未知机构：天风通信新易盛24年报预告24年业绩增长300超预期25年800G-20250121

Company and Industry Summary Company: 新易盛 (NewEase) Key Points - 2024 Earnings Forecast: The company anticipates a net profit attributable to shareholders of 2.8 to 3.05 billion yuan for 2024, representing a year-on-year growth of 306.76% to 343.08%. The net profit after deducting non-recurring items is expected to be between 2.791 to 3.041 billion yuan, indicating a growth of 311.87% to 348.76% [1][1][1] - Q4 Performance: The forecast suggests that the net profit for Q4 2024 will be approximately 1.154 to 1.404 billion yuan, with a median of 1.279 billion yuan, reflecting a year-on-year increase of 394% and a quarter-on-quarter increase of 64% [1][1][1] - New Products and Clients: The company’s strategy of introducing new products and acquiring new clients is expected to be a significant driver of future growth [1][1][1] Industry Insights - 800G and 1.6T Demand: The company’s 800G products are expected to ramp up in the second half of 2024, with a continuous increase in revenue share anticipated for 2025. The 1.6T products are projected to be launched and shipped in 2025. Additionally, the AEC (Advanced Electronic Components) sector is expected to contribute to new business revenue due to established partnerships with clients [2][2][2] - Market Demand Trends: With Microsoft increasing its capital expenditures, there is a growing demand for optical modules, particularly for 800G modules, which are expected to exceed 20 million units in 2025, with potential for upward adjustments [2][2][2] - Domestic Competitors: Domestic module manufacturers are expected to further increase their market share due to advantages in production capacity and silicon photonics technology [3][3][3] - Long-term Outlook: According to guidance from major companies like NV and Google, the traditional pluggable module solutions will remain mainstream in the 3.2T era, with significant market opportunities opening up by 2026. The company is concurrently developing new technologies for 3.2T and CPO (Co-Packaged Optics), with the second phase of its Thailand factory expected to enhance production capacity [4][4][4] - Production Capacity and Risks: The first phase of the Thailand factory was put into operation in the first half of 2023, and the second phase is scheduled to be operational by the end of 2024, which will further mitigate production and trade risks [4][4][4]