电子：光互联双问：如何看CPO&OIO市场空间？

Industry Rating - Stronger than the market (maintained rating) [2] Core Views - CPO (Co-Packaged Optics) is a key solution to break through the cost and power consumption bottlenecks in backend network scaling, offering significant advantages in signal attenuation reduction, system power consumption reduction, cost efficiency, and high integration [3] - Optic IO enables vertical expansion in ultra-bandwidth domains, facilitating the scaling up of more GPUs through chip-to-chip optical interconnects [4] - The report highlights investment opportunities in optical devices, optical chip coupling, and packaging and testing equipment driven by CPO advancements [5] Market Space and Growth Projections - CPO can reduce power consumption by 70% at the optical interconnect level and by approximately 30% at the switch level compared to traditional pluggable optical solutions [3] - For a 32K GPU cluster, CPO can save over 1MW of power [3] - The average selling price of optical engines is expected to drop from below $1.2/Gbps in 2021 to below $0.6/Gbps in 2024, and further to $0.24/Gbps by 2028 [3] - 51.2Tbps switch shipments are projected to grow from 77,000 units/month in 2024 to 1.8 million units in 2028, with a potential CPO optical engine market size of approximately $22 billion by 2028 [3] Technological Advancements - Broadcom's CPO solution achieves 6.4Tbps I/O bandwidth per optical engine, enabling large-scale scaling with a transmission range of 5m-30m and connecting 512 GPUs via 64 high-port-density switches [4] - Companies like Tianfu Communication, Zhongji Innolight, and Accelink are making significant progress in CPO-related technologies, including multi-channel high-power lasers, silicon photonic chip design, and self-developed light source modules [5] - FiconTEC is a leading manufacturer of photonic automation micro-assembly and testing equipment, supporting global players like Intel, Cisco, Broadcom, and Nvidia in the development and mass production of CPO and silicon photonics [5] Key Companies to Watch - Optical modules & optical engines: Zhongji Innolight, Eoptolink, Tianfu Communication, Accelink [6] - Optical devices: T&S Communications, Broadex Technologies, Shijia Photonics [6]