Eoptolink (300502.SZ): Accelerated ramp up of 800G/1.6T optical modules; 2Q26 NI guidance beat; Buy

研报英文原文证据摘录

Eoptolink (300502.SZ): Accelerated ramp up of 800G/1.6T optical modules; 2Q26 NI guidance beat; Buy

Equity Research

20 July 2026 | 8:27AM HKT

Eoptolink (300502.SZ): Accelerated ramp up of 800G/ 1.6T optical

modules; 2Q26 NI guidance beat; Buy

Eoptolink announced 1H26 net income guidance at Rmb7bn~Rmb9bn, suggesting Ting Song

+852-2978-6466 | ting.song@gs.com

2Q26 NI grew 78%~163% YoY to Rmb4.2bn to Rmb6.2bn, with 2Q midpoint NI Goldman Sachs (Asia) L.L.C.

beating our previous estimate by 44%. Management highlights strong demand Allen Chang

growth on rising AI capex spending, and the company’s product mix upgrade +852-2978-2930allen.k.chang@gs.com|

towards high-speed optical modules. We attribute the stronger than expected Goldman Sachs (Asia) L.L.C.

Verena Jengrevenues and NI QoQ growth to improving optics chipset supply and ramp up of the +852-2978-1681 | verena.jeng@gs.com

company’s 800G/ 1.6T optical modules, along with its capacity expansion. We Goldman Sachs (Asia) L.L.C.

expect the shipment and value contribution from 800G+ optical modules continue

to increase in 2H26E, and expansion from scale-out to scale-up/ scale across from

2027E. Maintain Buy with new TP at Rmb633.

800G/ 1.6T optical module ramp up ahead: With improving optics chipset supply

and the company’s capacity expansion, we see shipment ramp up of 800G/ 1.6T

optical modules will drive QoQ revenue growth. Looking into 2H, we expect the

contribution from 1.6T modules and Silicon photonics products to continue to

increase, supported by continuous improvement of chipset supply and rising

demand from clients on 800G+ products. Despite near-term tight industry supply of

optics chips, we expect rising Silicon Photonics penetration and industry capacity

expansion to support shipment ahead.