Tianfeng Securities: Domestic related enterprises are expected to benefit from the acceleration of large-scale applications of optoelectronic integration

The Zhitong Finance App learned that Tianfeng Securities released a research report saying that CPO technology has the advantages of reducing signal attenuation, power consumption, cost, and achieving high integration, and is widely used in data centers, artificial intelligence, etc. Silicon optical technology is expected to achieve low cost due to its high degree of integration and compatibility with CMOS processes, and has become the main technology path for CPO. AI is driving the growth of the CPO market. The market size is expected to reach 2.6 billion US dollars by 2033, and all links in the industrial chain need to develop collaboratively. Many domestic manufacturers are actively deploying CPO technology, and related enterprises are expected to benefit.

The main views of Tianfeng Securities are as follows:

The advantages of CPO technology are obvious, and the silicon light route has become its main technical path

CPO technology co-packages the ASIC chip and optical engine on the same high-speed motherboard to reduce signal attenuation, reduce system power consumption, reduce costs, and achieve high integration, and can be used in data centers, high-performance computing, artificial intelligence, and virtual reality. Due to its high degree of integration and CMOS process compatibility, silicon optical technology is expected to achieve low cost, becoming the main path for CPO technology implementation.

The CPO market space is broad, and development requires industrial chain collaboration

Driven by AI, the CPO market is expected to grow rapidly. Yole expects the CPO market to reach 2.6 billion US dollars by 2033. Major chip manufacturers are setting up the CPO field one after another. The industry is in full bloom, and there are many links in the CPO industry chain. Future development still requires collaboration among all parts of the industrial chain.

Major overseas manufacturers lead the development of the CPO industry

Currently, demand for CPO is mainly concentrated overseas, and major overseas manufacturers are scrambling to deploy CPO technology. Broadcom has delivered the industry's first 51.2 TCPO Ethernet switch, Bailly; Marvell integrated CPO technology into next-generation custom XPU to improve AI server performance; TSMC launched the COUPE platform, which has successfully integrated CPO with advanced semiconductor packaging technology; Nvidia has accelerated the CPO technology process and unveiled 3 CPO switches at the GTC conference.

Domestic manufacturers actively deploy CPO technology

Domestic manufacturers are actively engaged in technology development and product layout. Zhongji Xuchuang, Xinyisheng, Tianfu Communications, and Guangxun Technology have all been deployed in the CPO technology field; Taichen Light has a polarization-maintaining MPO and optical flexible board; Yuanjie Technology and Shijia Photonics have all deployed high-power CW light sources; FTeCicon, a subsidiary of Robocon, has laid out silicon optical coupling and packaging equipment; Ruijie Network has released industry-leading CPO switches.

Recommended attention: Zhongji Xuchuang, Xinyisheng, Tianfu Communications, Taichenguang, Yuanjie Technology (joint coverage with the electronics team), Shijia Photonics, Guangxun Technology, Robotec, Ruijie Network.

Risk warning: risk of AI application development falling short of expectations; risk of technology development falling short of expectations; risk of increased market competition; risk of international trade friction