Q&A 隔离器和法拉第旋片市场的供需关系如何？ 前瞻提示的隔离器法拉第旋片大涨如何看？20251208 摘要 东田微是国内上市公司中唯一专注于隔离器的企业，通过与日本住友合 作获得法拉第旋片资源，并与国内头部光模块公司建立合作。2025 年 前三季度隔离器收入约为 9,000 万元，预计全年超过 1 亿元。若不考虑 日本厂商扩产，2026 年收入有望达 3 亿元。 法拉第旋片是光模块上游的关键环节，目前供应相对紧缺，隔离器和法 拉第旋片产业链因此受到广泛关注，相关企业发展潜力巨大。 福晶科技在法拉第旋片国产化方面取得进展，产品已在国内终端客户中 应用，并积极与星宇、无线光和昂纳等隔离器厂商进行认证。良品率预 计在两个月内提升，具备产能扩张潜力。 福晶科技自控上游 SEE 芯片，使得扩产更具优势，在未来供需缺口扩大 的情况下，福晶科技具有较大的潜力。 福晶科技在 OCS（反算一晶体）方面有所发展，持续扩充干锅材料储备， 并利用疫情期间材料价格上涨后的成本优势进行生产投资。 福晶科技 OCS 业务与法拉第旋片业务存在协同效应，可利用选片优势导 入更多光学元件，预计未来几年相关业务将持续增长。 隔离器和法拉第旋片市 ...

Summary of Conference Call on Optical Module Isolators Industry Overview - The demand for isolators in optical modules is surging due to their critical role in protecting lasers and enhancing system stability. The rapid growth in demand for 800G and 1.6T optical modules is expected to lead to a continued shortage of isolators in the coming years [1][2][12]. Key Points and Arguments - **Supply-Demand Imbalance**: The isolator market is experiencing a significant supply-demand imbalance, primarily due to cautious sales strategies from leading global supplier Coherent, which has limited overall production capacity. Domestic suppliers like Angna and Dongtianwei are also struggling to meet market demand in the short term, resulting in rising prices for isolators [1][2][6]. - **Core Component - Faraday Rotator**: The Faraday rotator is the core component of isolators, effectively blocking reflected light to protect lasers. Major suppliers include Coherent, Sumitomo Electric, and domestic companies such as Chengdu Feiruit and Xiamen Senyi, but overall production capacity remains insufficient [1][3][8]. - **Projected Demand**: For 800G optical modules, the DR8 EML solution requires 8 isolators, the DR8 silicon photonics solution requires 4, and the FR8 wavelength division multiplexing solution requires 1. By 2026, overseas demand for 800G and 1.6T isolators is expected to exceed 300 million units, with total demand potentially surpassing 400 million units when considering domestic markets and other specifications [1][5][12]. - **Market Trends**: The optical module industry is facing tight supply conditions across the entire supply chain, from optical modules to upstream chips and passive components like isolators. Recent observations indicate rising prices for isolators, CW light sources, and expedited fees, reflecting the tight supply situation [2][7]. Important but Overlooked Content - **福晶科技 (Fujing Technology)**: The company has a significant advantage in the Faraday rotator sector due to its self-manufacturing capabilities for SGGD chips, which effectively reduce costs. Fujing Technology is actively collaborating with domestic isolator and optical module manufacturers to continuously improve product performance, with expectations of significant production growth in the next one to two quarters [1][10][11][14]. - **Financial Performance**: Fujing Technology's main business has benefited from the growing demand for PCB ultrafast lasers and other optical components, with revenue and profit growth exceeding 40% and 50%, respectively, in the third quarter [3][14]. - **Investment Opportunities**: The ongoing development of high-bandwidth communication technologies will sustain the demand for high-performance passive components like isolators and Faraday rotators. The international manufacturers' control over production capacity exacerbates supply-demand conflicts, leading to price increases. Investors may consider companies like Dongtianwei and Fujing Technology, which have established positions in this supply chain and are likely to gain more market share as domestic production increases [7][12].