在AI算力需求爆发的背景下，源杰科技的数据中心市场CW(连续波)硅光光源产品逐步放量，驱动业绩 高速增长并同比扭亏为盈。2025年前三季度，公司营收3.83亿元同比大增115.09%，净利润1.06亿元实 现扭亏为盈，其中三季度单季营收1.78亿元，同比增幅高达207.31%。前三季度公司销售毛利率高达 54.76%，同比提升33.42个百分点。 高毛利率的数据中心业务大幅增加，显著优化了公司的产品结构，过去依赖电信市场的源杰科技，如今 已形成"电信+数通"双轮驱动格局。 光通信市场竞争加剧之际，国内光芯片龙头企业源杰科技(SH688498，股价546.51元，市值469.71亿元) 正式迈出跨市场上市步伐。 《每日经济新闻》记者注意到，近日，源杰科技发布公告称，公司董事会已审议通过授权管理层启动境 外发行股份并在香港联交所上市相关筹备工作。 从经营业绩来看，源杰科技此次赴港上市可谓恰逢其时。2025年前三季度，公司实现营收3.83亿元，同 比大增115.09%；归母净利润1.06亿元，同比扭亏为盈。 所在市场快速增长 源杰科技的核心业务聚焦在光通信领域的"心脏"——光芯片。作为极少数掌握IDM(垂直整合制造 ...

Core Viewpoint - Goldman Sachs expresses strong confidence in the growth prospects of Zhongji Xuchuang, raising the target price by 62% to RMB 762 and maintaining a "Buy" rating based on the company's robust growth potential in the 800G/1.6T optical module and silicon photonics technology sectors [1] Group 1: Financial Projections - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 59% for Zhongji Xuchuang's net profit from 2025 to 2028, with 800G optical module revenue expected to surge by 104% year-on-year in 2026 and 1.6T optical module revenue projected to skyrocket by 110% in 2027, supporting an overall revenue CAGR of 52% during the same period [3] - The net profit estimates for 2026 and 2027 have been raised by 23% and 28%, reaching RMB 21.645 billion and RMB 29.944 billion, respectively, driven by higher revenue and gross margin expectations [3] - Operating profit margin is anticipated to increase from 25% in 2024 to 39% in 2028, reflecting sustained growth supported by long-term demand trends in AI networks [3] Group 2: Market Dynamics - The diversification of ASIC chips is reshaping the demand landscape for optical modules, with ASIC chips expected to account for 38%, 40%, and 45% of the AI chip market from 2025 to 2027 [4] - The architectural differences between GPU and ASIC servers lead to a significant increase in the dependency on multiple chips, servers, and rack connections, thereby driving stronger demand for high-speed connections [5] Group 3: Technology and Product Upgrades - The transition from 400G to 800G is becoming a major driver for the optical module upgrade cycle, with expectations for continued trends in the coming years, including the deployment of 1.6T optical modules starting in the second half of 2025 [6] - As optical modules upgrade to higher speeds, market competition is expected to decrease due to higher technical barriers in design, testing, and production efficiency, benefiting technologically advanced companies [6] - Revenue contribution from 800G and 1.6T products is projected to increase significantly, from 64% and 8% in 2025 to 71% and 16% in 2026, respectively, making this product structure upgrade a core engine for revenue growth [6] Group 4: Margin Expansion - Gross margin is expected to rise from 41.6% in 2025 to 46.4% in 2027, primarily due to faster speed migration and the transition from EML to silicon photonics technology [7] - Silicon photonics technology offers better gross margin performance compared to EML, with reduced component costs and improved production efficiency [7] Group 5: Valuation Adjustments - Goldman Sachs has significantly raised its revenue forecasts for 2026 and 2027 by 24% and 35%, respectively, reflecting accelerated growth in mainstream products [8] - The target price has been adjusted from RMB 470 to RMB 762, applying a target price-to-earnings ratio of 31 times, consistent with recent trading averages [8]

Group 1: AI Investment and Valuation - Microsoft and NVIDIA plan to invest up to $15 billion in AI startup Anthropic, raising its valuation to $350 billion from $183 billion in September [2][3] - Anthropic will purchase $30 billion worth of computing power from Microsoft's Azure cloud platform, committing to a capacity of up to 1 billion watts [2][3] - This investment reflects the growing interconnection between cloud computing, chip suppliers, and leading AI developers, raising concerns about a potential valuation bubble [3] Group 2: GlobalFoundries Acquisition - GlobalFoundries announced the acquisition of Singapore-based silicon photonics chip manufacturer AMF, aiming to become the largest silicon photonics chip manufacturer globally [5][6] - The acquisition will enhance GlobalFoundries' technology portfolio and production capabilities, integrating AMF's assets and expertise to meet the growing demand in AI data centers and telecommunications [5][6] - Silicon photonics technology is expected to replace traditional optical modules, with market share projected to increase from 30% in 2025 to 60% by 2030 [6] Group 3: Arm and NVIDIA Collaboration - Arm announced the integration of its Neoverse platform with NVIDIA's NVLink Fusion technology, facilitating easier pairing of Arm-based CPUs with NVIDIA's GPUs for large-scale data center operators [7][8] - This collaboration aims to set new standards for AI infrastructure, with Arm's Neoverse platform expected to capture 50% of the global market share in top-tier data centers by 2025 [7][8] - The partnership reflects NVIDIA's strategy to open its NVLink platform for integration with various custom chips, reinforcing its central position in the AI industry [8]

Core Viewpoint - Concerns about an AI valuation bubble persist in the market, yet major chip companies continue to make significant investments in the sector [1] Group 1: Investment in AI Startup Anthropic - Microsoft and NVIDIA plan to invest up to $15 billion in AI startup Anthropic, raising its valuation to $350 billion from $183 billion in September [2][4] - Anthropic will purchase $30 billion worth of computing power from Microsoft's Azure cloud platform, committing to a capacity of up to 1 billion watts [2][3] - This investment reflects the growing interdependence between cloud computing, chip suppliers, and leading AI developers, with concerns about potential cyclical AI transaction bubbles [3] Group 2: GlobalFoundries Acquires AMF - GlobalFoundries announced the acquisition of Singapore-based silicon photonics chip manufacturer AMF, aiming to become the largest silicon photonics chip manufacturer globally [5] - The acquisition will enhance GlobalFoundries' technology portfolio and production capabilities in Singapore, complementing its existing capabilities in the U.S. [5][6] - Silicon photonics technology is crucial for AI infrastructure, enabling high-speed, energy-efficient data transmission [6] Group 3: Arm and NVIDIA Collaboration - Arm announced the integration of its Neoverse platform with NVIDIA's NVLink Fusion technology, facilitating easier pairing of Arm-based CPUs with NVIDIA GPUs for large-scale data center operators [8][9] - The Neoverse platform is designed for high-efficiency and high-performance scalability, with expectations to capture 50% of the global market share in top-tier data centers by 2025 [8] - This collaboration signifies NVIDIA's strategy to open its NVLink platform for integration with various custom chips, reinforcing its central role in the AI industry [9]

21世纪经济报道记者 彭新 近日，美国晶圆代工厂格芯（GlobalFoundries）宣布收购位于新加坡的硅光子代工厂鑫精源半导体 （Advanced Micro Foundry），该交易未披露具体金额。 格芯称，这是公司推进创新战略和硅光子领域领先地位的关键一步，格芯将整合鑫精源半导体的制造资 产、知识产权与专业人才，扩大格芯在新加坡的硅光子技术组合、生产能力和研发能力，补充其在美国 的现有技术能力。收购完成后，以营收计算，格芯将成为全球最大的纯硅光子芯片代工厂。 鑫精源半导体是新加坡科技研究局在2017年设立的衍生公司，也是全球首家专注于硅光子技术（Silicon Photonics）的芯片代工厂，提供从制造、原型设计到测试的完整服务。 新加坡科技研究局表示，格芯对鑫精源半导体的收购标志着鑫精源半导体发展进入了新的阶段，将新加 坡研发的硅光子创新技术推向全球市场。为配合本次收购，格芯计划在新加坡设立硅光子研发卓越中 心，并将与新加坡科技研究局合作，强化格芯的硅光子技术平台，为全球客户提供高性能与安全的数据 传输解决方案。 瞄准硅光子赛道 格芯全球光子业务负责人Kevin Soukup在接受媒体采访时指出， ...

Core Insights - GlobalFoundries has acquired Singapore-based silicon photonics manufacturer AMF, becoming a leading player in the silicon photonics sector [2] - Silicon photonics technology uses light instead of electrical pulses for data transmission, which is crucial for communication within chips, between components, and across servers [2] - NVIDIA plans to implement silicon photonics technology in its next-generation AI servers to reduce power consumption while increasing data transfer speeds, which is essential for managing millions of GPUs in data centers [2][3] - AMD is also investing heavily in this technology, having established a dedicated R&D center in Taiwan with an investment of nearly $300 million and previously acquiring Enosemi to enhance its competitive edge against NVIDIA [2][3] Industry Trends - The demand for silicon photonics technology is driven by the rapid expansion of AI data centers, which are experiencing significant increases in power consumption and placing pressure on electrical grids [3] - Tim Breen, CEO of GlobalFoundries, emphasized the importance of high-speed, precise, and energy-efficient data transmission for AI data centers and advanced telecommunications networks [3] - Silicon photonics is also a key technology for quantum computing, allowing for systems that do not require low-temperature cooling, making quantum computers more practical and cost-effective [3] Competitive Landscape - Major companies like AMD, NVIDIA, and GlobalFoundries are investing in silicon photonics, but several startups such as Ayar Labs, Celestial AI, and Lightmatter are also developing their own photonic technologies, indicating a competitive landscape [3] - While consumer-grade CPUs, GPUs, and motherboards are not expected to adopt this technology in the short term, it is already being utilized in large servers capable of processing terabytes of data per second [4] - Continued investment in AI data centers is anticipated to drive further research and development in this promising technology [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [21]. Core Insights - The company has demonstrated significant revenue growth, with a 115.09% year-on-year increase in revenue for the first three quarters of 2025, amounting to 383 million yuan, and a net profit of 106 million yuan, marking a return to profitability [6][9]. - The gross margin has improved significantly, reaching 54.76%, an increase of 25.07 percentage points year-on-year, driven by product structure adjustments and increased revenue from high-margin data center products [9][10]. - The company is positioned as a leading supplier of optical chips in the telecommunications and data communication markets, with a focus on CW silicon optical source products, which are gradually ramping up in production [9][10]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 178 million yuan, a year-on-year increase of 207.31%, and a net profit of 60 million yuan, indicating a turnaround from previous losses [6][9]. - The company’s financial metrics include a net asset return of 4.88% and a debt-to-asset ratio of 9.08% as of September 30, 2025 [2]. Product and Market Position - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model, covering chip design, wafer manufacturing, processing, and testing, aiming to become a top-tier provider of optoelectronic semiconductor chips and technology services [9]. - The product portfolio includes a range of optical chips and high-power silicon optical source products, with the data center segment contributing significantly to revenue growth [9][10]. Future Outlook - The company is expected to benefit from the growing demand for AI data centers and the anticipated shortage of EML and CW laser chips, with a projected compound annual growth rate (CAGR) of 17% for the optical communication chip market from 2025 to 2030 [10]. - Profit forecasts for the company indicate a net profit of 170 million yuan in 2025, increasing to 531 million yuan by 2027, with corresponding price-to-earnings ratios of 266.18X, 138.87X, and 85.33X for the respective years [11].

Core Viewpoint - The rapid growth of the AI industry has significantly increased demands on communication networks, leading to a booming optical module market, with Beijing Haiguang Xinzhen Technology Co., Ltd. (Haiguang Xinzhen) seeking to capitalize on this trend through its upcoming IPO [1][7]. Company Overview - Haiguang Xinzhen, established in November 2011, specializes in optical interconnect products, including optical modules and active optical cables (AOC), with a focus on AI data centers [2]. - The company ranks as the tenth largest professional optical module provider globally, with a market share of 0.7% and is the fastest-growing among the top ten manufacturers from 2022 to 2024 [2][3]. Financial Performance - Revenue has shown rapid growth, with figures of 103 million, 175 million, 862 million, and 698 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, reflecting a compound annual growth rate (CAGR) of 189.6% from 2022 to 2024 [5]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 60.21 million, 109 million, 18.22 million, and 34.85 million RMB for the same periods [5][6]. Competitive Advantages - The company possesses significant technological barriers, leveraging silicon photonics technology to create an end-to-end capability from chip design to module manufacturing [3]. - Haiguang Xinzhen has established strong customer relationships through a Joint Design Manufacturing (JDM) model, particularly with leading Chinese internet and cloud service providers [3]. - Cost control is a key strength, with silicon photonic chips designed to share production capacity with traditional CMOS, reducing costs by 30-40% compared to overseas competitors [3]. Future Outlook - The company is focusing on three main technology directions: next-generation high-speed optical interconnect products (1.6T, 3.2T), advanced packaging technologies (NPO and CPO), and PCIe AEC and AOC products [4]. - The global optical interconnect market is projected to grow from 4.2 billion RMB in 2020 to 46.2 billion RMB in 2024, with a CAGR of 82.3%, indicating a robust growth environment for Haiguang Xinzhen [7][8]. - The AI optical module market is expected to grow significantly, with projections of 42.3% CAGR from 2024 to 2029 in China, driven by domestic AI data center developments [7][8]. Industry Trends - The optical module technology is evolving towards higher speeds, greater integration, and lower power consumption, aligning with Haiguang Xinzhen's technological advancements [8]. - The company is making progress in developing 1.6T silicon photonic modules and is advancing research on 3.2T and 6.4T optical chips to meet market demands [8].

近年来，人工智能(AI)行业的爆发式增长对通信网络的带宽、密度及能效提出了前所未有的要求。在全球AI数据中心建设加速与技术迭代的双重驱动下，光 模块行业呈现高速增长态势，吸引众多企业争相布局。 在此背景下，光电互连产品提供商——北京海光芯正科技股份有限公司(简称：海光芯正)于10月31日向港交所主板提交上市申请书，华泰国际担任独家保荐 人。公司拟使用上市募集资金的约51%用于产能扩张与自动化升级；约37%投入新产品及技术研发；约2%用于业务推广及海外市场拓展，约10%作为营运资 金及一般企业用途，旨在进一步巩固其在硅光子光模块领域的竞争优势，把握AI驱动下的行业机遇。 全球第十大专业光模块提供商 据招股书，海光芯正的历史可追溯至2011年11月成立的苏州海光芯创光电科技有限公司，2020年12月完成股份制改制并更名为现用名。作为专注于光电互连 产品的提供商，公司业务为光模块、有源光缆(AOC)及其他产品。公司产品广泛应用于AI数据中心，以支持高速、高密度及高能效的数据传输。 据弗若斯特沙利文数据，按2024年收入计，海光芯正以0.7%的市场份额在全球专业光模块提供商中排名第十，且为2022-2024年前十大厂 ...

Core Viewpoint - Beijing Haiguang Chip Technology Co., Ltd. (referred to as Haiguang Chip) has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1]. Company Overview - Haiguang Chip is a provider of optoelectronic interconnect products, including optical modules and Active Optical Cables (AOC), which integrate optical modules and fiber cables for high-speed interconnects. The company's products are widely used in AI data centers to support high-speed, high-density, and energy-efficient data transmission [2][3]. - The company has established end-to-end technological capabilities from chip design to optical module manufacturing, focusing on silicon photonics technology to achieve differentiated competition [2]. Product Portfolio - The product range includes optical modules with transmission rates of 100G, 200G, 400G, and 800G, compatible with various industry standard form factors. All single-mode optical modules of 400G and above utilize silicon photonics technology [3]. - The AOC and other product lines cater to diverse customer needs, creating synergistic effects and cross-selling opportunities [3]. Market Position - According to Frost & Sullivan, Haiguang Chip ranks tenth among global professional optical module providers by revenue for 2024 and is the fastest-growing company among the top ten manufacturers from 2022 to 2024. It ranks sixth and fifth among global and Chinese professional AI optical module providers, respectively, based on 2024 revenue [3]. Technological Focus - The company is focused on next-generation optoelectronic interconnect technologies, including 6T, 3.2T, and other high-speed interconnects to meet the growing data throughput demands of AI data centers. Advanced technologies such as Near-Package Optics (NPO) and Co-Packaged Optics (CPO) are being developed to significantly reduce signal loss and improve energy efficiency [3]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 102.8 million, RMB 175.3 million, RMB 861.8 million, and RMB 698.1 million, respectively. The total comprehensive losses for the same periods were approximately RMB 60.2 million, RMB 108.6 million, RMB 17.9 million, and RMB 34.9 million [4][5].