# InnoLight (300308.SZ)
> 중국 쑤저우 본사의 세계 1위 광트랜시버 기업(중지이노라이트). 800G 점유 ~35%, 1.6T는 50~60% 전망. 엔비디아 800G 증분 주문의 약 60%(에오플링크와 합산)를 차지하고, 매출의 50%+가 엔비디아 GB200 향이다. 2024년 매출 약 $33억(+123%). AI 데이터센터 광연결의 핵심.
Canonical: https://valuechain.wiki/innolight · Updated: 2026-07-12T08:25:23.689787+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 InnoLight의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 42곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 매출 RMB 382.4억 (~$53억, FY2025, +60.25%); 순이익 RMB 108억(+108.78%)
- 고객 집중도: 트랜시버 세계 1위. 엔비디아 GB200 매출 50%+.
- 사업부문: 800G·1.6T 트랜시버, 실리콘포토닉스 모듈

## Annual stock return (as of 2026-07-10)
- 2021: -30.7%
- 2022: -18.3%
- 2023: +253.7%
- 2024: +12%
- 2025: +468.1%
- 2026 YTD: +68.8%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead3 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Airbnb Inc | lead3 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Lockheed Martin | lead3 | +3.2% | +40.5% | -4.3% | +10% | +2.5% | +9.5% |
| RTX | lead3 | +23.3% | +20% | -14.4% | +40.8% | +61.4% | +7.6% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Procter & Gamble | lead3 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 마쓰다 | lead3 | +18.8% | +22.8% | +81.1% | -39% | +17.3% | -3.2% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Disney | lead3 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| 메이퇀 | lead3 | -38.1% | -20.7% | -64.2% | +137.6% | -34.6% | -19% |
| Coupang | lead3 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead3 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 킹소프트 오피스 | lead3 | -41.3% | +16% | -23.7% | +47.1% | +7.6% | -30.2% |
| Dell | lead2 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead2 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| HPE | lead2 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Aurora Innovation | lead2 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| Mercury Systems | lead2 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead2 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 기가바이트 | lead2 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead2 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| SK텔레콤 | lead2 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| 지리자동차 | lead2 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead2 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead2 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead2 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 현대차 | lead2 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Tesla | lead2 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Toyota Motor Corporation | lead2 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead2 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead2 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead2 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead2 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | lead2 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Kratos | lead2 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead2 | · | · | · | · | +1% | -54.6% |
| NVIDIA | lead1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| InnoLight | node | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| Coherent | benef1 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Tower Semiconductor | benef2 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| MACOM | benef2 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 미쓰비시전기 | benef2 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef3 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| ASE테크놀로지 | benef3 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef3 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef3 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef3 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 유니마이크론 | benef3 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef3 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef3 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Eoptolink | benef3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Keysight | benef3 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef3 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef3 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| ABB | benef3 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 페가트론 | benef3 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Luxshare | benef3 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef3 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef3 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 위스트론 | benef3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| BlackRock | benef3 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| BYD일렉트로닉스 | benef3 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |

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 as of 2026-07-10)

## Money in · revenue from (2)
### NVIDIA (high)  → /nvidia.md
- metric: 금액 ¥38.2B · InnoLight FY2025 매출(+60.25%)
- note: 엔비디아 GB200 향 800G·1.6T 트랜시버 공급(매출 50%+).
- [confirms] 증권가(Futubull 인용) (EN, research, published 2026-04-01) https://news.futunn.com/en/post/70946783/innolight-300308-stronger-into-2026-on-1-6t-ramp-and: "이노라이트 FY2025 매출 RMB 382.4억(+60.25%)·순익 RMB 108억(+108.78%); 1.6T·SiPh로 2026 강세"
- [confirms] InnoLight/SZSE (EN, filing, published 2026-03-01) https://www.innolight.com/en: "InnoLight 연차·IR: 800G·1.6T 트랜시버 매출·고객."
- [confirms] IP-Fiber (EN, news, published 2025-11-11) https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply: "엔비디아 800G 증분 주문의 ~60%를 InnoLight·Eoptolink가 차지."
- [confirms] 스마트투데이 (KO, news, published 2025-01-01) https://www.smarttoday.co.kr/ko-kr/articles/85435: "엔비디아 800G 증분 주문의 ~60%를 InnoLight·Eoptolink가 차지."

### 하이퍼스케일러·스위치 (트랜시버) (mid)
- metric: 매출 ~$3.3B · 2024 · 2024 매출(+123%)
- note: 하이퍼스케일러·네트워크 장비사에 광트랜시버 공급.
- [confirms] 글로벌이코노믹 (KO, news, published 2026-03-10) https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1: "트랜시버 세계 1위."

## Money out · pays to (4)
### Lumentum (high)  → /lumentum.md
- metric: 금액 ¥38.2B · InnoLight FY2025 매출(+60.25%)
- note: 트랜시버 핵심 부품 EML 레이저를 Lumentum에서 조달.
- [confirms] IP-Fiber (EN, news, published 2025-11-11) https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply: "InnoLight 트랜시버는 Lumentum EML 레이저를 탑재."

### Coherent (mid)  → /coherent.md
- metric: 금액 ¥38.2B · InnoLight FY2025 매출(+60.25%)
- note: 트랜시버 핵심 부품 EML 레이저를 Coherent에서 조달.
- [confirms] IP-Fiber (EN, news, published 2025-11-11) https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply: "InnoLight 트랜시버는 Coherent EML 레이저를 탑재."

### MACOM (mid)  → /macom.md
- metric: 금액 ¥38.2B · InnoLight FY2025 매출(+60.25%)
- note: 트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.
- [confirms] Converge Digest (EN, news, published 2026-01-01) https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/: "트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달."

### 광부품·소재·조립 (비공개) (low)
- metric: 금액 ¥38.2B · InnoLight FY2025 매출(+60.25%)
- note: 광부품·소재·정밀 조립.
- [confirms] 글로벌이코노믹 (KO, news, published 2026-03-10) https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1: "고속 광모듈 조립."

## 질문별 엔드포인트
- 누가 이노라이트의 고객인가? 이노라이트의 매출은 어디서 오는가? → https://valuechain.wiki/innolight/customers.md
- 이노라이트의 주요 공급사는 어디인가? 이노라이트의 비용은 누구에게 가는가? → https://valuechain.wiki/innolight/suppliers.md
- 이노라이트 주가가 움직이면 누가 수혜를 보는가? 이노라이트의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/innolight/ripple.md
- 증권가가 보는 이노라이트: 목표주가와 투자의견은? → https://valuechain.wiki/innolight/consensus.md

## 이 노드를 다룬 분석 (2)
- [1.6T 광모듈의 돈은 위로 흐른다: 조립이 아니라 레이저가 병목](https://valuechain.wiki/analysis/optical-bottleneck-moves-upstream.md) (2026-07-10)
- [중국은 사슬을 병렬로 복제한다: 제재가 그린 두 번째 지도](https://valuechain.wiki/analysis/china-parallel-ecosystem.md) (2026-06-23)

---
_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._