On February 9, Suzhou Tfc Optical Communication Co.,Ltd., one of the "Three Musketeers of Optical Modules," saw its stock price surge 17.76%, hitting the daily limit-up during trading and closing at 297.9 yuan per share, setting a new historical high.
Optical modules serve as the "light-speed conveyor belts" in AI computing power factories, specializing in transferring massive data between chips. Their performance directly determines the scale and efficiency of AI computing power. The market's capital injection into Suzhou Tfc Optical Communication Co.,Ltd. reflects its critical importance in AI development.
The stock price has experienced a roller-coaster ride, leaving some investors regretting early sales. Over the past year, Suzhou Tfc Optical Communication Co.,Ltd.'s stock performance has shown strong volatility. From early 2025 to September, the price soared to 224 yuan per share. By October, it dropped to 146 yuan per share, falling over 30% from the peak before gradually recovering. Throughout last year, the stock accumulated a 213.7% increase, making it a standout among tech stocks and forming the "Three Musketeers of Optical Modules" with Xinyisheng and Zhongji Xuchuang.
However, in 2026, Suzhou Tfc Optical Communication Co.,Ltd. broke away as the sole gainer, with a year-to-date increase of 46.73% as of February 9. During the same period, Xinyisheng declined 9.45%, while Zhongji Xuchuang fell 7.21%. The fundamental difference lies in their positions within the industry chain.
Imagine the entire AI computing power industry as a bread production line: Suzhou Tfc Optical Communication Co.,Ltd. sells premium flour and core ingredients rather than finished "bread" (complete optical modules). It specializes in providing the most critical, technologically challenging components for high-speed optical modules. In contrast, Zhongji Xuchuang and Xinyisheng directly sell "bread," supplying complete optical module products to cloud giants like Google, Meta, and Amazon, facing fiercer competition and compressed profit margins.
Thus, despite numerous optical module concept stocks, Suzhou Tfc Optical Communication Co.,Ltd. occupies the golden "selling shovels" position during the AI computing power boom, attracting greater market favor. Following the stock's limit-up, many investors expressed envy, regretting "selling too early," while others chose to cash out. Early profit-taking also included shareholders and executives of Suzhou Tfc Optical Communication Co.,Ltd. Statistics show that the second-largest shareholder, Zhu Guodong, has cashed out over 1.7 billion yuan since 2023.
Deep ties with NVIDIA promise substantial prospects. Suzhou Tfc Optical Communication Co.,Ltd.'s key market position stems from its deep integration with NVIDIA. Leveraging first-mover advantages, it holds over 65% of the global 1.6T optical engine market. Moreover, it is nearly the exclusive supplier of 1.6T silicon optical engines for NVIDIA subsidiary Mellanox, commanding a 90%-95% supply chain share.
The 1.6T optical module is the next-generation standard for high-speed interconnection in AI data centers, with transmission speeds up to 1.6 terabits per second, enabling efficient collaboration among thousands of GPU chips to train more powerful AI models. NVIDIA's GPUs rely on this technology to maximize computing power. Recently, NVIDIA CEO Jensen Huang emphasized that AI infrastructure construction is "the largest infrastructure project in human history," expected to continue for 7-8 years.
His clients—Meta, Amazon, Google, and Microsoft—will continue spending aggressively. Their planned capital expenditures for 2026 total approximately $650 billion, a 60% year-over-year increase, with most funds allocated to purchasing NVIDIA chips. Additionally, NVIDIA's collaboration with Tower Semiconductor will further advance 1.6T optical module development, ensuring a steady stream of orders for Suzhou Tfc Optical Communication Co.,Ltd. and igniting market enthusiasm.
Suzhou Tfc Optical Communication Co.,Ltd. earned NVIDIA's and the market's favor through high technological barriers. For instance, founder Zou Zhinong developed nano-level precision ceramic technology during the startup phase, breaking monopolies. Today, as a key supplier in NVIDIA's top-tier client supply chain, the company faces minimal short-term substitution risks.
Founder's wealth reaches 66.5 billion yuan, topping Yichun's rich list. Soaring market capitalization boosted Zou Zhinong's fortune. By late 2025, his family wealth reached 66.5 billion yuan, making him Yichun's wealthiest. This trillion-yuan-market-cap "AI computing hardware leader" emerged from a small workshop under 200 square meters.
Born in 1968 in a rural Yichun, Jiangxi family, Zou graduated from Jilin University of Technology with a degree in mechanical design and manufacturing. At 27, amid the entrepreneurship wave, he resigned from his secure job at a blower factory to start a computer business. In 2001, he founded Haoyi Digital Network Co., Ltd., focusing on integrated wiring projects. Noticing that ceramic sleeve materials—a key component—were monopolized by Japanese companies, he aimed to master the technology.
In 2005, Zou established Suzhou Tfc Optical Communication Co.,Ltd. in Suzhou. Working in high temperatures in the tiny workshop, he produced over a million defective pieces before perfecting a proprietary process that broke the monopoly. The company went public on the ChiNext board in 2015, becoming the first listed firm in China's optical communication components industry, though revenue long remained below 1 billion yuan.
By 2023, exploding AI computing demand drove the high-speed optical device market surge, triggering Suzhou Tfc Optical Communication Co.,Ltd.'s performance explosion. Revenue hit 1.9 billion yuan in 2023 and 3.25 billion yuan in 2024. According to its latest earnings forecast, 2025 net profit attributable to shareholders will reach 1.881–2.15 billion yuan, a 40%-60% year-over-year increase.
Institutions issued "buy" ratings. Huaxin Securities noted that Suzhou Tfc Optical Communication Co.,Ltd. achieved high revenue and profit growth, with market demand explosion expected to further solidify its competitive edge. Late last year, the company announced plans for a Hong Kong listing, potentially becoming a highlight in the Hong Kong tech sector.
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