Summary of the Conference Call on Optical Module Research Industry Overview - The conference call focuses on the optical module industry, particularly the demand and pricing trends for 400G and 800G optical modules in 2025 and 2026 [2][5][10]. Key Points and Arguments 1. **800G Optical Module Demand**: The demand for 800G optical modules is in a ramp-up phase, with expectations for significant growth in 2026, projected at 35 to 38 million units, reflecting strong market demand for high-performance optical modules [4][5]. 2. **Pricing Trends**: The price of 800G optical modules has decreased by approximately 15% due to scale production, with an additional expected decline of around 10% by the end of the year. This cost optimization is crucial for manufacturers' competitiveness [2][5]. 3. **400G Optical Module Stability**: The average price of 400G optical modules remains stable, indicating a steady market for this segment [2][5]. 4. **Cloud Service Providers' Demand**: Companies like Zhongji Xuchuang are expected to achieve quarterly revenues of 50 to 60 million yuan in Q2, highlighting the urgent demand from cloud service providers for high-speed optical modules [7]. 5. **AI Computing Impact**: The explosion of AI computing is driving growth in 1.6T optical modules, with expectations for shipment volumes to double in 2026 compared to 2025. Companies that master silicon photonic integrated high-speed DSP chips will gain a market advantage [8][10]. 6. **Meta's Demand for High-Performance Modules**: Meta's data centers have a high ratio of ASIC chips to optical modules at 1.8, indicating a strong demand for high-performance optical modules. Companies like Zhongji Xuchuang and Xinyi Sheng have been certified by Meta and Google for bulk supply [9]. 7. **North American Manufacturers' Strategy**: North American manufacturers are accelerating their production lines for 800G and 1.6T modules, with market competition shifting towards cost control, delivery capabilities, and technological iteration [9][10]. Additional Important Insights - The key factors influencing market development include the capacity release rhythm of leading manufacturers and advancements in silicon photonics and next-generation technologies like CPO [3][10]. - The short-term outlook suggests that the price decline of 800G modules will enhance market penetration, while the long-term perspective indicates that 1.6T products will become a growth engine alongside the expansion of AI computing capabilities [3][10].

Group 1: Financial Performance and Projections - In 2024, Wuhan Junheng's profit margin is expected to improve significantly due to a 51% equity acquisition by Huylu Ecological, providing more resources and support [2][3] - The increase in profit margin is attributed to three main factors: enhanced operational efficiency, growing market demand in AI, HPC, and IDC sectors, and continuous output growth of 400G and 800G products [2][3][4] - The production capacity of Wuhan Junheng is currently over 100K units per month, with plans to expand to 200K-300K units per month in the future [3][4] Group 2: Market Dynamics and Product Development - The demand for optical modules is rising due to rapid growth in AI, HPC, and IDC markets, benefiting Wuhan Junheng as a specialized optical communication product company [2][3] - The company is optimistic about the market acceptance of LPO technology, expecting significant deployment by the second half of the year as technology matures [5] - Despite high demand for 800G products, a price decline is anticipated due to supply chain optimization and cost control measures [6][7] Group 3: Competitive Position and Strategic Focus - Wuhan Junheng ranked among the top 19 global optical module companies last year, indicating a strong international market position [7] - The company aims to maintain strong growth by focusing on product and service quality optimization, while also monitoring industry trends [7] - The strategic goal is to drive organic growth through innovation and efficiency improvements, ensuring sustainable development and enhanced customer value [7]

中际旭创 20250406 摘要 Q&A 关税政策对中际旭创的影响及公司应对策略是什么？ 公司目前正在根据相关的关税政策进行研究，特别是评估产品中镁含量是否超 过 20%。如果符合要求，公司将提交关税豁免申请。公司也在密切关注海外客 户的反应，目前客户没有调整需求或改变现有贸易条款。此外，公司已具备在 泰国厂全面生产和出货光伏产品的能力。 这种情况是不成立的。即使将产品从泰国运到新加坡，再由新加坡出口到美国， 原产地仍然是泰国。关税是根据原产地征收的，而不是根据中转地。因此，通 过新加坡进行转口贸易并不能规避关税。 • 中际旭创已具备泰国工厂全面生产和出货光伏产品的能力，有效规避美国 加征关税对上游高端光芯片采购的影响，所有芯片可直接发往泰国工厂生 产。 • 尽管芯片供应整体仍然紧张，但随着硅光产品产量逐步提升，预计 2025 年 二季度起供应情况将有所缓解，下半年 EML 芯片的紧张状况有望进一步改 善。 • 中际旭创的 1.6T 产品预计在 2025 年二季度出货量将高于一季度，但大规 模放量预计在下半年。整体需求相较去年下半年有所减少，主要原因是客 户需求有所延迟。 • 针对进口芯片用于海外客户，中际旭 ...