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Against the backdrop of continuously growing AI computing power demand, the high-speed optical module industry is ushering in a new round of development opportunities. Zhongji Innolight Co.,Ltd. (300308.SZ / 03308.HK) has demonstrated strong growth momentum thanks to continuously rising operating performance, rapid product iteration and deepening technological deployment.
Structural uplift in industry space
The optical interconnect industry is being pushed into the spotlight by the explosion of AI computing power demand. Large language models are accelerating in adoption, while new trends such as agentic AI and physical AI are emerging one after another, driving training and inference computing power demand higher. Even more imaginative is the change at the structural level: future optical interconnect demand will be driven jointly by four major scenarios, and its share of global AI capital expenditure is expected to rise from about 5% to 10% or more.
Order visibility extends from quarterly short orders to annual guidance
Announcements show that orders from major overseas customers have been scheduled through 2027, and some key customers have even provided demand guidance for 2028; demand for high-end optical modules such as 1.6T and 800G is expected to maintain rapid growth, while demand for next-generation products such as NPO and XPO is also expected to be released. It is worth noting that in August, Zhongji Innolight Co.,Ltd. (300308.SZ / 03308.HK) said that "major customers have already given guidance and orders for 2027," and two months later, 2028 demand guidance had already been included in the list.
From continuous product iteration to participation in standard setting
The technological foundation of Zhongji Innolight Co.,Ltd. (300308.SZ / 03308.HK) comes from long-term accumulation in multiple core technologies, including silicon photonics, thin-film lithium niobate (TFLN), and coherent technology. Leveraging its first-mover advantage, the company continues to increase research and development on 1.6T, 3.2T and higher-speed optical modules, while simultaneously laying out next-generation products such as NPO and XPO. This is the result of its sustained investment: the 2026 interim report showed that the company invested 1.234 billion yuan in research and development in the first half of the year, a sharp year-on-year increase of 110.62%. In an exchange in August, the company revealed that new products such as 2.4T, NPO and XPO are expected to enter mass production in the second half of 2027, with larger-scale shipments in 2028.
Deeper than products is the barrier of participating in rule-making. The company's overseas brand TeraHop has already showcased 12.8T XPO optical modules and 6.4T NPO systems at OFC 2026, and is promoting the formulation of the Open CPX MSA standard, while also participating in the XPO MSA led by Arista Networks. This means the company has already "entered the field" at the stage of defining the form of next-generation products, rather than passively adapting after standards are finalized.
Improved delivery capability is the core requirement determining growth space
In a high-prosperity track, the real bottleneck is not on the demand side but on the supply side. Zhongji Innolight Co.,Ltd. (300308.SZ / 03308.HK) clearly stated in its announcement that downstream demand is growing rapidly, but not many manufacturers have large-scale delivery capability, the market pricing system is healthy and quotations are relatively rational; the company will strengthen its supply chain guarantee capability through diversified product solutions, strategic binding with core suppliers, and signing long-term supply agreements.
The company's own historical trajectory is also a mirror. From 2017 to 2025, the company's operating revenue expanded more than 15 times over nine years, during which it experienced multiple technology generation shifts and capacity expansion cycles. This is enough to show that Zhongji Innolight Co.,Ltd. (300308.SZ / 03308.HK) possesses the organizational capability to navigate generational transitions. Looking ahead, the company's answer remains simple and direct: continue to strengthen core competitiveness in technological innovation, rapid mass production, scale advantages and quality assurance.
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