国产替代加速从下游向上游传导。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 近期，仕佳光子（688313.SH）以业绩飙升百倍的表现，再度引发市场对光芯片产业发展前景的聚 焦。 （市值风云APP） 光芯片是光模块的核心价值环节。作为光通信产业链的上游，主要为中游光模块厂商提供有源光芯片 以及无源光芯片（主要包括PLC和AWG芯片）。 光模块厂商将光芯片嵌入到光器件后，再将其与其他结构部件组合封装制成光模块，下游广泛分布在 数据中心、5G 基站和承载网、光纤接入及新兴产业等领域。 （仕佳光子招股说明书） 在AI浪潮驱动下，光芯片产业迎来持续催化。 根据 Light Counting 预测，光通信芯片组市场预计将在2025-2030年间以17%的CAGR增长，总销售额 将从2024年的约35亿美元增至2030年的超110亿美元。 从产业链来看，光通信产业链国产化替代加速从下游向上游传导。 下游设备商，中国头部企业已占据全球百分之六七十的份额，而光模块领域在过去十年依托工程师红 利和快速响应能力等因素也快速完成了国产化替代，上游主要是高端光芯片亟待国产替代的进一步 ...

Core Viewpoint - The company, Taicheng Light (300570), announced on August 21 that it is actively involved in the development and small-scale manufacturing of CPO wiring solutions using its MPO and FAU products, indicating a significant enhancement in this business segment [1] Group 1 - The company is collaborating with clients on research and small-scale manufacturing of CPO wiring solutions [1] - FAU products are also utilized in high-speed optical module supporting products, showing a notable increase in this business area [1] - The subsidiary, Ruixin Yuan, has a platform for manufacturing AWG chips and is currently engaged in ongoing research and development, which may lead to new market opportunities in the future [1]

Summary of Company and Industry Insights Company Overview - **Company Name**: 世家光子 (Shijia Photonics) - **Industry**: Photonics and Optical Components - **Established**: 2010, initially collaborated with the Chinese Academy of Sciences for PLC splitter chip localization [2] Key Points and Arguments Business Growth and Revenue - In the first half of 2025, the company's revenue from optical chips and devices reached 700 million yuan, exceeding the total revenue for 2024, marking a 100% year-on-year growth [1][4] - The MPO connector business contributed over 100 million yuan to the 2024 revenue, indicating rapid growth in demand [4] - The company achieved approximately 1 billion yuan in total revenue in the first half of 2025, with 700 million yuan from optical chips and devices [4] Product Lines and Market Position - The company is the largest global supplier of AWG chips, benefiting from high demand from major clients like Meta, Google, and Amazon for 800G two-layer Kafka products, with expected demand doubling or tripling by 2026 [3][10] - The product line includes passive silicon waveguide platforms (PLC splitters and AWG chips) and active indium phosphide platforms (laser chips) [4][6] - The company has a broad layout in the optical module field, covering key components such as laser chips and silicon waveguide chips, and has enhanced material supply capabilities through the acquisition of MTX [8] Profitability and Margins - The company's gross margin has improved due to increased orders from the AI industry and higher utilization rates, although the active indium phosphide platform still faces depreciation pressures [5] - The active segment is currently experiencing slight losses but has implemented cost control measures to improve efficiency [5] Technological Capabilities - The company possesses two main technology platforms: passive silicon waveguide and active indium phosphide, allowing for the development of high-end products for various applications, including industrial laser radar [6] - The AWG chip, initially used in telecommunications, has been creatively applied in data center optical modules since 2016, enhancing integration and reducing costs [10] Strategic Initiatives - The company has established factories in Thailand to reduce tariff costs and attract North American cabling customers, leading to a significant increase in MPO fiber connector orders [12] - The acquisition of 福可西满 (Fukeximan) has vertically integrated the supply chain, enhancing core material capabilities and profitability [12] Future Growth Drivers - Future growth is expected to stem from three main areas: MPO fiber connectors, AWG chips due to rapid growth in downstream two-layer FR4 optical modules, and silicon photonics with increasing penetration in CPUs and traditional silicon optical modules [13] Market Trends - The demand for DFB silicon photonic chips is anticipated to rise sharply, with projections of 20 million 800G optical modules in 2025, potentially reaching 40 million or more in 2026 [11] Additional Important Insights - The company has a well-structured management system with significant efficiency improvements [7] - The PLC business remains stable and profitable, primarily serving the domestic broadband network construction [9]

Industry Overview - The passive optical device chip market is segmented into various product types and applications, with significant growth expected from 2020 to 2031 [2][3]. - The global market for passive optical device chips is projected to grow substantially, with specific trends noted for different product categories such as PLC splitters and AWG chips [2][3]. Market Trends and Forecast - The global supply and demand for passive optical device chips is analyzed from 2020 to 2031, highlighting production capacity, output, and utilization rates [3]. - China's market for passive optical device chips is also forecasted, with emphasis on production capacity and market demand trends [3]. Regional Analysis - The report provides a detailed analysis of the passive optical device chip market across major regions, including North America, Europe, and Asia-Pacific, with sales revenue and market share data from 2020 to 2031 [3][4]. - Specific growth trends and market dynamics for regions such as Latin America and the Middle East & Africa are also discussed [3][4]. Competitive Landscape - The competitive landscape of the global passive optical device chip market is examined, including market share analysis of leading manufacturers and their production capacities [4][5]. - The report identifies key players in the Chinese market, detailing their sales volumes and revenue from 2020 to 2025 [4][5]. Product and Application Analysis - Different product types within the passive optical device chip market are analyzed, with sales and revenue projections from 2020 to 2031 [5][6]. - The report also covers various applications of passive optical device chips, including fiber optic equipment and CATV network systems, with growth trends highlighted [5][6]. Supply Chain and Industry Environment - An overview of the supply chain for the passive optical device chip industry is provided, detailing key raw materials and major downstream customers [7][8]. - The report discusses the regulatory environment and policy trends affecting the passive optical device chip industry in China [7][8].

Core Viewpoint - The core viewpoint emphasizes that technological breakthroughs, commercial logic, and resource integration are essential for Chinese optical chip companies to thrive in international competition [1][12]. Company Overview - Shijia Photonics is a high-tech enterprise focused on the research and production of passive and active optical chips, optical fiber connectors, and related products [3]. - The company achieved a significant milestone in 2012 by developing PLC chips, breaking foreign monopolies, and capturing over 50% of the global market share by 2015 [3]. Market Position and Achievements - In the gigabit network era, Shijia Photonics has become a key supplier of DFB chips, holding a substantial market share [3]. - The company has also emerged as the largest supplier in the AWG wavelength division multiplexing chip segment, contributing to advancements in high-speed optical modules [4]. Domestic Industry Landscape - The "bottleneck" issues in the domestic optical chip industry have largely been resolved, with most vacuum and testing equipment now domestically produced [5]. - The focus has shifted from merely breaking technological barriers to building ecological advantages within the optical electronics sector [5]. Global Competitive Strategy - Chinese optical chip manufacturers are increasingly gaining market share globally, with seven Chinese companies listed in the top 10 global optical module rankings [6]. - The advantages of Chinese firms include a strong engineering workforce, rapid response to customer needs, and a complete supply chain [6][7]. Future Directions - The future development focus includes silicon photonics and integrated optical chips, with significant investments planned in these areas [11][12]. - Shijia Photonics is also exploring applications in emerging fields such as lidar, gas sensing, quantum networks, and vehicle communication [12].

Core Insights - The company reported impressive financial results for the first half of 2025, with revenue of 993 million yuan, a year-on-year increase of 121.12%, and a net profit of 217 million yuan, reflecting a staggering growth of 1712.00% [1] Business Performance - The company's main business structure has been optimized, with revenue from optical chips and devices surging by 190.92%, accounting for 98.28% of total revenue [2] - The data communication market has shown significant contributions, with successful customer validation of 1.6T optical module AWG chips and components, and new products for data centers achieving small batch supply [2] International Expansion - The overseas market revenue skyrocketed by 323.59%, with international sales reaching 45.50% of total revenue, supported by the establishment of a manufacturing base in Thailand and a subsidiary in Singapore [3] R&D and Innovation - R&D expenses increased significantly, representing 6.19% of revenue, with the company holding 278 intellectual property rights, including 13 new applications during the reporting period [4] - The company has developed advanced products in both passive and active chip sectors, enhancing its IDM capabilities across the entire supply chain [4] Strategic Growth Initiatives - The company initiated a strategic acquisition to enhance its product structure and technology accumulation, transitioning from organic growth to a combined organic and external growth model [5] - Operational cash flow improved significantly, with a net cash flow of 67.52 million yuan in Q2, driven by cost optimization and increased profitability in the high-margin optical chip business [5] Market Opportunities - The AI-driven demand in the data communication market is pushing the transition to 1.6T optical modules, with global data center interconnect traffic growing at over 30% annually [6] - In the telecommunications market, the penetration rate of gigabit cities reached 31.7%, creating new demands for the company's products [7] - The sensor market is projected to grow significantly, with the company’s products already in mass production for applications in autonomous driving and environmental monitoring [7] Strategic Positioning - The company has positioned itself as a leader in the optical chip and device sector by leveraging high-end chip breakthroughs, global expansion, and industry chain integration, aiming to sustain high growth expectations [7]

Core Viewpoint - The announcement of share reduction by Taichengguang has led to a significant decline in the CPO sector, with Taichengguang's stock dropping over 10% and other related stocks also experiencing losses [1][4]. Group 1: Share Reduction Announcement - Taichengguang announced that major shareholders plan to reduce their holdings through block trades or centralized bidding from June 10, 2025, to September 9, 2025 [4]. - A total of six major shareholders will collectively reduce their holdings by up to 4.491 million shares, accounting for approximately 1.9772% of the company's total share capital [9]. - The largest shareholder, Huayang Import and Export (Shenzhen) Co., Ltd., plans to reduce up to 3.406 million shares, representing 1.4996% of the total share capital [7]. Group 2: Stock Performance - Following the share reduction announcement, Taichengguang's stock price fell to 70.30, reflecting a decrease of 6.89% and a year-to-date decline of 3.26% [2]. - The stock has experienced a significant correction of over 40% from its historical high of 131.34 per share, reached in January [14][15]. - Despite the recent downturn, the stock price has more than doubled from its low of 26.6 per share in September of the previous year [17]. Group 3: Company Overview - Taichengguang specializes in the optical communication field, producing optical devices and solutions [12]. - The company is recognized as one of the largest manufacturers of high-density optical connection products and maintains long-term supply relationships with major players like Corning [12]. - Taichengguang is actively expanding its overseas production capacity, with a new facility set to be established in Vietnam in 2024 [14].

Core Viewpoint - The stock of Shijia Photon has experienced significant growth following a period of decline, with a notable increase in revenue and net profit driven by the demand for AI computing power in the optical communication industry [1][5][14]. Company Performance - Shijia Photon reported a revenue of 436 million yuan in Q1, representing a year-on-year increase of 120.57%, and a net profit of 93.19 million yuan, up 1003.79% compared to the previous year [5][6]. - The company's stock price has surged over 126% since April 9, 2023, and has increased by 279% from September 24, 2023, indicating a strong recovery after a prolonged decline [14]. Business Segments - The main business segments of Shijia Photon include optical chips and devices, indoor optical cables, and cable materials, with optical chips becoming the core revenue driver [5][7]. - In Q1, the revenue from optical chips and devices was 606 million yuan, accounting for 56.43% of total revenue, while cable materials and indoor optical cables contributed 231 million yuan and 219 million yuan, respectively [7][8]. Market Outlook - The optical communication chip market is projected to grow significantly, with an estimated compound annual growth rate (CAGR) of 17% from 2025 to 2030, potentially reaching over 11 billion USD by 2030 [17]. - Analysts are optimistic about Shijia Photon’s growth potential, with forecasts indicating substantial increases in net profit over the next few years, reaching 382 million yuan in 2025 and 713 million yuan in 2027 [18][19]. International Expansion - Shijia Photon is expanding its production capacity in Thailand, with ongoing construction of a production base and plans for investment of up to 50 million USD to support the establishment of an industrial park [10][11].