Optical communication is a system that transmits information using optical signals as carriers and optical fibers as the transmission medium, employing electro-optical conversion to facilitate data transfer.

Analysis indicates that leading cloud computing providers, both domestically and internationally, are continually ramping up their capital investments, with a particular focus on building computing infrastructure such as AIDC and AI servers. As a pivotal component in the computing industry chain, optical communication continues to benefit from the burgeoning demand in the AI computing sector.

Value Breakdown Across the Optical Communication Industry Chain

Fiber Optic Cable Chain (Transmission Medium)

• Optical Fiber Preform (Preform): Value Proportion ≈ 70%
• Optical Fiber: Value Proportion ≈ 20%
• Optical Cable: Value Proportion ≈ 10%
• Submarine Cable: A High-Value Segment

Optical Module/Device Chain (Core of Electro-Optical Conversion)

• Optical Chips (Core): High-Speed Modules Account for 50%-70%
• Electrical Chips (DSP/Driver): Account for 15%-20%
• Optical Components (TOSA/ROSA): Comprise Over 80% of Optical Device Value
• Optical Module Packaging: Accounts for 10%-15%
• PCB/Structural Parts/Thermal Management: Total ≈ 10%

Downstream Equipment and Applications

• Optical Communication Equipment (OTN/OLT/Routers): Value Proportion 10%-20%
• Data Communication/Computing/5G: Application Scenarios with Dispersed Value

Growth Capabilities of Enterprises in the Optical Communication Industry Chain

Enterprise growth capability signifies an enterprise's capacity to continually expand its asset scale, profitability, and market share in response to changing market conditions, reflecting its prospects for future development.

This article, part of the enterprise value series focusing on [Growth Capability], selects 26 enterprises within the optical communication industry chain as research samples. It employs indicators such as compound revenue growth, compound net profit growth (excluding non-recurring items), and compound growth in operating net cash flow for evaluation.

Data is based on historical performance and does not predict future trends; it is intended for static analysis only and does not constitute investment advice.

10. Accelink Technologies

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 40.71%, compound net profit growth (excluding non-recurring items) of 22.18%, and compound growth in operating net cash flow of 67.36%
• Performance Forecast: The latest mean forecast for net profit is RMB 133 million, with a mean forecast growth rate of 97.87%
• Main Products: Fiber laser devices are the primary source of profit, accounting for 43.02% of profit with a gross margin of 34.32%
• Company Highlights: Accelink Technologies is a core supplier of upstream devices and chips in the optical communication industry chain, particularly deeply involved in key areas such as high-speed optical modules, CPO, and lithium niobate modulators.

9. Demingli

• Industry Segment: Digital Chip Design
• Growth Capability: Compound revenue growth of 126.07%, compound net profit growth (excluding non-recurring items) of 120.77%, and negative compound growth in operating net cash flow
• Performance Forecast: The latest mean forecast for net profit is RMB 878 million, with a mean forecast growth rate of 27.61%
• Main Products: Solid-state drive products are the primary source of profit, accounting for 36.40% of profit with a gross margin of 12.69%
• Company Highlights: Demingli has entered the optical communication industry with VCSEL optical chips as its core, focusing on the synergy between storage and optical interconnects. It is an important participant in the upstream optical chip/CPO track (CPO track) of the optical communication industry.

8. T time (Assuming this is a company name and keeping it as is due to potential specific branding)

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 55.73%, compound net profit growth (excluding non-recurring items) of 82.67%, and compound growth in operating net cash flow of 59.75%
• Performance Forecast: The latest mean forecast for net profit is RMB 418 million, with a mean forecast growth rate of 60.08%
• Main Products: Optical device products are the primary source of profit, accounting for 92.77% of profit with a gross margin of 34.47%
• Company Highlights: T time is a global leader in passive optical devices for optical communication, deeply integrated with the entire optical communication industry chain, particularly occupying a core position in high-density optical connections, CPO, and AI computing.

7. GigaLight

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 47.11%, compound net profit growth (excluding non-recurring items) of 768.50%, and compound growth in operating net cash flow of 0.19%
• Performance Forecast: The latest mean forecast for net profit is RMB 123 million, with a mean forecast growth rate of 32.73%
• Main Products: Optical modules are the primary source of profit, accounting for 99.65% of profit with a gross margin of 30.55%
• Company Highlights: GigaLight is a core enterprise in the optical communication industry chain, specializing in optical communication transceiver modules (optical modules) and serving as a key supplier for the hardware layer of optical communication.

6. InnoLight

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 122.64%, compound net profit growth (excluding non-recurring items) of 138.66%, and compound growth in operating net cash flow of 66.81%
• Performance Forecast: The latest mean forecast for net profit is RMB 10.493 billion, with a mean forecast growth rate of 102.91%
• Main Products: Optical communication transceiver modules are the primary source of profit, accounting for 98.30% of profit with a gross margin of 34.65%
• Company Highlights: InnoLight is a core hardware supplier in the optical communication industry and the biggest beneficiary of AI computing and optical communication upgrades.

5. Eoptolink

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 179.15%, compound net profit growth (excluding non-recurring items) of 317.59%, and compound growth in operating net cash flow of -48.56%
• Performance Forecast: The latest mean forecast for net profit is RMB 9.355 billion, with a mean forecast growth rate of 229.66%
• Main Products: Point-to-point optical modules are the primary source of profit, accounting for 99.73% of profit with a gross margin of 44.88%
• Company Highlights: Eoptolink is a core enterprise in the global optical communication industry chain and a leader in optical modules. It is deeply integrated with optical communication and serves as a core supplier for optical communication infrastructure in the AI computing era.

4. Changxin Bochuang

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 4.30%, compound net profit growth (excluding non-recurring items) of 421.57%, and compound growth in operating net cash flow of 277.29%
• Performance Forecast: The latest mean forecast for net profit is RMB 384 million, with a mean forecast growth rate of 433.38%
• Main Products: Data communication, consumer, and industrial internet markets are the primary sources of profit, accounting for 87.99% of profit with a gross margin of 39.07%
• Company Highlights: Changxin Bochuang is a core device and solution provider in the optical communication field and a key link in the optical communication industry chain.

3. Shengyi Electronics

• Industry Segment: Printed Circuit Boards
• Growth Capability: Compound revenue growth of 43.19%, compound net profit growth (excluding non-recurring items) of 849.00%, and compound growth in operating net cash flow of -18.70%
• Performance Forecast: The latest mean forecast for net profit is RMB 1.58 billion, with a mean forecast growth rate of 375.85%
• Main Products: Printed circuit boards are the primary source of profit, accounting for 81.79% of profit with a gross margin of 19.42%
• Company Highlights: Shengyi Electronics deeply integrates with the optical communication industry by providing high-frequency and high-speed PCBs/substrates for the entire optical communication industry chain. It is a core supplier in areas such as optical modules, high-speed switches, and CPO.

2. Cambridge Industries Group

• Industry Segment: Communication Terminals and Accessories
• Growth Capability: Compound revenue growth of 18.31%, compound net profit growth (excluding non-recurring items) of 74.85%, and compound growth in operating net cash flow of 293.14%
• Performance Forecast: The latest mean forecast for net profit is RMB 266 million, with a mean forecast growth rate of 59.59%
• Main Products: Telecom broadband is the primary source of profit, accounting for 49.84% of profit with a gross margin of 18.79%
• Company Highlights: Cambridge Industries Group is an important supplier of core hardware (high-speed optical modules) for optical communication. Optical modules are its current and future core growth engine, deeply aligned with the optical communication demands of AI computing and data centers.

1. System Information Technologies

• Industry Segment: Communication Network Equipment and Devices
• Growth Capability: Compound revenue growth of 42.40%, compound net profit growth (excluding non-recurring items) of 172.05%, and compound growth in operating net cash flow of -67.49%
• Performance Forecast: The latest mean forecast for net profit is RMB 431 million, with a mean forecast growth rate of 564.22%
• Main Products: Optical chips and devices are the primary sources of profit, accounting for 71.56% of profit with a gross margin of 33.39%
• Company Highlights: System Information Technologies is a core chip and device supplier in the upstream of the optical communication industry chain. It is one of the few domestic enterprises that have integrated both passive and active optical chips and adopted the IDM full-process model.