光模块“易中天”跌了！需求靠AI，挑战在供应链

Core Viewpoint - The stock prices of three prominent optical module companies, NewEase, Zhongji Xuchuang, and Tianfu Communication, have experienced significant fluctuations, with year-to-date increases of 335.39%, 243.11%, and 186.06% respectively, driven by the growing demand for optical modules in AI infrastructure construction [1][2] Group 1: Stock Performance - In August, these stocks saw rapid price increases, with NewEase, Zhongji Xuchuang, and Tianfu Communication rising over 60% within the month [2] - As of September 11, 2023, NewEase and Tianfu Communication reached historical highs before experiencing price corrections [2] Group 2: Market Demand and Growth - The optical module market is projected to grow from $11.2 billion in 2020 to $17.8 billion in 2024, with expectations to reach $23.5 billion by 2025, driven by the exponential bandwidth demand from AI model training and inference [4] - The global cloud infrastructure services expenditure reached $95.3 billion in Q2 2023, marking a 22% year-on-year increase, indicating sustained growth in cloud services [5] Group 3: Company Performance - In the first half of 2023, NewEase reported revenues of 10.437 billion yuan, a 282.64% increase year-on-year, while Zhongji Xuchuang and Tianfu Communication reported revenues of 14.789 billion yuan and 2.456 billion yuan, reflecting increases of 36.95% and 57.84% respectively [6] Group 4: Supply Chain Challenges - The optical module industry faces challenges with raw material supply, as demand for 800G and 1.6T products is outpacing supply, leading to tighter availability of key materials [7] - NewEase and Tianfu Communication are expanding their production capacities, with NewEase's Thailand factory expected to be operational by early 2025 [7]