2026-02-02 02:05Summary of Conference Call Records Company and Industry Overview - Industry Focus: Overseas computing power and optical modules - Key Companies Mentioned: 西部通信 (West Communication), 中际旭创 (Inspur), 新易盛 (NewEase), 英维克 (Invec), 福晶科技 (Fujing Technology), 长飞光纤 (Changfei Fiber), 亨通光电 (Hengtong Optic), 中天科技 (ZTE Technology) Core Insights and Arguments 1. Optical Module Demand: Strong demand and material shortages expected in H1 2026, with leading companies showcasing supply chain advantages. The release of previous performance forecast suppression is alleviating, and market pressures are easing, allowing funds to enter early in a strong industry trend [1] 2. Future Catalysts: Attention is shifting to clearer industry guidance for 2027, anticipated post the OFC conference in March, and new technology trends (NPO/CPO) that will promote scale-up scenarios. The short-term performance realization will depend on upstream supply chain material and capacity resolution [1] 3. Liquid Cooling Solutions: 2026 is projected to be the first year of significant liquid cooling adoption, with NV, Meta, and Google leading commercial applications. The estimated value of liquid cooling solutions for ASIC chips is substantial, with potential market size reaching $21 billion [2] 4. Market Share Potential: Domestic leaders in liquid cooling solutions for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic ones [2] 5. Price Increases in Key Components: Recommendations include focusing on core price-increasing products in communication, particularly SGGG crystals and Faraday rotators. Global supply reductions are creating significant gaps, with domestic manufacturers poised to increase their market share [3] 6. Data Center Fiber Pricing: Continuous price increases for fiber optic cables are noted, with domestic operators expecting both volume and price increases. Manufacturers are adopting "same-day effective" pricing due to raw material price volatility, indicating a cautious expansion approach [3] Additional Important Insights - Performance Realization Timing: The performance realization for leading optical module companies is expected to be highest in H1 2026, with H2 2026 anticipated to see accelerated performance due to easing material supply [1] - Investment Recommendations: Strong buy recommendations for 中际旭创 and 新易盛 based on anticipated strong alpha in H1 2026, and 英维克 is expected to see significant acceleration in Q2 2026, with potential for valuation premium in 2027 [2] - Domestic Production Capabilities: 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which could alleviate expansion bottlenecks and significantly enhance market share [3]