【中泰电子|立讯精密】Optical communication has huge development potential; focus on low-position layout opportunities!

English summary

Optical communication: Sufficient material reserves + clear automation advantages; the optical module logic continues to strengthen. Materials: The company has signed an MOU with Marvell, with sufficient reserves of key materials such as DSP; on July 2, it signed mSAP cooperation memorandums with four PCB manufacturers, with supporting capacity corresponding to 18 million optical modules per year, and adequate preparation for other materials. Cadence: Mass production of 800G and 1.6T products for major customers is expected to begin in small batches in 26H2, with significant incremental contribution expected in 2027. Advantages: The company has highly scarce automated production line capabilities, with clear advantages in efficiency, yield, and production line replication. Copper connection: Rubin backplane copper is progressing smoothly, expected to grow rapidly in Q4; CPC is being verified by multiple customers, with the first major customer expected to mass-produce in 27Q3-Q4. Liquid cooling: 立讯精密's Manifold, UQD&MQD, and liquid cooling Busbar have all entered the NV MGX ecosystem list, and it also has deep cooperation with another North American top customer, with a large expectation gap. …