招商证券：光模块扩产＆技术迭代趋势发展 建议重点关注光模块设备行业

Core Insights - The report from China Merchants Securities emphasizes that optical modules are a core sector for AI computing infrastructure, with downstream capital expenditures for high-speed pluggable optical modules increasing to meet rapidly growing demand [1] - The industry is experiencing an expansion cycle and a technology iteration cycle, which are beneficial for equipment [1] - The reliance on manual labor in optical module production lines is decreasing, and the trend of major players expanding production capacity overseas is evident, leading to a sustained increase in demand for automation equipment [1] Summary by Sections Optical Module Production Process - Pluggable optical modules are essential components for optical communication, enabling optical-electrical conversion and serving as critical hardware for high-speed interconnections within data centers [2] - Key production processes include: - Die Bonding: Attaching optical chips to carriers using manual or automated methods, primarily utilizing die bonders and eutectic machines [2] - Wire Bonding: Connecting the chip's bonding pads to the printed circuit board using metal wires, requiring bonding machines [2] - Optical Coupling: Efficiently coupling light into optical fibers to ensure transmission performance, using fully automated optical coupling platforms and high-precision six-axis adjustment platforms [2] - Packaging: Protecting and sealing the internal optical path and chips with an outer shell, with ongoing automation upgrades in this stage [2] - Aging Testing: Conducting tests on lasers at both chip and module levels using specialized aging fixtures [2] CPO Technology vs. Traditional Optical Modules - CPO technology offers higher integration and smaller size compared to traditional pluggable optical modules, significantly improving bandwidth, power consumption, and space efficiency [2] - Key differences in production processes include: - Chip Interconnection: Traditional modules primarily use wire bonding, while CPO employs advanced techniques like flip-chip soldering and micro-bump bonding, resulting in higher density and precision [3] - Optical Coupling: Traditional modules couple light with discrete devices, while CPO directly couples light into silicon photonic waveguides with sub-micron alignment precision, increasing complexity [3] - Packaging and Heat Dissipation: Traditional modules use TO, BOX, and COB packaging with lower thermal pressure, whereas CPO requires advanced cooling techniques due to high thermal density [3] - Testing Systems: Traditional modules allow for component-level testing, while CPO requires integrated testing post-packaging, necessitating the development of new testing solutions [3]