Innolight (300308 CH): Buy: Dominating the optical interconnect supercycle

研报英文原文证据摘录

Innolight (300308 CH): Buy: Dominating the optical interconnect supercycle

17 July 2026

Equity Research Report

Innolight (300308 CH) EquitiesElectronic Equipment &

Instruments

Buy: Dominating the optical interconnect supercycle China

◆ Key beneficiary of a prolonged optical high-prosperity cycle

MAINTAIN BUY

◆ Speeding up 800G/1.6T optical module shipments; actively

restocking to mitigate supply chain volatility TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

1730.50 781.30◆ Raise our estimates and TP to RMB1,730.50 (from

RMB781.30); maintain Buy SHARE PRICE (CNY) UPSIDE/DOWNSIDE

1169.31 +48.0%

Share price momentum backed by optical supercycle: Innolight’s share price has (as of 15 Jul 2026)

surged 108% in the past four months, outperforming the Wind Semiconductor Index (up

43% during the same period). We attribute this strong momentum to: 1) robust earnings MARKET DATA

momentum, 2) strong downstream AI infrastructure investment with growing Market cap (CNYm) 1,304,055 Free float 46%

procurement of high-end 800G/1.6T modules, and 3) rising confidence in a multi-year Market cap (USDm) 192,657 BBG 300308 CH 3m ADTV (USDm) 4,794 RIC 300308.SZ

optical transceiver supercycle. Looking ahead, we estimate the total optical

interconnect TAM to reach USD58bn by 2027e and USD120bn by 2030e (see AI FINANCIALS AND RATIOS (CNY)

optical interconnect series 1: How many optical transceivers do we need?, 14 May Year to 12/2025a 12/2026e 12/2027e 12/2028e

2026). We believe Innolight, as a global tier-1 optical module supplier, is well positioned HSBC QH EPS 9.72 35.20 59.67 82.26

HSBC QH EPS prev 9.44 22.98 28.94 na

to fully capture the incremental growth opportunities, equipped with leading technology Change (%) 3.0 53.2 106.2 na

know-how and mature mass-production capability.