Optical module concept stocks have been hyped in the market, and it is expected that in the second half of the year, the first generation of 1.6T optical module products will be shipped in small batches, Cambridge Technology will close with five days and four boards, and the subsidiary has released the special information of 800G optical modules to win the triple board, 3um equipment used in 400GHz and 800GHz optical module packaging Maixinlin closed up nearly 13%, and Huashi Technology, which has developed its own pulsed fiber laser optical module products, rose nearly 8% in intraday trading.
The upgrade and iteration of NVIDIA GPUs has generated the demand for higher-rate optical interconnection, and it is expected that the industrialization process of 1.6T optical modules will be significantly accelerated this year.
Optical module industry chain:
In terms of optical devices, Accelink, Tianfu Communication and Borche Technology ranked among the top three in China in terms of sales. Among them, Accelink ranks first in China in terms of optical device sales, and Gao Yuyang of Shanxi Securities pointed out in a research report on October 31, 2023 that Accelink has a stable market position and ranks among the top in market segments. The company has vertical integration capabilities from chips, devices, modules to subsystems, and has seven technology platforms of optical chips, coupling packaging, hardware, software, testing, structure and reliability, which support the company's active devices and modules, passive devices and module products. According to the data of industry institutions, from 2022Q2 to 2023Q1, the company ranked fourth in the global optical device industry, and ranked 4th, 5th, and 3rd in the global market segments of telecommunications transmission, data communication, and access networks, respectively. Accelink said on its interactive platform on September 19, 2023 that the 1.6T optical module is currently in the stage of sample submission and customer verification.
Tianfu Communication is located in the upstream of optical modules, fully benefiting from the high prosperity of the global data communication market, and it released its 2023 performance forecast on the evening of January 19, with an expected net profit of 677 million yuan to 758 million yuan in 2023, a year-on-year increase of 68%-88%. Tianfeng Securities Tang Haiqing and others pointed out in a research report on January 23 that it is expected that Tianfu Communication's net profit attributable to the parent company in Q4 will be 238-319 million yuan in a single quarter, with a year-on-year growth rate of 89%-153% and a quarter-on-quarter growth rate of 17%-57%, which is expected to hit a new high again after Q3 a single quarter. The company's high performance growth is mainly due to the development of AI and the increase in demand for computing power, and the construction of global data centers has led to the rapid growth of demand for high-speed optical device products, which has driven the continuous expansion and increase of some of the company's product lines, and the capacity utilization rate has been greatly improved. As one of the few upstream optical engine manufacturers in the supply system of major North American manufacturers in China, the company's 800G optical device products are expected to be implemented in large quantities.
Borche Technology plans to control the active optical cable manufacturer Changxinsheng to help the company further improve the product matrix and realize the comprehensive layout of optical modules, active optical cable AOC, and high-speed copper cable DAC/ACC. In the field of data centers, Everchip provides 10G/25G/40G/100G/200G/400G active optical cable AOC and optical transceivers. Borche Technology replied on April 10, 2023 that the company's Datacom 400G module and cable product models have achieved full coverage, and Datacom's 800G silicon photonic module and co-packaged optical (CPO) products are under development. Judging from the performance of the secondary market, Borche Technology hit the 20CM daily limit yesterday.
In addition, the sales of optical devices of Taichenguang, optical library technology and Tengjing technology ranked 4-6 in China. It is worth noting that T&S has a bright overseas business, and Optical Library Technology is also involved in lithium niobate in the optical module industry chain, and is one of only three companies in the world and the only one in China that has mastered the technology of lithium niobate series high-speed optical modulator chips and devices. Tengjing Technology's CWDM filter has become a supplier of world-renowned optical transceiver companies such as Zhongji InnoLight and Accelink. In terms of optical filters, in addition to Tengjing Technology, Dongtian Micro's communication components also include TO caps and optical device (EPON/GPON) filters.
Sinocera Electronics is the only enterprise in China that supplies high-speed optical module ceramic shells. In the field of optical communication, the company covers optical communication ceramic devices with transmission rates from 2.5G to 800G, and its products are widely used in optical fiber backbone networks, metropolitan area networks, broadband access, data centers and other scenarios. At present, the company has completed the design and development of 800G optical communication device shell, which is equivalent to the overseas technical level.
In terms of quartz crystal oscillator, Taijing Technology, Huilun Crystal, Dongjing Electronics and Jingsai Technology ranked among the top four in terms of market share. Among them, Taijing Technology has ranked first among domestic quartz crystal oscillator manufacturers in 20 years, with a market share of 5.7%. For the optical communication 200G, 400G and 800G markets, the company has launched high-fundamental-frequency, high-precision, low-phase noise CMOS and LVDS differential output clock solutions. On September 5, 2023, Fan Zhiyuan and others of Guojin Securities pointed out that Taijing Technology relied on the MEMS lithography process mastered by only four companies in the world, as well as equipment such as crystal fine-tuning machine/frequency modulator/gluing machine and testing machine to adjust the product structure. It has achieved mass production of UHF 76.8/80/96/125MHz and ultra-miniaturized 1612/1210/1008 products, promoted the R&D and industrialization of special application fields including automotive-grade chips, RTC chips, industrial grades, etc., and mass-produced and improved the yield of active crystal oscillator XO, TCXO, and OCXO series products. The company has passed the test and introduction of Qualcomm, MediaTek, UNISOC, Rockchip and other customers.
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