统一社会信用代码：91510100674300237M 名称：成都新易盛通信技术股份有限公司 类型：股份有限公司（外商投资、上市） 证券代码： 300502 证券简称： 新易盛 公告编号： 2024-068 成都新易盛通信技术股份有限公司 关于完成工商登记变更并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 成都新易盛通信技术股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日召开的第五届董事会第四次会议、2024 年 9 月 13 日召开的 2024 年第三次 临时股东大会，审议通过了《关于变更公司注册资本并修订<公司章程>的议案》， 具体内容详见公司于 2024 年 8 月 29 日、2024 年 9 月 13 日在巨潮资讯网 （www.cninfo.com.cn）上披露的相关公告。 公司已于近日完成了相关工商登记变更手续，并取得了成都市市场监督管理 局换发的《营业执照》，相关登记信息如下： 特此公告。 成都新易盛通信技术股份有限公司 董事会 2024 年 10 月 16 日 住所：中国(四川)自由贸易试验区成都市双流区黄 ...

Investment Rating - The report initiates coverage on Xinsheng (300502) with a "Recommend" rating [1] Core Views - Xinsheng is a leading provider of optical module solutions, specializing in the R&D, manufacturing, and sales of optical modules since its establishment in 2008 [1] - The company has successfully delivered high-speed optical modules such as 100G, 200G, 400G, and 800G, and has established strong relationships with global communication equipment manufacturers and internet companies, with overseas revenue accounting for 83.8% in 2023 [1] - Xinsheng has released 800G and 1.6T high-speed products, with its 800G optical module achieving a power consumption of only 11.2W, setting a new industry standard [1] - The company is deeply involved in LPO (Linear-drive Pluggable Optics) technology and has showcased 800G LPO modules, which are expected to be widely used in short-distance interconnection scenarios [1] - Xinsheng's profitability is industry-leading, with a focus on high-margin products and continuous optimization of cost control and production processes [1] - The company is expanding its production capacity, with its Thailand factory expected to be fully operational by 2024, and plans to issue convertible bonds to fund the construction of new high-speed optical module production lines [1] Financial Projections - Revenue is projected to grow significantly, with 2024-2026 revenues estimated at 7.564 billion, 13.159 billion, and 17.184 billion yuan, representing year-on-year growth rates of 144.2%, 74.0%, and 30.6% respectively [1][8] - Net profit attributable to shareholders is expected to reach 2.099 billion, 3.521 billion, and 4.542 billion yuan in 2024-2026, with year-on-year growth rates of 205.0%, 67.7%, and 29.0% respectively [1][8] - The company's gross margin and net margin are expected to remain strong, with gross margins of 37.4%, 34.8%, and 34.0% projected for 2024-2026 [8] Industry Analysis - The demand for 400G/800G optical modules is driven by AI infrastructure construction, with major cloud providers like Amazon and Meta continuing to deploy 400G solutions [7] - The 800G optical module market is expected to see significant growth by 2025, driven by AI inference demand and the adoption of high-performance Ethernet in data centers [7] - LPO technology, which offers lower power consumption and cost advantages, is expected to be widely deployed in short-distance interconnection scenarios, particularly within data center racks [7] Company Development - Xinsheng has a clear equity structure, with Gao Guangrong and Huang Xiaolei as the actual controllers, holding 7.4% and 7.1% of the company's shares respectively [13] - The company has four major subsidiaries, including Alpine, which focuses on silicon photonics and coherent optical technology [13] - Xinsheng has a comprehensive product matrix, covering various communication network interfaces, transmission rates, and wavelengths, with applications in data broadband, telecommunications, data centers, and more [12][15] Market Performance - Xinsheng's revenue and net profit have shown strong growth, with revenue increasing from 760 million yuan in 2018 to 3.311 billion yuan in 2022, and net profit growing from 32 million yuan to 904 million yuan over the same period [17] - The company's gross margin has remained above 30% since 2019, reaching 43.0% in the first half of 2024, while the net margin has stabilized above 20% since 2020, reaching 31.7% in the first half of 2024 [18][19]

丨证券研究报告丨 公司研究丨点评报告丨新易盛（300502.SZ） [Table_Title] 高速产品出货加速，毛利率持续改善 | --- | --- | |------------------------------------------------------------------------------------------|-------| | | | | 400G/800G 产品出货加速，出货的产品结构大幅升级，存货及固定资产增长显著， | | | 反映扩产及备料力度提升，展望 24H2 高增长有望延续。 24Q2 公司毛利率持续改善，环比提 | | | 升或主要来自产品结构升级，以及公司的良率效率改善，费用端环比改善可观。光模块迭代加 | | | 速，公司持续布局新技术方案。 | | 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 新易盛（300502.SZ） 相关研究 2023-10-22 [Table_Title2] 高速产品出货加速，毛利率持续 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 信 息 技 术/ 证 券 研 究 报 告 [Table_Title] 新易盛（300502）2024年中报点评 24H1行业景气度持续提升，带动高速率 产品需求快速增长 2024 年 09 月 19 日 [【投资要点】 Table_Summary] 2024 年上半年公司实现营业收入 27.28 亿元，同比增长 109.07%，归 母净利润 8.65 亿元，同比增长 200.02%，主要是受益于行业景气度持 续提升，带动高速率产品需求快速增长。上半年公司综合毛利率 43.04%，同比增长 13.63%，盈利能力的提升，一方面是公司固有产品 结构、技术方案、工艺流程等成本管控的优势，也持续通过多种方式 优化成本管控能力，一方面光模块随着新技术、新产品的持续迭代和 上量，公司高速率产品的销售占比持续提升。上半年公司销售费用率、 管理费用率、研发费用率分别为 1.45%、2.48%、4.75%，销售费用率 同比增长主要是持续开拓市场导致，研发费用率同比增长主要是人员 薪酬及股份支付费用增加。上半年公司经营产生的净现金流为-2.91 亿元，去年同期为 4.83 亿 ...

F 证券研究报告 公司近一年市场表现 新易盛 创业板指 资料来源：最闻 市场数据：2024 年 9 月 12 日 收盘价（元）： 95.22 受益于北美大客户 AI 集群资本开支增加，上半年营收利润大幅增长。 上半年北美亚马逊、谷歌、META、微软四家云巨头 capex 合计 897.5 亿美元， 同比+44.1%，带动 AI 基础设施投资大幅增长。光模块作为 AI 网络 scaleout 扩展规模的核心设备受益于 GPU 出货量的增长和集群规模的扩大带来的配 比提升。Lightcounting 7 月的研究报告指出，2024 年全球用于 AI 集群的光 模块市场将超过 40 亿美元，同比翻倍以上，2025 年有望超过 70 亿美元，2029 年达到 120 亿美元。Cignal AI 在《2024 年第一季度光器件报告》指出，24Q1 全球高速数通光模块出货量超过 300 万只，800GbE 出货量几乎相当于去年 全年，预计数通市场将在 2024 年翻番。与此同时，以太网 AI 交换机以其对 更大规模集群的良好支持、开放操作系统和可编程性强以及高性价比未来出 货比例将快速提升，尤其在北美云厂商灰盒和白盒的交 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy-A" [3][7]. Core Views - The company has achieved significant growth in revenue and profit in the first half of 2024, driven by increased capital expenditures from major North American clients in the AI sector [4][5]. - The company is positioned as a core supplier of high-speed optical modules for major North American cloud providers, benefiting from the growing demand for AI infrastructure [5][6]. - The company's product offerings have been enhanced, with a focus on high-end products, leading to improved gross margins and profitability [6][7]. Company Performance - In the first half of 2024, the company reported revenue of 2.73 billion yuan, a year-on-year increase of 109.1%, and a net profit of 870 million yuan, up 200.0% year-on-year [4]. - The second quarter alone saw revenue of 1.62 billion yuan, with year-on-year growth of 129.2% and a net profit of 540 million yuan, reflecting a year-on-year increase of 199.5% [4]. Market Dynamics - The global market for optical modules used in AI clusters is expected to exceed $4 billion in 2024, doubling year-on-year, with projections of over $7 billion in 2025 and reaching $12 billion by 2029 [5]. - The company has seen a 12.4% increase in optical module sales, with revenue growth of 113.0%, indicating a shift towards higher-end products [6]. Financial Projections - The report revises the profit forecast for the company, expecting net profits of 2.20 billion yuan, 4.36 billion yuan, and 4.84 billion yuan for 2024, 2025, and 2026 respectively [7]. - The gross margin is projected to improve to 44.0% in 2024, with a net profit margin of 32.3% [9][12].

关于成都新易盛通信技术股份有限公司 2024 年第三次临时股东大会的 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 法律意见书 国枫律股字[2024]A0465号 致：成都新易盛通信技术股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《成都新易盛通 信技术股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召 开程序、召集人资格、出席会议人员资格、会议表决程序及表 ...

证券代码：300502 证券简称：新易盛 公告编号：2024-066 上述事项具体内容详见公司于 2024 年 8 月 29 日在中国证监会指定创业 板信息披露网站上披露的《关于实施 2021 年度回购股份注销的公告》（公告编 号：2024-050）。 二、需债权人知晓的相关信息 公司上述注销事项将减少公司总股本 4,200 股，并相应减少公司的注册资本。 根据《中华人民共和国公司法》等相关法律、法规的规定，公司特此通知债权人， 债权人自本公告之日起四十五日内，有权要求公司清偿债务或者提供相应的担保。 债权人未在规定期限内行使上述权利的，本次注销将按法定程序继续实施。公司 债权人如要求公司清偿债务或提供相应担保的，应根据《中华人民共和国公司法》 等法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托书和代理人有效身份证件的原件及复印件。 债权人为自然人的，需 ...

证券代码： 300502 证券简称： 新易盛 公告编号： 2024-067 成都新易盛通信技术股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、否决或变更议案的情况。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 3、本次股东大会议案1、2、3为特别决议事项，已由出席股东大会的股东（包 括股东代理人）所持表决权的2/3以上通过。 一、会议召开和出席情况 （一） 会议召开情况 （1）现场会议：2024 年 9 月 13 日（星期五）下午 14:00。 （2）网络投票：2024 年 9 月 13 日（星期五）。 其中，通过深圳证券交易所交易系统进行网络投票的时间为2024年9月13 日9:15—9：25，9：30—11:30 和13:00—15:00；通过深圳证券交易所互联 网系统投票的具体时间为9月13日9:15-15:00期间的任意时间。 2、现场会议地点：中国(四川)自由贸易试验区成都市双流区黄甲街道物 联大道 510 号公司会议室 3、会议召开方式：现场投票与网 ...

Group 1: Financial Performance - The company plans to disclose the Q3 report according to regulatory requirements, aiming to boost market confidence [1] - The second quarter profit saw a significant increase compared to the first quarter, with expectations for continued growth in Q3 and Q4 [3] - The company's cash flow is currently stable, with no financial pressure reported regarding the convertible bond issuance [2] Group 2: Production Capacity and Utilization - The company is currently expanding its production capacity, with overseas factory capacity gradually increasing [2] - The reported production capacity for point-to-point optical modules is 9.12 million units, with a production of 3.81 million units and sales of 3.27 million units in the first half of the year, showing growth compared to the previous year [3] - The capacity utilization rate stands at 41.78%, which is considered low within the industry [3] Group 3: Market Position and Competition - The company has established strong partnerships with major global internet and communication equipment manufacturers, enhancing its brand influence in the industry [3] - The optical module industry is experiencing a surge in demand due to the growth of AI, with the company aiming to increase its market share in high-speed optical modules [3] - The company focuses on technological innovation and has maintained a competitive edge through effective cost control [2]