SZSE · AI optical transceivers · World No.1 (GB200)
InnoLight
A Suzhou-based world #1 optical-transceiver maker (Zhongji Innolight). ~35% of 800G, 50-60% expected in 1.6T. With Eoptolink it took ~60% of NVIDIA incremental 800G orders, and 50%+ of its business is for NVIDIA GB200. 2024 revenue ~$3.3B (+123%). Core to AI-datacenter optical links.
300308.SZ Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, InnoLight is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 42 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · RMB 38.24bn (~$5.3B, FY2025, +60.25%); net profit RMB 10.8bn (+108.78%)
- Customer concentration · #1 in transceivers; NVIDIA GB200 50%+ of revenue.
- Segments · 800G/1.6T transceivers · SiPho modules
Revenue from
- NVIDIA High confidence· Amount ¥38.2B · InnoLight FY2025 매출(+60.25%)
Supplies 800G/1.6T transceivers for NVIDIA GB200 (50%+ of revenue).Confirms EN Analyst (via Futubull) Published Apr 1, 2026: InnoLight (300308) — stronger into 2026 on 1.6T ramp and SiPh mix; 2026 net profit forecast RMB 23bnConfirms EN IP-Fiber (Baudcom) Published Nov 11, 2025: Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G SupplyConfirms KO SmartToday Published Jan 1, 2025: World #1 optical-transceiver maker InnoLight signs Korean distributor - Hyperscalers · switches (transceivers) Medium confidence· Revenue ~$3.3B · 2024 · 2024 revenue (+123%)
Supplies transceivers to hyperscalers and switch makers.Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong
Pays to
- Lumentum High confidence· Amount ¥38.2B · InnoLight FY2025 매출(+60.25%)
Sources EML lasers (core transceiver part) from lumentum.Confirms EN IP-Fiber (Baudcom) Published Nov 11, 2025: Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G Supply - Coherent Medium confidence· Amount ¥38.2B · InnoLight FY2025 매출(+60.25%)
Sources EML lasers (core transceiver part) from coherent.Confirms EN IP-Fiber (Baudcom) Published Nov 11, 2025: Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G Supply - MACOM Technology Medium confidence· Amount ¥38.2B · InnoLight FY2025 매출(+60.25%)
Sources laser drivers/TIAs from MACOM for transceivers.Confirms EN Converge Digest Published Jan 1, 2026: MACOM revenue jumps 23% as AI optical demand accelerates - optical components, materials & assembly (undisclosed) Low confidence· Amount ¥38.2B · InnoLight FY2025 매출(+60.25%)
Optical parts, materials and assembly.Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | 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 |
| Hewlett Packard Enterprise | 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 |
| ASUSTeK Computer | 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 |
| Gigabyte Technology | 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 Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| SK Telecom | 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 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | 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 |
| General Motors | 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 |
| Hyundai Motor Company | 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 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -23.2 |
| Baidu | 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 Defense | 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 Technology | benef2 | +42.3 | -19.6 | +47.6 | +39.8 | +31.8 | +80.1 |
| Mitsubishi Electric | 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 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 0 · Sell 0 · Avg. target ¥1,187 · Price ¥1,093.98 (07-10) · Upside +9%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Allen Chang | Buy | ¥1,187 | Apr 17, 2026 | Report ↗ |
With the optical interconnect market seen growing ninefold by 2027/28, Goldman Sachs raised its target 50% to CNY 1,187 and BofA set CNY 1,650 in June 2026; coverage is unanimously Buy.
Analyses covering this node
- In 1.6T optics the money flows upstream: the bottleneck is lasers, not assembly Jul 10, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026