[Soochow Electronics Chen Haijin] How to View the Growth and Valuation Reshaping Space of Changguang Huaxin?

English summary

EML + CW laser chips achieve mass production breakthrough, realizing the industry's shortage dividend. The company has built an IDM system for all categories of optical chips including EML, CW Laser, and VCSEL, achieving full-process self-control from design, wafer manufacturing to packaging and testing, breaking the overseas supply chain monopoly. In EML, the company's 100G EML has achieved stable mass production, filling the domestic high-end mass production gap; 200G PAM4 EML for 1.6T optical modules has completed sampling, with bandwidth exceeding 60GHz, matching mainstream architectures. It is also laying out 100GHz+ single-wavelength 400G EML ahead of time, and synchronizing with overseas giants in pre-research of 3.2T iterative technology. CW chips are iterating toward 200mW+ high-power products, precisely matching high-end rigid demand for silicon photonics and CPO. Continuous launch of high-end products drives product structure upgrade, and simultaneous volume and profit growth drives rapid performance growth, solidifying fundamentals. ...