Guosheng Securities Research Report pointed out that Xinyisheng is growing painfully and is looking forward to a breakthrough. Net profit from mother for the first three quarters of 2026 was 11.37 billion yuan, an increase of 79.7% over the previous year. Among them, net profit to mother was 3.84 billion yuan in the third quarter, an increase of 61.15% year on year, and a decrease of 19.1% month on month. We believe that the company can handle the growth problems brought about by scale expansion. It is expected that the products that were delayed in Q3 will be confirmed in Q4. We will continue to be optimistic about the company's Q4 and next year, and look forward to the company achieving new breakthroughs. The company's capability boundary is being further extended from traditional pluggable optical modules to the fields of near-package optics, ultra-high density interconnection and optical switching, and is expected to fully benefit from the new round of optical connectivity requirements brought about by AI cluster scale-up. It is believed that the company will continue to benefit from the growth space brought by the wave of AI construction and scale-up. Considering the Q3 performance situation, the 2026 profit forecast was lowered, but the profit forecast for 2027 and 2028 is expected. The company's 2026-2028 operating income is 520.4/1094.1/157.66 billion yuan, and net profit to mother is 196.4/419.5/61.06 billion yuan, corresponding PE is 16.2/7.6/5.2 times, respectively, maintaining the “buy” rating.

Guosheng Securities Research Report pointed out that Xinyisheng is growing painfully and is looking forward to a breakthrough. Net profit from mother for the first three quarters of 2026 was 11.37 billion yuan, an increase of 79.7% over the previous year. Among them, net profit to mother was 3.84 billion yuan in the third quarter, an increase of 61.15% year on year, and a decrease of 19.1% month on month. We believe that the company can handle the growth problems brought about by scale expansion. It is expected that the products that were delayed in Q3 will be confirmed in Q4. We will continue to be optimistic about the company's Q4 and next year, and look forward to the company achieving new breakthroughs. The company's capability boundary is being further extended from traditional pluggable optical modules to the fields of near-package optics, ultra-high density interconnection and optical switching, and is expected to fully benefit from the new round of optical connectivity requirements brought about by AI cluster scale-up. It is believed that the company will continue to benefit from the growth space brought by the wave of AI construction and scale-up. Considering the Q3 performance situation, the 2026 profit forecast was lowered, but the profit forecast for 2027 and 2028 is expected. The company's 2026-2028 operating income is 520.4/1094.1/157.66 billion yuan, and net profit to mother is 196.4/419.5/61.06 billion yuan, corresponding PE is 16.2/7.6/5.2 times, respectively, maintaining the “buy” rating.