OFC 50 : Nvidia Copper Interconnection - SEMI VISION 02/07/2025, 16:04 OFC 50 : Nvidia Copper Interconnection Original Articles by SemiVision Research (Nvidia) SEMI VISION APR 08, 2025 · PAID Share OFC : Nvidia Copper Interconnection If you would like to explore the silicon photonics roadmaps of TSMC and NVIDIA in greater depth, please refer to our previously published articles for more detailed analysis and insights. How TSMC's Silicon Photonics Could Impact NVIDIA's Future 2025 GTC Review: The Silicon Pho ...

12 June 2025 | 9:11PM HKT GC Tech: Focuslight (688167.SS): Laser and Optics components, rising demand from local SPE and data center We talked to Focuslight (688167.SS, not covered) management recently. Key takeaways 1. Key growth drivers in 2025: Management views laser and optical products for (1) pan-semiconductor, (2) optical communication, (3) AR/ VR market as key drivers this year, and expects to see double digit revenues YoY growth in 2025E. The company has global customer base and is shifting some of ...

27 May 2025 | 8:44AM CST YJ Semitech (688498.SS): TechNet China 2025: CW laser ramp remains the primary driver for 2025; Sell | Technet China | | --- | We hosted YJ Semitech at GS TechNet China 2025 conference. Key investors' focus during the meeting was on the company's CW laser ramp outlook, margin dynamics, and scope for EML expansion. The company echoed the supply tightness in laser chips (EML and CW lasers) and maintained that its CW laser will see meaningful shipment ramp in coming quarters. In the me ...

27 May 2025 | 8:44AM CST YJ Semitech (688498.SS): TechNet China 2025: CW laser ramp remains the primary driver for 2025; Sell We hosted YJ Semitech at GS TechNet China 2025 conference. Key investors' focus during the meeting was on the company's CW laser ramp outlook, margin dynamics, and scope for EML expansion. The company echoed the supply tightness in laser chips (EML and CW lasers) and maintained that its CW laser will see meaningful shipment ramp in coming quarters. In the meantime, the company has pl ...

Investment Rating - The report maintains a "Buy" rating for Zhongji InnoLight with a target price reduced to CNY 125, implying a 54% upside from the closing price of CNY 81.19 on April 21, 2025 [5][26]. Core Insights - The company experienced significant revenue and earnings growth in FY24, with year-on-year revenue growth of 122.6% and earnings growth of 142.6%. However, 1Q25 revenue growth was subdued at 37.8% year-on-year due to a shortage of EML chips, while earnings rose 56.8% year-on-year, driven by better gross profit margins [1][2][19]. - Demand for 800G transceivers is expected to remain strong, while demand for 1.6T transceivers may slow down this year but is anticipated to ramp up next year. The easing of the EML chip shortage is expected to improve shipment volumes in the coming quarters [2][19]. - The report highlights that a temporary tariff exemption is currently easing margin pressure and may boost near-term shipments, although the risk of a tariff hike remains a concern [3][19]. Financial Summary - FY24 revenue was reported at CNY 23,862 million, with a projected revenue of CNY 37,228 million for FY25 and CNY 41,462 million for FY26. The normalized net profit for FY24 was CNY 5,171 million, with projections of CNY 8,202 million for FY25 and CNY 9,373 million for FY26 [4][10]. - The gross profit margin (GPM) is expected to improve slightly, with FY25-26F GPM raised by 0.1 percentage points due to a better product mix [16][19]. - The company is currently trading at a normalized P/E of 9.7x for FY26F, which is below the median P/E range of the China electronic/communication component companies [1][4][19].

Core Insights - OpenLight and Tower Semiconductor have successfully demonstrated a 400G/lane modulator on Tower's silicon photonics platform, achieving a better than 3.5dB extinction ratio using PAM-4 modulation at a drive voltage of 0.6 volts peak-to-peak [2][3] - The integrated silicon photonics solution supports scalable optical communication architectures from 100G to 400G, addressing the increasing demand for high-speed data transfer in cloud computing, AI, and machine learning applications [3][4] - The collaboration between OpenLight and Tower Semiconductor aims to provide a cost-effective and reliable solution for next-generation optical communication technology, minimizing design complexity and time to market for customers [5][8] Company Overview - OpenLight is a leader in custom PASIC chip design, integrating active and passive components of silicon photonics devices into a single chip, with over 350 patents [7] - Tower Semiconductor specializes in high-value analog semiconductor solutions, offering customizable process platforms across various markets, including consumer, industrial, and automotive sectors [8]