Xin Lang Cai Jing·2025-12-22 23:48Group 1 - The rapid upgrade of GPU and ASIC technologies is driving a significant increase in computing power and data transmission demands, leading to a preference for higher bandwidth network hardware in AI data centers [1][12][35] - The demand for 800G optical modules is expected to continue its high growth trajectory, with projections for substantial increases in 1.6T shipments and the initiation of 3.2T optical module development by 2026 [1][12][35] Group 2 - In the communication sector, the top three revenue growth rates for Q1-Q3 2025 are led by optical devices/modules (66.2 billion, up 65%), connectors (10 billion, up 19%), and ICT equipment (231.3 billion, up 15%), primarily driven by AI [2][28] - The bottom three revenue growth rates for the same period are industrial internet (7.8 billion, down 26%), smart cards (3.1 billion, down 21%), and smart gateways (8.3 billion, down 12%) [2][28] Group 3 - The highest net profit growth rates for Q1-Q3 2025 are seen in optical devices/modules (16.94 billion, up 123%), connectors (0.82 billion, up 62%), and IDC (6.5 billion, up 52%) [3][29] - The lowest net profit growth rates are in military communication (-0.16 billion, down 194%), smart cards (-0.002 billion, down 102%), and smart gateways (0.04 billion, down 86%) [3][29] Group 4 - The performance of optical devices/modules and connectors is notably strong due to robust AI demand, while military communication, smart cards, and smart gateways are experiencing significant declines due to cyclical fluctuations in downstream demand [6][32] Group 5 - The demand for optical modules is primarily driven by scale-out networks, which enhance processing capabilities by increasing the number of computing nodes, while scale-up networks are expected to have a vast future demand for optical modules [19][45] - The average scale-up bandwidth for XPU products is significantly higher than that of scale-out, with a ratio of 12.5, indicating a larger market potential for scale-up network hardware [21][45] Group 6 - The transition to optical interconnects is likely to become mainstream in the scale-up domain, addressing challenges related to distance and bandwidth, with major companies like Google, Meta, and Huawei already utilizing optical modules for scale-up networks [25][45] - The potential market space for optical modules in the scale-up sector could be 5-8 times larger than current levels, particularly as new architectures are adopted [25][45]