【券商聚焦】招银国际:可插拔光模块和NPO在可预见的未来仍将是关键部署路径

金吾财讯
Jun 11

金吾财讯 | 招银国际表示,该机构注意到SemiAnalysis于6月9日发布文章讨论了两项潜在部署延期:1)共封装光学(CPO);2)英伟达800VDC架构。该文章引发市场讨论,并对AI基础设施相关标的造成压力,尤其是光通信、功率半导体和数据通信互连供应商。该机构认为这篇文章更应被理解为节奏重置,而非需求重置。光通信方面,其结论与该机构此前观点基本一致:CPO大规模采用最早也要到2027年末以后,而可插拔光模块和NPO在可预见的未来仍将是关键部署路径,继续利好国内领先光模块供应商,包括中际旭创(300308 CH,买入)和新易盛(300502 CH,未评级)。供电方面,该机构尚未看到明确证据表明更广义的HVDC采用正在延后;潜在推迟似乎更集中于英伟达单端800VDC架构,而用于超大云厂商ASIC平台的±400VDC仍按计划推进。这一区分对该机构覆盖的英诺赛科(2577 HK,买入)尤为重要,公司近期机会更紧密地与±400VDC和ASIC侧电源架构相关,例如与Google的合作,而非单纯依赖英伟达单端800VDC。鉴于短期基本面仍保持稳健,该机构重申对中际旭创和英诺赛科的“买入”评级。

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