ZHONGJI INNOLIGHT(SZ:300308) Nan Fang Du Shi Bao·2025-11-26 09:48Core Viewpoint - The release of Google's new AI model Gemini 3 and its infrastructure expansion plan has significantly boosted the optical module sector, leading to record-high stock prices for several key companies in the industry [1][3]. Group 1: Market Reaction - The optical module sector experienced a collective surge, with leading company Zhongji Xuchuang's stock price soaring by 16.10% to a peak of 556.88 CNY per share, pushing its market capitalization above 600 billion CNY [1]. - Other companies in the sector also saw substantial gains, with Zhongji Xuchuang up 13.25%, Xinyi Sheng rising 8.66%, and Tianfu Communication increasing by 6.24% [3]. Group 2: Technological Advancements - Google's Gemini 3 model represents a significant leap in multi-modal processing capabilities, inference speed, and training efficiency, with its parameter scale tripling compared to the previous generation [3]. - The network transmission demand for a single Gemini 3 cluster is equivalent to the total of 100,000 traditional data centers, highlighting the critical role of high-speed optical modules as the "data veins" of the computing network [3]. Group 3: Capital Expenditure and Demand - Google announced a capital expenditure guidance of 91 to 93 billion USD for 2025, an increase of 6 to 8 billion USD from previous estimates, with over 60% allocated for AI data center construction and computing network upgrades [4]. - To meet the computing demands of Gemini 3, Google plans to deploy 12 super AI clusters by 2026, each requiring at least 150,000 units of 1.6T optical modules, leading to an incremental demand of over 1.8 million units solely from Google [4]. Group 4: Market Dynamics - The 1.6T optical module market is experiencing a "volume and price rise" due to supply-demand imbalances, driven by high technical barriers and capacity constraints in production [4]. - Only a few companies, including Zhongji Xuchuang and Xinyi Sheng, have achieved large-scale production of 1.6T optical modules, with a production ramp-up period of 12 to 18 months, making it challenging to meet the rapidly increasing downstream demand [4]. Group 5: Financial Performance - Zhongji Xuchuang reported a revenue of 25.005 billion CNY for the first three quarters of 2025, a year-on-year increase of 44.43%, with a net profit of 7.132 billion CNY, up 90.05% [5]. - Xinyi Sheng's revenue for the same period reached 16.505 billion CNY, reflecting a year-on-year growth of 221.70%, with a net profit of 6.327 billion CNY, an increase of 284.38% [5]. - Institutional investment has been robust, with over 12 billion CNY net purchases in the optical module sector since November, particularly in Zhongji Xuchuang, which attracted 4.5 billion CNY in net buying [5].