2026年6月，东山精密（002384.SZ）子公司索尔思光电在跨境运输过程中发生DML光芯片、半成品光模块货品损失，涉事货品市场估值高达2700万美元。消息传出后，市场担忧公司海外云厂商订单交付节奏被打乱，投资者对其海外供应链管控能力的质疑持续升温。
尽管东山精密回应称涉事高价值光模块产品已足额投保货运险，预计可实现全额赔付，短期业绩不受冲击，但这场风波暴露了国内AI硬件厂商出海的供应链安全问题，也让市场再度审视东山精密的核心经营逻辑。
更深层的隐忧在于，东山精密近年光通信与AI硬件领域的核心产能、技术根基均来自对外并购——59.35亿元收购索尔思光电拿下光芯片与高速光模块体系，19亿元收购Multek补齐高端PCB，40亿元收购MFLX获得FPC技术。公司纯内生式底层技术原始攻关、自研突破的能力相对偏弱。
在AI光芯片、光模块赛道高估值透支业绩的行业背景下，高度依赖并购驱动的增长模式能否持续，公司中长期成长与稳定性引发关注。
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