Update CPO Assumptions, Reiterate TFC As Key Beneficiary CITI'S TAKE We extend our exercise of CPO (co-packaged optics) TAM assessment to 2028, while keeping our CPO switch forecast of 300/5k/209k units in '25/26/27E and preliminary forecast of c.691k units in '28E (100k scale-out, 591k scale-up). We apply the updated assumptions like CPO switch spec and config, and the derived TAM for FAU/ELSFP/fiber shuffle/fiber tray could reach Rmb10.4bn/29.6bn/89.6bn/55.7bn in 2028E. We reiterate TFC as one of the majo ...