the end of six consecutive quarters of growth [17] - Huawei regained the top position among manufacturers after four years, followed by Vivo, OPPO, Xiaomi, and Apple [17]