Double-upgrade to Buy, lift PO to ¥5,500: transceivers, CPO, 6G to drive M-T growth

研报英文原文证据摘录

Double-upgrade to Buy, lift PO to ¥5,500: transceivers, CPO, 6G to drive M-T growth

CPO as additional growth driver

While optical transceivers remain essential for current data center communications, they

face challenges like rising power consumption and latency. We expect demand for test

solutions supporting CPO, which addresses these issues, to begin ramping from FY3/28.

Why CPO matters: improving power efficiency and latency

CPO integrates optical components such as lasers and photodetectors with

semiconductors (ASICs, GPUs) within a single package.

In conventional architectures, data transmission follows the path: semiconductor chips

→ electrical (copper) interconnects → optical modules → optical fibers. However,

electrical interconnects face two key issues: (1) higher current leads to increased heat

generation and power consumption, and (2) long-distance wiring results in greater

latency and signal degradation.

CPO resolves these challenges by shortening the path to: semiconductor + optical

components → optical fiber. This approach (1) significantly reduces electrical

interconnect length between chips and optical components; and (2) assigns long-

distance transmission to optical fiber. As a result, it enables lower power consumption,

reduced latency, and improved signal integrity.

Exhibit 11: Using CPO enables lower power consumption, reduced latency, and improved signal

quality through shorter electrical interconnects and expanded use of optical fiber

Communication systems using optical transceivers (top) vs. CPO-based systems (bottom)

Source: Broadcom, BofA Global Research

BofA GLOBAL RESEARCH

CPO-related test solutions: currently leveraging existing optical digital platforms

As CPO architectures are not yet standardized, Anritsu has not launched dedicated CPO