中际旭创-800G、1.6T 驱动未来增长；SiPh 技术崛起支撑毛利率；买入评级

11 December 2025 | 2:35AM HKT Equity Research Innolight (300308.SZ): 800G / 1.6T to drive growth ahead; rising SiPh to support GM; Buy We remain positive on Innolight and expect a strong growth ahead driven by (1) specification upgrade toward 800G / 1.6T, supporting the company's blended ASP and GM, (2) AI servers shipment ramp up along with rising ASIC AI servers, requiring more optical modules compared to the leading GPUs, and (3) expansion from EML to SiPh optical modules, carrying better GM. Maintain Bu ...