SMEI(SZ:300456) Xin Hua Cai Jing·2025-12-02 13:20Core Viewpoint - The potential shift of Meta to use Google's Tensor Processing Units (TPUs) in its data centers instead of NVIDIA products has led to increased market attention on TPU concept stocks, particularly on Saiwei Electronics, which has seen a significant stock price increase of over 118% from November 19 to December 2 [2][5]. Company Overview - Saiwei Electronics, established in May 2008 and listed on the Shenzhen Stock Exchange in May 2015, is a leading global high-end integrated circuit chip wafer manufacturer with proprietary intellectual property and core semiconductor manufacturing technologies [5]. - The company's core business focuses on Micro-Electro-Mechanical Systems (MEMS) process development and wafer manufacturing, maintaining a top position in the global MEMS pure foundry market from 2019 to 2023 [5][9]. Market Dynamics - The introduction of Optical Circuit Switches (OCS) by Google is a key technological variable driving the current surge in demand for MEMS chips, as it enhances data center efficiency and sets new architectural standards for next-generation intelligent computing networks [7][8]. - Google's OCS technology has reportedly improved network throughput by 30% and reduced power consumption by 40%, indicating a significant shift in data center architecture towards dynamic photonic interconnections [8]. Financial Implications - Morgan Stanley has significantly raised its forecast for Google's TPU production, predicting an increase from approximately 3 million units in 2027 to 5 million units, representing a 67% increase, and from about 3.2 million units in 2028 to 7 million units, a 120% increase [10]. - Each sale of 500,000 TPU chips could potentially generate an additional $13 billion in revenue for Google in 2027, highlighting the substantial financial impact of expanding TPU sales [10]. Industry Opportunities - The anticipated growth in demand for MEMS-OCS due to the integration with Google's TPU presents a significant market opportunity, with projections indicating a potential market size in the billions [10]. - Saiwei Electronics is positioned to benefit from this trend, as its MEMS technology is crucial for the implementation of OCS networks, offering advantages such as low crosstalk and scalability [9].