国联证券：国产高端光模块集中亮相OFC2023 建议关注中际旭创(300308.SZ)等

Zhitong Finance · 03/10 15:38

智通财经APP获悉，国联证券发布研究报告称，从国产光模块产品参展情况看，国内企业积极布局1.6T、800G和400G ZR等高端产品成效显著。200G相关光电芯片产品的亮相，使得1.6T可插拔光模块的竞争力进一步增加。同时国内企业积极采用新技术和新器件，开始在低成本、低功耗方面引领产业方向。推荐：产品领先的中际旭创(300308.SZ)、新易盛(300502.SZ)、联特科技(301205.SZ)，聚焦800G高速光引擎产品的天孚通信(300394.SZ)，国内稀缺的薄膜铌酸锂调制器制造商光库科技(300620.SZ)。

事件：OFC是全球光电光通讯展览中最重要的活动。当地时间3月5-9日，第48届光网络与通信研讨会及博览会(Optical Fiber Communication Conference &Exposition，OFC 2023)在美国加州圣地亚哥会展中心举办。国产1.6T、800G、400G相干光模块等先进产品集中亮相。

国联证券主要观点如下：

国内企业积极布局800G和1.6T光模块

目前800G和1.6T光模块是最先进的数据中心光通信产品，中国光通信企业的积极布局相关的芯片和光模块产品，继续保持领先优势。中际旭创、新易盛、光迅科技、剑桥科技、联特科技等在会场展示了1.6T和800G光模块产品。

200G光电器件支持1.6T可插拔光模块产业发展

MACOM推出每通道226Gbps技术产品系列，可以支持开发1.6T光模块。该产品系列包括跨阻放大器(TIA)MATA-40734和MATA-40736、外部调制激光器(EML)驱动器MAOM-11112和光电二极管MARP-BP112。国内光芯片供应商索尔思演示了单波200G PAM4 EML激光器，可以满足4通道800G和8通道1.6T光模块需求。

低成本、低功率需求加速新技术引入

为有效控制800G和1.6T光模块的成本和功耗，光模块厂商积极采用新架构和新器件。新易盛和联特科技都推出了采用薄膜铌酸锂(TFLN)调制的800G产品，其中新易盛最新的基于薄膜铌酸锂(TFLN)调制器的800G OSFP DR8模块搭配集成TIA的5纳米DSP芯片，功耗仅为11.2W，处于行业领先地位，为800G光模块树立了新的标准。

相干下沉趋势明显，400G ZR产品集中发布

华工正源现场发布Demo 400G ZR/ZR+/ZR+Pro系列相干光模块。中际旭创也在OFC 2023上推出400G ZR和400G ZR+ QSFP-DD相干收发模块，该产品完全符合QSFP-DD MSA、CMIS和OIF OpenZR plus标准，支持长达500公里的传输。

风险提示：下游客户需求不及预期风险，新产品导入不及预期风险，竞争加剧导致价格战风险。

Zhitong Financial APP learned that Guolian Securities issued a research report saying that from the exhibitors of domestic optical module products, domestic enterprises have achieved remarkable results in actively laying out high-end products such as 1.6T, 800G and 400G ZR. With the appearance of 200G related optoelectronic chip products, the competitiveness of 1.6T pluggable optical module is further increased. At the same time, domestic enterprises actively adopt new technologies and devices, and begin to lead the industry in low cost and low power consumption. Recommendation: the leading products of 300308.SZ, 300502.SZ and 301205.SZ, Tianfu Communications (300394.SZ) focusing on 800G high-speed optical engine products, and Optical Library Technology (300620.SZ), a domestic scarce thin film lithium niobate modulator manufacturer.

Events:OFC is the most important event in the global optoelectronic communication exhibition. The 48th Optical Network and Communications Seminar and Expo (Optical Fiber Communication Conference & Exposition,OFC 2023) was held at the San Diego Convention and Exhibition Center in San Diego, California, from March 5 to 9, local time. Domestic 1.6T, 800G, 400G coherent optical modules and other advanced products focused on the debut.

The main points of Guolian Securities are as follows:

Domestic enterprises actively layout 800G and 1.6T optical modules

At present, 800G and 1.6T optical modules are the most advanced data center optical communication products. Chinese optical communication enterprises continue to take the lead in the active layout of related chips and optical module products. Zhongji Xuchuang, Xinyi Sheng, Optical Technology, Cambridge Technology, Liante Technology and so on displayed 1.6T and 800G optical module products at the venue.

200G optoelectronic devices support the development of 1.6T pluggable optical module industry

MACOM introduces a product line of 226Gbps technology per channel, which can support the development of 1.6T optical modules. The product family includes transimpedance amplifiers (TIA) MATA-40734 and MATA-40736, externally modulated laser (EML) driver MAOM-11112 and photodiode MARP-BP112. Solth, a domestic optical chip supplier, demonstrated a single-wave 200G PAM4 EML laser, which can meet the needs of 4-channel 800G and 8-channel 1.6T optical modules.

Low cost and low power demand accelerate the introduction of new technologies

In order to effectively control the cost and power consumption of 800G and 1.6T optical modules, optical module manufacturers actively adopt new architectures and new devices. Both Xinyi Sheng and Liante Technologies have launched 800G products using thin film lithium niobate (TFLN) modulation. The latest 800G OSFP DR8 module based on thin film lithium niobate (TFLN) modulator with a 5 nm DSP chip integrated with TIA consumes only 11.2W, which is a leading position in the industry and sets a new standard for 800G optical modules.

Coherent sinking trend is obvious, 400g ZR products are released centrally.

Huagong Zhengyuan released Demo 400G ZR/ZR+/ZR+Pro series coherent optical modules on the spot. Zhongji Xuchuang also launched 400G ZR and 400G ZR+ QSFP-DD coherent transceiver modules on OFC 2023, which are fully compliant with QSFP-DD MSA, CMIS and OIF OpenZR plus standards and support 500km transmission.

Risk Tips:Downstream customer demand is lower than the expected risk, the introduction of new products is less than the expected risk, and the intensification of competition leads to the risk of price war.

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国联证券：国产高端光模块集中亮相OFC2023 建议关注中际旭创(300308.SZ)等

Guolian Securities: High-end domestic optical modules will be showcased intensively at OFC2023, and it is recommended to focus on Zhongji Xuchuang (300308.SZ), etc.