互联网云厂重视ASIC自研芯片投入，AI算力高景气度延续

Summary of Conference Call Records Industry Overview - The optical module market is experiencing a positive outlook, driven by the new developments and optimistic forecasts from internet cloud companies. The demand for 800G and 1.6T optical modules is expected to reach 40 million and 6-8 million units respectively by 2026, primarily due to changes in CSB manufacturers' architectures and increased market demand [1][4]. Key Companies and Their Performance - Leading Companies: - Xuchuang maintains its leading position in the market, while Xinyi has rapidly increased its market share, collaborating closely with major clients like Meta and Amazon. Revenue for leading companies is projected to reach RMB 36-37 billion in 2025 and RMB 44-45 billion in 2026, with significant potential for profit margin improvement [1][5]. - Second-tier Companies: - Companies like Sorshi, LianTe Technology, and Cambridge Technology are expected to capture market share, with the overall industry beta being revised upwards. If Sorshi secures over a million 800G orders, its profitability could significantly improve [6][8]. - Domestic Leaders: - Domestic leaders such as Huagong Technology and Guangxun Technology are set to benefit from increased capital expenditure in the domestic CS market, with strong performance anticipated in the second half of 2025 [7][8]. Market Trends and Future Expectations - The optical module market is expected to grow, with 800G module demand projected to rise from 35 million to 40 million units, and 1.6T modules from 5 million to 6-8 million units. This growth is influenced by collaborations like that between Google and OpenAI, which may further boost demand [4][12]. - The optical module jumpers market shows significant potential, with an estimated demand of 20 million units for 800G jumpers, translating to a market space worth hundreds of billions of RMB. Companies like Taisheng Guangbo, Hengtong Optic-electric, and Aikangde are expected to benefit from this market [9]. Technological Developments - Meta's New Architecture: Meta's MTIA architecture increases the demand for OSFP 800G optical modules and copper DAC connections, significantly impacting the CSP field. This architecture utilizes a large number of optical modules, which is expected to drive demand from major internet companies [13]. - Copper Connections: The role of copper connections in data center interconnectivity is crucial, with companies like Credo showing substantial revenue growth and plans to double capital expenditures, indicating a healthy market for copper connections [14]. Conclusion - The optical module industry is poised for growth, with strong demand for high-end products like 800G and 1.6T modules. The collaboration between major tech companies and the increasing capital expenditure in the domestic market are key drivers of this growth. Companies in both the leading and second-tier categories are expected to benefit significantly from these trends, making them worthy of investment consideration [12][19].