研報掘金丨國金證券:首予新易盛“買入”評級,目標價112.7元
國金證券研報指出,新易盛(300502.SZ)深耕光模塊行業,主要供應海外大客户,2024 年前三季度公司實現營業收入51.30億元,同比增長145.82%。2025年光模塊行業競爭將加劇,盈利質量優勢是公司維持行業地位的保障。此外,公司重點佈局LPO(線性驅動可插撥光模塊)領域,LPO去除了傳統的DSP/CDR芯片,因此未來有望在價格端和成本端更具優勢。根據LightCounting預測, 2028年高速線纜市場規模將達到28億美元。公司在LPO和AEC相關產品側已做了充分的儲備,有望為公司打開第二增長曲線,引領公司未來業績持續高速增長。給予公司2025年14倍PE,目標價為112.7元。首次覆蓋,給予“買入”投資評級。
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