On October 23, all three major A-share indices rallied collectively in the afternoon session, with the ChiNext Index gaining over 2%, and the optical module leaders "Yi Zhong Tian" turned positive: as of press time, Eoptolink dipped slightly by 0.11%, T&S Communications rose 1.13%, and ZJ INNOLIGHT (ASX: 300308) climbed 2.20%.
On the news front, core companies across the optical module supply chain including ZJ INNOLIGHT, T&S Communications, Yuanjie Technology, and Lianxun Instruments密集 disclosed business announcements around midday on Wednesday, unanimously confirming ample orders in hand and normal production and operations, while providing clearly positive guidance on future demand prospects.
Among them, the data disclosed by ZJ INNOLIGHT was the most impressive: revenue for the first half of 2026 reached 41.778 billion yuan, a year-on-year increase of 182.49%; net profit attributable to shareholders of the listed company was 13.651 billion yuan, a year-on-year increase of 241.70%. The company also revealed that orders from major overseas customers have been scheduled through 2027, with some key customers already providing clear guidance for 2028 demand, and demand for high-end optical modules such as 1.6T and 800G is expected to maintain rapid growth.
Analysts believe that the concentrated statements from multiple companies provided a direct response to recent market doubts about the sustainability of the optical module sector's prosperity, and also formed support for related individual stocks.
ZJ INNOLIGHT: High Performance Growth, Order Visibility Extended to 2028
ZJ INNOLIGHT disclosed a set of performance data spanning nearly a decade in its announcement: from 2017 to 2025, the company's revenue grew from 2.357 billion yuan to 38.240 billion yuan, with a compound annual growth rate of 41.67%; net profit increased from 162 million yuan to 10.797 billion yuan, with a compound annual growth rate of 69.03%.
Entering 2026, the growth rate further accelerated. First-half revenue reached 41.778 billion yuan, a year-on-year increase of 182.49%; net profit was 13.651 billion yuan, a year-on-year increase of 241.70%, with growth rates significantly higher than historical averages.
On the order front, the company stated that downstream demand remains highly prosperous and orders in hand are full. In overseas markets, orders from major customers have been placed through 2027, with some key customers already providing clear guidance for 2028 demand; in the domestic market, AI computing infrastructure construction is advancing rapidly, and demand for products such as 400G and 800G is also expected to grow further.
ZJ INNOLIGHT specifically addressed the industry competitive landscape in its announcement, noting that downstream demand is currently growing rapidly, but manufacturers with large-scale delivery capabilities are limited, the market pricing system is healthy, and product quotations to customers remain relatively rational.
This statement directly responded to market concerns about potential price wars in the optical module industry. The company stated it will continuously enhance supply chain assurance capabilities and maintain good delivery levels through measures such as providing diversified product solutions, strategic binding with core suppliers, and signing long-term supply agreements.
ZJ INNOLIGHT also elaborated on its technology roadmap in the announcement. The company stated it will actively develop next-generation optical interconnect solutions around full-scenario network architectures including scale-out, scale-up, scale-across, and scale-in, further increasing R&D investment in 1.6T, 3.2T and higher-speed optical modules, while actively developing next-generation products such as NPO and XPO, and has already engaged in collaborative R&D and sample delivery with key customers on some products.
The company stated it will leverage years of accumulation and first-mover advantages in core technology areas such as silicon photonics, TFLN, and coherent technology to continuously consolidate its technology leadership and accelerate the R&D and industrialization of next-generation products. As optical interconnect technology continues to iterate, industry technology barriers are expected to rise further, providing long-term support for the competitive advantages of leading enterprises.
T&S Communications' announcement was similarly positive, stating that as of the disclosure date, the company's production and operations order is normal, its main business operations are normal, orders in hand are ample, and no major abnormal changes have occurred in the internal and external operating environment. It also stated it will continue to seize development opportunities brought by AI computing infrastructure construction and optical interconnect industry upgrades.
Capacity Expansion Accelerates, Yuanjie Technology and Lianxun Instruments Speed Up Layout
On the capacity construction front, Yuanjie Technology disclosed that the civil engineering works,部分 cleanrooms and related supporting facilities for the second phase of its optoelectronic communication semiconductor chip and device R&D and production base project have been completed, with the first batch of production equipment expected to begin entering the facility soon, followed by equipment commissioning, and production capacity expected to begin forming between the end of 2026 and early 2027, with overall project progress in line with expectations.
Test instrument company Lianxun Instruments also announced that sampling oscilloscopes, bit error rate analyzers, clock recovery units and other core test instruments for 800G and 1.6T high-speed optical module testing are the company's main products for delivery in 2026, with strong market demand, production expansion advancing according to business needs, and related production construction being implemented according to established arrangements.
The capacity expansion actions of these two companies confirm the continued prosperity of overall demand from the upstream chip and testing segments of the supply chain.
Comments