(Report Producer/Author: Minmetals Securities, Zhou Lingya)
1.1. Optical communication: a communication method that uses light waves as the transmission medium
Optical communication It is a communication method that uses light waves as the transmission medium. Light waves and radio waves are both electromagnetic waves. The frequency of light waves is higher than that of radio waves, and the wavelength is shorter than that of radio waves. Therefore, optical communication has the advantages of large communication capacity, long transmission distance, small signal crosstalk, and resistance to electromagnetic interference . It is It is currently the most mainstream information transmission method in the world and the cornerstone of the information age. According to different transmission media, optical communication can be divided into atmospheric laser communication and optical fiber communication. Atmospheric laser communication is laser communication that uses the atmosphere as the transmission medium; fiber optic communication is a communication method that uses light waves as the information carrier and optical fiber as the transmission medium. The available spectrum range of optical communication technology includes infrared, visible light and part of the ultraviolet bands. Different from the spectrum requirements for radio frequency communication, the frequency band used by optical communication is a white spectrum and can be used without authorization. The
optical communication system consists of three parts: optical transmitter, communication channel and optical receiver. From the perspective of physical flow, optical communication systems are divided into optical transmitters, optical fiber channels, and optical receivers. The function of the optical transmitter is to convert electrical signals into optical signals and launch the obtained optical signals into optical fibers for transmission. ;The function of the optical receiver is to convert the optical signal received by the optical fiber output end into the original electrical signal. From the perspective of information flow, it can be divided into five categories according to different functions: optical signal generation, optical signal modulation, optical signal transmission, optical signal processing, and optical signal detection. For example, the optical transceiver module realizes photoelectric conversion, corresponding to optical signal generation and modulation. It has a detection function and is the basic component unit of the physical layer of the optical communication system. Optical splitters and optical amplifiers correspond to optical signal processing.
The optical communication industry chain consists of optical chips, optical devices , optical modules, and optical equipment. optical chip can be divided into InP, GaAs, Si/SiO2, SiP, LiNbO3, MEMS and other chips according to different materials. According to different functions, it can be divided into laser chips, detector chips, and modulator chips; optical devices can be divided into laser chips, detector chips, and modulator chips according to whether they require power. It is divided into active devices and passive devices. Active devices are mainly used for photoelectric signal conversion, including laser , modulators, detectors and integrated devices. Passive components are used to meet other functions of the optical transmission link, including optical connectors, optical isolators, optical splitters, optical filters, optical switches, etc.; optical modules are divided into optical transceiver modules, optical amplifier modules, dynamic Adjustable modules, performance monitoring modules, etc. Among them, the output value of active optical transceiver modules accounts for the largest share of 65% in optical communication devices. From the perspective of global market competitiveness, in the field of optical equipment, Chinese companies have grown into industry leaders, such as Huawei , ZTE , and FiberHome; in the field of optical devices, Chinese manufacturers mainly focus on mid- to low-end products, relying on their packaging advantages. The mid- to low-end market has formed a strong influence, and there is a lot of room for improvement in high-end active devices and optical modules; in the field of optoelectronic chips, high-end optical chips and supporting integrated circuit chips are still the bottleneck of the industry, relying on overseas countries, and the localization rate does not exceed 10%, Chinese optoelectronics companies are in the catching-up stage.
The upgrading of optical communications is accompanied by the continuous improvement of transmission capacity, which increases 1,000 times every ten years. The development history of optical communication can be traced back to the "Beacon Tower", which is a kind of visual light communication; in 1880, Alexander Graham Bell invented an "optical telephone" that used light waves as carriers to transmit voice information. ", which proves the possibility of using light waves as carriers to transmit information, which is the prototype of modern optical communications. Since there is no reliable, high-intensity light source, and there is no stable, low-loss transmission medium, optical communication The letter has never been able to develop to the practical stage.
1.2. Downstream: Telecom and data communication markets jointly drive a new growth cycle
The downstream application fields of optical communications are mainly divided into telecommunications market, data communication market and emerging markets.The main downstream markets of optical communications are divided into telecommunications market, data communications market and emerging markets. The telecommunications market is the first market for optical communications, mainly including 5G communications, optical fiber access, etc. The construction of communication networks drives the demand for optical communications market; the data communications market is the fastest growing market for optical communications, mainly including cloud computing , big data, etc., the growth of data traffic and data intersection is driving market demand; emerging markets include consumer electronics, autonomous driving, industrial automation and other markets, which are the markets with the greatest potential for future development. Taking optical modules as an example, according to FROST&SULLIVAN statistics, the global optical module market has grown from US$7.51 billion in 2015 to US$10.54 billion in 2020, with a compound annual growth rate of approximately 7.0%, and is expected to reach US$138.2 by 2024. billion dollars. Among them, the growth rate of the data communication market is higher than that of the telecommunications market. The optical module market size of the data communication market has increased from US$3.15 billion in 2015 to US$5.42 billion in 2020, with a compound annual growth rate of 14.5%. increased from 41.9% to 51.4% in 2020. As the construction demand for downstream 5G networks and data centers will continue to increase, optical modules in the telecommunications market and datacom market will continue to grow. The datacom market benefits from the construction of data centers and is growing faster. The telecom market is subject to telecom operators. According to its own development strategy, the demand for optical modules is relatively stable. It is estimated that by 2024, the application proportion of global optical modules in the data communication market and telecommunications market will be 61% and 39% respectively.
Global mobile data traffic has grown exponentially, and the amount of data transmission and data exchange has surged. With the rapid development and accelerated application of information technologies such as cloud computing, big data, the Internet of Things, artificial intelligence, and , the digital transformation of traditional industries and public life forms is accelerating. The popularity of mobile payment, mobile travel, remote control, high-definition video live broadcast, mobile food delivery, virtual reality, etc. has driven explosive growth in data traffic and data exchange volume. According to statistics from Ericsson , global mobile data traffic reached 78EB in the third quarter of 2021, a year-on-year increase of 42.0%. increased by 7.8% compared with , an increase of 105 times compared with the first quarter of 2012. Global mobile data traffic is growing exponentially, mainly due to the evolution of mobile communication technology and the rise of downstream application demand. Smartphone shipments and the number of mobile users are increasing year by year. Mobile application innovative products are rapidly iterating, resulting in rapid growth of mobile data traffic. .
The accelerated construction of 5G networks and the expansion of data center capacity will promote the further development of the optical communications market. Since the issuance of 5G commercial licenses, the three major operators have actively carried out 5G network construction. According to statistics from the Ministry of Industry and Information Technology, as of the end of July, the total number of 5G base stations reached 1.968 million, making it the first country in the world to build 5G networks on a large scale based on independent networking mode. Base stations accounted for 18.8% of the total number of mobile base stations, an increase of 4.5pct compared with the end of the previous year. According to GSMA predictions, by 2025 there will be 1.3 billion 5G users worldwide, 5G network coverage will reach 40%, and the number of 5G mobile terminal connections will reach 1.4 billion. Driven by the promotion of national policies such as new infrastructure, digital transformation and the Digital China Vision, as well as the needs of enterprises to reduce costs and increase efficiency, China's data center business revenue continues to grow rapidly. According to statistics from the Academy of Information and Communications Technology , the market revenue of China's data center industry in 2021 will reach 150 billion yuan, with an average annual compound growth rate of 30.7% in the past three years. The continuous expansion of data centers has stimulated the rapid development potential of the optical communications market.
Telecom operators are beginning a new round of capital expenditure cycle, showing a growth trend. The issuance of mobile licenses drives each round of capital expenditure cycle. Looking back at the capital expenditures of operators over the years, there is an obvious cyclicality. The pace of construction is highly correlated with the development level of downstream applications. At the same time, due to the increase in network quality requirements due to technological iterations, the overall capital expenditures of operators have showing a growth trend. According to the 2021 financial reports of the three major operators, the total capital expenditures of the three major operators in 2021 will be 339.3 billion yuan, a year-on-year increase of 2%. Among them, the capital expenditures of China Mobile, China Unicom, and China Telecom are 183.6 billion yuan and 69 billion respectively. yuan, 86.7 billion yuan.According to the 2022 semi-annual reports of the three major operators, the total capital expenditures of the three major operators in the first half of 2022 were 162.1 billion yuan, a year-on-year increase of 27%. Among them, the capital expenditures of China Mobile, China Unicom, and China Telecom in the first half of the year were 92 billion yuan respectively. , 28.4 billion yuan, 41.7 billion yuan. In the 5G era, China stands on the same starting line as the world for the first time, entering the leading echelon. Operators are beginning a new round of capital expenditure cycle, showing a growth trend.
Capital expenditures of global cloud computing giants are gradually picking up. With the resumption of work and production after overseas epidemics, the infrastructure construction of cloud computing service providers has gradually resumed. In the first quarter of 2022, the total capital expenditures of the four major North American cloud computing giants were US$35.518 billion, a year-on-year increase of 29.6%, and capital expenditures increased significantly. Among them, Amazon's capital expenditures in the first quarter of 2022 were US$14.951 billion, a year-on-year increase of 23.7%, a year-on-year increase of 10.9%, and year-on-year growth for 12 consecutive quarters; Google's capital expenditures in the first quarter of 2022 were US$9.786 billion, a year-on-year increase of 64.7%. A month-on-month increase of 53.3%; Microsoft in 2022 Capital expenditures in the first quarter were US$5.34 billion, a year-on-year increase of 4.9%, and a month-on-month decrease of 9.0%; Meta's capital expenditures in the first quarter of 2022 were US$5.441 billion, a year-on-year increase of 26.4%, and a month-on-month increase of 1.3%. As cloud computing demand and data traffic continue to grow, global cloud infrastructure and optical network construction have entered a new cycle.
The overall capital expenditure of domestic cloud vendors has increased year-on-year, and investment in cloud infrastructure remains a long-term trend. Domestically, the capital expenditures of the three major cloud vendors in the first quarter of 2022 totaled 18.13 billion yuan, a year-on-year increase of 19%, maintaining a growth trend, but the growth rate has slowed down. Among them, the capital expenditure of Alibaba in the first quarter of 2022 was 9.20 billion yuan, a year-on-year increase of 52.3%; the capital expenditure of Tencent in the first quarter of 2022 was 7 billion yuan, a year-on-year decrease of 9.5%; Baidu the first quarter of 2022 Quarterly capital expenditure was 1.928 billion yuan, a year-on-year increase of 34.1%.
From the perspective of BMC chips, the server industry has entered a new boom cycle. Xinhua is the main supplier of server BMC chips in the world, accounting for more than 70% of the global market share. Its operating data can be used as an a priori indicator of the prosperity of the server industry. Judging from the monthly revenue data released by Xinhua, operating income has maintained a year-on-year growth rate of more than 30% for 12 consecutive months from August 2021 to July 2022, and the industry is showing high prosperity.
1.3. Development trend: all-optical network and leaf-spine architecture changes bring volume and price increases
Telecom market: rising data traffic promotes changes in optical network architecture. Telecom network systems mainly include subdivisions such as broadband network construction, mobile communication networks, transmission and access systems. With the advancement of the 5G industrial chain and backbone network construction, sub-industries such as optical fiber access, base station antennas, wireless system equipment, and network optimization are all showing high prosperity. The continuous increase in data traffic requires optical network , which is an important carrier of traffic, to undergo profound changes in the overall network architecture to expand network capacity and increase network flexibility. China's network system is composed of a three-layer architecture of backbone network - metropolitan area network - access network. Among them, the backbone network is mainly a network system that connects cities. Its scope ranges from tens to thousands of kilometers. The mainstream optical communication technologies include DWDM and ASON; metropolitan area network is the so-called broadband metropolitan area. Network, a high-bandwidth, multi-functional, multi-service access multimedia communication network based on IP and ATM telecommunications technology within the city, using optical fiber as the transmission medium, integrating data, voice and video services, mainstream optical communication Technologies include SDH, MSTP; the access network refers to all the equipment between the backbone network and the user terminal. Its length is generally several hundred meters to several kilometers. The mainstream optical communication technologies include EPON and GPON.
5G has significant changes in business characteristics, access network, core network and other aspects, carrying network architecture innovation. 5G introduces typical business scenarios such as enhanced mobile broadband (eMBB), ultra-reliable low-latency communications (uRLLC), and massive machine-type communications (mMTC).In terms of wireless access network , the network element functions, interconnection interfaces and networking structure are reshaped; in terms of the core network, the cloud distributed deployment architecture is tended to be adopted, and the core network signaling network elements will mainly be deployed in provinces and cities. For deployment in the regional central computer room, data plane network elements are planned to adopt a hierarchical deployment plan based on differences in business performance.
The growing demand for network speed has given rise to new high-speed network technology, and the all-optical network is steadily advancing. An all-optical network means that signals only undergo electrical/optical and optical/electrical conversion when entering and exiting the network, and they always exist in the form of light during transmission and exchange in the network. The development of all-optical networks has been divided into two major stages. The first phase is from 2008 to 2017. The main task of this phase is "optical advancement and copper exit", and its iconic technology is FTTx/FTTH. In 2017, China Telecom completed the "Broadband China·Optical Network" launched in 2011 "City" set goal, that is, the proportion of FTTH and 100M to households has exceeded 90%, marking the realization of the all-optical network 1.0 phase; the second phase will start from 2017 So far, the main goal of this stage is to form an industry-leading all-optical base with stable architecture, full network coverage, low carbon and energy saving by 2030. The main task is to consolidate cloud network integration, which includes all-optical transmission, all-optical inoculation and all-optical switching. The new generation of optical transport network will promote "bandwidth on demand" with higher resource utilization efficiency and a more economical way. Web development .
Data communication market: The number of ultra-large-scale data centers continues to grow rapidly, and is expected to exceed 1,000 within three years. Due to the complexity of application scenarios and data structures, and more frequent data processing and information interaction, the data communications market has put forward higher requirements for the scale and functional integration of data centers. Traditional small and medium-sized, decentralized data centers are difficult to meet the needs of data center manufacturers to improve overall operational efficiency, reduce energy consumption, and save costs. Global data centers are developing in the direction of centralization and integration. According to Synergy Research Group, as of the end of the third quarter of 2021, the number of large data centers operated by global hyperscale providers increased to 700. As measured by critical IT loads, the United States accounted for 49% of the capacity of these data centers, and China ranked No. Second, accounting for 15% of the total capacity, the installed base of operational data centers is expected to exceed 1,000 within three years and continue to grow rapidly.
The data center network architecture is flattened, and a new distributed leaf-spine network architecture is emerging. The basic architecture of the data center is to connect the servers in the cabinet to the underlying switch , and the underlying switch is connected to the upper layer switch. Early data centers imitated the telecommunications network with access-metropolitan area-backbone structure and adopted a three-layer architecture of access-aggregation-core. By configuring a higher convergence ratio and utilizing statistical multiplexing (an average of 1/10 servers working at the same time, Then only 1/10 of the total uplink bandwidth can be configured, and the convergence ratio is 10: 1) Save networking costs. Due to the increasing network concurrency probability and the demand for cloud computing and big data, the east-west data flow between servers has increased. There is a strong demand for flat network architecture, and a new type of distributed data center leaf-spine network architecture has emerged.
's ultra-large-scale data center and flat network architecture increase data flow within the data center. The ultra-large scale and integration of data centers have increased the data traffic within the data center. At the same time, the leaf-spine network architecture has increased the demand for internal equipment in the data center, significantly increasing the number of connection ports, connection density of internal equipment, interface speed, and switching capacity. According to Cisco's prediction, in 2021, data traffic within the data center will account for 72%, data traffic between data centers will account for 14%, and data traffic between the data center and users will account for 15%. the main amount of data. By the end of 2021, global data center IP traffic will increase from 6.8ZB per year in 2016 to 20.6ZB. Global data center traffic will grow rapidly at a compound annual growth rate of 25%. The annual compound growth rate of cloud data center traffic The rate will be as high as 27%. From 2016 to 2021, the growth rate is 3.3 times.
DCI technology market is growing rapidly. Data Center Interconnect (DCI) technology refers to connecting two or more data centers together to share resources.With DCI technology, physically independent data centers can share resources to balance workloads. Due to the increasing demand for data sharing and data backup from enterprises and institutions, the rapid development of DCI technology, coupled with the impact of the COVID-19 epidemic and government policy support, cloud services are booming, and the demand for data center interconnection in the global and Chinese markets will continue to rise. According to statistical forecasts from Dell'Oro Group, the global data center interconnection technology market will reach US$2.62 billion in 2021, and is expected to reach US$3.03 billion by 2026.
2.1. Optical modules: the core component to achieve photoelectric conversion.
Optical modules are the core components to complete photoelectric conversion in optical communication systems. The optical module is composed of optical devices, functional circuits and optical interfaces. The optical device is the key component of the optical module, including optical transmitting components (including lasers) and optical receiving components (including optical detectors), which respectively realize the optical module at the transmitting end. The function of converting electrical signals into optical signals and converting optical signals into electrical signals at the receiving end. Optical module: The carrier for data transmission between communication equipment, realizing the mutual conversion of optical and electrical transmission media. At the transmitting end, the electrical signal with information is input from the electrical interface of the transmitting channel. After signal shaping and amplification, it drives the internal chip of the optical transmitting component to convert into an optical signal. couples into the optical fiber for optical signal transmission; at the receiving end , the collected optical signal is input into the module and converted into a current signal by the light detection diode inside the light receiving component. After passing through the transimpedance amplifier, the current signal is converted into a voltage signal. After being amplified by the limiting amplifier, the electrical signal of the corresponding information is output.
optical modules can be classified according to transmission rate, multiplexing technology, applicable fiber type, and packaging form. The model naming method of optical modules is usually: transmission speed + wavelength + transmission distance + single-mode/multi-mode + packaging type. Classified by transmission rate, it can be divided into 10Gb/s, 25Gb/s, 40Gb/s, 100Gb/s, 200Gb/s, 400Gb/s, etc. The higher the transmission rate, the higher the technical difficulty; classified by reuse technology , can be divided into time division multiplexing system and wavelength division multiplexing system; according to the fiber type, it can be divided into single-mode fiber and multi-mode fiber Optical fiber , single-mode optical fiber is suitable for long-distance communication, and multi-mode optical fiber is suitable for short-distance communication; according to the packaging form, it can be divided into SFP, SFP+, SFP28, QSFP+, QSFP28 and QSFP-DD, etc., in order to meet the requirements of industry standard organizations With multi-source protocols, the packaging forms of optical modules are diversified. SFP represents the packaging type of optical modules below 10G. SFP+ and XF P represent 10G. Optical module packaging type, SFP28 represents the packaging type of 25G/32G optical module, QSFP+ represents 40G/56G optical module, QSFP28 represents the packaging type of 100G optical module.
China has issued a series of policies to support the development of the optical module industry. Optical modules are the core optoelectronic devices in the field of information optoelectronics technology. They are widely used in the construction of data centers and 5G bearer networks. They are the core technology for building modern high-speed information networks. In 2018, China Electronic Components Industry Association released the "China Optoelectronic Device Industry Technology Development Roadmap (2018-2022)". This development roadmap quantifies the development plan of core optical module products in 2020 and 2022 to ensure that in 2022 The localization rate of mid- to low-end optoelectronic chips exceeds 60%, and the localization rate of high-end optoelectronic chips exceeds 20%; 2022 In 2017, domestic companies accounted for more than 30% of the global optical communication device market share. China has promulgated a series of policies to support the development of the optical module industry, including increasing state funding for research and development of common key technologies for optoelectronic chips, rapidly increasing the localization rate of core devices, and cultivating internationally competitive large enterprises. At the same time, relevant government departments have vigorously Support the reconstruction of 5G networks and the upgrade of data centers, increasing the market demand for optical modules.
2.2. Market structure: The global market is relatively fragmented, and Chinese manufacturers are rising rapidly.
The global optical module market is relatively fragmented. Major foreign companies in the optical module industry include Finisar (acquired by II-VI), Molex and AOI, etc.; major domestic companies include Zhongji InnoLight, Guangxun Technology, Hisense Broadband, New Yisheng and Huagong Zhengyuan, etc.According to statistics from Yole, the global optical module market pattern in 2020 is that American companies occupy about 45% of the market, Chinese companies occupy about 40% of the market, and Japanese companies occupy about 8% of the market. The market competition is fierce, and the overall market concentration of and is low. , CR5 is 63%. In the past 10 years, Chinese optical module manufacturers have risen rapidly. China attaches great importance to the development of optical communications. With its ever-increasing craftsmanship, technical strength and talent team building, China's optical modules have gradually become more famous and competitive, and the development gap with leading companies in the United States and Japan is constantly narrowing. According to LightCounting statistics, from 2010 to 2021, among the top ten optical module manufacturers in the world, Chinese companies have increased from 1 to 6, namely InnoLight Technology , Huawei, Hisense Broadband, Guangxun Technology, and Huagong Zhengyuan , Xinyi Sheng, among which InnoLight Technology (Zhongji InnoLight) ranks first in the world.
The core competitiveness of optical module manufacturers: product iteration speed, forward-looking technology layout, and downstream customer resources. The business model of optical module manufacturers is to produce or outsource related chips and optical devices for packaging, and produce optical module products for sale. The supplier management of its downstream customers generally uses a certification system. Only after passing the test and certification of downstream customers can they be qualified to participate in the bidding. Therefore, optical module manufacturers have strong customer stickiness, and customer resources are obtained by optical module manufacturers. Conditions of order. The rapid development of downstream applications drives a surge in traffic, and the network architecture changes rapidly, which places higher requirements on the product iteration capabilities of upstream optical module manufacturers. At the same time, the introduction and maturity of new technologies will also bring about changes in the industrial structure. Forward-looking technology layout and accumulation are the key to optical module manufacturers. Long-term competitiveness of module manufacturers.
Data communication field: The demand for optical modules under the leaf-spine architecture has increased significantly, and the development of cloud computing has opened up the market space for high-speed optical modules. The leaf-spine network architecture expands the access and aggregation layers and greatly improves network efficiency, especially for high-performance computing clusters or interconnection networks of high-frequency traffic communication devices. With the popularization of leaf-spine network architecture, the demand for optical modules in data centers will increase from 25/100G to 50/200/400G. At the same time, the number of optical modules that need to be configured in a single cabinet under the leaf-spine architecture will also increase significantly. Compared with traditional three-layer Compared with the previous architecture, the new leaf-spine architecture requires more than 5 times the number of optical modules. At the same time, with the construction of large and ultra-large cloud computing data centers, the proportion of high-speed switch shipments has increased rapidly, which will bring a wider market space for high-speed optical modules.
In terms of quantity, the 5G network architecture is more closely connected and requires more optical modules. In order to cope with the massive device connections and complex application scenarios of the 5G network, the 5G bearer network architecture has evolved from the two-level network architecture of 4G's fronthaul-backhaul to the three-level network architecture of fronthaul-midhaul-backhaul. 5G will replace the original 4G wireless access The network functional modules are re-split, the network architecture is more closely connected, the connection ports are more complex, and more optical modules are required. The number of fronthaul optical modules required for 5G is 3-4 times that of the 4G period. In terms of speed, the speed of 5G optical modules has increased significantly, and 800G optical modules have begun to be deployed. Since the 5G network has the characteristics of ultra-high speed, ultra-large bandwidth, ultra-large capacity and low latency compared to the 4G network, the number and speed of 5G optical modules required for a single 5G base station are higher. The 5G fronthaul optical module has been upgraded from 10G and below in the 4G period. Upgrade to 25G/50G; 5G backhaul optical modules have evolved from 10-40G in the 4G era to 100G/200G/400G and 800G optical modules have begun to be deployed.
predicts that the global optical module market will reach US$20.9 billion by 2026. According to Yole statistics, the global optical module market reached US$9.6 billion in 2020, of which the telecommunications market was US$4.3 billion, accounting for 45%, and the datacom market was US$5.3 billion, accounting for 55%. With the advent of the 5G commercial era, driven by high data rate module applications, large-scale cloud services and national telecom operators, the optical module market will enter a new growth cycle. According to Yole, the revenue generated by the optical module market in 2026 is expected to Reaching US$20.9 billion, the overall compound annual growth rate from 2020 to 2026 is expected to be 14%; of which the telecommunications market revenue is US$5.8 billion, from 2020 to 2026 The annual compound annual growth rate is 5%, the data communication market revenue is US$15.1 billion, and the compound annual growth rate from 2020 to 2026 is 19%.
2.3. Development trend: Optical Moore drives industrial innovation, silicon photonic layout and advanced packaging become the key to competition.
Optical module technology development trend: hot-swappable, miniaturized, high-speed, intelligent, and integrated. With the continuous improvement of the integration of optical communication systems, optical module technology continues to develop. The optical module technology upgrade route can be divided into three generations according to mainstream packaging forms:
The first generation (1995-2000): 1X9, GBIC, and SFF are the mainstream forms. represent. 1X9 is an earlier optical module application and is a fixed optical module product. Then it evolved in two directions: hot-swappable and miniaturized. The hot-swappable direction forms a GBIC optical module, which is used as an independent module. Faults can be located without cutting off the power supply, which facilitates the management and maintenance of the optical module. The direction of miniaturization has led to the formation of SFF optical modules. SFF optical modules use precision optical and circuit integration processes and are only half the size of 1X9. This increases the port density of communication equipment and reduces the power consumption and cost of unit ports.
second generation (2000-2028): represented by SFP, QSFP, QSFP-DD/OSFP and other forms. As data communication networks develop towards high speed and large capacity, the port density of communication equipment increases, which promotes optical modules to continuously break through technical limitations and develop in the direction of miniaturization, high speed, intelligence and integration. Take the currently widely used SFP form as an example, which combines the hot-swappability of GB IC with the advantages of high integration and miniaturization of SFF. In addition, optical modules have also been upgraded from 10G-40G to the 100G/200G/400G high-speed optical module field, and have evolved intelligent functions such as data diagnosis.
third generation (after 2024): represented by optoelectronic co-packaging (CPO) form, mainly using silicon photonic integration technology. According to the prospectus of Liant Technology, it is expected that by 2024, 800G high-speed optical modules will enter the stage of large-scale production, and optoelectronic co-packaging and silicon photonic integration technology will gradually surpass traditional optical modules in terms of speed, energy consumption, and cost. This period is a period of innovative development of optical modules. The product cost, performance, technology, etc. of optical modules will be further improved to adapt to the development needs of the new generation of information technology to accelerate upgrading and innovation, and promote optical modules to ultra-high speed and ultra-high integration. development direction, highlighting the competitive advantages of high-end optical modules.
Moore's Law of light promotes the development of technological innovation. Optical modules evolve one generation every four years or so, the cost of bits drops by half, and power consumption drops by half. Network traffic is growing explosively. Network traffic doubles every 9-12 months. Backbone optical communication equipment is upgraded every 2-3 years. According to the "Moore's Law of Light" in the field of optoelectronics, optical modules evolve one generation every 4 years or so. The cost of bits Drop by half, power consumption drops by half. At the same time, the physical limits of microelectronic chips and optoelectronic chips are constantly approaching. The internal integration level of microelectronic chips continues to increase. The continuous shrinking of the size of transistors has intensified the impact of the quantum effect. The unreliability of transistors has increased significantly. In microelectronics and Under the guidance of the common development and demand of optoelectronics industry , silicon photonic technology emerged as the times require. Silicon photonics can achieve high integration, low cost, and large-scale manufacturing of chips, and is the best choice for optoelectronic packaging and optoelectronic integration.
Silicon photonics integration technology has made many progress and breakthroughs, and the silicon photonics industry chain has been continuously improved. In 1969, Bell Labs in the United States proposed the concept of integrated optics, which was subject to technology and commercialization restrictions. It was not until the beginning of the 21st century that companies and academic institutions led by Intel and IBM began to focus on the development of silicon chip optical signal transmission technology. With the increase of capital, With the advancement of investment and R&D, silicon photonics technology has made many breakthroughs in productization, and technical standards have been formed one after another. It has gradually transformed from an academic research-driven to a virtuous cycle driven by market demand. The highly integrated nature of silicon photonics technology has greater demand in consumer fields that are more sensitive to size, and there is considerable room for development in consumer electronics, smart driving, quantum communications and other fields.
CPO (Co-packagedoptics, optoelectronic co-packaging technology) is a new type of high-density optical component technology that can replace the traditional front panel plug-in optical module. It combines silicon optoelectronic components with electronic chip packaging to keep the engine as close as possible to the AS. IC reduces high-speed electrical channel losses and impedance discontinuities, and converts high-speed electrical signals output from electronic chips into optical signals to increase interconnection density, reduce power consumption, and achieve long-distance transmission.
CPO is the only way to achieve high-speed, large-bandwidth, and low-power consumption networks. The development of application requirements such as big data, cloud computing, and AI has driven the continuous expansion of data center scale, and the demand for bandwidth capacity and high-speed data transmission rates has increased significantly. At the same time, Moore's Law is flattening and chip manufacturing technology is approaching physical bottlenecks. Optimizing performance from a system perspective to achieve speed improvements has become a must. CPO has the characteristics of low power consumption and large bandwidth. It integrates silicon circuits and optical devices side by side on the same package, which can improve the energy efficiency of the input/output (I/O) interface and thereby extend the transmission distance. When the bandwidth density requirements for data transmission in data centers increase significantly and the single-channel rate exceeds 100Gbps, traditional pluggable optical modules and onboard optical devices will be difficult to compete with CPO technology in terms of cost-effectiveness.
predicts that the global CPO market revenue will reach US$5.4 billion by 2027. In the future, CPO will become the dominant enabling technology in cloud provider data centers and will initially be applied to hyperscale data centers. According to CIR’s forecast, CPO’s revenue in hyperscale data centers will account for 80% of total revenue by 2023; Later, low-latency and high-speed applications will drive the demand for CPO, and fields such as artificial intelligence and machine learning are expected to become the main driving factors. According to CIR, the global CPO market revenue will reach US$5.4 billion by 2027, and the switching rate is expected to reach 102.4Tbps by 2025. Compared with traditional pluggable optical devices, CPO power consumption will be reduced by 30%, and the cost per bit will be reduced by 40%. .
3.1. Optical devices: an important part of optical modules
Optical devices are an important part of optical modules. According to the prospectus of Liant Technology, optical devices are an important part of optical modules, accounting for 37% of the cost, mainly including TOSA, ROSA and the components that constitute TOSA and ROSA, such as TO, wavelength division multiplexer, TO seat , TO caps, isolators, lenses, filters and other accessories.
Optical devices can be divided into active optical devices and passive optical devices according to whether they require external power supply. According to Ovum statistics, in the optical communication device market, optical active devices account for the majority of the market share, accounting for approximately 83%, and optical passive devices account for approximately 17%. Active optical devices are responsible for transmitting and receiving optical signals, converting optical signals into electrical signals, and converting electrical signals into optical signals. Specific components include direct-tuned lasers and externally-tuned lasers responsible for emitting optical signals, and optical detectors responsible for receiving optical signals. , Optical receivers, other integrated devices such as optical phase modulators, optical intensity modulators and coherent optical transceivers that are responsible for regulating optical performance. Different components adjust the optical signal from the signal source and transmission process. Application materials include laser diodes, photodiodes, semiconductor light-emitting diodes, etc. The operation of passive optical devices does not require external energy driving. The working process does not involve photoelectric conversion or electro-optical conversion. It does not generate or receive optical signals. It is responsible for optical signal conditioning, coherence, isolation, filtering, connection and other control work, and is set up for optical signal transmission systems. Key nodes. Specific components include Raman optical amplifiers, optical isolators, optical filters (photosynthetic filters, optical splitting filters), optical attenuators, wavelength division multiplexers, optical couplers, optical fiber connectors, optical fiber delay lines, optical splitters Plug multiplexers, optical switches, optical backplanes, etc.
3.2. Market structure: The market segments are small and scattered, and China's active optical devices need to be further improved.
Market structure: a perfectly competitive market with many product types, scattered market shares, and different product performance and needs for each component. The optical device market is fully competitive, with a wide variety of devices and manufacturers, and the industry is highly market-oriented.Each manufacturer takes advantage of its respective areas of expertise to form its own unique competitive advantage in certain types of products. From a demand perspective, TOSA (optical transmit sub-module) device sales are relatively high, accounting for about 50%, followed by ROSA (optical receiving sub-module), accounting for about 30%. We expect that TOSA and ROSA products will still be the main components in the future, and the added value of structural parts products will increase accordingly with technological upgrades.
Developed countries gradually formed an optical device industry after 1975. China started about 5 years later than foreign countries. In the mid-1970s, China's research activities on active optical devices and passive optical devices sprouted. Due to the needs of scientific research and engineering in the early stages of the development of national optical fiber communications, China's research and production in the field of optical devices started not too late, but the related industrial foundation Due to factors such as weak investment in scientific research and institutional mechanisms, China's optical devices still lag behind the international advanced level in terms of core technologies and high-end products. Mid- to low-end production capacity is being transferred to China. Chinese manufacturers mainly focus on the R&D and manufacturing of mid-to-low-end products, benefiting from the dividend of Chinese engineers. In the mid-to-low-end market, Chinese manufacturers have a price advantage, forming large-scale production advantages and occupying a dominant position.
The semiconductor laser market maintains steady growth. Semiconductor lasers use semiconductor materials as the laser medium and use current injection into the active area of the diode as the pumping method (generating light by electron stimulated radiation). It has the characteristics of high electro-optical conversion efficiency, small size, long life, etc., and can be applied It is used in fields such as medical treatment, industry, national defense, scientific research, and laser radar. In addition, it can also be used as a pump source for fiber lasers and modern solid-state lasers to pump gain medium crystals or optical fibers to generate light to obtain Better beam quality, used in a wider range of downstream fields. According to statistics from Laser Focus World, the global semiconductor laser market size was US$6.72 billion in 2020. With the development of global intelligence, its market size is expected to continue to maintain steady growth.
China’s optical device market sales growth rate is slightly higher than that of the global market, and is expected to reach 29.8 billion yuan by 2023. Benefiting from the increase in capital expenditures of global cloud manufacturers and the steady advancement of China's 5G network construction, China's optical device market has entered a new round of growth, with a growth rate slightly higher than that of the global market. According to the prediction of Toubao Research Institute, by 2023, China's optical device market will The market sales scale reached 29.8 billion yuan, with a compound annual growth rate of 12.1% from 2018 to 2023.
The overall profitability of optical device manufacturers is better than that of optical module manufacturers. Comparing the gross profit margins of optical device manufacturers and optical module manufacturers, the gross profit margin of optical device manufacturers is about 50%, and that of optical module manufacturers is about 30%. The overall profitability of optical device manufacturers is better than that of optical module manufacturers. The reasons are, first of all, optical device products are highly customized, including product plans, model specifications, technical drawings and other dimensions. The manufacturing process and production are difficult, so the gross profit margin is relatively high. According to the Tianfu Communications prospectus, in 2014 In 2017, its non-standard products accounted for 64.7%, a high proportion; in addition, there are many types of optical device products, the market is fragmented, and individual products Products account for a lower proportion of downstream costs, customers are more concerned about quality, and price sensitivity is relatively low, resulting in high gross profit margins for optical device manufacturers.
The core competitiveness of optical device manufacturers: innovative R&D capabilities, large-scale manufacturing capabilities, and quality control capabilities. Optical devices are high-precision components. The business model of optical device manufacturers is to purchase relevant raw materials, design and develop optical paths, mechanics, circuits and thermals of optical devices, adopt order-based production or independent stocking models, and sell them to downstream optical module manufacturers. , equipment manufacturers and other customers provide optical device products. We believe that innovative R&D capabilities, large-scale manufacturing capabilities, and quality control capabilities are the three core competitiveness of optical device manufacturers.The iterative upgrade of optical communication technology places requirements on the innovative R&D capabilities of device manufacturers. The speed of product iteration is an important factor in maintaining customer stickiness. There are many types of optical device products, the market is fragmented, and there are few specialized equipment. Therefore, the scale effect is obvious, and scale manufacturing capabilities can help devices Providers can effectively control costs; optical components are the foundation of optical communication systems and equipment and are an indispensable part. At the same time, the cost of downstream products accounts for a low proportion, so downstream customers are more focused on quality than being sensitive to price. Optical components The product life cycle management services and quality control capabilities of software manufacturers have become important measurement standards.
3.3. Development trend: Platformization builds cost advantages and horizontally expands the second growth curve of lidar
Trend 1: Break through high-end core technologies and increase the localization rate of core products. At present, optical device manufacturers in technologically developed countries such as the United States and Japan continue to occupy the top spot in the high-end optical device market by virtue of their existing core technologies. However, China's optoelectronic device companies have few high-end core technologies with independent intellectual property rights. They are more dependent on foreign chips and special materials. They have fewer products with core competitiveness. The overall strength of the company is still weak, and the product structure is not reasonable enough. There is serious homogeneity, and the products provided are mostly concentrated in the mid- to low-end, with low added value. The competitiveness and profitability in the international market still need to be improved. While leveraging their low-cost advantages, Chinese optical device manufacturers have gradually increased their investment in the research and development of high-end devices and increased the localization rate of core products. At the same time, relying on breakthroughs in production capacity, they have begun to lay out vertically integrated production lines, which are expected to further replace the global optical device industry chain. Production capacity at all levels drives Chinese manufacturers to expand their global market share and improve their bargaining power.
Trend 2: One-stop solution to create a platform and build cost advantage. First of all, equipment manufacturers currently have few special equipment for optical devices with complex structural designs. The design of optical devices determines the selection of production and manufacturing equipment. Manufacturers need to independently design, build and improve product design solutions. Creating a manufacturing platform can maximize the Improve R&D efficiency, quickly allocate production capacity according to production, reduce product production costs, respond to changes in customer needs, increase R&D reuse rate, and build cost advantages; this In addition, the downstream supply chain certification procedures are complicated. Each major optical communication manufacturer has its own supply chain system and strict supplier qualification review procedures. It requires the supplier’s technical level, production conditions, equipment status, quality assurance system, and financial status. Indicators and other aspects are investigated. Products must go through testing, small batch supply, etc. to evaluate reliability and stability. After multiple reviews and repeated rectifications, they can be recognized as suppliers. There are many types of optical device products. And decentralized, for downstream customers In other words, purchasing a one-stop solution not only improves its own procurement efficiency, but also comprehensively meets customized needs. The one-stop solution is suitable for small-volume sporadic procurement and helps improve the production efficiency of downstream manufacturers.
trend three: Horizontal expansion of the second growth curve. Optical communication manufacturers have long-term accumulation in the optical field, and their technology and production lines have certain reusability. Lidar: It is a radar system that emits a laser beam to detect characteristics such as the position and speed of a target. Its working principle is to emit a detection signal (laser beam) to the target, and then compare the received target echo with the transmitted signal. After appropriate processing, relevant information about the target can be obtained, such as target distance, orientation, altitude, and speed. , posture, and even shape parameters. The upstream of lidar is mainly optical devices and electronic components. The core components mainly include lasers, scanners and optical devices, photoelectric detectors and receiving chips.
It is estimated that global lidar sales in the autonomous driving market will reach US$4.66 billion by 2025. With the development and popularization of autonomous driving technology, the scale of the lidar market will further expand, and the decline in the unit price of lidar will further promote the use of lidar.According to statistics and forecasts from Yole, in terms of shipments, global lidar shipments in the driverless market will be approximately 140,000 units in 2020, which is expected to grow to 1.3 million units by 2025, and shipments are expected to reach 1.3 million units by 2032. Nearly 7.4 million units; in terms of sales, global lidar sales in the autonomous driving market were approximately US$1.2 billion in 2020 and will grow to US$4.66 billion in 2025.
4.1. Optical chips: the core device of optical modules.
Optical chips are the core devices of optical modules. The cost ratio increases with the increase in optical module speed. . The performance and transmission rate of the optical chip directly determine the transmission efficiency of the optical communication system and is the core component of the optical module. According to statistical calculations by the Toubao Research Institute, the cost proportions of optical chips in low-end, mid-range, and high-end modules are approximately 30%, 50%, and 70% respectively. As the speed of optical modules increases, the cost of optical chips in optical modules increases. Proportion increased.
Optical chips can be divided into laser chips and detector chips according to their functions. The laser chip is mainly used to emit signals and convert electrical signals into optical signals. The detector chip is mainly used to receive signals and convert optical signals into electrical signals. Laser chips can be further divided into surface-emitting chips and edge-emitting chips according to the light structure. Surface-emitting chips include VCSEL chips, and edge-emitting chips include FP, DFB and EML chips; detector chips mainly include PIN and APD.
4.2. Market structure: Europe, the United States and Japan lead in technology, China’s localization rate is low
China’s optical chip localization rate is low, and high-end chip self-sufficiency is limited. According to the "China Optoelectronic Device Industry Development Roadmap 2018-2022", China has a low localization rate of core chips in the field of optical communications, and has only mastered lasers, detectors, modulator chips, and PLCs with rates of 10Gb/s and below. The overall level of /AWG chip manufacturing process and supporting IC design, packaging and testing capabilities lags far behind international benchmark companies. In particular, high-end chip capabilities are more than 1-2 generations behind developed countries such as the United States and Japan.
Europe, the United States and Japan started early, have leading technologies, and have extensive layout in high-speed and high-end fields. Optical chips mainly use optoelectronic technology. Overseas started earlier and accumulated more modern optoelectronic technology. Overseas optical chip companies generally have the ability to cover the entire industry chain from optical chips, optical transceiver components, and optical modules. They have first-mover advantages. By accumulating core technology and production processes, gradually realizing industrial closed-loop, establishing high industry barriers, extensive layout in the high-speed and high-end field of optical chips, and deep accumulation in the fields of tunable lasers, ultra-narrow linewidth lasers, high-power lasers and other fields.
Leading manufacturers are actively developing optical chips. With the growth of storage, computing and other demands, Moore's Law is gradually approaching its limit. Optoelectronic chips have attracted the attention of leading manufacturers in various fields around the world. Many manufacturers have invested in or acquired related companies. For example, in 2022, Intel and Nvidia invested in chip optical company Ayar Labs, Huawei Invest in micro-source photonics technology, etc., actively deploy in the field of optical chips, improve its own ecological system, and lay the foundation for future technological changes and innovations.
The high-speed optical chip market is growing rapidly and is expected to reach US$4.34 billion by 2025. The rapid growth of global traffic and the increasing demand for bandwidth in various scenarios have driven the rapid development of the high-speed module device market. Against the backdrop of rising demand for high-speed transmission, the market for high-speed optical chips of 25G and above is growing rapidly. According to Omdia's forecast, from 2019 to 2025, the proportion of optical chips used in optical modules with speeds above 25G will gradually expand, and the overall market space will grow from US$1.36 billion to US$4.34 billion, with a compound annual growth rate of 21.4%.
The global share of Chinese optical chip manufacturers is expected to further increase. According to ICC predictions, the sales volume of Chinese optical chip manufacturers will account for an increasing proportion of the global optical chip market from 2019 to 2024, with medium and high-speed optical chips growing faster. It is expected that by 2024, China’s global market share of 25G and above optical chips is expected to be close to 20%.
4.3. Development trend: multi-category expansion to create integrated domestic alternative industry competitiveness
Trend 1: Chinese optical chip manufacturers expand from single-category products to multi-category matrix and high-end products
The production process of optical chips includes wafer manufacturing and chip manufacturing. Wafer manufacturing includes wafer epitaxial structure growth, grating structure production, waveguide photolithography process, metallization process, thinning annealing process, and chip manufacturing includes cleavage coating process, packaging and testing sorting, and reliability verification. The optical chip production process requires mutual feedback and verification between chip design and wafer manufacturing to achieve high performance indicators and high reliability of the product. Optoelectronic devices follow special processes and have strict requirements on the stability and consistency of the process. Optical chips have temperature-sensitive characteristics. For every 1°C change in the operating temperature, the wavelength emitted by the laser will drift by 0.08nm to 0.1nm. Due to the special physical properties of light, optical chips do not require advanced processes, but they do affect the stability and consistency of the process. Sexually demanding. The IDM production model helps stabilize and diversify the process and respond quickly to customer needs. IDM refers to a production and operation model that includes all or major business links including chip design, chip manufacturing, packaging and testing. Because optoelectronic devices follow characteristic processes, they have higher requirements for processes, products, services, platforms and other dimensions, making the competitiveness of characteristic processes more comprehensive. On the one hand, IDM can better control the production process and effectively control production yield, cycle delivery, product iteration and risk management. On the other hand, IDM can help shorten the product development cycle, combine R&D technology with production experience, and improve faster. and improve new technologies and launch new products. European and American head optoelectronic device companies mostly adopt the IDM model.
Trend 2: Upstream semiconductor equipment and materials are stuck. The next step is to focus on breakthrough directions
The upstream of optical chips mainly includes equipment and material suppliers. The main raw material of the optical chip is the substrate. The auxiliary materials include gold rake, special gas, trimethylindium, photoresist, packaging materials and other materials. Other raw materials include developer, photolithography mask, isopropyl alcohol, and arsine. and other materials. According to the prospectus of Yuanjie Technology, the substrate accounts for about 30%-50% of the raw materials, accounting for the largest proportion. The main production equipment of optical chips includes photolithography machines, etching machines and epitaxial equipment.
At present, large-sized and high-quality substrates are basically monopolized by overseas manufacturers. The market concentration of InP substrate and GaAs substrate is high, mainly in overseas manufacturers. Chinese manufacturers have made progress in material synthesis, crystal growth, material heat treatment and material properties, but the overall production capacity is small and large-size production capacity is insufficient. Occupied by overseas manufacturers.
predicts that by 2027, the proportion of silicon photonic integration technology optical modules is expected to reach 51%. According to statistics from LightCounting, the proportions of lithium niobate, GaAs, InP, and silicon photonic technologies in optical modules were approximately 39%, 12%, 44%, and 5% respectively in 2016. Silicon photonic integration technology has the characteristics of ultra-high speed, ultra-low power consumption, and ultra-low scale cost. It is a key layout area for optical communication chip manufacturers. It is expected that by 2027, the proportion of silicon photonic integration technology optical modules is expected to reach 51%, with an annual compound The growth rate reached 35%.
5.1, Zhongji InnoLight: the world's leading optical module manufacturer
the world's leading optical module supplier. The company was founded in 1987, formerly known as Zhongji Intelligent Equipment Co., Ltd., and was listed on the Shenzhen Stock Exchange in 2012. In 2017, Zhongji Equipment acquired Suzhou InnoLight for a transaction consideration of 2.8 billion yuan and changed its name to Zhongji InnoLight to enter the field of optical modules and achieve dual main businesses. In 2020, it acquired Chengdu Chuhan, forming a dual-oscillation pattern of “data communications + telecommunications”. The company is the world's leading optical module supplier, integrating the research and development, design, packaging, testing and sales of high-end optical communication transceiver modules. It provides cloud data center customers with high-speed optical modules such as 100G, 200G, 400G and 800G, and provides telecommunications equipment It provides commercial customers with high-end overall solutions such as 5G fronthaul, midhaul and backhaul optical modules, as well as transmission optical modules for backbone and core networks. According to LightCounting statistics, InnoLight ranks first among global optical module manufacturers in 2021, and its market share continues to increase.
's revenue and net profit grew steadily, and its gross profit margin increased. The company achieved operating income of 7.70 billion yuan in 2021, a year-on-year increase of 41.9%, net profit attributable to the parent company of 880 million yuan, a year-on-year increase of 1.3%, and a comprehensive gross profit margin of 25.6%. In the first half of 2022, the operating income was 4.23 billion yuan, a year-on-year increase of 28.3%, and the net profit attributable to the parent company was 490 million yuan, a year-on-year increase of 44.5%. The company's gross profit margin in the first half of 2022 was 26.8%, a year-on-year increase of 2.4pct, and the net profit margin was 11.6%, a year-on-year increase of 1.1pct. In the data communications field, benefiting from the growth in data center customer traffic demands and continued investment in capital expenditures, customers have accelerated the deployment of high-end products such as 400G and 200G to upgrade transmission rates. The company has actively engaged in product development, production investment, supply management and quality assurance. Respond to customer needs and fully meet delivery, with the increase in the shipment proportion of high-end products such as 400G and 200G and the continued cost reduction and efficiency improvement; in the telecommunications field, 5G Network construction is progressing steadily, and the dual gigabit optical network project is driving demand for access network optical components and optical modules such as 10GPON. The company's revenue and net profit have grown rapidly, and its gross profit margin has also increased. As global 5G network deployment improves, downstream applications develop innovatively, global traffic continues to increase, and cloud vendors increase capital expenditures and data center construction, the company is expected to leverage its advantages in technology, products, and delivery, and its performance is expected to grow further.
continues to increase investment in R&D, and the R&D system continues to grow and improve. The company continues to increase investment in research and development of new products and new technologies. In 2021, the company's research and development expenses will be 540 million yuan, accounting for 7.0% of operating income, a year-on-year increase of 6.9%. As of the end of 2021, the company has obtained a total of 26 foreign authorized patents and 146 domestic patents, including 83 inventions. Its leading R&D and innovation capabilities have promoted the high cost performance of products and the company's sustained and stable development. Accelerate the marketization progress of key products. The 800G series optical modules have completed sample delivery, testing and certification to customers. The 400G silicon photonic chip fab yield has continued to improve, preparing for stable mass production; the 800G silicon photonic chip has been successfully developed. ; Products such as 400GZR and 200GZR used in data center interconnection or telecommunications metropolitan area network scenarios have been produced and shipped in small batches; at the same time, InnoLight Industrial Research Institute has conducted a CPO Pre-research on key technologies, and continue to build advanced photonic chip industrialization technology platform and 2.5D, 3D hybrid packaging platform.
acquired Chengdu Chuhan to further complete its optical communications business layout. The company signed a share transfer agreement in April 2020 to acquire 67.2% of Chengdu Chuhan's equity. After the transaction was completed, Chengdu Chuhan became a holding subsidiary of Zhongji InnoLight and was included in the scope of the merger. Chengdu Chuhan is a high-tech enterprise specializing in the production and sales of access network optical modules and optical components. It has a vertically integrated product line from chip packaging to optoelectronic devices to optoelectronic modules. It has a comprehensive range of access network optical communication module products and its The combination includes traditional G/EPON and 10GEPON series products and COMBO series products that meet the hybrid networking architecture. The acquisition of Chengdu Chuhan further completes the company's business layout in the field of optical communications. In the future, the company will further strengthen the integration with Chengdu Chuhan in all aspects of the supply chain, technology, R&D, production, personnel and market, give full play to synergy effects, and grasp the opportunities for cooperation. The network access market continues to prosper and provides market opportunities.
5.2, Xinyi Sheng: global head optical module manufacturer
full range of optical module manufacturers for optical communication applications. Xinyi Sheng was established in April 2008 and is headquartered in Chengdu, Sichuan Province. It was listed on the GEM in 2016. It is a national high-tech enterprise focusing on transmission and access technology in the field of optical communications. It is committed to the development of high-performance optical modules. R&D, production and sales, attaches great importance to new technology and new product research and development, masters high-speed optical device chip packaging and optical device packaging technology, and its application areas cover data centers, data communications, 5G wireless networks, and telecommunications transmission , fixed network access, smart grid, security monitoring and other fields.In terms of products, the company has successfully developed 25G, 50G, 100G, and 200G series optical module products covering 5G fronthaul, midhaul, and backhaul and achieved batch delivery. It is also one of the few in China to deliver 100G and 200G in batches for use in the data center market. , 400G high-speed optical modules, and has successfully launched 800G optical module product series portfolio, 400G optical module products based on silicon photonic solutions and 400GZR/ZR+ coherent optical module. In terms of customers, the company has good cooperative relationships with global mainstream communication equipment vendors and Internet manufacturers.
revenue and net profit increased rapidly. The company achieved operating income of 2.91 billion yuan in 2021, a year-on-year increase of 45.6%, net profit attributable to the parent company of 660 million yuan, a year-on-year increase of 34.6%, and a comprehensive gross profit margin of 32.2%. In the first half of 2022, the operating income was 1.48 billion yuan, a year-on-year increase of 2.6%, the net profit attributable to the parent company was 460 million yuan, a year-on-year increase of 42.8%, and the net profit after non-ownership was 360 million yuan, a year-on-year increase of 18.6%. The company's gross profit margin in the first half of 2022 was 33.7%, a year-on-year increase of 0.9pct, the net profit margin was 31.2%, a year-on-year increase of 8.8pct, and the non-net profit margin was 24.2%, a year-on-year increase of 3.3pct. As the global data center market continues to improve, the global market demand for high-speed optical module products increases. The company continues to strengthen market promotion and customer development efforts, further optimizes product and customer structure, and maintains revenue and net profit growth.
continues to increase investment in research and development, and its gross profit margin has stabilized. The company continues to increase investment in research and development. In 2021, the company's research and development expenses will be 110 million yuan, accounting for 3.7% of operating income, a year-on-year increase of 27.4%. As of December 31, 2021, the company has obtained a total of 91 authorized patents, including 27 invention patents, 63 utility model patents, and 1 design patent. The company has made many progresses in R&D projects such as high-speed optical modules, silicon optical modules, and coherent optical modules. It has built a highly effective R&D team through a combination of internal training and external introduction, and has cooperated with suppliers, customers, universities and scientific research institutions. The institute strengthens technical exchanges and cooperation, continuously improves the technical level and innovation capabilities of the company's R&D personnel, and attracts and retains outstanding R&D talents by establishing a multi-level incentive compensation system. In terms of production, the company continues to optimize and improve processes, further promote lean production management, and achieve "balanced production lines, standardized operations," etc., allowing the company to flexibly cope with production efficiency management of multiple varieties, small batches, and short delivery times, reduce inventory, and shorten production. cycle time, reduce costs, ensure quality and delivery, and increase productivity.
5.3, Guangxun Technology: China’s first listed communication optoelectronic device company
China’s first listed communication optoelectronic device company. Guangxun Technology originated from the Solid Device Research Institute of the Ministry of Posts and Telecommunications established in 1976. It was restructured in 2001 and listed on the Shenzhen Stock Exchange in 2009, becoming the first domestic optoelectronic device company to be listed. In 2013, the company acquired the Danish IPX Company, a high-end chip manufacturer, and entered the core chip technology. The company is engaged in the research and development, production, sales and technical services of optoelectronic chips, devices, modules and subsystems. Its main products include optoelectronic devices, modules and subsystems. According to application fields, it can be divided into transmission products, access products, and data communication products. The company has established seven major markets and sales platforms, and its products serve global equipment vendors, operators, information providers, and industry network customers. The company currently has established long-term and stable cooperative relationships with large-scale high-growth, high-quality downstream enterprises. The customers it serves mainly include well-known domestic and foreign customers such as Google, Infinera, Huawei, ZTE, FiberHome, etc., and exports to North America, Europe, India, South Korea, Brazil, Japan and other countries and regions. According to the company's 2022 semi-annual report, Omdia's latest statistics show that the company's overall market share is 7.1%.
Revenue and net profit maintained growth. The company achieved operating income of 6.49 billion yuan in 2021, a year-on-year increase of 7.3%, and net profit attributable to shareholders of 570 million yuan, a year-on-year increase of 25.1%. The comprehensive gross profit margin was 24.2%. In the first half of 2022, the operating income was 3.54 billion yuan, a year-on-year increase of 12.9%, and the net profit attributable to the parent company was 310 million yuan, a year-on-year increase of 6.3%. The company's gross profit margin in the first half of 2022 was 23.2%, a year-on-year decrease of 2.6pct, and the net profit margin was 8.3%, a year-on-year decrease of 0.5pct.In 2021, the company has made good progress in 5G fronthaul, 10GPON, 100G/200G/400G data communication modules, ultra-wideband optical amplifiers, new smart devices, coherent devices and modules. The company's revenue and net profit maintained steady growth.
enters the field of optoelectronic chips. The company continues to promote the iterative development of optical chips such as 25Gb/s and 50Gb/s high-speed lasers and detectors, further increases research on packaging technologies for optoelectronic devices such as airtight, non-airtight, and optoelectronic hybrid integration, and maintains a strong focus on new optoelectronic packaging technologies. Sensitivity and pre-study tracking. The company has three major optoelectronic chip platforms: PLC (planar optical waveguide), III-V, and SiP (silicon photonics). PLC chips include AWG and MCS series; III-V chips include laser types (FP chip, DFB chip, EML chip, VCSEL chip) and detector types (PD chip, APD chip); SiP chip platform supports direct modulation and coherent modulation schemes .
5.4, Tianfu Communications: a rare platform optical device manufacturer, a leading company in the field of lidar
global optical device core components, and a one-stop solution provider for optical devices. Tianfu Communications was founded in 2005 and listed on the GEM in 2015. It is a leading overall solution provider for optical devices. Its main products include optical components, optical devices, etc., based on precision ceramics, engineering plastics, composite metals, optical glass, etc. In the field of materials, a number of world-leading process technologies have been accumulated and formed, including wavelength division multiplexing coupling, PLC chip manufacturing and testing, and FAU. Optical fiber array design and manufacturing, TOCAN/BOX/chip packaging and testing, parallel optical design and manufacturing, micro-optical light path simulation design and assembly, optical component cold processing and coating, nano-level precision mold design and manufacturing, micron-level manufacturing of metal materials, ceramic material molding and sintering and other technologies and innovation platform. In 2018, 2019, 2020, and 2021, it won the "Top 10 Most Competitive Enterprises in Optical Components, Auxiliary Equipment and Raw Materials in China" award selected by the Asia-Pacific Optical Communications Committee and the Network Telecommunications Information Research Institute for four consecutive years. It has been rated by mainstream customers in the industry for many consecutive years. Excellent supplier.
Revenue and net profit continue to grow, and profitability remains stable. The company achieved operating income of 1.03 billion yuan in 2021, a year-on-year increase of 18.2%, net profit attributable to the parent company of 310 million yuan, a year-on-year increase of 9.8%, and a comprehensive gross profit margin of 49.7%. In the first half of 2022, it achieved operating income of 580 million yuan, a year-on-year increase of 17.9%, and net profit attributable to the parent company of 170 million yuan, a year-on-year increase of 25.5%. The company's gross profit margin in the first half of 2022 was 48.6%, a year-on-year decrease of 3.3pct, and the net profit margin was 30.2%, a year-on-year increase of 1.8pct. The company's revenue and net profit continued to grow, mainly due to the company's active development of high-quality customers at home and abroad and the continued growth in demand for optical device products driven by the scale construction of global data centers. At the same time, the company used the raised funds to build a "high-speed optical engine for 5G and data centers." Construction Project", after continuous investment in research and development, it has successfully achieved large-scale mass production. From the perspective of product structure, the telecommunications field is subject to the cyclical fluctuations in China's 5G base station construction process, and the market demand for products has declined instead of increasing. Optical active devices will achieve operating income of 84.99 million yuan in 2021, a year-on-year decrease of 27.1%; in the data communications field, Due to the growth in traffic demand, cloud computing, metaverse scenarios, etc., the market demand for optical device products continues to grow steadily.
continues to increase investment in research and development and clarify its smart factory strategy. In the first half of 2021, the company's research and development expenses were 62.198 million yuan, accounting for 10.8% of operating income, a year-on-year increase of 17.9%. At present, a network layout has been formed with Suzhou as the headquarters R&D center, Japan and Shenzhen as R&D branches, Jiangxi as the mass production base, and the United States, Shenzhen, and Wuhan as technical support branches, forming a global industrial layout integrating research, production, and sales. In addition, the company has formulated a three-year development plan for informatization construction, comprehensively upgrading and constructing ERP, MES, PLM, SRM, OA and other systems. The company's Jiangxi Tianfu new factory will successfully complete the relocation work and officially put into production in 2021. At the same time, it will start the establishment of Southeast Asia overseas The production base takes advantage of the differentiated advantages of different regions around the world to deepen the layout of global production resources to respond to the personalized needs of customers in different regions of the world in the long term.
5.5, Guangku Technology: the world's leading manufacturer of lithium niobate modulators,
, the leading manufacturer of optical fiber devices, and one of the three major lithium niobate modulator suppliers in the world. Guangku Technology was founded in 2000 and listed on the GEM in 2017. It is headquartered in Zhuhai and is a high-tech enterprise specializing in the design, R&D, production, sales and service of optical fiber devices, lithium niobate modulation devices and photonic integrated devices. Products are used in fiber lasers, fiber optic communications, data centers, unmanned driving, fiber optic sensing, medical equipment, scientific research and other fields, and are sold to more than 40 countries and regions in Europe, the United States, and Japan. Guangku Technology is one of the only suppliers of core components for submarine long-distance optical networks in the world. In 2020, the company acquired Lumentum's lithium niobate modulator production line and established a photonics integration division to focus on the research and development of optical chips and integrated modules. and industrialization, entering the new field of lithium niobate modulator chips, and is currently one of the three leading companies in the industrialization and scale of ultra-high-speed modulator chips and modules.
has achieved high revenue growth and the industry continues to be booming. The company achieved operating income of 670 million yuan in 2021, a year-on-year increase of 35.8%, net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 120.9%, and a comprehensive gross profit margin of 42.0%. In the first half of 2022, the operating income was 320 million yuan, a year-on-year increase of 2.5%, and the net profit attributable to the parent company was 60 million yuan, a year-on-year increase of 0.6%. The company's gross profit margin in the first half of 2022 was 37.4%, a year-on-year decrease of 4.3pct, and the net profit margin was 18.4%, a year-on-year decrease of 0.4pct.
focuses on the field of optical devices and continues to increase investment in research and development. The company's R&D expenses in 2021 will be 80 million yuan, accounting for 11.6% of operating income, a year-on-year increase of 56.6%. The company has always focused on the field of optical devices, and a number of its independently developed space-grade passive devices were used on "Chang'e-3", "Chang'e-4" and "Chang'e-5". The company has mastered advanced optical fiber device design and packaging technology, lithium niobate modulator chip manufacturing and module packaging technology, high-power device heat dissipation technology, optical fiber device high reliability technology, polarization-maintaining device alignment technology, fiber end-face processing technology, etc. At the international advanced level. As of the end of 2021, the company and its subsidiaries owned a total of 126 intellectual property rights: 11 invention patents, 106 utility model patents, and 9 software copyrights.
lithium niobate investment project is advancing steadily and entering the field of photonic chips. In 2019, the company acquired the assets related to the LiNbO3 (lithium niobate) series high-speed modulator product line of Lumentum Holdings Inc. and its subsidiaries located in SanDonato, Italy, and its foundry in cash; and will raise additional capital of 710 million yuan in 2020. , used for lithium niobate high-speed modulator chip research and development and industrialization projects and to supplement working capital; in October 2020, the company established the Photonics Integration Division and In December 2020, the R&D and industrialization investment project construction of lithium niobate high-speed modulator chips was officially launched, and the layout of dual R&D centers in China and Italy was completed. As of the end of 2021, the main engineering construction of the investment project has been completed and is currently in progress. Decoration, supporting engineering construction and process platform construction are progressing smoothly.
established a lidar division to actively explore market opportunities. The field of lidar is one of the company's important future development directions. In 2021, the company established a lidar division to provide a full range of high-performance, low-cost, and high-reliability lidar companies at home and abroad based on fiber laser 1550nm light source solutions. Optical fiber components, in 2021, completed the compliance certification of the IATF16949 quality certification system necessary to enter the automotive industry supply chain, and independently developed ToF lidar applications Using 1550nm light source module based on Erbium Ytterbium co-doped fiber amplifier. In terms of market layout, the company is actively laying out the FMCW lidar application market. Currently, the company can provide lithium niobate IQ modulators for FMCW lidar. In the future, based on the company's thin film lithium niobate modulator platform, the company will develop applications for FMCW lidar. The integrated light source module of narrow linewidth semiconductor laser and thin film lithium niobate modulator helps the development and marketization of FMCW lidar.
5.6, Juguang Technology: a leading company in laser components, entering the lidar market
a leader in high-power semiconductor lasers.Focuslight Technology was established in Xi'an in 2007 and listed on the Science and Technology Innovation Board in 2021. It is mainly engaged in the research and development of high-power semiconductor laser components ("generating photons") and laser optical components ("regulating photons") in the upstream of the laser industry. Production and sales, currently expanding the R&D, production and sales of photonic application modules and systems in the midstream of the laser industry sales, forming a strategic layout of high-power semiconductor laser components "generating photons", laser optical components "regulating photons", and photon application modules and systems "providing solutions". The company's sales revenue accounts for a relatively high proportion in the fields of solid-state laser pump sources, fiber laser core components, high-end industrial manufacturing, and medical and health care. It is currently expanding into emerging application areas such as intelligent assisted driving, semiconductor integrated circuit chip manufacturing, and display panel manufacturing.
continues research and development and continuously strengthens technical reserves. The company has deployed core technical teams in Xi'an, Dongguan, China, Dortmund, Germany, and San Jose, the United States, and has postdoctoral research workstations. The company's research and development expenses in 2021 were 70 million yuan, accounting for 14.2% of operating income, a year-on-year decrease of 3.0%. The company independently developed the process technology for preparing gold-tin film interface materials, achieved mass production, and entered TSMC's supply chain in 2020. As of December 31, 2021, the company has 113 overseas patents including the United States, Europe, Japan, and South Korea, 119 domestic invention patents, 149 utility model patents, and 32 design patents.
has core capabilities in car-grade automotive applications (lidar), and the project is progressing in an orderly manner. The high-peak power solid-state lidar surface light source that the company began to develop in 2016 has signed a supply contract with automotive customers and has now entered the mass production stage. In 2020, Focuslight Technology has passed the IATF16949 quality management system certification and the German Automobile Industry Association VDA6.3 process audit. It has core capabilities such as automotive-grade lidar transmitter module design, development, reliability verification, and mass production, and has passed the first Automobile mass production projects have accumulated a lot of experience in reliability design and verification. It has reached cooperation intentions or established cooperation projects with many well-known companies in North America, Europe, and Asia, including Velodyne LiDAR and Luminar, a NASDAQ-listed lidar company in the United States, and ArgoAI, a well-known driverless company under Ford, among which lidar line light source products have been Established new product development projects with multiple clients. The company has provided laser radar transmitting modules to the German Continental Group and has entered the mass production ramp-up stage.
5.7, Changguang Huaxin: China's leading semiconductor laser chip
China's leading semiconductor laser chip. Changguang Huaxin was established in Suzhou in 2012 and listed on the Science and Technology Innovation Board in 2022. The company focuses on the semiconductor laser industry. Its core product is semiconductor laser chips. It is committed to high-power semiconductor laser chips, high-speed optical communication semiconductor laser chips, and high-efficiency semiconductor lasers. R&D, production and sales of radar 3D sensing chips and related optoelectronic devices and application systems. The products are widely used in industrial laser pumping, laser advanced manufacturing equipment, biomedicine and beauty, and high-speed Optical communications, machine vision and sensing, etc. Changguang Huaxin is one of the few companies in the semiconductor laser industry with mass production capabilities for high-power laser chips in the world, breaking the dependence on foreign imports of semiconductor laser chips in the upstream core segment of China's laser industry.
In 2020, net profit attributable to the parent company turned a loss into a profit, and revenue and net profit increased rapidly. The company achieved operating income of 430 million yuan in 2021, a year-on-year increase of 73.6%, net profit attributable to the parent company of 120 million yuan, a year-on-year increase of 340.5%, and a comprehensive gross profit margin of 52.8%. In the first half of 2022, the operating income was 250 million yuan, a year-on-year increase of 31.3%, and the net profit attributable to the parent company was 60 million yuan, a year-on-year increase of 24.7%. The company's comprehensive gross profit margin in the first half of 2022 was 53.4%, a year-on-year increase of 0.5pct, and the net profit margin was 23.6%, a year-on-year decrease of 1.2pct.
continues to invest in research and development and continuously strengthens technological innovation. The company's research and development expenses in 2021 are 90 million yuan, accounting for 20.0% of operating income, a year-on-year increase of 42.4%.The company has full-process process technology such as semiconductor laser chip design, epitaxial production, wafer manufacturing, chip processing and packaging testing. The company's core technologies include device design and epitaxial growth technology, FAB wafer process technology, cavity surface passivation processing technology, packaging technology and high-brightness beam combining and optical fiber coupling technology, etc. The company has built a full-process IDM process platform covering chip design, epitaxial growth, wafer processing (photolithography), cleavage/coating, packaging testing, fiber coupling, etc. and 3-inch and 6-inch mass production lines, which are used in a variety of semiconductors Laser chip development has made breakthroughs in a series of key technologies, and it is one of the few companies that develops and mass-produces high-power semiconductor laser chips.
products serve leading customers in the industry and break through core key process technologies. The company has gradually realized the localization of single-tube chips with high power, high reliability, high efficiency and wide wavelength range. The mass production power can reach 30W, the wavelength range covers 808-1064nm, and the electro-optical conversion efficiency reaches 60% to 65%. Product technology The level is in sync with foreign advanced levels. The emitting single-tube chip has been successfully introduced into mainstream laser and laser equipment manufacturers such as Raycus Laser, Max Laser and Han's Laser; the company's high-power bar chip can achieve continuous (CW) 50-250W laser output and quasi-continuous pulse (QCW) 500- 1000W laser output, electro-optical conversion efficiency over 63%, wavelengths include 808, 940nm, widely used in solid-state laser pump sources, serving many national key units.
company's VCSEL series products are used in consumer electronics and lidar, and are expected to open up new growth space. VCSEL has the advantages of high efficiency, good beam quality, high precision, low power consumption, miniaturization, high reliability, fast modulation rate, mass production, and low manufacturing cost. It is the core component of lidar and 3D sensing modules. It is expected to become a necessary component for the next wave of high-tech mainstream. In the field of consumer electronics, VCSEL, as the basic sensor of 3D sensing technology, benefits from the wide application of IoT sensing technology, and its application market scale continues to increase. 3D stereo cameras with VCSEL as the emission source are expected to usher in a new era as the core component of application scenarios. Rapid development. According to the company's prospectus, the company has two major manufacturing processes and product systems, edge-emitting and surface-emitting VCSEL, and has established a domestic full-process 6-inch VCSEL production line. The surface-emitting high-efficiency VCSEL series products developed by the company have passed the process certification of relevant customers. , has currently obtained VCSEL chip mass production orders from relevant customers, and its product application areas have expanded to the fields of lidar and 3D sensing.
5.8, Shijia Photonics: China's leading optoelectronic core chip manufacturer
China's leading optoelectronic core chip supplier. Shijia Photonics was established in Hebi City, Henan Province in 2010 and was listed on the Science and Technology Innovation Board in 2020. The company focuses on the optical communications industry. Its main business includes optical chips and devices, indoor optical cables, and cable materials. It will achieve revenue in 2021 The proportions are 45.4%, 27.6% and 27.1% respectively. Among them, optical chip and device products include PLC splitter chip series products, AWG chip series products, DFB laser chip series products, optical fiber connectors and isolators, which are mainly used in optical fiber access networks, data centers, and 5G bearer optical networks. , backbone network and metropolitan area network and other scenarios; indoor optical cables are mainly used in scenarios such as communication equipment interconnection, indoor introduction and wiring, communication base stations and data centers; cable materials are mainly used Insulation and sheathing materials for communication cables, automobile cables, electronic and electrical cables, power cables and other products. PLC splitter chip ranks first in the global market share. The company released its PLC splitter chip in September 2012 and started mass production in 2013. According to the market size calculations published in the ElectroniCast report, the market share of the company's PLC splitter chip in 2017 and 2018 was 45.4% and 45.4% respectively. 53.9%, the company's PLC splitter chip ranks first in the global market share.
's revenue and net profit have grown steadily, and its product structure has been continuously optimized. The company achieved operating income of 820 million yuan in 2021, a year-on-year increase of 21.7%, net profit attributable to the parent company of 50 million yuan, a year-on-year increase of 31.8%, and a comprehensive gross profit margin of 25.32%. In the first half of 2022, the operating income was 430 million yuan, a year-on-year increase of 18.7%, and the net profit attributable to the parent company was 30 million yuan, a year-on-year increase of 182.7%.The company's gross profit margin in the first half of 2022 was 24.7%, a year-on-year increase of 3.8pct, and the net profit margin was 7.7%, a year-on-year increase of 4.0pct. In terms of products, the company's optical chip and device business achieved revenue of 360 million yuan in 2021, a year-on-year increase of 15.2%. The main reason is that the revenue and proportion of AWG chip series products and DFB chip series products have increased rapidly, and the product structure has been continuously optimized; Indoor optical cables The business achieved revenue of 220 million yuan, a year-on-year increase of 21.8%, mainly due to the construction of domestic and foreign mobile and fixed networks. The acceleration of coverage and application has led to an increase in sales of indoor optical cable products; the cable materials business achieved revenue of 220 million yuan, a year-on-year increase of 36.7%. This was mainly due to the increase in sales revenue of optical cable materials driven by the construction of 5G and data centers. At the same time, the company actively developed automobile New markets such as cable materials and electronic cable materials. From a regional perspective, benefiting from the continued acceleration of the global access network market and data center construction demand, the company's overseas business revenue has maintained growth. In 2021, overseas revenue will be 200 million yuan, accounting for 24.9% of total revenue, a year-on-year increase of 17.1%.
has long-term technical support from the Chinese Academy of Sciences and strong R&D capabilities. In 2021, the company's R&D expenses were 80.008 million yuan, accounting for 9.8% of operating income, a year-on-year increase of 27.0%. It has increased R&D investment around AWG chips and DFB laser chips. According to the company's prospectus, the company has successfully localized more than 20 specifications of PLC splitter chips, successfully developed more than 10 specifications of AWG chips, and achieved independent technology development of the entire process of DFB laser chips. Since December 2010, the company has maintained a long-term and good cooperative research and development relationship with the Institute of Semiconductors of the Chinese Academy of Sciences. The Institute of Semiconductors of the Chinese Academy of Sciences is both a shareholder of the company and has also sent a number of expert consultants to the company to provide long-term and stable technical support to the company and accelerate the company's research and development progress. The research and development directions cover various fields such as passive chips, passive packaging, active chips, active packaging, optoelectronic integration, and other optical devices.
IDM mode controls costs and improves efficiency, expanding from a single PLC chip to a series of passive chips and active chips. In terms of products, the company has expanded horizontally, breaking through from a single PLC splitter chip to a series of passive chips (PLC splitter chips, AWG chips, VOA chips and microlens chips) and active chips (DFB laser chips); manufacturing In terms of aspects, the company has established a full-process IDM business system covering chip design, wafer manufacturing, chip processing, packaging and testing, which is conducive to the company's full exploration of technological potential and the company's first development and implementation of new technologies.
has introduced overseas high-end customers, and its customer structure has been continuously optimized. The company has strengthened its marketing efforts in overseas markets by establishing subsidiaries in the United States, acquiring Heguang Tongcheng, and strengthening its sales team. It has successively opened up well-known customers such as Intel, AOI, and Source Photonics. The company's data center AWG devices have passed Products from well-known customers such as Intel and Source Photonics have been introduced and supplied stably in batches, and overseas business revenue has gradually increased. Actively explore development opportunities in the field of lidar. According to the company's investor relations activity record, the company is developing and exploring light sources with wavelengths near 1550nm, hoping to make breakthroughs in lidar light sources with a wavelength of 1550nm, mainly including 1550nm DFB seed sources, TOF pulse light sources and frequency modulated continuous wave low noise CW light source chips and devices are currently in the sample delivery stage to customers. In addition, the company is also conducting research on amplifiers used in lidar.
(This article is for reference only and does not represent any investment advice on our part. If you need to use relevant information, please refer to the original text of the report.)
Selected report source: [Future Think Tank]. system error
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