通信行业点评：AEC放量，算力产业链进入合纵连横时代

Industry Investment Rating - Overweight (Maintained) [1] Core Views - The report highlights the growing adoption of Active Electrical Cable (AEC) in data centers for short-distance high-speed data transmission, which offers a balance between cost and performance compared to traditional DAC and AOC solutions [4] - AEC is expected to become a key solution for AI short-distance interconnection due to its reliability, cost-effectiveness, and improved signal quality over distances of 1-7 meters [4] - Major CSPs and NVIDIA are increasingly adopting copper interconnects, particularly in AI clusters, to reduce costs and enhance stability [4] - AEC is anticipated to be the first step for optical module manufacturers to penetrate the market, with demand expected to shift from 400G to 800G and 1.6T products [5] - The report emphasizes the competitive advantage of domestic manufacturers in the computing power industry, capable of providing both integrated and decoupled solutions [5] Industry Trends - The communication industry has shown significant growth, with a 40% increase from December 2023 to December 2024, outperforming the CSI 300 index [7] Investment Recommendations - The report recommends focusing on domestic computing power industry players, particularly those in the connection and optical communication sectors, such as Zhongji Innolight, Eoptolink, TFC Optical, and others [6] Key Companies and Projections - Zhongji Innolight (300308 SZ): Buy rating with projected EPS growth from 1 94 in 2023A to 11 58 in 2026E [9] - Eoptolink (300502 SZ): Buy rating with projected EPS growth from 0 97 in 2023A to 8 89 in 2026E [9] - TFC Optical (300394 SZ): Buy rating with projected EPS growth from 1 32 in 2023A to 4 82 in 2026E [9] - TaiChen Optoelectronics (300570 SZ): Buy rating with projected EPS growth from 0 68 in 2023A to 1 77 in 2026E [9]