Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a decline in net profit in H1 2025 primarily due to a slowdown in demand in the traditional telecommunications transmission market, which compressed profit margins in its telecom transmission business [4][12] - The DCI product line is entering a critical capacity enhancement phase, with significant growth in customer orders and market share [4][13] - The company is making progress in the R&D of OCS and hollow core fiber amplifiers, enhancing its core competitiveness in the computing power infrastructure sector [4][14] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 433.55 million yuan, a year-on-year increase of 5.93%. However, the net profit attributable to shareholders decreased by 48.17% to 28.09 million yuan [12] - The net profit after excluding non-recurring gains and losses was 19.11 million yuan, also down 48.23% year-on-year [12] Product Development - The DCI product line has seen significant advancements, with small batch trials of the 400G coherent module and mass deliveries of 400G/600G DCI boards. The company plans to deliver small batches of 800G boards within the year and has initiated research on 1.6T boards [4][13] - The company has received overseas sample orders for its silicon-based OCS and is accelerating the development of the second-generation high-dimensional OCS, targeting prototype completion by H1 2026 [4][14] Future Projections - The company expects revenues of 1.313 billion yuan in 2025, 1.960 billion yuan in 2026, and 2.758 billion yuan in 2027, with year-on-year growth rates of 56.03%, 49.35%, and 40.70% respectively [15] - Net profit attributable to shareholders is projected to be 169 million yuan in 2025, 269 million yuan in 2026, and 423 million yuan in 2027, with growth rates of 68.06%, 59.57%, and 56.91% respectively [15]

格隆汇10月9日丨德科立(688205.SH)在互动平台表示，OCS技术门槛高、研发投入大，目前行业整体仍 处于早期探索与验证阶段，商业化进程及大规模应用时间存在较大不确定性。鉴于其市场成熟度和盈利 前景尚不明朗，公司对OCS业务持审慎态度，尚未获得海外大厂的批量订单。关于具体客户和项目进 展，因涉及商业保密条款，暂不便披露细节。 （原标题：德科立(688205.SH)：对OCS业务持审慎态度，尚未获得海外大厂的批量订单） ...

中信建投研报表示，阿里巴巴在其云栖大会上表示正在积极推进三年3800亿元的AI基础设施建设计 划，并将会持续追加更大的投入，2032年阿里云全球数据中心的能耗规模相较于2022年将提升10倍。英 伟达与OpenAI宣布双方达成战略合作伙伴关系：OpenAI将部署至少10GW的英伟达系统，而英伟达也 将向OpenAI持续投资，投资总额最高达1000亿美元。近期算力板块呈现震荡走势，但从产业趋势来 看，无论是海外，还是国内，均在加码算力相关投资。算力的资本开支具有持续性，调整是机会，同时 建议积极关注OCS、CPO、CPC、空芯光纤等各种新技术、新产品商业化进展。 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the optical communication industry, specifically focusing on Optical Circuit Switch (OCS) technology and its market potential. The industry is expected to maintain high growth, particularly for leading optical module manufacturers in 2027-2028, making them a recommended investment direction [1][2]. Key Points and Arguments - **Investment Opportunities**: - Leading optical module manufacturers are highlighted for their high earnings certainty and reasonable valuations, with no signs of bubble formation for 2026 [2]. - Secondary overseas computing chain optical module manufacturers are also noted for having upward performance revision potential for 2026, presenting investment opportunities [3]. - **Emerging Technologies**: - New technologies are creating investment opportunities in three networking directions: Skill out (CPO/CPC), Skill up (OCS/OIO), and Skill across (hollow fiber). OCS is particularly noted for its low latency, low power consumption, and cross-generational hardware reuse advantages [1][5]. - **OCS Technology**: - OCS technology allows for direct switching of optical signals, achieving low latency (tens of nanoseconds) and low power consumption, while being transparent to data formats. However, it has longer switching delays (tens of milliseconds) and higher insertion losses [6][12]. - Major OCS technology solutions include MEMS (Google, Lumentum, Huawei) and liquid crystal (Coherent). MEMS is economically favorable but has longer switching times, while liquid crystal offers high reliability and scalability but requires optimization for switching times [7][8]. - **Market Growth Predictions**: - The OCS market is projected to exceed $1.6 billion by 2029, with potential market space estimated at $2 billion by Coherent [4][12]. Additional Important Content - **Challenges with Traditional Circuits**: - Traditional circuits face issues like packet loss during data transmission. OCS networking aims to reduce data loss and enhance performance in large-scale training clusters by providing more reliable data transmission paths [13]. - **Impact of Supernode Networking**: - The increasing demand for supernode networking highlights OCS's advantages in high predictability and high certainty traffic transmission scenarios, particularly in interconnections between racks or pods [14]. - **OCS Industry Chain**: - The OCS industry chain includes core components such as MEMS chips, optical circulators, lenses, and wavelength division multiplexers. It also involves the entire OCS system manufacturing process [15]. - **Domestic Participation**: - Domestic companies are primarily involved in various optical components or crystal materials and system manufacturing, playing a significant role in advancing OCS technology [16].

智通财经APP获悉，中信证券发布研报称，重申持续看好NV链景气引领与国产AI创新迭代，海外Oracle 等需求侧进展不断，OCS等技术创新持续涌现，国内以华为为代表的国产AI算力亦不断创新迭代。建议 关注：1)算力产业链;2)通用Agent应用;3)垂直Agent应用。 中信证券主要观点如下： 重申持续看好NV链景气引领与国产AI创新迭代。 1)北美方面，该行结合各家厂商定性与定量指引，调整2025年北美四大CSP合计资本开支预测为3836亿 美元，同比2024年+52%，预计2026年合计资本开支为4613亿美元，同比2025年+20%。该行认为，在北 美互联网厂商资本开支持续上修的背景下，NVIDIA产业链景气度有望持续，核心供应链厂商如工业富 联等将在未来数年持续获得业绩高速增长。 Oracle在业绩会上表示，预计FY2026公司云基础设施业务收入达180亿美元(+77% YoY)，FY2027- FY2030达320/730/1140/1440亿美元。根据公司业绩交流会材料，公司预计上述5年云基础设施收入大部 分均来自已有的剩余履约订单。同时，公司预计在未来的数个月内将签约数个年收入贡献达数十亿美元 ...

以下文章来源于橙子不糊涂 ，作者橙子 橙子不糊涂 . 88年，集成电路背景，主要写科技，偶尔聊聊宏观和新鲜事儿。 我们连波音的飞机都买了，感觉这真的"不安全"。选航班我都会有意无意的去看一眼是不是波音，然后 选择空客…因为之前波音实在太夸张了。 此外，英伟达投资Intel，可以打开一个新的思路。 老美AI之所以牛啤，除了竞争外，更重要的反而是 顶尖公司的合作，这个极度重要！ 我没看到此前国内有什么顶尖的科技公司合作的，这次DeepSeek和 H公司合作，可能是个开始。 未来，国内像 海光、寒武纪，包括DeepSeek等等，做大之后完全也可以通过战略投资的方式投资中 芯，这才是一片欣欣向荣 。 2， 摩尔线程 完成第二轮回复，9月26号IPO上会 今晚摩尔线程回复了上交所第二轮问询，定于9月26日上会。 这事儿很明显大超预期。回复函没有什么"难"的问题，有一些关键问题也没涉及， 直接就过了，一周 后直接上会 ，这个在以前绝对是想象不到… 原本预计农历年前IPO，现在看要提前一些。结合此前寒武纪定增获批的速度，这肉眼可见的大力扶 持。这点上，首轮问询回复领先的沐曦，可能遇到了点什么问题，进度反而被推迟了。 1，通 ...

Summary of Key Points from Conference Call Records Industry Overview - The optical communication industry is performing strongly, with many companies exceeding expectations and maintaining low valuation levels, projected to be within 20 times by 2026 [1][4] - New technologies such as CPO, OCS, OOL, silicon photonics, and thin-film filters are expected to drive industry growth [1][4] - The upcoming Shenzhen Optical Expo is anticipated to further stimulate market interest in the optical communication sector [1][4] Company Performance - Broadcom reported a 63% year-over-year increase in AI-related revenue, reaching $5.2 billion, and secured a $10 billion custom AI chip order from its fourth large-scale customer [1][6] - The leading company in the high-speed copper cable (AEC) sector, Crypto, reported Q1 FY26 revenue exceeding $220 million, with a quarter-over-quarter growth of over 30% and a year-over-year net profit increase of over 70% [3][14] Market Trends - North American capital expenditures are significantly increasing, particularly in AI infrastructure, with plans to invest $17 trillion over the next few years [1][7] - AI-related revenue growth is expected to surpass capital expenditure growth, with projections for 2025 indicating total revenue could reach between $100 billion and $200 billion [1][8] Competitive Landscape - The communication industry is characterized by a stable competitive landscape, with leading companies holding significant market shares and high information advantages [10] - Second-tier companies have opportunities for rapid growth by securing new customers or entering new markets, with some lesser-known companies potentially achieving significant progress [10][11] Future Outlook - The outlook for the optical communication market is optimistic, with companies actively expanding production and securing materials to meet explosive demand growth [5][9] - The AEC industry is expected to continue its rapid growth, with new hyper-scale customers anticipated to contribute significantly to revenue [14][16] Emerging Technologies - The application of silicon carbide (SiC) materials in the AI industry is gaining traction, with potential shifts in chip manufacturing processes expected by 2027 [15] - The optical fiber segment within the optical supply chain is particularly noteworthy, with increasing demand in the financial sector and AI applications [12] Conclusion - The overall sentiment in the optical communication and AI sectors is positive, with strong growth prospects driven by technological advancements and increasing capital investments. The upcoming events and market dynamics are likely to create further investment opportunities.

Core Insights - The report from CITIC Securities indicates that the use of OCS in AI data centers is still in its early stages, with Google having already implemented products while most manufacturers are actively developing their technologies [1] - CITIC Securities believes that the OCS technology route is highly feasible with significant advantages, leading to strong growth certainty in the future [1] - The report outlines three investment themes across the entire industry chain: focusing on manufacturers with core optical communication equipment in the complete machine segment, optical MEMS suppliers and foundries in the core component segment, and domestic optical component suppliers in the optical component segment [1] Investment Opportunities - In the complete machine segment, the market space is expected to exceed $40 billion in the long term, with both specialized OCS manufacturers and traditional optical communication equipment manufacturers being able to undertake AI OCS-related business [3] - In the core component segment, the market space for WSS based on MEMS or LCoS technology is projected to reach several billion dollars, with MEMS currently benefiting mainly foundries due to product immaturity, while LCoS manufacturers may expand into the optical communication field [3] - In the passive component segment, OCS increases the usage of optical isolators, micro-lenses, and beam splitters, with the market space for optical isolators potentially reaching $5 billion and the global competitive landscape being relatively fragmented [3] Technological Developments - The AI era necessitates new networks, with OCS addressing the bottlenecks of Scale out, providing high bandwidth, low latency, and low-cost network solutions compared to previous technologies [2] - OCS technology is expected to penetrate AI clusters further, replacing spine switches, leaf switches, and even taking on inter-card connections and on-chip networks, thereby expanding market opportunities [2] - The demand for AI large models requires a new network architecture characterized by large-scale global data exchange, which is fundamentally different from previous data center network architectures [1]

Core Insights - The use of OCS in AI data centers is still in its early stages, with Google having achieved product implementation while most manufacturers are actively developing their technologies [1] - The feasibility of the OCS technology route is considered high, with significant advantages and strong growth certainty in the future [1] Investment Recommendations - For the complete machine segment, it is recommended to focus on manufacturers with core optical communication equipment business and OCS foundries [1] - In the core components segment, attention should be directed towards optical MEMS suppliers and foundries [1] - For the optical components segment, it is advisable to monitor domestic optical component suppliers in China [1]

中信证券研报表示，需求决定供给是商业世界重要规律，AI大模型与以往截然不同的需求带来产业链 变革机遇。使用OCS构建大型算力集群，在高带宽、低延迟、低成本方面都胜过传统IB、RoCE技术， 该技术路线长期来看有望成为AI基建的主流，从而带动光通信全产业链变革。整机环节建议关注OCS整 机厂商、代工厂商、OTN整机厂商；核心器件环节建议关注光学MEMS代工厂、LCoS生产商；光学零 部件领域建议关注光环行器、微环调制器等市场。 （文章来源：第一财经） ...