硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动CW激光器需求提升 硅光光模块，是基于硅光技术制造的新一代光通信模块。它是硅光技术最典型、最成熟的产品形态和应 用。传统技术主要通过多通道方案实现100G以上光模块速度的提升，然而随着数据中心、核心骨干网 等场景进入到800G/400G及更高速率时代，单通道所需的激光器芯片速率要求将随之提高，利用CMOS 工艺进行光器件开发和集成的新一代硅光技术成为一种趋势，硅光需外置CW激光器作为光源，硅光方 案推动CW激光器需求提升。 光模块需求持续提升，带动光芯片供需紧缺 根据Lightcounting，全球以太网光模块市场规模有望持续快速增长，2026年将同比增长35%至189亿美 元，2027-2030年增速还将维持在双位数以上，2030年有望突破350亿美元。背后的主要增长动力是AI基 础设施建设对以太网交换机和高速光模块的强劲需求，以及光互连技术在AI scale-up网络中的应用推 广。 国盛证券（002670）发布研报称，激光器芯片和探测器芯片合称为光芯片，是光模块的核心组成部分。 根据Lightcounting，全球以太网光模块市场规模有望持 ...

Core Viewpoint - The ongoing legal disputes between Suoteng Juchuang and Lingming Photon revolve around allegations of technology secret infringement and patent rights, highlighting the competitive tensions in the laser radar and semiconductor industry [2][3][5]. Group 1: Legal Disputes - Suoteng Juchuang filed a lawsuit against Lingming Photon in November, claiming infringement of its self-developed SPAD chip technology secrets [2][5]. - Lingming Photon responded by filing a lawsuit regarding alleged patent infringements related to Suoteng Juchuang's E1 series products [3][4]. - Suoteng Juchuang stated that the core of the dispute is its accusation against Lingming Photon for infringing its technology secrets, while Lingming Photon has not provided a substantial response to these allegations [5][6]. Group 2: Company Backgrounds - Suoteng Juchuang, established in 2014 and headquartered in Shenzhen, is a leading player in the laser radar market with a global market share ranking first, serving over 3,400 clients in robotics and more than 350 automotive manufacturers [5][6]. - Lingming Photon, founded in 2018, specializes in chip design, particularly in SPAD dToF sensor chips, which are critical components in laser radar technology [5][6]. Group 3: Legal Proceedings and Responses - Suoteng Juchuang has initiated legal actions to counter Lingming Photon’s patent lawsuit and plans to utilize legal avenues such as patent invalidation [4][7]. - Both companies have filed multiple lawsuits against each other, with Suoteng Juchuang also pursuing claims of commercial defamation against Lingming Photon for its public statements related to the lawsuits [7].

Core Viewpoint - The legal dispute between Suoteng Juchuang and Lingming Photon over alleged infringement of self-developed SPAD chip technology has garnered significant industry attention [1]. Group 1: Company Background - Suoteng Juchuang has been focusing on the independent research and development of laser radar chips since 2017, aiming to achieve mass production of self-developed SPAD chips for digital laser radar by 2024 [1]. - Lingming Photon claims that it does not infringe on Suoteng Juchuang's patent rights and asserts that Suoteng Juchuang may be the one infringing on its intellectual property [5]. Group 2: Technology Comparison - Suoteng Juchuang specializes in digital laser radar, utilizing single-photon avalanche diodes (SPAD) that allow each detection pixel to independently receive single photons and generate digital pulse signals [3]. - The industry also recognizes an alternative technology route, analog laser radar, which relies on silicon photomultiplier tubes (SiPM) or traditional photodiodes (APD) that require signal processing before digital conversion [3]. Group 3: Industry Opinions - There is ongoing debate within the industry regarding the advantages of digital versus analog laser radar technologies [4]. - Suoteng Juchuang's CEO emphasizes the superiority of digital laser radar using SPAD architecture, claiming it leads to higher line density, resolution, and point cloud quality [4]. Group 4: Legal Developments - Lingming Photon has publicly stated that it has not received any legal documents related to the lawsuit as of December 1 [5]. - Following the initial statement, Lingming Photon reiterated on December 10 that it has not received any litigation materials and is preparing to investigate potential patent infringement by Suoteng Juchuang [5].

Core Viewpoint - Shenzhen SUTENG Juchuang Technology Co., Ltd. has filed a lawsuit against Shenzhen Lingming Photon Technology Co., Ltd. for alleged infringement of trade secrets related to its self-developed SPAD chip technology [1] Group 1: Legal Action - SUTENG Juchuang has submitted a case application to the Shenzhen Intermediate People's Court in Guangdong Province, awaiting court acceptance [1] - The lawsuit is based on accusations of trade secret infringement concerning the SPAD chip technology [1] - SUTENG Juchuang demands that Lingming Photon cease the manufacturing and sale of the involved chip products [1] Group 2: Product Information - The SPAD chip is referred to as the "digital heart" of LiDAR technology [1] - SUTENG Juchuang has previously launched a digital all-solid-state LiDAR E platform based on its SPAD-SoC chip, which has passed automotive certification and achieved mass production [1] Group 3: Company Responses - Lingming Photon has stated that it has not received any related correspondence regarding the lawsuit [1] - SUTENG Juchuang has not commented on the details of the lawsuit [1]

Core Viewpoint - Shenzhen SUTENG Juchuang Technology Co., Ltd. has filed a lawsuit against Shenzhen Lingming Photon Technology Co., Ltd. for alleged infringement of trade secrets related to its self-developed SPAD chip technology [3] Group 1: Company Actions - SUTENG Juchuang submitted a lawsuit application to the Shenzhen Intermediate People's Court in November, claiming that Lingming Photon infringed upon its SPAD chip technology secrets [3] - The lawsuit seeks to stop Lingming Photon from manufacturing and selling the involved chip products [3] Group 2: Industry Context - The SPAD chip is referred to as the "digital heart" of LiDAR technology, indicating its significance in the automotive and technology sectors [1] - SUTENG Juchuang has previously launched a digital all-solid-state LiDAR E platform based on its SPAD-SoC chip, which has achieved automotive certification and mass production [1]

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved a turnaround in profitability from January to May 2025, with revenue of 363 million yuan, a year-on-year increase of 117%, and a net profit attributable to shareholders of 55 million yuan, marking a return to profitability [1] - The company's strategy of "technology innovation investment - commercialization of results" is accelerating, providing a strong foundation for technological iteration and innovation across various sectors, including humanoid robots and AI hardware upgrades [1] - The humanoid robot industry is entering a rapid expansion phase, with an estimated demand of approximately 2.1 million units and a market space of about 314.6 billion yuan by 2030 [1][2] Summary by Sections Financial Performance - For the first five months of 2025, the company reported revenue of 363 million yuan and a net profit of 55 million yuan, indicating a significant recovery [1] - Revenue projections for 2025-2027 are estimated at 1.03 billion, 1.63 billion, and 2.16 billion yuan, with year-on-year growth rates of 82%, 58%, and 32% respectively [5][7] Market Position - The company is positioned in the top tier of global 3D vision technology, with a comprehensive R&D capability and a wide-ranging technology layout [3] - The demand for 3D vision sensors in humanoid robots is expected to grow from 14 million yuan in 2025 to 915 million yuan by 2030, with a CAGR of 132% [2] Product Development - The company has a strong product matrix that is widely recognized across various industries, serving over 1,000 clients including major players like Ant Group and China Mobile [3] - Continuous R&D investment has led to the development of advanced products such as the Femto series ToF cameras and Gemini series binocular structured light cameras [3] Strategic Partnerships - Ant Group has announced its entry into the humanoid robot sector, which may lead to deeper collaboration with the company in the field of robot vision sensors [4]