通信行业：全球算力基建加速，光模块有望量价齐升

Investment Rating - The report maintains a "Recommended" rating for the communication industry [1] Core Viewpoints - The communication industry is expected to benefit from accelerated infrastructure investment in computing power, with optical modules likely to see both volume and price increases [1] - Major North American tech companies are significantly increasing capital expenditures, which is anticipated to drive demand for optical modules [1] - The trend of AI competition is accelerating technological iterations, with expectations for continued growth in demand for high-speed optical modules [1] Summary by Sections Industry Overview - The report highlights a strong growth forecast for optical module manufacturers due to robust capital spending and infrastructure development in computing power [1] - Notable profit growth is projected for companies like Zhongji Xuchuang, with expected net profits of 4.6-5.8 billion yuan, representing a year-on-year increase of 111.64%-166.85% [1] - The report emphasizes the increasing importance of AI infrastructure investments, particularly from major tech firms, which is expected to sustain optical module demand [1] Market Trends - The report notes that 800G optical modules are becoming mainstream, with 1.6T optical module applications beginning to emerge [1] - The market for high-speed optical modules is projected to exceed $9 billion in 2024 and grow to nearly$12 billion by 2026 [1] - The report indicates that the demand for 400G and 800G optical modules is expected to surpass 20 million units in 2024, marking a nearly fourfold increase [1] Investment Recommendations - The report suggests focusing on leading optical module companies such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, which are well-positioned to benefit from the anticipated market growth [1]