新易盛股价3年涨幅超28倍。 近3年涨幅超28倍、市值一度超过3000亿元的新易盛（300502.SZ）近日发布了2025年半年报。 上半年，新易盛实现营业收入104.37亿元，同比增长282.64%；归母净利润39.42亿元，较去年同期激增 近31亿元，同比增长355.86%，这份中报在创下历史同期最好业绩的同时，营收和净利均超过2024年全 年水平。公司实现业绩跨越式增长，主要受益于全球数据中心高速光模块需求持续爆发。 新易盛未来业绩增速能否支撑已经大幅上涨的股价，是市场的主要关注点。2022年10月11日以来，新易 盛总市值累计激增逾2700亿元。同期，公司在创业板的市值排名从165名攀升至第5位。仅今年4月以 来，新易盛的股价就涨逾4倍，超出上半年业绩增速。随着本周新易盛股价再创历史新高的304.08元， 国金证券26日发布报告仍给予"买入"评级。 高速率光模块放量推动业绩增长 根据中报，上半年新易盛产销均实现增长，点对点光模块产能1520万只，同比增长66.67%；光模块产 量710万只，同比增长86.35%。 新易盛作为光模块行业领先企业，主要提供100G、200G、400G、800G及1.6T光 ...

Group 1: Financial Performance - In 2024, the company achieved a total revenue of 3.396 billion CNY, a year-on-year increase of 14.63%, but reported a net loss of 344 million CNY, a decline of 115.71% [5] - In Q1 2025, the company recorded a revenue of 872 million CNY, a year-on-year growth of 36.84%, with a net loss of 33 million CNY, an improvement of 51.79% compared to the previous year [5][6] - The increase in revenue in Q1 2025 was attributed to market demand recovery, increased customer orders, and product structure optimization [6] Group 2: Production and Capacity - The company has developed PCB technology for 100G, 200G, and 400G optical modules, with plans to continue R&D for 800G optical modules [2][4] - The production capacity utilization rate at the Jiangxi factory is continuously improving, contributing to the revenue growth [3][6] Group 3: Financial Management and Strategy - The company is addressing high accounts receivable of 1.763 billion CNY and interest expenses of 45.73 million CNY by enhancing accounts receivable management and deepening bank-enterprise cooperation [3] - The company plans to implement measures to control financial expenses and improve the efficiency of fund usage, focusing on core PCB business upgrades [3] Group 4: Future Outlook and Goals - The company aims to focus on advantageous application areas, adjust product structure, and deepen strategic customer relationships to sustain growth [5] - The company is preparing for a potential capital increase of up to 300 million CNY, subject to shareholder approval and regulatory review [4]

Company Overview - Coherent Corp. (COHR) is set to report its third-quarter fiscal 2025 results on May 7, with revenue expectations of $1.4 billion, reflecting a year-over-year growth of 19.1% and earnings per share (EPS) estimated at 86 cents, indicating a 62.3% increase from the previous year [1] - The company has a strong earnings surprise history, having surpassed the Zacks Consensus Estimate in the last four quarters with an average surprise of 20.3% [2] Earnings Estimates - Current earnings estimates for Q1 and Q2 are 0.86 and 0.92 respectively, with full-year estimates of 3.47 and 4.28 [2] - There have been no recent changes in analyst estimates, with a slight downward revision of -0.29% for F1 and -0.70% for F2 [2] Market Performance - COHR shares have increased by 23.7% over the past year, outperforming its industry growth of 24.6% and the Zacks S&P 500 composite's 10% growth [6] - The stock is currently trading at a trailing 12-month price-to-earnings ratio of 2.67X, which is higher than the industry average of 1.76X and Alithya Group's 1.28X, but lower than AirJoule Technologies' 7.83X [9] Industry Insights - The telecom segment is expected to drive revenue growth, with a reported 11% year-over-year increase in Q2 fiscal 2025, attributed to strong demand for new products like 100G, 400G, and 800ZR/ZR+ coherent transceivers [5] - The rise in data traffic due to AI workloads is anticipated to boost investments in higher-capacity interconnects, benefiting Coherent's optical transport networks [10] Future Outlook - Management projects that 1.6T transceivers will be a key contributor to revenue in 2025, ensuring growth beyond the current 800G cycle [12] - The demand for high-speed optical transceivers is expected to increase as hyperscalers expand their AI training and inference workloads [11] Investment Considerations - Despite the positive outlook, potential revenue growth may be hindered by delayed AI infrastructure spending and geopolitical risks, particularly between the U.S. and China [13] - The company is viewed as fundamentally strong but carries a premium valuation, suggesting that investors may benefit from holding the stock while waiting for a more favorable entry point [15]