Optical communication, optical modules, New Easymount

MaticHoleFiller · 2026-04-05T13:48:54+00:00

New Easy盛 Company is expected to see significant growth in performance over the next few years. Revenue is projected to reach 8.6 billion in 2024, a year-on-year increase of 179%. In the first three quarters of 2025, revenue will reach 16.5 billion, with annual net profit between 1.6T and 9.9 billion, representing an increase of 231% to 249%. The company's main business benefits from AI computing infrastructure, with a significant increase in demand for optical modules. In terms of product structure, 800G is the cash cow, while 1.6T and NPO/CPO will be the future growth points. It is expected that profits will continue to double from 2025 to 2027, with reasonable valuation and no signs of a bubble.

MaticHoleFiller

2026-04-05 13:48:54

Abstract generation in progress

Today, let’s talk about the company New Yisheng.

First, let’s get to the most core point: just how explosive the performance is. In 2024, the company’s revenue was 8.6 billion yuan, up 179%, and net profit was 2.838 billion yuan. By 2025, in the first three quarters alone, revenue directly reached 16.5 billion yuan, up 222% year over year; full-year attributable net profit is expected to be 9.4 to 9.9 billion yuan, up 231% to 249% year over year—about 6.8 billion yuan of net increase in one year.

What does that mean? It’s almost like turning the money the company earned over the past few years into double or triple within a single year. And the non-GAAP net profit and attributable net profit are basically on par, which shows that it’s all made from the core business—not from selling houses or land—so the value is packed to the max. In 2025, the full-year 800G shipment volume is 4 million units, with a global market share of 15%, firmly staying in the top three in the industry; over 500,000 units have also been delivered for 1.6T.

A brokerage’s 2025 to 2027 earnings forecasts are 9.7 billion, 20.6 billion, and 27.7 billion yuan, respectively. Over three years, that’s nearly three times, corresponding to P/E ratios of 48x, 23x, and 17x. Just looking at the 2026 23x P/E, an earlier report by Goldman Sachs also said the expected 2026 P/E is roughly 19 to 23x—about the same as the company’s historical average level. Even after the surge, the valuation still hasn’t turned into a bubble. In one sentence: the results are delivering, and the valuation hasn’t inflated.

So how is the money being made?

By fully capturing the AI compute infrastructure buildout dividend. In 2026, the four major overseas CSPs (cloud service providers) are expected to have capital expenditures exceeding 6000 billion USD. What does this number even mean? It’s higher than the GDP of many countries. When the money is poured in, optical modules are the most directly benefited segment—inside AI clusters, data transmission between GPUs relies entirely on optical modules. The more GPUs there are, the higher the demand for optical modules.

More specifically, in terms of product structure: 800G is the cash cow at the current stage, 1.6T is the next year’s breakout point, and NPO/CPO is the story for the year after next.

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