According to the Qunyi Securities Research Report, Xinyisheng's profit in the second quarter returned to a rapid growth trajectory, and the market share of high-speed optical modules is expected to increase rapidly. In the first half of 2026, the company expects to achieve net profit of 70-80 billion yuan, an increase of 77.6%-102.9%; of these, Q2 expects net profit to mother of 42.2-5.22 billion yuan, an increase of 78.1%-102.3% over the previous year. The performance was in line with expectations. The Q2 month-on-month ratio returned to a rapid growth trajectory, and conditions such as material shortages are expected to improve dramatically. In the future, the company's performance in the second half of the year is expected to maintain a high growth rate as downstream demand continues to remain high while material and supply chain stability improves. Thailand's production capacity continues to be released, delivery capacity continues to increase, and subsequent technical reserves such as 1.6T and AEC cable modules are abundant. The current stock price is 36/28/22 times the 2026-2028 P/E for A-shares, maintaining the “buy” recommendation.

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