EOPTOLINK(300502) -·2024-07-30 23:57Key Points Industry and Company Involved * Industry: Photovoltaic industry, AI, Data centers, Networking * Company: Marvel, 新易盛 (XinYiSheng), 英伟达 (NVIDIA), Meta, 微软, 亚马逊 (Amazon), 谷歌 (Google) Core Views and Arguments * Photovoltaic Industry: The industry presents a good investment opportunity due to capital expenditure adjustments in the North American market and potential tariff issues. Despite risks, the tight supply of photovoltaic materials and strong demand are expected to limit the impact of tariffs, making the industry a stable investment choice in the AI field. * AI and Light Module Market: AI significantly drives the growth of the light module market, with a projected compound annual growth rate of 18% from 2023 to 2028. The demand for 800G and above products is expected to increase due to the acceleration of internet speed iteration and the increase in interconnectivity between AI computing clusters. * Marvel: Marvel is evaluating the market space for its interconnect business, focusing on rapidly growing data center interconnect technologies. The company plans to start producing 1.6T switching modules in the fourth quarter of this year and 3.2T modules in 2026. The relationship between NVIDIA's B series chips and light modules is also discussed, especially in the application of 1.6T switching modules. With capacity transfer and expansion, Marvel is expected to achieve strong growth in the second half of the year. * 800G and 1.6T Laser Module Market: The overall market demand for 800G laser modules is expected to increase to 19 million to 20 million units next year, benefiting from the update of the Ethernet architecture. Major participants include Xunchuang and Finisar. Amazon, Meta, and Microsoft are expected to be the main demanders, and Mineral SE's market share in the 1.6T era is expected to significantly increase. XinYiSheng expects 800G to contribute significantly to its profits, while the launch of 1.6T will drive a large-scale market increase. * 新易盛: XinYiSheng has performed well in Amazon's 400G light module business this year, with significant sales growth. The company's progress in 800G and 1.6T light modules is also worth looking forward to, especially with the cooperation with customers such as Amazon, Meta, and Nvidia, which will further drive its performance growth. Despite certain challenges such as capacity expansion and market competition, XinYiSheng is expected to achieve stable profitability with its technical advantages and market share. Its valuation is expected to increase with performance growth in the next few years, showing good investment potential. Other Important Content * Tariffs: There is a risk of tariff increases on Chinese-made photovoltaic products in the United States, but the impact on the industry is expected to be limited due to tight supply and strong demand. * Supply Chain: The supply chain for light modules is expected to face challenges due to capacity expansion and market competition, but companies with technical advantages and market share are expected to achieve stable profitability. * Innovation: Companies are actively developing new technologies and products to meet market demand, such as 800G and 1.6T light modules.