通信行业OFC-2024小结：光通信全产业链加速升级

Industry Investment Rating - Overweight (Maintained) [1] Core Views - The future of the optical communication industry will be driven by cost reduction and iterative upgrades [3] - With the continuous advancement of training and inference, the demand for computing power is expected to grow exponentially, making cost reduction and efficiency improvement a key trend in the industry [3] - LPO (Linear Pluggable Optics) is more suitable for AI high-density, short-distance cluster operations due to its cost and power consumption reduction goals, while CPO (Co-Packaged Optics) integrates silicon photonic links directly into chips, further enhancing communication reliability [3] - The maturity of 200G optical chips and silicon photonics technology is expected to break through transmission rate bottlenecks, accelerating the upgrade from the 800G era to the 1.6T era, and even towards the 3.2T era [3] Key Highlights from OFC 2024 - Multiple companies showcased 1.6T solutions, including Marvell's Nova 2 DSP, InnoLight's 1.6T-LPO-DR8 OSFP module, and Eoptolink's 4x200G LPO [2] - Significant upgrades in optical chip technology, such as Coherent's 200G VCSEL, Marvell's 3D SiPho engine, and Intel's Optical I/O solution [2] - Innovations in materials, switches, and cooling, including InnoLight's 800G ZR/ZR+ modules, Accelink's OCS all-optical switch, and Eoptolink's SFP112 module series [2] Investment Recommendations - LPO direction: Focus on companies like InnoLight (1.6T LPO), Eoptolink, HG Tech, Cambridge Technology, Nubis, Credo, Broadcom, and Arista [3] - Silicon photonics and CPO technology: Focus on InnoLight (800G/1.6T silicon photonics modules), TFC Optical (optical engines), Eoptolink (invested in Alpine), Nubis (16-channel silicon photonics LPO), Lumentum (100mW CW light source), T&S Communications (polarization-maintaining fiber), Ayarlabs (CPO fiber IO), Broadcom, Marvell, Arista, and Tower Semiconductor (silicon photonics foundry) [3] Stock Performance and Ratings - InnoLight (300308 SZ): Buy rating, 2024E EPS of 5.61 RMB, PE of 27.57 [6] - Eoptolink (300502 SZ): Buy rating, 2024E EPS of 2.11 RMB, PE of 32.21 [6] - TFC Optical (300394 SZ): Buy rating, 2024E EPS of 3.30 RMB, PE of 46.01 [6] - T&S Communications (300570 SZ): Buy rating, 2024E EPS of 1.88 RMB, PE of 19.57 [6] - Tengjing Technology (688195 SH): Buy rating, 2024E EPS of 0.93 RMB, PE of 27.46 [6]