群益证券(香港)研报指出，新易盛上半年净利润超出预期，海外800G光模块需求带动公司业绩增长。单季度来看，Q2净利润21.3亿-26.3亿元，同比增长294%-386%，环比增长35%-67%；二季度业绩超预期，给予“买进”建议。受益于AI引领的相关算力投资热情，上半年全球数据中心相关支出达到高峰、全球算力需求持续高涨，根据讯石光通信，2025年全球800G光模块的需求量有望达1800-2200万只，主要采购方包括英伟达、谷歌、Meta、AWS等。公司主要客户包括Meta、AWX、XAI、Oracle等算力支出增长较高，且上半年公司800G光模块切入更多海外大厂，带动公司市场份额明显提升；此外高毛利产品占比持续提升，带动公司净利润快速增长。公司泰国产能持续释放，北美客户交付受关税影响较小，后续1.6T、AEC电缆模块等技术储备丰富，有望持续维持行业龙头地位。
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