Zhongji Innolight Co., Ltd. (300308), as the absolute global leader in high-speed optical modules, has deep partnerships with leading North American cloud providers such as NVIDIA, Microsoft, and Google, positioning it as a core beneficiary with high certainty during the AI computing boom. Its shipments of 800G and 1.6T high-speed optical modules rank among the top globally, with its product mix continually upgrading towards higher-end offerings, leading to steady improvements in gross margins and profitability. As NVIDIA's next-generation computing platforms, GB300 and Rubin, achieve scale deployment, the number of optical modules used per machine increases significantly, directly driving sustained high order growth for the company. In the Co-Packaged Optics (CPO) field, the company possesses comprehensive technical reserves and is collaborating with upstream and downstream partners to advance next-generation interconnect solutions, further expanding its long-term growth potential. With capital expenditures from the top four North American cloud providers increasing over 60% year-on-year, coupled with NVIDIA's outperforming results, the company's earnings visibility for the next two years is extremely high. Operating at full capacity with a high-quality customer base and strong competitive barriers, it is the leading company in the optical module sector with the strongest earnings leverage and clearest growth trajectory.
Eoptolink Technology Inc., Ltd. (300502), specializing in the R&D, production, and sales of high-speed optical modules, is one of the few core Chinese companies with global competitiveness. Its products cover the full spectrum of data center and telecom transmission applications, with shipments in the 400G and 800G high-end module segments positioned in the industry's first tier. The company has a high proportion of overseas revenue, deep ties with global mainstream cloud providers and equipment manufacturers, high order visibility, and outstanding delivery capabilities. Benefiting from the acceleration of AI data center construction and explosive demand for high-speed interconnects, the proportion of its high-end products continues to rise, optimizing profitability. It holds a leading position in silicon photonics modules and CPO technology and possesses vertical integration capabilities from optical chips to module packaging, laying a solid foundation for the next technological upgrade. Driven by the dual forces of high capital expenditure growth from North American cloud providers and the volume ramp of NVIDIA's computing platforms, the company is entering a period of accelerated earnings release, with significant advantages in cost control and scale, achieving both volume and price increases during this high-growth industry cycle.
Luxshare Precision Industry Co., Ltd. (002475), leveraging its globally leading precision manufacturing, supply chain integration, and automated production capabilities, has rapidly entered the high-speed optical module segment, becoming an important partner for international leaders like NVIDIA. The company holds significant advantages in optical module structural components, packaging processes, thermal solutions, and mass production, enabling it to quickly respond to large-volume orders from major customers. As AI computing demand continues to surge, its optical module business is ramping up quickly, forming a new growth driver for earnings. Furthermore, its deep积累 in consumer electronics and automotive electronics provides stable cash flow and technological synergy for the optical module business. Benefiting from increased global investment in computing infrastructure and the continuous release of orders from leading customers, the company's optical module business has vast growth potential, supported by high-quality customer resources and orderly capacity expansion, providing a foundation for sustained volume growth in the medium to long term.
Shengyi Technology Co., Ltd. (600183), having深耕 the field of copper-clad laminates and high-frequency, high-speed materials for many years, is a global industry leader and a core upstream supplier for optical modules, servers, and data center hardware. The demand for high-frequency, high-speed CCLs from high-speed optical modules continues to increase. The company is technologically领先 in related materials, has comprehensive customer coverage, and deeply benefits from the growing material demand driven by the volume ramp of 800G and 1.6T optical modules. As AI computing infrastructure construction accelerates and data center hardware迭代 speeds up, the proportion of its high-end materials continues to increase, steadily improving profitability. With strong R&D capabilities and a rational capacity layout, it holds stable supply shares among leading domestic and international PCB and optical module manufacturers, possessing strong pricing power and customer stickiness. The共振 of high capital expenditure growth from North American cloud providers and the high景气 of the optical module industry benefits the company as a core upstream material supplier, resulting in稳健 earnings growth and a deep moat.
Avary Holding (Shenzhen) Co., Ltd. (002938), primarily engaged in the R&D, production, and sales of high-end printed circuit boards (PCBs), is a global leader in the PCB industry and holds an important position in PCBs for high-speed communications, servers, and optical modules. The requirements for layer count, precision, and signal integrity in PCBs used for 800G and 1.6T high-speed optical modules have significantly increased. The company's technical strength and process level are industry-leading, with deep ties to leading domestic and international optical module manufacturers. As AI data center construction accelerates, demand for high-speed PCBs is growing rapidly, driving a continuous increase in the proportion of its high-end products and simultaneous improvement in revenue and gross margins. The company boasts a high-quality customer structure, a globalized capacity layout, and outstanding delivery capabilities and quality control systems, giving it a significant advantage in industry competition. Benefiting from the dual drivers of optical module volume growth and server hardware upgrades, the company's growth path is clear, with strong earnings certainty.
Hengtong Optic-Electric Co., Ltd. (600487), leveraging its advantages from a full industrial chain layout in optical communication, has grown into a domestic industry leader with core competitiveness in optical modules, optical fibers and cables, and marine communications. Its high-speed optical module products cover high-end rates such as 400G and 800G, achieving volume shipments in data center and computing interconnect scenarios. The company has substantial R&D investment and ample technical reserves in silicon photonics technology and CPO, cooperating closely with leading cloud providers and equipment manufacturers. Benefiting from increased global investment in computing infrastructure and explosive demand for optical modules, its optical module business is growing rapidly, becoming an important earnings growth point. Simultaneously, its traditional businesses remain稳健, with ample cash flow providing strong support for new business expansion. As high-end products continue to ramp up and breakthroughs are made in overseas markets, the company possesses strong earnings elasticity during the high-growth cycle of the optical module industry.
Huagong Tech Company Limited (000988), as an established leader in domestic photonic devices and optical modules, has its subsidiary Huagong Zhengyuan focused on the R&D and production of high-speed optical modules. Its 800G products have achieved volume shipment, with customers covering mainstream domestic and international cloud providers and equipment manufacturers. The company holds a leading position in silicon photonics modules and CPO technology, closely following the industry's next-generation upgrade trends, and possesses strong independent R&D capabilities. As domestic AI computing construction accelerates and global optical module demand surges, the proportion of its high-end products continues to increase, with capacity utilization maintained at high levels. The company's vertical integration advantages in optical chips and devices are evident, continuously strengthening its influence within the industrial chain. Benefiting from high industry景气 and the continuous release of customer orders, the company has ample momentum for earnings growth and is a core domestic optical module company combining technical strength and growth potential.
Ruijie Networks Co., Ltd. (301165), focusing on enterprise-level networking equipment and data center solutions, is a leader in its domestic niche segment with core competitiveness in switches, wireless communications, and optical modules. Its high-speed optical modules utilize silicon photonics technology, covering high-end rates like 400G and 800G, primarily supporting its own networking equipment and external data center customers. As AI computing demand explodes and data center networking equipment upgrades accelerate, the company's optical module and switch businesses create synergistic共振, offering broad growth space. The company has突出的 R&D strength and a clear advantage in product cost-performance, with its domestic market share steadily increasing. Benefiting from the dual drivers of the digital economy and computing infrastructure, the company's earnings growth is稳健, with a high-quality customer structure, making it a player in the computing network产业链 with a clear growth logic.
Accelink Technologies Co., Ltd. (002281), possessing independent R&D capabilities across the entire industrial chain of photonic devices, is a national-team enterprise in China's optical communication field with extremely deep technical barriers. Its high-speed optical module products cover the full range from 100G to 800G, holding stable market share in data center and telecom transmission. The company is a领先 participant in CPO packaging and silicon photonics integration R&D, playing an important role in next-generation optical interconnect technologies. As AI computing demand surges, demand for high-end optical modules is growing rapidly, gradually converting the company's technological and capacity advantages into earnings momentum. Its customers cover leading domestic and international equipment manufacturers and cloud providers, resulting in strong order certainty. As one of the few domestic companies with independent optical chip capabilities, its long-term growth space is vast, making it a player in the optical module sector with core technical barriers.
Shenzhen S.C. New Energy Technology Corporation (000021), having深耕 high-end manufacturing and semiconductor packaging and testing for years, has entered the optical communication and optical module track through industrial layout, deeply benefiting from the rising景气 of the AI computing产业链. The company holds significant advantages in precision manufacturing, packaging and testing processes, and production capacity scale, providing key manufacturing support for optical module companies. As demand for high-speed optical modules continues to surge, orders for its related business are growing steadily, with cooperation deepening with leading customers. Its traditional businesses are稳健, supported by ample cash flow, providing a solid foundation for new business expansion. Benefiting from increased global investment in computing infrastructure, the company's growth boundaries are continuously expanding, making it a player in the computing hardware产业链 with potential for both valuation repair and growth.
This content is compiled solely from public information and does not constitute any investment advice; it is for reference only.
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