长光华芯基于化合物半导体全流程IDM 平台，构建了设计、外延、工艺、封测、可靠性等5 大平台能力。多年来，紧跟光通信行业发展持续不断的投入，坚持引进全球行业顶级专家和自主培养高端人才，从学习、到追赶、到平齐行业TOP 水平，先后攻克了多款高端光芯片产品和建设了充足的量产产能，为日益加剧的速率、算力竞争带来源头解决方案，助力解决当前行业各种光芯片供货短缺的痛点。Incidents:
On September 11, the 25th CIOE China International Optoelectronics Expo opened in Shenzhen. Changguang Huaxin participated in the exhibition at the same time in the laser and communications pavilions. The “Guangtong World, Core Future” Changguang Huaxin Optical Communications's new product launch was held at booth 12C61. Vice General Manager Wu Zhenlin unveiled the blockbuster 100G PAM4VCSEL, 70mW DFB and 100mW DFB silicon light source products with PD and iterative upgrades, and the “One-stop IDM Solution for Short-range Interconnect Optical Chips”.
Comment:
Based on the IDM platform for the entire compound semiconductor process, Changguang Huaxin has built five major platform capabilities, including design, epitaxial, process, sealing and testing, and reliability. Over the years, we have closely followed the continuous investment in the development of the optical communication industry, and insisted on introducing top experts in the global industry and independently cultivating high-end talents. From learning, to catching up, to leveling up to the top level of the industry, we have successively conquered a variety of high-end optical chip products and built sufficient mass production capacity, brought source solutions to the increasing competition in speed and computing power, and helped solve the pain points of various optical chip supply shortages in the current industry.
The company has formed a comprehensive and rich communication optical chip product matrix, which can meet the needs of ultra-large data communication. The distance covers VR, SR, DR, FR, etc., and the rate covers single wave 25G, 50G, and 100G.
A full range of products from the five product matrices of EML, DFB, VCSEL, PIN, and APD were exhibited at the CIOE exhibition. Short-range interconnection solution series optical chip products have all been mass-produced:
1) Unprotected 100GPAM4 EML for 100G DR/FR, 400G DR4/FR4, 800G DR8/2*FR4;
2) 70mW and 100mW DFB chips for 400G DR4, 800G DR8, 1.6T DR8, can be used as light sources for silicon light modulators;
3) 50G PAM4 VCSEL/PD for 200G SR4, 400G SR8; 4) 100G PAM4 VCSEL/PD for 400G VR4/SR4, 800G VR4/SR4.
Profit forecasting and investment advice. The company overcame production capacity bottlenecks and achieved operating income of 74.87 million yuan in the second quarter, an increase of 45% over the previous year. However, increased R&D investment, lower prices for industrial optical fiber coupling modules, and credit and asset impairment calculations affected net profit in the first half of the year. According to the interim report, the company's net profit for 2024-2026 is -0.063 billion yuan, 20.1 million yuan, and 44.57 million yuan, respectively (the original forecast was 0.044 billion yuan, 0.082 billion yuan, 0.095 billion yuan). Although the company's short-term performance is poor, the company adheres to the development strategy of “one platform, one fulcrum, horizontal expansion, and vertical expansion”, and is deeply cultivated in the field of III-V optical chips. It has formed four categories and multi-series product matrices composed of semiconductor laser chips, devices, modules and direct semiconductor lasers. Its comprehensive strength in the semiconductor laser industry has been steadily improving, so it maintains a “gain” rating.
Risk warning: risk of loss of performance; risk of technology upgrade iteration; risk of high customer concentration:
Market competition increases risk; risk of downstream recovery and falling short of expectations.
