Wire & cable: Optical devices: Implications of report that JX Advanced Metals will increase its InP substrate capacity

研报英文原文证据摘录

Wire & cable: Optical devices: Implications of report that JX Advanced Metals will increase its InP substrate capacity

Global Markets Research

16 June 2026Wire & cable: Optical devices

EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE

Implications of report that JX Advanced Metals Research Analysts

will increase its InP substrate capacity Japan steel, nonferrous metals, wire & cable

Yuji Matsumoto - NSC

Suggests demand for optical devices could increase further yuji.matsumoto@nomura.com

+81 3 6703 1220

JX Advanced Metals will reportedly raise its InP substrate production capacity by Japan chemicals & textiles

up to 10x Daiki Ban - NSC

On 15 June, the online edition of the Nikkei reported that JX Advanced Metals [5016] daiki.ban@nomura.com

(Neutral) will expand production capacity for indium phosphide (InP) substrates to 7–10x +81 3 6703 1124

the 26/3 level. We have not confirmed the accuracy of the report (see our 16 June 2026

Quick Note JXAdvancedMetals[5016]). InP substrates are a core material for optical

devices, used as light sources for instance in optical transceivers and co-packaged optics

(CPO). Supply/demand conditions have tightened because of increased data center–

related demand and unstable supply of InP substrates from manufacturing facilities in

China due to Chinese export controls. At present, the only suppliers outside China are

Sumitomo Electric Industries [5802] (Buy) and JX Advanced Metals. Sumitomo Electric

Industries is the world's leading producer of InP substrates, which it uses in its own optical

devices and sells to third parties.

Tight supply/demand conditions for InP substrates beneficial for Sumitomo Electric

Industries

We see tight supply/demand balance for InP substrates as significantly more beneficial for