新易盛 20250716 摘要 新易盛受益于人工智能算力投资增长和产品结构优化，高速产品需求占 比提升，推动公司股价大涨，打消了投资者疑虑。收入大幅增长，利润 率保持相对稳定，小幅波动。 2024 年上半年，新易盛 800G 产品出货量及销售占比持续提升，增长 明显，同时 400G 产品也继续出货。预计今年下半年 1.6T 产品的需求 量会有所增加。 新易盛泰国二工厂进展迅速，已于 2024 年底建成，上半年处于快速扩 产阶段，具备承托更多产能及客户需求的条件，并根据市场和客户需求 进行产能准备。 新易盛重视硅光模块领域，通过收购 IPI 及自身团队进行大量投入，预计 未来硅光模块占比将增加，客户端硅光产品需求明显提升，认证进展顺 利。 新易盛供应链管控较好，能够有效应对紧张局面，保障业绩释放节奏稳 定，未因物料短缺影响生产或交付，整体情况可控。 新易盛预计今年下半年至明年行业景气度仍然很高，需求旺盛，公司也 在根据客户需求扩充产能，对行业前景持乐观态度。 新易盛将持续扩展产能，1.6T 产线根据不同客户定制化要求布置。扩产 进展顺利，并按计划满足客户未来产品和交付需求。 Q&A 新易盛公司在 2025 年上 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company experienced significant revenue and profit growth due to increased demand for 800G products from major clients, with a revenue of 8.65 billion yuan in 2024, representing a year-on-year increase of 179%, and a net profit of 2.84 billion yuan, up 312% year-on-year [6][12] - The gross margin improved significantly, reaching 48.2% in Q4 2024 and 48.7% in Q1 2025, with net profit margins of 33.9% and 38.8% respectively [12][12] - The company is expanding its production capacity overseas, particularly in Thailand, which is expected to mitigate tariff impacts and enhance its market presence [12][12] - Research and development investments are growing rapidly, with a focus on new technology solutions, including 1.6T optical modules and high-speed AEC cable modules [12][12] Summary by Sections Revenue and Profit Growth - In Q1 2025, the company achieved a revenue of 4.05 billion yuan, a year-on-year increase of 264% and a quarter-on-quarter increase of 15% [6][12] - The net profit for Q1 2025 was 1.57 billion yuan, reflecting a year-on-year growth of 385% and a quarter-on-quarter growth of 32% [6][12] Margin Improvement - The gross margin for Q4 2024 and Q1 2025 was 48.2% and 48.7%, respectively, showing a year-on-year increase of 11.4 percentage points and 6.7 percentage points [12][12] - The net profit margin also improved, reaching 33.9% in Q4 2024 and 38.8% in Q1 2025 [12][12] Production Capacity and Tariff Impact - The company has commenced production at its first factory in Thailand, with the second phase expected to start in March 2025 [12][12] - Revenue from the Thailand subsidiary was approximately 1.2 billion USD for the first nine months of 2024, accounting for about 6% of total revenue [12][12] Research and Development - R&D expenditure reached 403 million yuan in 2024, accounting for 4.66% of revenue, an increase from the previous year [12][12] - The number of R&D personnel grew by 65.75% to 605 [12][12] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 6.55 billion yuan, 7.97 billion yuan, and 9.11 billion yuan, respectively, with corresponding year-on-year growth rates of 131%, 22%, and 14% [12][12]