光通信行业：聚焦光模块；AI持续赋能行业增长

Core Insights - The report highlights the significant role of optical modules in data communication and telecommunications, driven by the demand from artificial intelligence (AI) and bandwidth upgrades, indicating a long-term growth phase for the industry [2][3][11] - Chinese suppliers hold a substantial market share of approximately 40-50% in the optical module market, showcasing their leadership in high-speed optical module technology [2][3] Industry Overview - The telecommunications sector is experiencing stable growth, with the AI boom generating immense demand for data communication optical modules. The development of large language models (LLMs) by global AI and software companies is increasing the need for high-speed data transmission [3][11] - The transition of data center optical modules to 400G/800G standards is underway, with 400G being the latest standard for high-speed Ethernet client interfaces. The demand for 800G modules is expected to rise significantly due to the needs of large-scale data centers, cloud computing, and AI computing centers [3][11] - AI clusters account for approximately 30% of total sales of Ethernet optical modules, driving the demand for 400G, 800G, and 1.6T optical modules. New technologies such as LPO, CPO, coherent optics, and silicon photonics (SiPh) are expected to enhance connectivity [3] Company Analysis: InnoLight (中际旭创) - InnoLight is rated as outperforming the market, with a product range from 10G to 1.6T data rates, and is a global leader in high-speed optical modules for cloud-based data centers. The company was the first to launch 1.6T ultra-high-speed optical module products [4][12] - InnoLight holds a market share of approximately 50% in the 800G optical module segment and is well-positioned to benefit from the ongoing demand for high-speed optical modules driven by AI and bandwidth upgrades [4][12] - The company is diversifying its manufacturing capabilities overseas, with a factory in Thailand that began mass production in 2022, enhancing its global influence [4] Company Analysis: NewEase (新易盛) - NewEase is rated as neutral, with a market share of about 5-10% in the optical module market, ranking seventh in 2022. The company is also one of the few suppliers of 400G and 800G optical modules, holding a market share of 10-20% in the 800G segment [12] - The company is expanding its production capacity through bond issuance and is making progress in the certification of its 800G products with leading data center clients, expecting a significant increase in shipments in 2024 [12] - NewEase's forward P/E ratio for 2024 is projected at 61 times, which is considered high compared to its historical average, leading to a neutral rating [12]