东北证券：各厂商积极布局OCS 重点关注三大投资方向

Core Insights - The OCS industry is currently dominated by overseas companies, but domestic manufacturers are gradually increasing their participation, with a focus on component supply or OEM opportunities [1] - The OCS market is expected to experience significant growth, with projections indicating a market size of approximately $400 million in 2025 and over $1.6 billion by 2029, reflecting a CAGR of about 41% [2] - Four main technological routes (MEMS, liquid crystal, piezoelectric, and silicon photonic waveguides) are evolving together, with no single solution currently holding a dominant position [3] Investment Directions - Key investment directions include manufacturers already involved in overseas OCS supply/OEM, those with potential to enter the overseas market, and optical module manufacturers actively engaging in OCS [1] - The establishment of the OCS sub-project by OCP is expected to promote industry standardization, while domestic operators and the Ministry of Industry and Information Technology are pushing for OCS application implementation [2] Technical Considerations - OCS technology is particularly advantageous for data centers, enhancing overall network performance, operational efficiency, and sustainability [1] - The coexistence of CPO and OCS in data center networks is anticipated, with CPO being more suitable for dynamic traffic scenarios and OCS for stable traffic patterns [4] - The application of OCS is currently advancing faster than that of CPO, particularly in the Spine layer of scale-out networks [4]