以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 作者：熊剑辉 来源：华商韬略（ID：hstl8888） "光模块枭雄"，是怎样炼成的？ 01 谜团 这一轮牛市中，要论"牛股旗手"，除了让人"不寒而栗"的寒武纪，就要属"易中天"的领头羊——新易盛。 2025年年初至今，它从46.56元的低点飙至401.1元的高位，涨幅高达861%。 这不但让"寒王"的涨幅（306.51%）相形见绌，在中际旭创（685.17%）、天孚通信（562.22%）面前也是一 骑绝尘。 如果把时间线拉回2016年新易盛上市之初，它的累计涨幅，将近180倍。 市值上，3600多亿的新易盛，成为碾压中兴通讯（2100亿）的存在。 可即便涨这么"疯"，高盛却认为：新易盛的估值依然合理。 因为新易盛的业绩，同样在"疯跑"。 2025年上半年，新易盛狂揽104.37亿营收，同比大增282.64%；净利润飙至39.42亿，同比暴涨355.68%；经 营现金流净额高达9.53亿，同比大增427.7%。 每个数字，都透着势不可挡的劲头。 而作为全球排名第三的光模块制造商，新易盛踩中的，是全球AI算力暴涨的超级风口。 ...

Core Insights - New Yi Sheng has experienced a remarkable stock price increase of 861% from January 2025, reaching a peak of 401.1 yuan, significantly outperforming competitors like Hanwang and Zhongji Xuchuang [5][9]. - The company's market capitalization has soared to over 360 billion yuan, surpassing ZTE's 210 billion yuan [7]. - High investment bank Goldman Sachs considers New Yi Sheng's valuation to be reasonable despite its rapid price increase [8]. Financial Performance - In the first half of 2025, New Yi Sheng reported revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [9]. - The company's operating cash flow reached 953 million yuan, reflecting a substantial year-on-year growth of 427.7% [9]. - The gross profit margin for New Yi Sheng in 2024 was reported at 44.72%, exceeding competitors like Zhongji Xuchuang and Guangxun Technology [34]. Market Position and Strategy - New Yi Sheng is the third-largest optical module manufacturer globally, benefiting from the surge in AI computing power demand [10]. - The global optical module market is projected to reach $23.5 billion by 2025, with a 32% increase from 2024 [13]. - Approximately 80% of New Yi Sheng's revenue comes from overseas markets, with major clients including Nvidia, Microsoft, and Amazon [13]. Leadership and Company History - Gao Guangrong, the chairman and actual controller of New Yi Sheng, holds only a 7.4% stake in the company despite its significant growth [14]. - The company was formed in 2008 through a merger between Guangsheng Communication and Yijielong, with Gao securing a controlling stake [20]. - Gao's strategic decisions, including the acquisition of US-based Alpine, have been pivotal in enhancing New Yi Sheng's technological capabilities and market presence [29][30]. Challenges and Future Outlook - New Yi Sheng faces potential risks, including rising inventory levels of 5.944 billion yuan and accounts receivable of 5.017 billion yuan, leading to an increased asset-liability ratio of 33.08% [50][51]. - The company is currently in a critical transition phase from LPO to CPO technology, with competitors like Zhongji Xuchuang already advancing in the 1.6T optical module market [54][56]. - The future success of New Yi Sheng may hinge on its ability to navigate technological shifts and maintain its competitive edge in a rapidly evolving market [56].

Core Viewpoint - The company has demonstrated impressive performance in its 2025 H1 financial results, with significant year-on-year growth in revenue and net profit, positioning itself as a leader in the optical module industry and benefiting from the increasing investment in data center computing power [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit attributable to shareholders of 3.942 billion yuan, up 355.68% [1]. - For Q2 2025, the company reported revenue of 6.385 billion yuan, reflecting a year-on-year growth of 295.39% and a quarter-on-quarter increase of 57.56%, with a net profit of 2.370 billion yuan, which is a 338.36% year-on-year increase and a 50.70% quarter-on-quarter growth [1]. Profitability Improvement - The company's gross profit margin for 2025 H1 was 47.43%, an increase of 4.38 percentage points year-on-year, while the net profit margin was 37.77%, up 6.05 percentage points year-on-year [2]. - In Q2 2025, the gross profit margin reached 46.64%, a year-on-year increase of 2.88 percentage points, and the net profit margin was 37.12%, up 3.64 percentage points year-on-year [2]. Research and Development Focus - The company invested 334 million yuan in R&D during 2025 H1, representing a year-on-year increase of 157.56%, with an R&D expense ratio of 3.20% [3]. - The company has made significant progress in developing new products and technologies, including high-speed optical modules and silicon photonics, successfully launching various series of products such as 400G, 800G, and 1.6T optical modules [3]. - The company is expected to benefit from the growth of the AI industry due to its continuous investment in R&D and focus on cutting-edge technologies [3].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant price appreciation over the next 6-12 months [5]. Core Insights - The company reported a substantial increase in revenue and net profit for the first half of 2025, with revenue reaching 10.437 billion yuan, a year-on-year growth of 282.64%, and net profit of 3.942 billion yuan, up 355.68% [2]. - The demand for high-speed optical modules, particularly the 800G modules, has driven revenue growth, with overseas point-to-point optical module revenue increasing by 355.96% year-on-year [3]. - The company is positioned as a key supplier of optical modules for major North American cloud providers, benefiting from increased investments in AI computing [4]. Summary by Sections Performance Review - In 2Q25, the company achieved revenue of 6.385 billion yuan, reflecting a year-on-year increase of 295.39%, and a net profit of 2.370 billion yuan, up 338.36% [2]. Operational Analysis - The production capacity for optical modules reached 15.2 million units, a 66.67% increase year-on-year, with production volume at 7.1 million units, up 86.35% [3]. - The gross margin for 2Q25 was 46.64%, showing a year-on-year increase of 2.88 percentage points, although it decreased by 2.02 percentage points quarter-on-quarter due to product mix changes and rising raw material costs [3]. Forward-Looking Strategy - The company has entered mass production of 800G LPO optical modules, with leading power consumption levels, and is advancing in silicon photonics solutions for 400G/800G coherent optical modules [4]. - The anticipated large-scale deployment of ASIC chips by major tech companies in 2026 is expected to further increase the demand for optical modules, positioning the company favorably in the market [4]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are set at 23.01 billion, 41.56 billion, and 57.33 billion yuan, with year-on-year growth rates of 166%, 81%, and 38% respectively [5]. - Expected EPS for the same period is forecasted at 7.66, 13.17, and 17.40 yuan, with corresponding P/E ratios of 17, 10, and 7 [5].

Core Viewpoint - The article highlights the strong institutional interest in certain stocks, particularly focusing on New Yi Sheng, which has shown significant net buying and positive growth projections from analysts [1] Group 1: Institutional Investment - Among the 30 stocks favored by institutions, four stocks including Runze Technology, New Yi Sheng, Chifeng Gold, and Tianfu Communication have seen substantial net buying, each exceeding 30 million yuan [1] - New Yi Sheng has been consistently favored by institutions for two consecutive years, with a net buying amount of 999.53 million yuan in 2024 and 1.56 billion yuan since 2025 [1] Group 2: Growth Projections - Analysts predict a remarkable net profit growth rate of 114.28% for New Yi Sheng in 2025, supported by its advancements in various optical module projects [1] - Zhongyuan Securities notes that New Yi Sheng's breakthroughs in silicon optical modules and related technologies are benefiting from the high demand for optical modules driven by global AI infrastructure development [1] Group 3: Market Performance - New Yi Sheng's stock has performed well in the secondary market, achieving a three-year consecutive annual increase, with a year-to-date rise of 17.85% [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 8.65 billion yuan (YoY +179.15%) and net profit of 2.84 billion yuan (YoY +312.26%). For Q1 2025, revenue was 4.05 billion yuan (YoY +264.13%) and net profit was 1.57 billion yuan (YoY +384.54%) [1][5]. - The company has made substantial progress in developing new products and technologies, particularly in the silicon photonics sector, which is expected to drive future growth [1][4]. - The company has successfully increased its overseas revenue to 6.81 billion yuan (YoY +162.31%) and domestic revenue to 1.84 billion yuan (YoY +265.95%) in 2024, indicating strong demand for its products [1]. Financial Performance - The company's Q1 2025 performance showed a quarter-on-quarter revenue increase to 4.05 billion yuan (QoQ +15.24%) and net profit of 1.57 billion yuan (QoQ +31.95%), with a notable improvement in net profit margin [3]. - The gross margin for 2024 improved by 13.73 percentage points, while the expense ratio increased slightly by 1.17 percentage points, indicating enhanced profitability despite rising costs [4]. - The company is expected to continue its growth trajectory, with projected net profits of 7.33 billion yuan, 11.62 billion yuan, and 14.40 billion yuan for 2025, 2026, and 2027 respectively [5][11]. Product Development and Market Position - The company has expanded its product line in the silicon photonics sector, successfully launching 400G and 800G optical modules, which are anticipated to meet increasing market demand [4]. - The establishment of a factory in Thailand is expected to enhance the company's production capabilities and supply chain stability, further supporting its growth strategy [2]. Market Outlook - The company is well-positioned to benefit from the rapid growth in the AI and cloud computing data center markets, which are expected to drive demand for its high-speed optical modules [5]. - The ongoing development of the 1.6T optical module is anticipated to contribute significantly to the company's long-term growth [5].