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Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":3,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":3,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":3,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":3,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":3,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":3,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":3,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design 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":"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":"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":"투자 논점은 AI 데이터센터 광연결의 완성 모듈에서 세계 1위인 지위와 그 엔비디아 편중이다. 800G에서 ~35%, 1.6T에서 50~60%가 예상되는 광트랜시버 1위로, 이오플링크와 합쳐 엔비디아 800G 증분 주문의 약 60%를 가져가고 매출의 50%+가 엔비디아 GB200 향이다 — 2024년 매출이 +123%($33억) 폭증한 것이 그 레버리지다. 다만 완성 모듈의 핵심 광원인 EML 레이저는 루멘텀·코히런트 등 해외 소수 공급사에 의존해(중국 광칩 국산화율 15% 미만), 상류 부품에서 병목이 걸리면 물량이 제약된다. 위험은 매출이 엔비디아 GB200 램프에 크게 연동돼 GPU 사이클·아키텍처 전환에 실적이 출렁이고, 미·중 기술규제가 공급망 리스크로 작동한다는 점이다.","analysis_en":"The thesis is world-No.1 position in finished modules for AI-datacenter optical links and its NVIDIA concentration. As the top transceiver maker (~35% of 800G, 50-60% expected in 1.6T), with Eoptolink it takes ~60% of NVIDIA's incremental 800G orders and 50%+ of its revenue is for NVIDIA GB200 — the +123% ($3.3B) revenue jump in 2024 shows that leverage. But the core light source of finished modules, EML lasers, depends on a few overseas suppliers like Lumentum and Coherent (China's optical-chip localization under 15%), so an upstream-component bottleneck constrains volume. Risks are heavy linkage to the NVIDIA GB200 ramp, so results swing with the GPU cycle and architecture transitions, and US-China tech controls acting as a supply-chain risk.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"amount","unit":"CNY","value":38240000000,"period":"InnoLight FY2025 매출(+60.25%)","qualifier":"company_scale","net_profit_cny":10800000000},"note":"엔비디아 GB200 향 800G·1.6T 트랜시버 공급(매출 50%+).","note_en":"Supplies 800G/1.6T transceivers for NVIDIA GB200 (50%+ of revenue).","sources":[{"stance":"confirms","publisher":"증권가(Futubull 인용)","publisher_en":"Analyst (via Futubull)","kind":"research","lang":"en","published_at":"2026-04-01","url":"https://news.futunn.com/en/post/70946783/innolight-300308-stronger-into-2026-on-1-6t-ramp-and","title":"이노라이트(300308) — 1.6T 램프·실리콘포토닉스 믹스로 2026 강세, 순익 전망 RMB 230억","title_en":"InnoLight (300308) — stronger into 2026 on 1.6T ramp and SiPh mix; 2026 net profit forecast RMB 23bn","excerpt":"이노라이트 FY2025 매출 RMB 382.4억(+60.25%)·순익 RMB 108억(+108.78%); 1.6T·SiPh로 2026 강세","excerpt_en":"InnoLight FY2025 revenue RMB 38.24bn (+60.25%), net profit RMB 10.8bn (+108.78%); stronger 2026 on 1.6T/SiPh"},{"stance":"confirms","publisher":"InnoLight/SZSE","publisher_en":"InnoLight/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.innolight.com/en","title":"InnoLight 회사·IR(선전거래소)","title_en":"InnoLight company/IR (SZSE)","excerpt":"InnoLight 연차·IR: 800G·1.6T 트랜시버 매출·고객.","excerpt_en":"InnoLight annual/IR: 800G/1.6T transceiver revenue and customers."},{"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":"엔비디아 800G 증분 주문의 ~60%를 InnoLight·Eoptolink가 차지.","excerpt_en":"InnoLight and Eoptolink take ~60% of NVIDIA incremental 800G orders."},{"stance":"confirms","publisher":"스마트투데이","publisher_en":"SmartToday","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.smarttoday.co.kr/ko-kr/articles/85435","title":"씨플랫폼, 세계 1위 광트랜시버 이노라이트 총판 계약","title_en":"World #1 optical-transceiver maker InnoLight signs Korean distributor","excerpt":"엔비디아 800G 증분 주문의 ~60%를 InnoLight·Eoptolink가 차지.","excerpt_en":"InnoLight and Eoptolink take ~60% of NVIDIA incremental 800G orders."}]},{"direction":"cost","counterparty":"Lumentum","counterparty_slug":"lumentum","confidence":"high","metric":{"type":"amount","unit":"CNY","value":38240000000,"period":"InnoLight FY2025 매출(+60.25%)","qualifier":"company_scale","net_profit_cny":10800000000},"note":"트랜시버 핵심 부품 EML 레이저를 Lumentum에서 조달.","note_en":"Sources EML lasers (core transceiver part) from lumentum.","sources":[{"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":"InnoLight 트랜시버는 Lumentum EML 레이저를 탑재.","excerpt_en":"InnoLight transceivers use lumentum EML lasers."}]},{"direction":"cost","counterparty":"Coherent","counterparty_slug":"coherent","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":38240000000,"period":"InnoLight FY2025 매출(+60.25%)","qualifier":"company_scale","net_profit_cny":10800000000},"note":"트랜시버 핵심 부품 EML 레이저를 Coherent에서 조달.","note_en":"Sources EML lasers (core transceiver part) from coherent.","sources":[{"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":"InnoLight 트랜시버는 Coherent EML 레이저를 탑재.","excerpt_en":"InnoLight transceivers use coherent EML lasers."}]},{"direction":"cost","counterparty":"MACOM","counterparty_slug":"macom","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":38240000000,"period":"InnoLight FY2025 매출(+60.25%)","qualifier":"company_scale","net_profit_cny":10800000000},"note":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","note_en":"Sources laser drivers/TIAs from MACOM for transceivers.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","excerpt_en":"Sources laser drivers/TIAs from MACOM for transceivers."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·스위치 (트랜시버)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"2024 매출(+123%)","value":3300000000,"period":"2024","basis_en":"2024 revenue (+123%)","qualifier":"approx"},"note":"하이퍼스케일러·네트워크 장비사에 광트랜시버 공급.","note_en":"Supplies transceivers to hyperscalers and switch makers.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"트랜시버 세계 1위.","excerpt_en":"#1 transceiver maker."}]},{"direction":"cost","counterparty":"광부품·소재·조립 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"CNY","value":38240000000,"period":"InnoLight FY2025 매출(+60.25%)","qualifier":"company_scale","net_profit_cny":10800000000},"note":"광부품·소재·정밀 조립.","note_en":"Optical parts, materials and assembly.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"고속 광모듈 조립.","excerpt_en":"High-speed optical-module assembly."}]}]}