The AI industry chain has recently witnessed a cascade of positive developments. Google's new model showcases a leap in performance with impressive TPU computing power, while DeepSeek-V3.2's official release and Amazon's Trainium3 debut have further fueled market enthusiasm. Nvidia, Alibaba, AMD, and other industry leaders have collectively dismissed the "AI bubble" theory, reinforcing confidence in the sector's steady growth.
Driven by the explosive expansion of AI computing power, optical modules—the "core link" in AI computing transmission—have propelled the A-share optical module sector to sustained growth. The optical module concept has recently regained momentum. Wind data shows that the CPO index hit a new high on Friday, with the renowned "Three Musketeers" of optical modules—Zhongji Innolight, Eoptolink, and TFC Optical—all achieving record-high stock prices this year, earning them the nickname "Yi Zhongtian" among investors. As of Friday's close, their market capitalizations stood at RMB 646.7 billion, RMB 425.4 billion, and RMB 167.3 billion, respectively, all entering the trillion-yuan club. This underscores the high growth potential of the optical module sector driven by AI computing power. Analysts note that global demand for 800G/1.6T optical modules is accelerating due to AI computing needs.
Google's TPU entry has diversified chip platforms from GPUs to ASICs, directly boosting optical module demand. With single-chip computing power constrained, multi-chip interconnects increasingly rely on optical modules. While the market initially expected Nvidia's next-gen GPUs to drive 1.6T optical module adoption, Google's aggressive TPU expansion and TPUv7's full 1.6T configuration have accelerated and solidified demand. This has shifted the valuation framework for optical module players like "Yi Zhongtian" to 2027 earnings. Wind consensus forecasts project 2027 net profits of RMB 25.12 billion, RMB 3.873 billion, and RMB 20.67 billion for Zhongji Innolight, TFC Optical, and Eoptolink, with P/E ratios of 25.75, 43.19, and 20.58, respectively. However, industry insiders caution that surging competition and capacity expansion in high-speed optical modules could trigger price wars, eroding margins. Companies failing to align with technological shifts risk obsolescence, while current stock prices may already reflect future growth, leaving room for correction if earnings disappoint.
**The Rise of the "Three Musketeers":** Zhongji Innolight's RMB 2.8 billion acquisition unlocked a RMB 646.7 billion market cap, while Eoptolink and TFC Optical leveraged technology to "stage comebacks."
Three distinct entrepreneurial paths converged in the era of AI computing. Zhongji Innolight transformed from traditional manufacturing to a global optical module leader through cross-border M&A; Eoptolink capitalized on technological differentiation and strategic positioning; TFC Optical built a trillion-yuan moat by dominating upstream components. Despite different origins—whether through capital maneuvers, innovation, or supply chain positioning—all three seized the AI computing boom, leveraging core strengths to rise in the optical module arena and scripting a growth legend for A-share tech firms.
Founded in 1987 as Longkou Zhenhua Electrical Equipment, Zhongji Innolight listed on the Shenzhen ChiNext in 2012 at RMB 20 per share. Despite becoming a niche manufacturing leader, it struggled with the low valuations of traditional manufacturing, with annual revenue stagnating around RMB 200 million. A pivotal 2017 acquisition of Suzhou Innolight for RMB 2.8 billion marked its shift to optical communication modules, later divesting its motor business in 2021 to focus entirely on high-end communication equipment.
By 2019, Zhongji Innolight rode the 5G and data center upgrade wave, mass-producing 400G modules in 2018 and launching 800G in 2020. Its 1.6T module debut in 2023 cemented its global leadership, with 800G modules capturing over 40% market share by 2024. Its市值 surged from RMB 21.3 billion in early 2023 to RMB 646.7 billion, ranking second on ChiNext.
Eoptolink's journey began as a humble agent in 1998. After transitioning to manufacturing in 2008, it gained traction during China's 4G boom. A 2016 IPO funded high-speed module production, but its sub-3% global share lagged peers. Strategic pivots to 100G/400G data center products post-2018 aligned with cloud giants' expansion, driving its转型. Despite founder Gao Guangrong's 2024 regulatory penalty for stock违规, Eoptolink's tech edge in 800G and 1.6T modules—spanning VCSEL/EML, silicon photonics, and thin-film lithium niobate—fuels its rise.
TFC Optical, founded in 2005 by Zou Zhinong, broke Japanese垄断 in ceramic sleeves through precision工艺. Its vertical integration—from materials to封装—cuts costs by 15-20%. Shifting from passive to active components amid AI demand, it now thrives as an "invisible enabler" of AI computing, with毛利率 exceeding 50%, unmatched by peers.
Each "Musketeer" exemplifies how strategic vision, whether through M&A, innovation, or integration, can harness the AI computing tide to redefine industry leadership.
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