高盛表示，AI芯片对光模块的配比率正在显著提升，这支撑了数据中心对高速光模块的需求，将光模块厂商2025-2027年 的净利润预测上调42%，目标价提升23%-82%。展望后续，高盛预计一线厂商估值收敛、二线厂商受益于需求外溢将成 为两大投资主线。。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI 随着AI技术的迅猛发展，AI芯片与光模块的"配比率"持续提升，成为推动光模块行业增长的重要引擎。 据追风交易台消息，高盛分析师Jin Guo、Allen Chang在其最新研报中表示，AI芯片与光收发器配比率持 续上升的趋势将显著增强行业长期发展韧性。 01 配比率提升驱动下 光模块需求有强劲支撑 AI芯片与光模块的配比率提升是行业增长的核心驱动力。 报告显示，基于厂商发布的参考设计，GPU/ASIC与光收发器的配比率呈明显上升趋势。 比如，H100和GB200的配比率约为1:3（每GPU需要3个800G光收发模块），而B300提升至1:4.5，特定 ASIC训练集群甚至达到1:8。这一变化源于新芯片更高的带宽需求以及网络架构从400G向800G甚至1.6T 的升级。 报告强调， 这种趋势意味着即使AI芯片销量增长 ...

Group 1 - The core viewpoint is that the increasing ratio of AI chips to optical modules is a significant growth driver for the optical module industry, enhancing its long-term resilience [1] - Goldman Sachs analysts have raised the sales forecast for 800G optical transceiver modules to 19.9 million and 33.5 million units for 2025 and 2026, representing increases of 10% and 58% respectively, with market size expected to grow by 60% and 52% in USD terms during the same period [3] - The increase in the ratio of GPU/ASIC to optical transceivers is highlighted as a key growth driver, with specific ratios such as H100 at 1:3 and B300 at 1:4.5, indicating a rising demand for new chip bandwidth and network architecture upgrades [3] Group 2 - Investment themes identified include valuation convergence, with companies like Zhongji Xuchuang and NewEase expected to see their 2026 P/E ratios at a low point, and NewEase being approximately 20% lower than Zhongji Xuchuang [4] - Secondary manufacturers may benefit from demand overflow, as the surge in 800G demand creates capacity constraints for leading manufacturers, with Huagong Technology poised for mass production in the second half of 2025, potentially increasing net profit by 5% to 24% in 2026 if they secure U.S. customer orders [4]