深度报告-20230628-山西证券-通信设备光模块行业深度_AI算力爆发在即_光模块迎来确定性高增_34页_4mb

光模块作为光通信产业链中光电转换的核心器件，主要由TOSA（光发射器件）和ROSA（光接收器件）等组成，是电信与数据中心市场的重要组成部分。当前，光模块市场正迎来因AI算力需求爆发而引发的新一轮增长周期，尤其是800G高速模块需求显著提升，北美云厂商订单超预期，叠加中国市场的加速布局。

碲铌锂等高速率模块在参数量增加的情况下训练需求大幅增加，推理侧流量消耗也成为光模块用量的重要阵地。根据测算，ChatGPT等大模型的训练与推理阶段，万亿参数模型所需光模块数量可达百万级别，尤其是在AI迭代周期和云厂商资本开支增加的背景下，需求持续超预期。

As ChatGPT and similar AI models emerge and scale, they require massive computational resources, primarily provided by high-speed GPUs and, consequently, high-density optical modules like 800G. Tech giants such as NVIDIA are driving this trend with advanced systems like DGX GH200, which integrates powerful processors with specialized optical connectors to boost AI training efficiency. This escalation in AI demand directly translates to a surge in optical module consumption.

Additionally, the technological advancements are pushing the industry toward more efficient solutions. CPO (Co-Packaged Optics) integrates optical engines directly with chips, offering significant power reductions (up to 50% in optical links), while LPO (Linear-drive Pluggable Optics) eliminates DSP components, reducing power by an additional 50% and latency. These technologies are crucial for sustainable AI infrastructure, as AI demands unprecedented power efficiency and high throughput.

Internationally, AI-driven optical module adoption is largely centered in the U.S., driven by world-leading cloud players. Their increased spending on GPU-intensive operations accelerates module deployment, cementing North America as the primary market catalyst.

Furthermore, the silicon photonics technologies, leveraging CMOS manufacturing capabilities and performance benefits, are poised to merge with CPO to create next-generation optical interconnects, essential for future high-bandwidth applications. Cooperating closely with hyperscalers has strengthened these companies' market positions against global incumbents, offering opportunities despite ongoing competition.

The overall outlook for optical modules remains highly dynamic and growth-oriented, directly tethered to AI advancement. Companies at the forefront, equipped with advanced technologies and strategic partnerships, stand poised to capitalize on this increase in volume while navigating the evolving competitive landscape.