格隆汇2月4日丨紫光股份(000938.SZ)在投资者互动平台表示，公司高度重视高速率光通信产品的研 发，持续推进提升1.6T高性能光模块的产品性能和成本优势，不断完善光模块认证与测试体系，并与产 业链伙伴共同积极推动LPO在智算中心与互联网数据中心的规模化商用。 ...

光连接专家交流-CPO、NPO、LPO、AOC技术进展，客户订单，价值量及拆分，供应商_导读 2026年01月28日 11:46 关键词 AOC LPO 光模块 DSP 多模 单模 LC 800G1.6T谷歌 旭创 新易盛 传输距离 硅光 价值量 供应链 验证 互联互通 TIA 芯片 马威尔 全文摘要 本次对话深入探讨了光互联技术，集中于AOC、LPO、NPO和CPO四种互联方式，覆盖了它们的应用场景、优缺 点及技术细节。讨论包括光模块形态、光缆特性、DSP功能、传输距离、成本及供应链状态。特别聚焦NPO和 CPO的发展，探讨了技术挑战、市场趋势及在云计算、人工智能领域的应用前景。 光连接专家交流-CPO、NPO、LPO、AOC技术进展，客户订单，价值量及拆分，供应商_导读 2026年01月28日 11:46 关键词 AOC LPO 光模块 DSP 多模 单模 LC 800G1.6T谷歌 旭创 新易盛 传输距离 硅光 价值量 供应链 验证 互联互通 TIA 芯片 马威尔 全文摘要 本次对话深入探讨了光互联技术，集中于AOC、LPO、NPO和CPO四种互联方式，覆盖了它们的应用场景、优缺 点及技术细节。讨论包括 ...

Summary of Conference Call on Optical Communication Sector Industry Overview - The optical communication sector has underperformed compared to popular sectors since the beginning of the year, but there is an optimistic performance trend expected from Q4 2025 to Q1 2026, with demand remaining relatively positive through 2027-2028 [1][1] - The supply side is currently under tension, particularly in components such as isolators, optical chips, DSPs, and other critical parts [1][1] Key Insights and Arguments - The supply capability of leading companies is strong, while second and third-tier companies face greater supply pressures [2][2] - The current supply shortage is accelerating the adoption of new technologies such as silicon photonics and LPO, which can mitigate shortages of core components [2][2] - The PIC segment within silicon photonics is identified as the most valuable part, with leading companies like Xuchuang and Xinyi developing their own PICs, which will reshape the value distribution in the optical module industry [2][2] Elastic Targets in Optical Communication - Four elastic targets in the optical communication sector were identified: - **Dongtian Micro**: Recognized for its isolator segment, which is currently in high demand due to supply shortages exacerbated by Sino-Japanese trade issues [2][2] - **Kechuan Technology**: Focused on the silicon photonics PIC segment, expected to benefit from the rising value of PICs [2][2] - **Huilv Ecology**: An OEM for overseas manufacturers, has achieved significant growth due to capacity and material support amid supply constraints [2][2] - **Zhishang Technology**: Engaged in CPU connection solutions for Nvidia's ecosystem, providing production services [2][2] Performance Logic and Configuration - There is a shift in market focus back to performance metrics, with an emphasis on companies with real earnings and reasonable valuations [3][3] - The optical communication sector is expected to show significant valuation advantages compared to overseas competitors, with strong earnings certainty [4][4] - The upcoming optical communication exhibition in March 2026 is anticipated to showcase next-generation products and facilitate discussions on long-term demand and capacity planning [4][4] Market Dynamics - The appreciation of the RMB is expected to have a manageable negative impact on sector profits, with an anticipated acceleration in customer orders in Q4 [5][5] - Leading companies in the optical communication sector, such as Xinyi, have confirmed no supply chain issues affecting product delivery [6][6] - The core investment logic in the optical communication sector is to prioritize leading companies that exhibit both earnings growth and valuation advantages [7][7] Domestic Computing Power Guidance - Nvidia has temporarily halted the procurement of H200P PCBs, indicating that the company will not release older generation products on a large scale as previously expected [8][8] - The domestic computing hardware supply remains primarily reliant on local graphics cards, with any future Nvidia products expected to be limited in scale [8][8] - The domestic computing sector is projected to follow a development rhythm similar to that of optical modules in 2025, with leading companies gradually delivering computing cards and realizing earnings [8][8] Regulatory and Market Trends - Regulatory bodies and state media are guiding the market back to companies with real earnings and core technologies, which are seen as quality long-term investment choices [10][10]

Summary of Conference Call on Optical Module Industry Industry Overview - The optical module industry is benefiting from data center upgrades and the demand for AI large models, with significant growth expected from 2025 to 2028 due to the increasing need for 800G optical modules driven primarily by AI applications [1][2] Key Points and Arguments - **Growth Projections**: The demand for optical modules, particularly 800G and 1.6T, is expected to experience explosive growth, with 800G module shipments projected to double from 2025 to 2026 and 1.6T modules reaching a shipping peak in 2026 [2] - **Market Drivers**: Approximately 20%-30% of the growth in 800G optical modules is attributed to traditional data center upgrades, while around 70% is driven by AI model training and inference [4] - **Technological Adoption**: Major companies like Google and NVIDIA are adopting Skyop designs, which will significantly increase the demand for high-speed optical modules as they replace traditional copper connections [5] - **Silicon Photonics Growth**: Silicon photonics is expected to capture 20%-30% of the single-mode optical module market by 2025, doubling to 40%-50% by 2026 due to the maturity of 800G silicon photonics products and a shortage of 100G EML chips [8] - **Custom Solutions**: New customized optical modules such as LPO, LRO, and TRO are being developed to reduce power consumption and improve efficiency in specific applications [9] Additional Important Insights - **Supply Chain Challenges**: The optical module industry faces supply chain issues, particularly with the shortage of 100G EML chips, which is expected to persist until 2027-2028 [3][12] - **NPU and CPO Technologies**: NVIDIA and Broadcom are pushing CPO solutions, but the complexity and high costs of co-packaged structures limit widespread adoption. NPU technology aims to integrate optical modules within switches to reduce signal transmission distances [10] - **OCS Technology**: Google is leading the application of OCS technology for large-scale interconnects, with other companies like Meta and AWS following suit. The adoption of OCS is expected to outpace CPO in the coming years [11] - **PCB Material Supply Issues**: The new PCB materials used in 1.6T projects are experiencing supply shortages, necessitating earlier procurement compared to previous materials [17] Conclusion The optical module industry is poised for significant growth driven by advancements in AI and data center technologies, although it faces challenges related to supply chain constraints and the adoption of new technologies. The shift towards silicon photonics and customized solutions will play a crucial role in meeting the increasing demand.

Core Insights - The article discusses the advancements and market trends in the CPO (Co-Packaged Optics) technology within the optical communication industry, highlighting its growing importance for AI and data center applications [2][5]. Group 1: CPO Technology Developments - Nvidia announced the adoption of single-channel 200G CPO technology in its InfiniBand and Ethernet switches in March [2]. - Meta's testing in September demonstrated the reliability of Broadcom's previous CPO products, leading to Broadcom's launch of its third-generation single-channel 200G CPO product in October [2]. - At the TEF conference in December, Nvidia reported that AI clusters based on CPO switches showed a tenfold improvement in reliability compared to systems using pluggable optical modules, translating to a fivefold increase in cluster uptime [2]. Group 2: Market Trends and Predictions - Ciena's acquisition of Nubis Communications and Marvell's acquisition of Celestial AI indicate major companies' focus on CPO technology, with expectations of more M&A activities in this space by early 2026 [5]. - Currently, CPO applications are limited to Scale-Out network design switches, with the next challenge being to extend Scale-Up interconnects beyond single racks, aiming to scale GPU clusters from 128-144 chips to 500-1000 chips for accelerated AI training [5]. - Amazon is using AEC to interconnect Trainium accelerators across two racks, but this may not scale well to more racks, while Huawei employs 800G pluggable LPO optical modules in its vertical Scale-Up network [5]. Group 3: Future Market Outlook - LightCounting has raised its market forecast for CPO, which now includes 1.6T and 3.2T ports for Scale-Up scenarios with transmission distances under 50 meters [5]. - Broadcom and Nvidia are expected to launch integrated CPO Scale-Up switches, GPUs, or XPUs by 2026, with shipments starting in 2027 [8]. - By 2030, the market size for CPO engines covering both Scale-Up and Scale-Out scenarios is projected to reach $10 billion, with nearly 100 million CPO ports expected to be shipped [8].

Core Viewpoint - The company is strategically focusing on the high-speed optical module industry, aiming for breakthroughs in both stability and cost-effectiveness for its 1.6T high-performance optical modules, in addition to its existing 800G optical modules [1] Group 1 - The company is actively advancing the development of 1.6T high-performance optical modules [1] - There is an emphasis on enhancing the certification and testing system for optical modules [1] - The company aims to promote the large-scale commercial use of LPO in intelligent computing centers and internet data centers [1]

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in the investment landscape, focusing on identifying investment value from significant events, analyzing industry chain companies, and interpreting key policy points [1]. Group 1: Company Developments - A company has achieved mass production and small-scale shipment of 1.6T optical modules using CPO and silicon photonic chips, with plans to develop 3.2T and higher-speed products, showcasing its full self-research design capability from silicon photonic chips to modules [1]. - The same company offers a comprehensive solution for data center liquid cooling and UPS, addressing the operational needs of AI computing centers and managing high-power heat dissipation core components [1].

Summary of Semtech Conference Call Company Overview - **Company**: Semtech - **Key Executives**: Hong Hou (CEO), Mark Lin (CFO) Industry Insights - **Industry Focus**: Data Center, IoT (LoRa), Optical Transceivers Key Points Financial Performance - Semtech reported a **Q3 revenue growth** of **8%** sequentially in the data center segment, with projections for **10% growth** in Q4 [3][24] - The company anticipates a significant ramp in **800G optical transceivers**, projecting **50 million units** for 2026, up from **30 million units** in 2025 [24] Product Developments - **ACC (Active Copper Cable)**: - Chosen for its **90% power savings** and negligible latency compared to AEC [4][8] - Expected to penetrate other hyperscalers' markets due to its leadership position [6] - **LPO (Low Power Optical)**: - Positioned as a more plug-and-play solution, with gradual adoption expected [12][16] - Anticipated to cannibalize DSP-based solutions, with projections of **25%-30%** of the mix being LPO-based in the future [17] - The opportunity for LPO is seen as maturing for **800G**, while **1.6T** is still developing due to signal integrity issues [20][21] Market Trends - The **LoRa** segment is experiencing growth, with Q3 revenues exceeding **$40 million** and a **CAGR of 15%-20%** [26][27] - LoRa is expanding into new verticals, including commercial drones and smart buildings, due to increased bandwidth capabilities [37] Strategic Initiatives - Semtech is focusing on divesting non-core assets to improve gross margins, targeting **60% gross margins** post-divestiture [34][41] - The acquisition of **ForceSense** technology is expected to enhance Semtech's sensing capabilities and broaden its customer base [28][30] Challenges and Opportunities - The company faces challenges in the Chinese market due to GPU availability limitations, but still sees sequential growth [42][43] - Semtech aims to fill capability gaps in its transceiver content, particularly in optics, to enhance its competitive position [44][45] Future Outlook - The company is optimistic about its growth trajectory, particularly in the data center and IoT segments, and is committed to increasing R&D investments to capture future opportunities [45][46]

Financial Data and Key Metrics Changes - For Q3 FY2026, net sales were $267 million, representing a 4% sequential increase and a 13% year-over-year increase, driven by data center and LoRa portfolio momentum [5][22] - Adjusted operating margins grew by 180 basis points sequentially and 230 basis points year-over-year [5][23] - Adjusted diluted earnings per share were $0.48, up 17% sequentially and 85% year-over-year [5][26] - Adjusted EBITDA was $62.7 million, up 11% sequentially and 23% year-over-year, with an adjusted EBITDA margin of 23.5% [23][26] Business Line Data and Key Metrics Changes - Infrastructure net sales were $77.9 million, up 6% sequentially and 18% year-over-year, supported by data center business [7] - Data center net sales reached a record $56.2 million, up 8% sequentially and 30% year-over-year [8] - High-end consumer net sales for Q3 were $41.9 million, up 2% sequentially and 5% year-over-year [13] - Industrial net sales were $147.2 million, up 3% sequentially and 12% year-over-year, driven by strong LoRa performance [14] Market Data and Key Metrics Changes - The data center business is expected to see continued growth, with projections for a 10% sequential increase in Q4 [27] - The high-end consumer market is anticipated to decrease by about 3% sequentially in Q4, partially offset by market share gains [27] - The industrial end market is expected to remain flat, with growth in IoT systems and connectivity offsetting declines [27] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in core assets and optimizing its portfolio, including the recent acquisition of the Force Sensing business [6][20] - The strategy includes leveraging R&D resources to expand the portfolio, particularly in LoRa and data center technologies [6][19] - The company aims to strengthen its market position in next-generation data center solutions and LoRa-based IoT applications [18][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the data center business, supported by strong demand and customer engagement [8][62] - The company anticipates a meaningful contribution from LPO in Q4, with expectations for continued design wins [46][60] - Management highlighted the importance of power efficiency in their solutions, positioning the company to lead in ultra-power-efficient technologies [18][19] Other Important Information - The company completed a $402.5 million convertible note offering, significantly reducing interest expenses and improving cash flow [24][25] - The adjusted net leverage ratio improved to 1.5, down from 7.2 year-over-year, reflecting strong business performance and debt reduction [27][26] Q&A Session Summary Question: Insights on CopperEdge ramping with lead CSP - Management indicated that CopperEdge is designed into three programs with a significant ramp expected starting mid-2026, which is seen as a catalyst for broader adoption [34][36] Question: Size of the ACC opportunity - Management noted that ACC is positioned between DAC and AEC, with a substantial total addressable market (TAM) and expected to capture a significant portion as deployment ramps up [38][39] Question: Growth expectations for LPO - Management expects LPO to contribute meaningfully in Q4, with a strong growth opportunity anticipated [44][46] Question: Gross margin outlook for Q4 - Management clarified that semiconductor gross margins are expected to remain healthy, driven by data center and LoRa growth, despite lower margins in IoT systems [50][51] Question: Force-sensing acquisition details - The force-sensing technology is expected to enhance the company's sensing portfolio, with integration already underway and first products shipped [65][68] Question: Divestiture of non-core assets - Management confirmed that interest from potential acquirers has increased, and the divestiture remains a top priority [82][84]

Financial Data and Key Metrics Changes - For Q3 FY2026, net sales were $267 million, representing a 4% sequential increase and a 13% year-over-year increase, driven by data center and LoRa portfolio momentum [5][22] - Adjusted operating margins grew by 180 basis points sequentially and 230 basis points year-over-year [5][23] - Adjusted diluted earnings per share were $0.48, up 17% sequentially and 85% year-over-year [5][26] - Adjusted EBITDA was $62.7 million, up 11% sequentially and 23% year-over-year, with an adjusted EBITDA margin of 23.5% [23][26] Business Line Data and Key Metrics Changes - Infrastructure net sales were $77.9 million, up 6% sequentially and 18% year-over-year, supported by data center business [7] - Data center net sales reached a record $56.2 million, up 8% sequentially and 30% year-over-year [8] - High-end consumer net sales for Q3 were $41.9 million, up 2% sequentially and 5% year-over-year [13] - Industrial net sales were $147.2 million, up 3% sequentially and 12% year-over-year, driven by strong LoRa performance [14] Market Data and Key Metrics Changes - The data center market is expected to see continued growth, with projections of approximately 10% sequential growth in Q4 [27] - The high-end consumer market is anticipated to decrease by about 3% sequentially, partially offset by market share gains [27] - The industrial end market is expected to remain flat, with growth in IoT systems and connectivity [27] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in core assets and optimizing its portfolio, including the recent acquisition of the Force Sensing business [6][20] - The strategy includes leveraging R&D resources to expand the portfolio, particularly in LoRa and data center technologies [6][19] - The company aims to strengthen its culture and operational excellence while addressing margin disparities through divestitures of non-core assets [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand pipeline for data center solutions, particularly in AI CapEx and low-power solutions [8][9] - The company anticipates a meaningful contribution from LPO in Q4, with expectations of continued growth in the data center business [46] - Management highlighted the importance of power efficiency in their solutions, positioning the company to lead in ultra-power-efficient technologies [18] Other Important Information - The company completed a $402.5 million convertible note offering, significantly reducing interest expenses and improving cash flow [24][25] - The acquisition of the Force Sensing business is expected to enhance the company's sensing portfolio and create cross-selling opportunities [14][70] Q&A Session Summary Question: Insights on CopperEdge ramping with lead CSP - Management indicated that CopperEdge is designed into three programs with a ramp expected to start in mid-2026, which will serve as a catalyst for broader adoption among other CSPs [34][36] Question: Size of the ACC opportunity - Management noted that ACC is positioned between DAC and AEC, with significant potential to capture market share due to its power-saving advantages [38][39] Question: Growth expectations for LPO - Management expects LPO to contribute meaningfully in Q4, with a strong ramp anticipated throughout 2026 [46][62] Question: Force Sensing acquisition details - The force sensing technology enhances capabilities for smart wearables and computing, with integration already underway and first products shipped [66][70] Question: Gross margin outlook for ISC business - Management acknowledged that ISC gross margins are expected to be lower due to the mix of cellular modules, but semiconductor gross margins remain healthy [102][103]