源杰科技：管理层调研：连续波激光器产能扩张；800G、1.6T 硅光模块渗透率提升

Summary of YJ Semi (688498.SS) Management Call Company Overview - Company: YJ Semi (688498.SS) - Industry: Semiconductor, specifically focusing on optical modules and lasers - Revenue Growth: Revenues increased by 71% year-over-year in 1H25, driven by strong growth in the data center business [2] Key Industry Insights - AI Infrastructure Demand: There is a significant ramp-up in AI infrastructure across both the US and China cloud markets. The projected demand for AI chips is expected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027 respectively, with ASICs making up 38%, 40%, and 50% of these chips in the same years [1] - Optical Module Specifications: The specifications for optical modules are being upgraded, particularly towards 1.6T in the US Cloud, with a notable increase in 800G modules in the China Cloud. Global shipments for 800G and 1.6T optical modules are expected to reach 38 million and 14 million units by 2026 [1] Company Strategy and Product Development - Product Focus: YJ Semi is focusing on CW lasers, particularly 70mW and 100mW models, with plans to develop 300mW CW lasers. The company aims to become a major supplier of CW lasers globally by 2026 [3] - Silicon Photonics Adoption: The adoption rate of silicon photonics is expected to grow faster than EML technology, with increasing optical connections in AI data centers. This shift is anticipated to provide larger bandwidth and reduced loss compared to traditional copper cables [3] Market Position and Competitive Landscape - Supplier Diversification: YJ Semi has diversified its InP substrate suppliers across mainland China and Japan, enhancing its supply chain resilience [3] - Investment Recommendations: Analysts recommend buying stocks of companies such as Landmark, VPEC for Epiwafer/CW lasers, and Innolight, Eoptolink, TFC Optical for optical modules, as well as Ruijie for ODM [1] Financial Outlook - Confidence in Pricing: Management expresses confidence in the pricing of CW lasers for 2026-27, supported by the anticipated upcycle in AI infrastructure and the rising adoption of silicon photonics and CW lasers [3] Additional Notes - Client Verification: YJ Semi has successfully passed client verification for its 100mW CW lasers, indicating strong product validation and market readiness [2] - Growth Projections: The company is positioned to benefit from the growing local ecosystem in China, particularly following the launch of leading foundation models in generative AI [1] This summary encapsulates the key points from the management call, highlighting the company's growth trajectory, market dynamics, and strategic initiatives within the semiconductor industry.