特此公告！ 关于参加举办四川辖区 2024 年投资者网上集体接待日及半年度报告 业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，成都新易盛通信技术股份有限公司（以 下简称"公司"）将参加由四川省上市公司协会、上证所信息网络有限公司、深 圳市全景网络有限公司联合举办的"四川辖区 2024 年投资者网上集体接待日及 半年度报告业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"上证路演中心" （http://roadshow.sseinfo.com/）、"全景路演"（https://rs.p5w.net）参 与本次互动交流，活动时间为 2024 年 9 月 12 日（周四）13:00-17:00。届时公 司高管将在线就公司 2023 年度及 2024 年半年度业绩、公司治理、发展战略、 经 营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ 证券代码： 300502 证券简称： 新易盛 公告编号： 2024-065 ...

公司点评报告 · 通信行业 营收质量增长喜人, 高速率产品出货量高增 2024年半年报业绩点评 核心观点 ● 2024上半年业绩高速增长,AI 驱动公司利润率同环比大幅提升:近日公 司发布 2024年中报,报告期内公司实现营收 27.28亿元,同增 109.07%,实 现归母净利润8.65亿元,同增200.02%;实现毛利率43.04%,同增13.63pcts, 实现净利率 31.72%,同增9.62pcts。2Q24单季度方面,公司实现营收 16.15 亿元,同增129.23%,环增45.11%,实现归母净利润5.41亿元,同增199.45%, 环增 66.57%;实现毛利率 43.76%,同增 18.29pcts,环增 1.76pcts,实现净 利率 33.48%,同增 7.85pcts,环增 4.32pcts。公司营收质量提升主因为高速 率光模块产品占比显著提升,同时公司研发能力突出,高速率光模块、硅光模 块、相干光模块及800G LPO光模块获得较大突破及进展,预计随着公司高速 率光模块在海外市场认可度逐步提高,公司市占率有望持续提升,赋能公司业 绩延续 2024年上半年态势,维持长期高速增长。 ● ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|--------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | | | 52 周股价波动（元） | 29.98-121.77 | | 总股本 / 流通 A 股（百万股） | | | 总市值 / 流通市值（百万元） | 63984/56545 | | 相关研究 | | | [Table_ReportInfo] 《 AI 驱动 24Q1 利润同环比大增》 | 2024.04.26 | | 《业绩快报发布， Q4 | 利润环比同比大增》 | | 2024.03.04 | | | 《深耕光模块业务，发力 | 800G 和 | | 2024.02.04 市场表现 | | 新易盛 海通综指 -28.75% 13.25% 55.25% 97.25% 139.25% 181.25% 2023/9 2023/12 2024/3 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for high-speed optical modules is rapidly increasing, leading to significant growth in the company's performance. In the first half of 2024, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit attributable to shareholders of 865 million yuan, a year-on-year increase of 200.02% [1] - The training and inference applications of AI large models require greater network bandwidth for AI data centers, driving the rapid growth in demand for high-speed optical modules [1] - The sales proportion of high-speed optical module products continues to increase, enhancing the company's profitability. In the first half of 2024, the gross margin for point-to-point optical module products reached 43.36%, an increase of 13.52 percentage points year-on-year [1] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit attributable to shareholders of 865 million yuan, a year-on-year increase of 200.02% [1] - The company is one of the few in China capable of mass delivery of 100G, 400G, and 800G optical modules, mastering the packaging of high-speed optical device chips and optical devices [1] - The company forecasts operating revenue growth rates of 114.50%, 49.58%, and 31.83% for 2024-2026, with expected revenues of 6.644 billion yuan, 9.939 billion yuan, and 13.102 billion yuan respectively [2] Valuation Metrics - The current price of the stock is 30 yuan, with a market capitalization of approximately 66.48 billion yuan and a circulating market value of about 58.75 billion yuan [1] - The company’s projected P/E ratios for 2024, 2025, and 2026 are 32.5, 19.9, and 14.5 respectively, compared to the average valuation of comparable companies at 40.2 times P/E for 2024 [2][3]

证券研究报告 非金融公司|公司点评|新易盛（300502） 2024 年半年报点评： 业绩高增长，产品技术持续升级 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月31日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，报告期内实现归母净利润 8.65 亿元，同比增长 200.02%。其中 2024Q2 实现归母净利润 5.41 亿元，同比增长 199.45%，环比增长 66.57%。公司 2024H1 毛利 率达到 43.04%，同比增长 13.63pct；净利率达到 31.72%，同比增长 9.62%。公司 2024H1 研 发费用达到 1.30 亿元，同比增长 113.06%。2024H1，公司高速率光模块、硅光模块、相干光 模块、800G LPO 光模块等新产品研发项目取得多项突破和进展，高速率光模块产品销售占比 持续提升。公司拟对全资子公司四川新易盛实施吸收合并，提高整体运营和管理效率。 |分析师及联系人 张宁 李宸 SAC：S0590523120003 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][13]. Core Views - The company has demonstrated high growth in profitability, with a significant increase in revenue and net profit driven by the demand for AI-related hardware and high-speed products [2][4]. - The company's gross margin has improved significantly, reaching 43.04%, with a year-on-year increase of 13.6 percentage points, attributed to effective cost control and the introduction of new technologies [2][4]. - The expansion of overseas cloud providers' capital expenditures is expected to support the company's performance, with significant investments in AI infrastructure [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 2.728 billion yuan, a year-on-year increase of 109.07%, and a net profit of 865 million yuan, up 200.02% [2]. - For Q2 2024, revenue reached 1.615 billion yuan, reflecting a year-on-year growth of 129.23% and a quarter-on-quarter increase of 45.11% [2]. - The company’s operating expenses remained stable at a low level, with a period expense ratio of approximately 6.21% in H1 2024 [2]. Product and Market Development - The company has successfully developed a product mix that includes 800G and 400G optical modules, which are essential for meeting the growing demand in the AI and cloud computing sectors [2][3]. - The second phase of the factory in Thailand is progressing well and is expected to be completed by Q4 2024, which will enhance production capacity to meet future demand [3]. Earnings Forecast - The company is projected to achieve revenues of 6.244 billion yuan, 9.058 billion yuan, and 12.251 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Corresponding net profits are expected to be 2.019 billion yuan, 2.760 billion yuan, and 3.745 billion yuan for the same years [4].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 145.20 CNY, down from the previous 173.00 CNY [5][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with a significant increase in profitability. The revenue reached 2.727 billion CNY, representing a year-on-year growth of 109.07%. The net profit attributable to shareholders was 865 million CNY, with a second-quarter net profit of 541 million CNY, aligning with prior forecasts [3][4]. - The demand for 800G Ethernet is robust, presenting substantial growth opportunities for the company as it is one of the few suppliers capable of mass-producing 800G optical modules. The inventory increased significantly to 2.235 billion CNY, primarily due to a rise in raw material stock for production [3][4]. - The company has adjusted its profit forecasts for 2024-2026, raising the net profit estimates to 2.313 billion CNY, 5.147 billion CNY, and 6.147 billion CNY respectively, with corresponding EPS of 3.26 CNY, 7.26 CNY, and 8.67 CNY [3][9]. Financial Summary - For 2024, the company is projected to achieve a revenue of 7.315 billion CNY, a significant increase of 136.2% compared to the previous year. The net profit is expected to rise by 236.1% to 2.313 billion CNY [9][11]. - The gross margin for Q2 reached 43.76%, while the net margin was 33.48%, indicating strong profitability metrics [3][4]. - The company's total assets are projected to grow to 9.795 billion CNY by 2024, with a net asset value per share of 8.81 CNY [7][11].

新易盛（300502.SZ） Q2 单季度业绩再创新高，高速产品进入加速放量期 事件：8 月 29 日晚，公司发布 2024 年半年度报告，报告期公司实现收入 27.3 亿元，同比增长 109.1%，归母净利润 8.65 亿元，同比增长 200%。 其中，单 Q2 实现收入 16.1 亿元，同比增长 129.2%，环比今年 Q1 增长 45.1%。单 Q2 实现归母净利润 5.41 亿元，同比增长 199.5%，环比今年 Q1 增长 66.6%。 AI 驱动高速产品放量，利润率凸显经营质量。公司 Q2 单季度毛利率 43.8%，相较于今年 Q1 提高 1.8 个百分点，相较于去年同期提高 18.3 个 百分点；Q2 净利率 33.5%，相较于一季度提升 4.32 个百分点，相较于去 年同期提高 7.85 个百分点。公司利润率提升明显，我们判断一方面是利 润率更高的 800G 产品收入占比提升，另一方面得益于公司一如既往的成 本控制能力。 现金流健康充沛，存货凸显后续景气度。公司中报经营活动现金流入达到 25.6 亿元，但因购买商品及支付劳务费大幅度，经营活动现金流净额为2.9 亿元，公司存货来到 22.4 亿 ...

成都新易盛通信技术股份有限公司 投资者关系活动记录表 证券代码：300502 证券简称：新易盛 编号：2024-003 | --- | |-------------------------| | 投资者关系活动类别"选中 | | | | 项请打√" | 议） 参与单位名称（排名不分先 后） 申万证投总部；Bosvale；Capital Group；安信基金；霸菱资产管理亚洲 有限公司；白犀；宝盈基金管理有限公司；贝莱德；碧云银霞；博时基 金；博裕；才华资本；财通基金；财通资管；财信人寿；晟盟资产；创 金合信；大家资产；德邦基金；东财基金；东方阿尔法；东方红；东方 睿石；东方自营；东恺投资；东吴基金；方正富邦；方正证券股份有限 公司；蜂巢基金；复胜资产；赋格投资；富安达基金；富国基金；富荣 基金；富舜资产；工银理财；工银瑞信；观富资产；光大永明资管；广 发基金；国海富兰克林；国华兴益；国联安基金；国盛证券；国寿安保； 国寿养老；国泰；国投瑞银；国新国证；海宸；海富通；海通自营；禾 其投资；鹤禧；恒越基金；弘毅远方基金；宏鼎财富；花旗；华安基金； 华宝基金；华富基金；华融自营；华润元大基金管理有限公司；华泰柏 瑞 ...

公 司 研 究 新易盛（300502.SZ） 2024 年 08 月 29 日 业绩符合预期，2024Q2 毛利率同比环比提升 ——公司信息更新报告 投资评级：买入（维持） 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 业绩符合预期，维持"买入"评级 | --- | --- | |--------------------|--------------| | 日期 | 2024/8/28 | | 当前股价(元) | 97.83 | | 一年最高最低(元) | 121.77/29.98 | | 总市值(亿元) | 693.43 | | 流通市值(亿元) | 612.81 | | 总股本(亿股) | 7.09 | | 流通股本(亿股) | 6.26 | | 近 3 个月换手率(%) | 248.59 | 2024 年 8 月 28 日公司发布 2024 年半年度报告，2024H1 公司实现营收 27.28 亿 元，同比增长 109.07%，实现归母净利润 8.65 亿元，同比增长 200.02%， 2024Q2 公司实现营收 16.15 亿元，同比增长 129.23% ...