研報掘金丨羣益證券(香港):新易盛二季度業績超預期,予“買進”建議
羣益證券(香港)研報指出,新易盛上半年淨利潤超出預期,海外800G光模塊需求帶動公司業績增長。單季度來看,Q2淨利潤21.3億-26.3億元,同比增長294%-386%,環比增長35%-67%;二季度業績超預期,給予“買進”建議。受益於AI引領的相關算力投資熱情,上半年全球數據中心相關支出達到高峯、全球算力需求持續高漲,根據訊石光通信,2025年全球800G光模塊的需求量有望達1800-2200萬隻,主要採購方包括英偉達、谷歌、Meta、AWS等。公司主要客戶包括Meta、AWX、XAI、Oracle等算力支出增長較高,且上半年公司800G光模塊切入更多海外大廠,帶動公司市場份額明顯提升;此外高毛利產品佔比持續提升,帶動公司淨利潤快速增長。公司泰國產能持續釋放,北美客戶交付受關稅影響較小,後續1.6T、AEC電纜模塊等技術儲備豐富,有望持續維持行業龍頭地位。
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