源杰科技：管理层会议 - 本土连续波激光器供应商，看好 800G、1.6T 硅光模块渗透率提升

Summary of YJ Semi (688498.SS) Management Meeting Company Overview - Company Name: YJ Semi (688498.SS) - Industry: Optical Transceiver and Laser Technology - Products: Continuous-wave lasers (CW lasers) and electro-absorption modulated lasers (EML) - Clientele: Supplies to optical transceiver companies including Innolight and Eoptolink - Recent Performance: Revenues increased by 71% year-over-year in 1H25, with significant growth from the data center business [3][4] Key Points from Management Meeting 1. Positive Outlook on CW Laser Demand - Management is optimistic about the demand for CW lasers in 2026, driven by: - Increasing volume of optical transceivers - Rising penetration of silicon photonics - Capacity for CW lasers has been ramping up throughout 1Q-3Q25, with expectations for sequential growth in the coming quarters [4][5] 2. CW Laser Diodes Development - The company is upgrading its CW laser diodes to higher power levels: - 100mw CW laser products are set to ramp up in the next year - 70mw CW lasers will remain the primary contributor in 2026 due to scale and yield rates - Development of 150mw and 300mw CW laser diodes is ongoing to support client needs [5][8] 3. EML Product Development - YJ Semi has initiated verification and testing of 100G EML with top clients - The EML chipset market is currently dominated by global-tier leaders, indicating a gradual ramp-up in volume - The company is focusing on CW laser diodes production in the near term while developing next-generation products, with potential upsides in 200G EML [8][4] Industry Insights 1. Optical Transceiver Market Growth - The global optical transceiver market is projected to reach: - 2025: US$24 billion - 2026: US$30 billion - 2027: US$37 billion - The 800G+ segment is expected to see significant growth, with silicon photonics penetration rates estimated at: - 60% for 800G - 80% for 1.6T - 100% for 3.2T optical transceivers [2] 2. Investment Recommendations - Analysts recommend buying stocks of Innolight and Eoptolink based on the positive outlook for the optical transceiver market and silicon photonics penetration [2] Additional Notes - The company primarily uses 3-inch InP substrates, which are reported to have stable supply [4] - Management's focus on higher power CW lasers is expected to enhance production efficiency for transceiver modules [5]