ZHONGJI INNOLIGHT(SZ:300308)2025-06-11 23:54Group 1: Industry Demand and Growth - The demand for 800G optical modules is expected to increase significantly due to the technological iteration in traditional cloud data centers and the rise of AI data centers, with preliminary guidance from overseas clients indicating strong growth in 2026 [2][4] - North American CSP customers are anticipated to increase capital expenditures to enhance AI computing capabilities and meet the demands of traditional cloud data center upgrades, leading to a robust demand for high-end optical modules [4] Group 2: Product Pricing and Profitability - The price of 800G optical modules is expected to decrease, consistent with previous guidance, while the pricing for the new 1.6T products will depend on future customer quotations [3] - The overall gross margin is projected to improve due to enhanced yield rates, increased silicon photonics shipment ratios, and changes in product structure, with the gross margin for 1.6T expected to be higher than that of 800G [3] Group 3: Production Capacity and Supply Chain - The company has sufficient production capacity to meet next year's demand, with plans for further expansion overseas while phasing out some outdated capacities [4] - The production efficiency of the Thai factory is now comparable to domestic facilities, and it is expected to fully meet North American customer orders [3][4] Group 4: Customer Insights and Market Trends - Some customers have indicated plans for deploying 1.6T optical modules, with expectations for rapid growth in demand by Q2 2026 [2] - The company is observing strong demand from equipment manufacturers providing computing and cloud services to government and enterprise clients, as well as from computing leasing operators [4]