CPO调研1：头部厂商在CPO领域的发展近况,未来规划,合作关系—聚焦博通_迈络思等

Summary of CPO Industry Research Conference Call Industry Overview - The conference focused on the development status, future plans, and collaboration relationships of leading manufacturers in the CPO (Co-Packaged Optics) field, particularly highlighting companies like Broadcom and Mairoth [1][2]. Key Points 1. Current Development in CPO Field - Tianfu officially entered the CPO field in the second half of the year, becoming a sole supplier for NVIDIA in the 800G segment. The company has made significant breakthroughs with its 1.6T silicon photonic engine, which is being used by NVIDIA for packaging into CPOs, indicating mastery of relevant technologies [3][4]. 2. Future Plans of Tianfu - Tianfu has three main strategic directions for CPO packaging: hiring a new technical VP focused on testing, acquiring land in Suzhou for a new facility expected to be operational by the end of 2026, and shifting towards silicon photonic chip development to compensate for the declining value of passive components [4][5]. 3. Collaboration with NVIDIA - Tianfu has a long-term partnership with Mairoth, a subsidiary of NVIDIA, particularly in the 800G optical engine project. Although there is no direct collaboration with NVIDIA, Tianfu aims to integrate its silicon photonic engines into mainboards for testing and further production [5][7]. 4. Market Dynamics and Competition - Tianfu currently holds about 30% of the global FAU (Fiber Array Unit) market share, benefiting from strong processing capabilities and skilled labor. The company plans to expand production despite increasing competition, with the number of companies capable of mass-producing FAUs in China expected to rise from 9 to 30 by 2024 [9][10]. 5. Financial Implications of CPO Success - If Tianfu's CPO project succeeds, it could significantly increase revenue, as the demand for optical engines in switches could convert into substantial market opportunities. Currently, Tianfu only supplies to Mairoth, limiting its business scale [25][26]. 6. Challenges and Risks - Tianfu faces strong competition and technological challenges in the CPO field. The company’s future success will depend on its ability to secure key technological positions and navigate the complexities of logistics and production processes [26][27]. 7. Collaboration with TSMC - Tianfu's role in the CPO ecosystem is distinct from TSMC, which focuses on CPO packaging. Tianfu specializes in testing and producing optical engines, which are then handed over to TSMC for further integration [6][11]. 8. Market Transition to CPO Technology - The transition to CPO technology is expected to reduce costs by over 40% and decrease power consumption, prompting major companies like NVIDIA and Broadcom to push for this technology. However, the existing market for plug-in modules will not be immediately replaced, as the transition will take time [18][19]. 9. Potential for Future Growth - Future growth for Tianfu is anticipated to come from the 1.6T optical engine, with both EML and silicon photonic chips expected to contribute to revenue. The company is also exploring new collaborations to diversify its client base beyond NVIDIA [28][27]. 10. Current Status of Passive Components - Tianfu's passive components business is primarily focused on domestic clients, with a growing self-use ratio. However, the growth rate of passive components has not kept pace with the optical module market, leading to a strategic shift towards higher-margin CPO developments [22][23]. Conclusion - The CPO industry is poised for significant growth, with companies like Tianfu strategically positioning themselves to capitalize on emerging opportunities. However, they must navigate competitive pressures and technological challenges to achieve long-term success in this evolving market.