Core Viewpoint - Cambridge Technology (603083) clarifies its current status regarding CPO and LPO technologies, indicating that it does not produce chips containing CPO technology and that LPO's contribution to revenue is minimal [1] Group 1: CPO Technology - The company does not currently manufacture chips that utilize CPO technology [1] - Core components related to CPO, such as the optical engine and external light source (ELSFP), are still in the stages of collaborative research and design [1] - No business revenue has been generated from CPO-related activities as of now [1] Group 2: LPO Business - The LPO business has sent samples for testing to several major North American clients [1] - Cumulative orders and shipment amounts for LPO in the first half of 2025 are projected to account for only about 0.03% of the company's revenue during the same period [1] - The contribution of LPO to the company's current performance is extremely limited [1]

Group 1: PCB Market Growth - The demand for high-end PCB products, such as high multi-layer boards and advanced HDI, has been rapidly increasing due to the influence of AI servers [2][6] - The global PCB market for servers and data storage is projected to reach $10.916 billion in 2024, with a year-on-year growth of 33.1%, significantly outpacing other PCB application areas [6] - By 2029, the market size for the same segment is expected to reach $18.921 billion, with a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029 [6] Group 2: Company Performance - Tai Chen Guang reported a significant increase in performance, with operating revenue of 828 million yuan, a year-on-year growth of 62.49%, and a net profit of 173 million yuan, up 118.02% [3] - The company attributed its growth to the "East Data West Calculation" project, which has increased demand for high-density optical fiber connectors and splitters in green computing networks [3] - The number of shareholders for Tai Chen Guang reached 50,300, a year-on-year increase of 10.13%, marking the highest level since 2024 [4] Group 3: Investment Opportunities - A total of 97 stocks in the A-share market are involved in the PCB industry, with 32 companies having reported their half-year performance [7] - Among these, 16 companies showed a year-on-year increase in net profit, with Shengyi Technology leading with an expected net profit growth of 432.01% to 471.45% [7] - Institutional interest in PCB-related stocks is high, with 26 stocks receiving institutional research since July, indicating strong market attention [7][8]

Core Insights - The CPO (Co-Packaged Optics) sector has seen significant activity, with the CPO index rising nearly 20% in July, driven by strong demand in the Chinese market and the approval of H20 chips for export to China [1][2] - Companies like Shijia Photon have reported impressive earnings growth, with a 121.12% increase in revenue and a 1712.00% rise in net profit for the first half of 2025, attributed to the rapid growth of the data communication market driven by AI [2][3] Company Performance - Shijia Photon achieved a revenue of 993 million yuan and a net profit of 217 million yuan in the first half of 2025, marking the first time its net profit exceeded 100 million yuan since its listing [2][3] - The company’s revenue from optical chips and devices grew by 190.92%, indoor cable business increased by 52.93%, and polymer materials for cables rose by 23.39% [2][3] Market Expansion - Shijia Photon is accelerating its overseas market expansion, with foreign revenue reaching 452 million yuan, a 323.59% increase, accounting for 45.50% of total revenue [3] - The company has established a subsidiary in Singapore and is expanding production capacity in Thailand [3] Financial Management - R&D expenses for Shijia Photon reached 61.42 million yuan, while management expenses grew by 54.66% to 50 million yuan, reflecting the company's expansion and operational improvements [3] - Short-term borrowings increased by 1905.29% to 206 million yuan, indicating a significant rise in funding needs for production expansion [3] Strategic Acquisitions - Shijia Photon plans to acquire an 82.38% stake in Dongguan Fokexima Communications Technology to enhance its MPO supply chain, with the share price set at 28.24 yuan per share [4][5] - Fokexima has shown substantial growth, with a revenue of 270 million yuan in 2024, up 225.04%, and a net profit of 79.94 million yuan, up 338.64% [4][5] Future Outlook - Goldman Sachs has raised its sales forecasts for 800G optical transceiver modules for 2025 and 2026, predicting a market value of 12.73 billion USD and 19.37 billion USD respectively, indicating strong growth potential in the optical module market [5][6] - Shijia Photon’s stock price surged from 16.98 yuan at the beginning of the year to a high of 66.95 yuan, reflecting a 263.84% increase, although it experienced a decline of over 7% following major announcements [6]

据披露，光库科技拟购买苏州安捷讯光电科技股份有限公司(以下简称安捷讯)控股权，并募集配套资 金。本次交易对方范围尚未最终确定，交易各方尚未签署正式的交易协议，收购股权比例及对价也未明 确。 《每日经济新闻》记者获悉，光库科技是A股近期CPO(共封装光学)热门概念股之一，也是光器件知名 企业。安捷讯是一家光通信产品专业供应商，2016年7月曾在新三板挂牌，2019年8月终止挂牌。 这是光库科技今年对外宣布的第二起并购。今年6月，公司刚宣布收购捷普科技(武汉)有限公司(以下简 称武汉捷普)100%股权。 7月28日晚，光库科技（300620）(SZ300620，停牌)公告称，公司正在筹划发行股份和可转换公司债券 及支付现金购买资产并募集配套资金事项。经申请，公司证券将自2025年7月29日开市起停牌。 同时，收购安捷讯是光库科技年内启动的第二笔收购。今年6月初，光库科技宣布拟收购武汉捷普100% 股权，成为后者唯一股东。 标的公司曾挂牌新三板 工商资料显示，安捷讯成立于2009年，注册资本3000万元，法定代表人和最终实控人均为张关明。安捷 讯主营业务为光通信领域光无源核心器件的研发、生产、销售，并向客户提供预端 ...

Core Viewpoint - Guangku Technology is planning to acquire control of Suzhou Anjie Xun Optoelectronics Technology Co., Ltd. and is raising funds through the issuance of shares and convertible bonds, with the stock suspension starting from July 29, 2025 [1][2] Group 1: Acquisition Details - The acquisition target, Anjie Xun, is a professional supplier of optical communication products and was previously listed on the New Third Board before delisting in August 2019 [1][2] - Guangku Technology has signed a letter of intent for asset purchase with major shareholders of Anjie Xun, including Zhang Guanming and Suzhou Xunuo Investment Partnership [2] - The final transaction price for the acquisition will be determined after auditing and evaluation [2] Group 2: Company Performance - Guangku Technology's stock price has increased by 35.83% since June, reflecting its status as a popular CPO concept stock in the A-share market [2] - The company has projected a net profit growth of 60% to 80% for the first half of 2025, driven by increased revenue and improved cost management [3] Group 3: Background of Anjie Xun - Anjie Xun was established in 2009 with a registered capital of 30 million yuan and focuses on the R&D, production, and sales of core passive optical components [2][3] - The company was recognized as a three-star cloud enterprise in December 2024, indicating its commitment to digital transformation and enhancing core competitiveness [3]

Core Viewpoint - Nvidia has become the first company in history to exceed a market capitalization of $4 trillion, positively impacting its A-share counterparts, particularly in the CPO (Co-Packaged Optics) sector, which has seen a significant resurgence since June, with a nearly 24% increase in the index [1] Group 1: Company Performance - The A-share CPO sector has seen a surge in stock prices, with seven stocks rising over 50% since June, led by Xinyi Technology, which has achieved a 92.36% increase [2] - Xinyi Technology, a leading provider of optical module solutions, has over 3,000 products and serves more than 300 clients across over 60 countries [2][4] - The company has experienced a rapid increase in patent applications, particularly in 2024, with over half being invention patents, indicating strong technological innovation capabilities [6] Group 2: Financial Outlook - Xinyi Technology's mid-year performance forecast for 2025 indicates a projected net profit of 3.691 billion to 4.191 billion yuan, representing a year-on-year growth of 326.84% to 384.66% [6] - The company's gross margin reached 48.7% and net margin 38.8% in the first quarter of 2025, both at record highs and leading in the industry [6] - Global demand for 800G optical modules is expected to reach 18 to 22 million units in 2025, with Xinyi Technology positioned as a key supplier for North American cloud vendors [6][7] Group 3: Market Dynamics - Xinyi Technology has successfully launched a single-wave 200G 1.6T optical module, positioning itself for leadership in next-generation high-speed optical modules [7] - The company is well-positioned to benefit from the anticipated large-scale deployment of ASIC chips by major tech firms in 2026, which will require more optical modules compared to GPUs [7] Group 4: Risks and Challenges - Despite positive market sentiment, there are concerns regarding stock price volatility due to increased short-term financing and leverage [8] - The stock has experienced significant fluctuations, with a drop of over 50% from January to April 2023, highlighting potential risks associated with external factors [9][11] - Ongoing trade tensions and uncertainties regarding tariffs may impact the optical module industry, necessitating caution among investors [11]

Core Viewpoint - Citi believes that 2026 will be the year when 800G optical modules dominate the market, with a projected sales volume of 37 million units, representing an 85% year-on-year growth driven primarily by demand from overseas cloud service providers [1][3]. Group 1: Market Demand and Supply Dynamics - The demand for 800G optical modules is expected to be robust, with over 90% of this demand coming from overseas cloud service providers (CSPs) [3]. - The deployment speed of 1.6T Ethernet switches may slow down, leading to a downward revision of demand forecasts for 1.6T modules [3]. - The market share distribution will be influenced by production capacity and delivery capabilities, with a preference for second-tier suppliers among overseas customers [3]. Group 2: Company Performance and Predictions - Citi's rating hierarchy for companies in the sector is as follows: Eoptolink > Innolight > T&S > TFC, with a particular focus on Eoptolink due to its strong performance in 800G/1.6T products and capacity [4]. - Eoptolink is expected to benefit significantly from the strong demand for 800G, with projections indicating that 75% of its sales will come from this segment by 2026 [15]. - Innolight is also anticipated to capture a substantial share of the 800G demand due to its superior supply capabilities and ongoing silicon photonics migration [17][18]. Group 3: Financial Forecasts and Market Trends - The 2025-2027 shipment forecasts for 400G, 800G, and 1.6T modules have been adjusted, reflecting an increase in 800G shipments and a decrease in 1.6T due to industry demand delays [17]. - The overall market valuation is expected to recover, with industry price-to-earnings ratios projected to rise from 8-10 times to 15-20 times by 2025, driven by cloud infrastructure upgrades and higher optical module integration rates [9]. - The anticipated strong demand for 800G and the potential delay in 1.6T migration may pose risks for CPO (Co-Packaged Optics) deployment, which could be pushed to 2027 [9]. Group 4: Competitive Landscape - The competitive landscape is shifting, with more second-tier suppliers entering the supply chain due to insufficient supply from first-tier suppliers [13]. - Companies like Suzhou Taicheng Light are facing challenges due to lower-than-expected InfiniBand penetration and weak GB200 rack numbers, which may impact their 1.6T demand [20][21]. - The ongoing silicon photonics migration is expected to provide cost advantages for companies like Innolight and Eoptolink, allowing them to maintain higher profit margins compared to competitors who rely on external design sources [18].

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $425.2 million and non-GAAP EPS of $0.57, both exceeding the high end of guidance [20] - Non-GAAP gross margin was 35.2%, up 290 basis points sequentially and 650 basis points year on year, attributed to better manufacturing utilization and a favorable product mix [20][21] - Non-GAAP operating margin improved to 10.8%, up 290 basis points sequentially and 1,100 basis points year on year [20][21] Business Line Data and Key Metrics Changes - Cloud and Networking segment revenue reached $365.2 million, increasing 8% sequentially and 16% year on year, driven by strong demand from hyperscale cloud customers [9][22] - Industrial Tech segment revenue was $60 million, down 5% sequentially but up 14% year on year, with ultrafast laser shipments remaining steady [14][15][22] Market Data and Key Metrics Changes - The company anticipates strong sequential growth in the Cloud and Networking segment in Q4, driven by new capacity and increasing demand from network equipment manufacturers [14] - The Industrial Tech segment is expected to see a sequential decline in revenue due to ongoing macroeconomic headwinds and typical seasonal trends [16] Company Strategy and Development Direction - The company aims to achieve quarterly revenue of $750 million, gross margins above 40%, and operating margins greater than 20% [6][18] - Focus on high-growth areas such as cloud and AI, with investments directed towards expanding manufacturing capacity and product offerings [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving medium and long-term financial targets despite macroeconomic uncertainties and tariff impacts [18] - The company is building resilience through a diversified manufacturing footprint and flexible supply chain [18] Other Important Information - The company is ramping production of CW lasers and EMLs, with expectations to double EML shipments by the end of calendar 2025 [10][11] - The company is also focusing on co-packaged optics (CPO) as a future growth area, although significant adoption is expected to take several years [118] Q&A Session Summary Question: How is the company tracking towards the $500 million revenue target? - Management confirmed they are still on track for the $500 million target by the end of the year, emphasizing confidence in current performance [30] Question: Update on datacom chip business performance? - The company is outperforming initial expectations in terms of volume and ASP, with a focus on increasing capacity for EMLs and CW lasers [32][34] Question: Clarification on tariff headwinds? - The company quantified a 100 basis point headwind to gross margins due to increased component costs and tariffs, with plans to move more production to Thailand to mitigate this [41][42] Question: Contributions from co-packaged optics? - Management indicated that while CPO is a long-term prospect, they are looking to add components to the CPO ecosystem over the coming years [48][118] Question: Insights on telecom performance and supply issues? - Telecom performance met expectations, with improvements anticipated in supply for pumps and tunables moving into Q4 [97][99] Question: Guidance caution related to macro or tariffs? - Management acknowledged macro uncertainty but expressed confidence in the guidance provided, highlighting strong demand across product lines [100][102]

Core Viewpoint - NVIDIA has officially launched two CPO (Co-Packaged Optics) switch products, Quantum-X Photonics for InfiniBand and Spectrum-X Photonics for Ethernet, with the InfiniBand CPO expected to debut in the second half of 2025 and the Ethernet CPO in the second half of 2026 [1][2]. Group 1: CPO Technology and Market Position - CPO will be an optional configuration, and NVIDIA will continue to offer traditional switch systems with pluggable modules [2]. - The primary driver for NVIDIA's investment in CPO technology is power optimization, with a significant reduction in power consumption from 30W to 9W for a 1.6T port, achieving a 70% decrease [2]. - NVIDIA's CPO solution utilizes new micro-ring modulators (MRM) for enhanced energy efficiency, contrasting with Broadcom's CPO solution that achieved a 50% power reduction using traditional Mach-Zehnder modulators (MZM) [2]. Group 2: Ecosystem and Partnerships - The technology involves a multi-component ecosystem, integrating electronic and photonic chips through 3D stacking, with TSMC's compact optical engine technology playing a key role [3]. - NVIDIA's CPO partners include major industry players such as Browave, Coherent, Corning, Fabrinet, Foxconn, Lumentum, Senko, SPIL, Sumitomo, Tianfu Communication, and TSMC [3]. Group 3: Strategic Implications and Future Developments - LightCounting notes that NVIDIA's first CPO product is an InfiniBand switch, which has been overshadowed by Ethernet in NVIDIA's AI strategy, indicating that the initial deployment will primarily serve NVIDIA's own clusters [4]. - The Spectrum-X platform aims to elevate Ethernet performance to match that of InfiniBand, with potential for significant GPU interconnectivity in future architectures [4]. - NVIDIA's entry into the CPO market is expected to invigorate the ecosystem, with both NVIDIA and Broadcom projected to release single-channel 200G CPO switches by 2027, leading to a more mature industry landscape [4]. Group 4: Technical Challenges and Innovations - Scale-out is seen as a low-risk entry point for CPO, while scale-up is critical for success, particularly for the mixed expert (MoE) model requiring rapid response times across GPUs [5]. - NVIDIA has previously announced fiber-based NVLink plans, with at least one cluster built internally, but large-scale deployment has been hindered by high power consumption of timing modules [6]. - The NVLink CPO is scheduled for 2028, allowing NVIDIA to validate technology feasibility over two product cycles, significantly reducing future integration risks [6].