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研報掘金丨國元證券:維持新易盛“買入”評級,將受益於算力需求擴張

國元證券研報指出,新易盛(300502.SZ)2024年實現歸母淨利潤28.38億元,同比增長312.26%;2025年Q1實現歸母淨利潤15.73億元,同比增長384.54%,環比增長31.95%。算力基礎硬件需求持續旺盛,高速率產品佔比提升帶動盈利提升。公司產品矩陣覆蓋電信、數據中心等多個應用領域。其中數據中心領域,作爲國內少數具有100G、200G、400G和800G批量交付能力的光模塊供應商,新易盛已成功推出基於VCSEL/EML、硅光及薄膜鈮酸鋰方案的400G、800G、1.6T系列高速光模塊產品,和400G和800G ZR/ZR+相幹光模塊產品、以及基於100G/lane和200G/lane的400G/800G LPO光模塊產品。作爲行業領先的光模塊供應商,公司技術儲備充裕、客戶資源豐富、成本控制領先,將受益於算力需求擴張。維持“買入”評級。

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