光通信蓝海拾珠-模拟芯片与液冷大有可为

Summary of Conference Call on Optical Communication Industry Industry Overview - The optical communication industry is experiencing significant growth, particularly in the optical module segment, which is expected to maintain high demand in 2026 and 2027. The focus is not only on optical modules but also on related components such as optical chips, lasers, CW light sources, and DSPs [2][9]. Key Components and Market Dynamics - Power Management: Power supply is critical in optical modules, requiring high-density power to support components like DSPs. Typical supply voltage is 3.3V, which needs to be stepped down to 1V using DC-DC converters, with each line potentially requiring over 10A [1][3]. - Analog Front-End (AFE): AFE is essential for bias control, with increasing channel counts as speeds rise. Major market players include TI and ADI, with prices exceeding $4 per unit. Domestic company Sanhui Electronics is gaining market share in this area [1][3][4]. - Laser Driver Chips (LDD) and Transimpedance Amplifiers (TIA): These components are crucial for high-speed optical modules, primarily supplied by foreign manufacturers. However, domestic firms are expected to make breakthroughs in this sector [1][3]. - Temperature Control Chips (TEC): TECs are vital for precise temperature control to prevent signal crosstalk, especially in long-distance communication. Shengbang Co. has a strong track record in TEC controllers [1][6]. Market Opportunities - The market for analog chips and related components is projected to exceed $10 billion, with each 800G module valued at nearly $10. This presents a significant opportunity for domestic manufacturers [1][3]. - The internal liquid cooling technology in optical modules is primarily passive, with companies like Zhongshi making significant advancements and entering mass production. Future developments may include more advanced 3D VC forms [2][6][9]. - External liquid cooling solutions are also evolving, with NVIDIA showcasing a fully liquid-cooled system. This requires careful design to accommodate size variations during installation [6][7]. Competitive Landscape - Several domestic companies are positioned well in these segments: - Shengbang Co.: Strong in TEC controllers and AFE. - Sanhui Electronics: Notable for AFE with increasing core customer share. - Youxun Co.: Focused on LDD and TIA, covering major global operators and equipment manufacturers [4][5][9]. - Creeper and Shenbang: Potential to break into the DAC chip market, which is currently dominated by ADI's high-priced products [8][10]. Conclusion - The optical communication sector, particularly in optical modules and OCS switches, presents substantial growth opportunities. Domestic manufacturers are well-positioned to capitalize on these trends through customized development and innovation, potentially leading to significant market share expansion [2][10].