国泰海通 · 晨报260206｜通信：光纤光缆供不应求，看好涨价趋势

Core Viewpoint - The fiber optic cable industry is experiencing a supply-demand imbalance, leading to a confirmed upward price trend due to increased demand from telecom operators and data centers [2][3]. Group 1: Industry Trends - The fiber optic market is witnessing a price increase, particularly for G657A2 fibers, driven by heightened overseas demand and reduced supply of G652D fibers, resulting in longer delivery times [2]. - The upcoming procurement by telecom operators and pre-Spring Festival inventory demands are expected to further drive price increases in the domestic market [2]. - Export performance of fiber optic cables is strong, with international markets becoming a significant growth point for companies in the sector [2]. Group 2: Demand Drivers - The demand for fiber optics is surging due to the rise of intelligent computing centers, which require ultra-high bandwidth and low-latency transmission, fundamentally changing the demand dynamics in the fiber optic industry [3]. - A typical intelligent computing center can require several times more fiber than traditional data centers, with a single GPU cluster needing tens of thousands of fiber kilometers for internal connections [3]. - The share of fiber demand from AI-driven data center interconnect (DCI) applications is projected to increase from less than 5% in 2024 to 35% by 2027 [3]. Group 3: Investment Recommendations - The domestic leading fiber optic manufacturers are expected to benefit significantly from the price increase trend driven by the surge in fiber optic demand, with profit elasticity likely to be continuously revised upwards [4].