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Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"agc","name":"AGC","name_en":"AGC","tier":3,"returns_yearly":{"2021":50,"2022":-4.7,"2023":21.5,"2024":-15.8,"2025":32.7,"2026":14.4}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"청두 본사의 광트랜시버 기업(신이성)으로, 800G 점유 40%+로 InnoLight와 함께 엔비디아 800G 증분 주문의 ~60%를 차지하는 AI 데이터센터 광연결의 양대 공급사다. AI 클러스터가 커질수록 GPU를 잇는 고속 광모듈 수요가 폭증하는 구조로, 1.6T 샘플을 엔비디아에 공급하며 2024년 매출 ~$12억(+179%)으로 급성장했고 해외 매출 비중이 94%를 넘는다. 리스크는 EML 레이저(루멘텀·코히런트)와 DSP(브로드컴 사실상 표준)를 상류에 의존한다는 점과 엔비디아·메타(조달 ~20%) 등 소수 고객 집중이다. 그래프상 상류는 EML·DSP 과점 공급사, 하류는 엔비디아·하이퍼스케일러로, AI 광연결 투자 사이클이 실적을 좌우한다.","analysis_en":"A Chengdu-based optical-transceiver maker (Xinyisheng) that, with 40%+ of 800G, shares ~60% of NVIDIA's incremental 800G orders with InnoLight — one of the two big suppliers of AI-datacenter optical links. As AI clusters grow, demand for the high-speed optical modules linking GPUs explodes; it shipped 1.6T samples to NVIDIA, grew 2024 revenue to ~$1.2B (+179%), and gets 94%+ of sales overseas. Risks are upstream dependence on EML lasers (Lumentum, Coherent) and DSPs (Broadcom the de facto standard), and concentration in a few customers like NVIDIA and Meta (~20% of procurement). Upstream on the graph are the EML/DSP oligopoly suppliers; downstream are NVIDIA and hyperscalers, so the AI optical-link investment cycle drives results.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"supply_share","unit":"%","as_of":"2025-11-11","value":60,"period":"2025","qualifier":"combined_with_innolight"},"note":"엔비디아에 800G·1.6T 트랜시버 공급(InnoLight와 800G 증분 60%).","note_en":"Supplies 800G/1.6T transceivers to NVIDIA (60% of incremental 800G with InnoLight).","sources":[{"stance":"mentions","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2026-05-21","url":"https://news.nate.com/view/20260521n07014","title":"[광반도체 혁명] '광통신 제국' 노리는 중국","title_en":"China's bid for an optical communications empire","excerpt":"중지쉬촹과 신이성이 1.6T·400G 이상 고속 광모듈과 CPO·LPO 개발에 앞장서며 글로벌 클라이언트 확보에 주력한다.","excerpt_en":"InnoLight and Eoptolink lead 1.6T/400G+ modules and CPO/LPO development, focusing on global clients."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2026-03-13","url":"https://www.thelec.kr/news/articleView.html?idxno=58033","title":"엔비디아발 CPO…국내 소부장 수주, 이노라이트·이오플링크","title_en":"NVIDIA CPO push; InnoLight and Eoptolink lead transceivers","excerpt":"이오플링크·InnoLight가 엔비디아 800G 증분 주문 ~60% 차지.","excerpt_en":"Eoptolink and InnoLight take ~60% of NVIDIA incremental 800G orders."},{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"이오플링크·InnoLight가 엔비디아 800G 증분 주문 ~60% 차지.","excerpt_en":"Eoptolink and InnoLight take ~60% of NVIDIA incremental 800G orders."},{"stance":"confirms","publisher":"IP-Fiber","publisher_en":"IP-Fiber (Baudcom)","kind":"news","lang":"en","published_at":"2025-11-11","url":"https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply","title":"엔비디아 주문 급증: 이노라이트·이옵토링크가 800G 공급 60% 장악","title_en":"Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G Supply","excerpt":"InnoLight와 Eoptolink가 엔비디아 추가 800G 광모듈 주문의 60%를 차지, GB200 서버 800G LPO 주문의 20% 점유.","excerpt_en":"InnoLight and Eoptolink capture 60% of NVIDIA's additional 800G optical module orders; Eoptolink holds 20% of 800G LPO orders in GB200 servers."}]},{"direction":"cost","counterparty":"Lumentum","counterparty_slug":"lumentum","confidence":"high","metric":null,"note":"트랜시버용 EML 레이저를 Lumentum에서 조달.","note_en":"Sources EML lasers from lumentum.","sources":[{"stance":"confirms","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"EML 시장은 루멘텀·코히런트·미쓰비시·브로드컴·스미토모 5사 과점이며 200G/레인 EML은 루멘텀이 선두.","excerpt_en":"Five companies dominate the EML market: Lumentum, Coherent, Mitsubishi, Broadcom and Sumitomo, with Lumentum the front-runner for 200G/lane EMLs."},{"stance":"mentions","publisher":"트레이딩키","publisher_en":"TradingKey","kind":"news","lang":"ko","published_at":"2026-04-11","url":"https://www.tradingkey.com/kr/analysis/stocks/us-stocks/261770155-lumentum-cpo-lite-dram-tradingkey","title":"2028년까지 예약된 루멘텀의 수주","title_en":"Lumentum booked out to 2028","excerpt":"루멘텀 수주 잔고는 2028년까지 가득 찰 전망이며 엔비디아가 20억달러 전략 투자를 단행, 중국 광모듈 빅3(이옵토링크 포함)가 상승했다.","excerpt_en":"Lumentum's backlog is expected full through 2028; NVIDIA made a $2bn strategic investment, lifting China's optical Big 3 including Eoptolink."},{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"트랜시버에 Lumentum EML 탑재.","excerpt_en":"Transceivers use lumentum EMLs."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·데이터컴 (트랜시버)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"2024 매출(+179%)","value":1200000000,"period":"2024","basis_en":"2024 revenue (+179%)","qualifier":"approx"},"note":"하이퍼스케일러에 800G·1.6T 모듈 공급.","note_en":"Supplies 800G/1.6T modules to hyperscalers.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-25","url":"https://www.g-enews.com/article/Securities/2026/03/20260325092247952344093b5d4e_1","title":"엔비디아 광트랜시버 6조 투자에 광통신주 급등","title_en":"Optical stocks surge on NVIDIA $6T-won transceiver investment","excerpt":"AI 광연결 수요로 매출 급증.","excerpt_en":"AI optical-link demand drives revenue."}]},{"direction":"revenue","counterparty":"메타 (하이퍼스케일러)","counterparty_slug":"meta","confidence":"mid","metric":{"type":"procurement_share","unit":"%","as_of":"2025-08-19","value":20,"period":"2025H1","qualifier":"media_estimate"},"note":"북미 하이퍼스케일러 딥 바인딩: 중국 매체 추정 메타 조달 비중 약 20%. 2025 상반기 해외 매출 비중 94.4%(수출 98.6억위안).","note_en":"Deep binding with North American hyperscalers: Chinese media estimate Meta at ~20% of procurement; overseas sales were 94.4% of H1 2025 revenue (CNY 9.86bn).","sources":[{"stance":"mentions","publisher":"증권시보","publisher_en":"Securities Times (STCN)","kind":"news","lang":"zh","published_at":"2025-08-25","url":"https://stcn.com/article/detail/3262520.html","title":"신이성 상반기 실적 355% 폭증, 수출 90% 상회","title_en":"Eoptolink H1 results surge ~355%, exports >90%","excerpt":"海外营收占比达94.4%，境外销售金额98.60亿元。","excerpt_en":"Overseas revenue reached 94.4% with overseas sales of CNY 9.86bn."},{"stance":"confirms","publisher":"신랑재경","publisher_en":"Sina Finance","kind":"news","lang":"zh","published_at":"2025-08-19","url":"https://finance.sina.com.cn/roll/2025-08-19/doc-infmpqic6037502.shtml","title":"중지쉬촹 vs 신이성, 광모듈 1위는?","title_en":"InnoLight vs Eoptolink: who leads optical modules?","excerpt":"Meta采购占比达20%，微软订单额提升超50%。","excerpt_en":"Meta accounts for 20% of procurement; Microsoft order value rose more than 50%."}]},{"direction":"cost","counterparty":"Coherent","counterparty_slug":"coherent","confidence":"mid","metric":null,"note":"트랜시버용 EML 레이저를 Coherent에서 조달.","note_en":"Sources EML lasers from coherent.","sources":[{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"트랜시버에 Coherent EML 탑재.","excerpt_en":"Transceivers use coherent EMLs."}]},{"direction":"cost","counterparty":"브로드컴 (DSP)","counterparty_slug":"broadcom","confidence":"mid","metric":{"type":"component_supply","unit":null,"as_of":"2025-09-13","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"800G/1.6T 모듈용 DSP 조달: DSP는 브로드컴·마벨 과점이고 엔비디아 공급망에선 브로드컴 DSP가 사실상 표준. 1.6T 제품에 최신 3nm DSP 적용을 IR에서 확인.","note_en":"DSP procurement for 800G/1.6T modules: a Broadcom-Marvell duopoly where Broadcom is the de facto standard in NVIDIA's chain; IR confirms latest 3nm DSPs in 1.6T products.","sources":[{"stance":"confirms","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"DSPs are effectively a duopoly between Broadcom and Marvell — Broadcom's DSP is the standard in NVIDIA's supply chain, used by Chinese module makers.","excerpt_en":"DSPs are effectively a duopoly between Broadcom and Marvell; Broadcom's DSP is the standard in NVIDIA's supply chain."},{"stance":"confirms","publisher":"쥐차오정보망","publisher_en":"CNINFO (SZSE disclosure)","kind":"ir","lang":"zh","published_at":"2025-09-13","url":"http://static.cninfo.com.cn/finalpage/2025-09-13/1224659042.PDF","title":"신이성 투자자관계 활동기록표(2025-006)","title_en":"Eoptolink IR Activity Record (No. 2025-006)","excerpt":"公司与上游芯片厂商均保持着良好的合作关系……采用最新一代 3nm DSP。","excerpt_en":"The company maintains good relationships with upstream chip vendors… adopting latest-generation 3nm DSPs."}]},{"direction":"cost","counterparty":"광부품·소재·조립 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광부품·소재·조립.","note_en":"Optical parts, materials, assembly.","sources":[{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"고속 광모듈 조립.","excerpt_en":"High-speed optical-module assembly."}]}]}