通信行业专题研究：算力基建带动光芯片需求持续增长，河南省“追光逐芯”助力国产芯片突围

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The demand for optical chips is continuously growing, driven by the expansion of computing infrastructure and the "Chasing Light and Chips" initiative in Henan Province, which supports domestic chip breakthroughs [1] - The global computing power scale is expected to grow at a rate exceeding 50% over the next five years, with intelligent computing accounting for over 90% of this growth [7][12] - Optical chips are critical components for data transmission in AI servers, with demand significantly higher than traditional servers [7][47] Summary by Sections 1. Computing Power as a New Productive Force - The global computing power scale reached 1397 EFLOPS in 2023, a 54% year-on-year increase, with intelligent computing accounting for 63% of the total [12][19] - The rapid growth of AI is driving a transformation of data centers into computing centers, with significant capital expenditure increases from major cloud providers [24][27] 2. Optical Chips as Core Components - Optical chips are essential for high-speed, low-latency data transmission in AI servers, with their cost share in different speed optical modules typically ranging from 30% to 70% [7][57] - The global optical chip market is projected to grow at a compound annual growth rate of 14.86% from 2023 to 2027, with high-speed optical chips experiencing even faster growth [60] 3. Henan Province's Support for Computing Industry - Henan Province aims to establish a computing infrastructure with 350,000 standard racks and a computing power scale exceeding 120 EFLOPS by the end of 2026 [7][8] - The province has identified the optical industry chain as a key focus, targeting a revenue of 50 billion yuan for the optical core industry by 2025 [7][8] 4. Domestic Chip Manufacturers - Shijia Photon, a leading optical chip supplier in China, has developed a complete industrial chain from design to manufacturing and testing [8] - The company is positioned as a "hidden champion" in the optical chip sector, contributing to China's chip industry breakthroughs [8]