Q&A 当前光模块技术的发展趋势和市场认知存在哪些问题？ 当前光模块技术的发展趋势中，CPO、NPO、OBO 以及 CPC 加可插拔等新技 术形态备受关注。然而，市场对这些技术形态的认知还不够清晰，尤其是它们 的具体演进路径。核心问题在于每种技术形态的具体应用场景和发展方向尚未 明确。 如何系统地拆分网络架构以更好理解这些新技术？ 摘要 网络架构可从 Scale Up 和 Scale Out 拆分，细化为设备内部通信、设 备到一层网络、一层网络到二层网络等 6 个场景，有助于明确不同技术 应用，英伟达当前主要使用 PCB 连接，未来或转向 CPC 设计。 CPC 用于设备内部连接，CPO 和 NPO 将电芯片与硅光芯片集成，CPO 采用 3D 封装但维护性差，NPO 采用 2D 封装且可插拔，更具维护优势。 云服务商更青睐开放生态的 NPO。 CPU 系统级测试周期长，商用速度慢；NPU 采用可脱卸设计，技术成熟， 商用速度更快，预计 2027 年出货。云服务商对 CPU 接受度不高，英伟 达坚持推行 CPU 或因其毛利更高。 在带宽方面，CPU 和 NPU 差异不大，主要取决于光调制技术。功耗上， CPU ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，CPC的应用仍在持续进展中，在 scale-out和scale-up场景下都有望看到应用。 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][30]. Core Insights - The CPO (Co-Packaged Optics) and CPC (Co-Packaged Copper) technologies are expected to initiate a new growth cycle in the industry, driven by the exponential increase in AI model parameters and computational demands [5][11]. - The market for CPO is projected to grow significantly, with global port sales expected to reach 4.5 million units by 2027 and market revenue anticipated to hit $2.6 billion by 2033, reflecting a CAGR of 46% from 2022 to 2033 [15][17]. - The CPC technology is positioned to enhance general data center development, providing a reliable data transmission solution for AI computing clusters and short-distance interconnects [20][24]. Summary by Sections CPO Technology - CPO is a new optical integration technology that combines network switching chips and optical modules in a single package, enhancing data transmission speed and reducing losses [11][13]. - The technology is expected to enter commercial use between 2024 and 2025, with significant growth anticipated in the following years [17]. - Major companies like Intel, Marvell, and Broadcom are heavily investing in CPO technology, achieving notable advancements [18][19]. CPC Technology - CPC consists of connector modules, chip substrates, signal transmission layers, and shielding layers, designed to reduce signal transmission losses and improve performance [20]. - It is particularly suited for data center interconnects under 2 kilometers, providing flexibility in network architecture [22]. - CPC technology is complementary to CPO, focusing on cost-effectiveness and rapid deployment for general data centers [21]. Market Dynamics - The report highlights the increasing demand for data transmission solutions in data centers, driven by the rise of AI and high-performance computing [5][8]. - Traditional optical modules are becoming less efficient in high-frequency transmission scenarios, prompting a shift towards integrated solutions like CPO and CPC [8][11].

Group 1 - Alibaba is actively advancing a three-year plan for AI infrastructure construction with an investment of 380 billion yuan, indicating a commitment to continuous and larger investments [1] - By 2032, the energy consumption scale of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022 [1] - NVIDIA and OpenAI have announced a strategic partnership, with OpenAI deploying at least 10 GW of NVIDIA systems and NVIDIA potentially investing up to 100 billion dollars in OpenAI [1] Group 2 - The computing power sector has shown volatile trends recently, but both domestic and overseas markets are increasing investments in computing power-related projects [1] - Capital expenditures in computing power are expected to be sustainable, and current adjustments in the market present opportunities [1] - There is a recommendation to actively monitor the commercialization progress of various new technologies and products, including OCS, CPO, CPC, and hollow core fibers [1]

Core Insights - Huafeng Technology (688629.SH) focuses on the development and implementation of full-link system solutions, emphasizing the importance of CPC, high-speed backplane connectors, and high-speed module products as key components of internal signal links [1] Group 1 - The company is gradually launching products that support transmission rates of 224G at various transmission nodes [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a robust growth in performance, driven by dual engines in the automotive and communication sectors. For the fiscal year 2024, the company achieved a revenue of 268.795 billion yuan, representing a year-on-year growth of 15.91%. The net profit attributable to shareholders was 13.366 billion yuan, up 22.03% year-on-year [2][6]. - In the first quarter of 2025, the company recorded a revenue of 61.788 billion yuan, a year-on-year increase of 17.90%, with a net profit of 3.044 billion yuan, growing 23.17% year-on-year [2][6]. - The company forecasts a net profit for the first half of 2025 to be between 6.475 billion and 6.745 billion yuan, indicating a growth of 20%-25% year-on-year [2][6]. Financial Performance Summary - In 2024, the breakdown of revenue showed that the consumer electronics segment generated 224.094 billion yuan, a growth of 13.65%, accounting for 83.37% of total revenue. The communication segment earned 18.360 billion yuan, up 26.29%, with a gross margin of 16.40%, an increase of 0.6 percentage points. The automotive segment achieved 13.758 billion yuan, growing 48.69% [11]. - The company has a strong customer base, with the largest customer accounting for 70.74% of total revenue, amounting to 190.139 billion yuan [11]. - The company is expected to see net profits of 16.756 billion, 20.504 billion, and 24.123 billion yuan for the years 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [11].