Action | 23 Feb 2026 20:55:34 ET │ 11 pages Innolight (300308.SZ) Rating Suspended | Price (13 Feb 26 15:00) | Rmb531.000 | | --- | --- | | Target price | - | | from - | | | Expected share price | - | | return | | | Expected dividend yield | - | | Expected total return | - | | Market Cap | Rmb590,004M | | | US$85,401M | Kyna WongAC +852-2868-7820 kyna.wong@citi.com | Earnings Summary | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Year to | Net Profit | Diluted EPS | EPS growth | P/E | P ...

Ac t i o n | 23 Feb 2026 20:46:05 ET │ 31 pages China Communication Infrastructure CPO scale-up a new TAM, on top of upbeat 2027 pluggable demand CITI'S TAKE We evaluate the potential TAM for CPO optics supply chain in this report given the deployment in scale-up likely to come in late 2027. The optics supply chain will likely see stocking demand in 2H27. We assume 300/5k/209k units of CPO switches in 2025/26/27E (vs. prior 100k in 2027E) in which 169k units of CPO switch shipments are assumed for scale- up ...