Optical chips, also known as photonic integrated circuits, are a new type of optical device based on silicon-based photonic integration technology that uses light waves as carriers to complete information transmission and data processing.
  According to their functions, they can be divided into laser chips and detector chips. Laser chips can be further divided into surface emitting chips and edge emitting chips according to their light output structure. Surface emitting chips include VCSEL chips, while edge emitting chips include FP, DFB, and EML chips; There are mainly two types of detector chips: PIN and APD.
  Decomposing the value of each link in the optical chip industry chain
  Upstream materials and chip manufacturing
  The value is relatively high. Optical chips are the core components of optical modules, accounting for approximately 30% -50% of the total cost of optical modules. The higher the speed, the higher the value proportion.
  Among them, the technical barriers and value of laser chips at the transmitting end are much higher than those of detector chips at the receiving end. The substrate material is the bottom support of the optical chip, accounting for over one-third of the raw material cost of the optical chip.
  The value of electronic chips is also relatively high, especially DSP chips, which account for about 20% of the cost in 800G modules. In addition, the value of optical passive components accounts for about 5%, and Chinese manufacturers have already occupied a certain market share in this field.
  Midstream module packaging
  Mainly for the packaging and manufacturing of optical modules, assembling optical chips, electrical chips, optical devices, etc. into complete optical modules. The technical barriers in this stage are relatively low, accounting for around 20% to 30% of the value.
  Downstream application areas
  It includes the end users of optical modules such as Internet and cloud computing enterprises and telecom operators. The change of downstream market demand affects the sales volume and price of optical modules. However, from the perspective of value distribution of the industrial chain, its value share is lower than that of the upstream and midstream.
  Growth capability of optical chip industry chain enterprises
  The growth capability of a company is the ability to continuously increase its asset size, profitability, and market share in response to changes in the market environment, reflecting the future development prospects of the company.
This article is the "Growth Capability" section of the Enterprise Value Series. A total of 13 optical chip industry chain enterprises were selected as research samples, and composite growth of revenue, non net profit, and operating net cash flow were used as evaluation indicators.
  Data is based on history and does not represent future trends; This is for static analysis only and does not constitute investment advice.
  10th Source Jie Technology
Industry segmentation: discrete devices
Growth capability: Revenue compound annual growth rate of 74.63%, non net profit compound annual growth rate of negative, operating net cash flow compound annual growth rate of 208.97%
Performance forecast: The latest average forecast for net profit is 118 million yuan, and the average forecast for growth rate is 2027.17%
Main products: Telecommunications market is the main source of profit, accounting for 59.29% of the total profit and a gross profit margin of 24.62%
Company Highlights: Yuanjie Technology's products include DFB, EML, and silicon optical chips, which are widely used in fiber to the home, data centers and cloud computing, 5G mobile communication networks, communication backbone networks, and industrial Internet of Things.
  9th Zhaochi Co., Ltd
Industry segmentation: Color TV
Growth capability: Revenue compound annual growth rate of 18.40%, non net profit compound annual growth rate of 3.71%, operating net cash flow compound annual growth rate of -68.05%
Performance forecast: The latest average forecast for net profit is 1.723 billion yuan, with a predicted average growth rate of 7.51%
Main products: Multimedia audio-visual products and operational services are the main sources of profit, accounting for 56.30% of the total profit and a gross profit margin of 13.10%
Company highlights: The products of Zhaochi Ruigu, a subsidiary of Zhaochi, are the core components of the optical communication industry chain and are widely used in high-tech fields such as wired Internet, mobile Internet 5G, data center, AI and the Internet of Things.
  8th Changyingtong
Industry segmentation: Communication cables and supporting equipment
Growth capability: Revenue compound annual growth rate of 50.22%, non recurring net profit compound annual growth rate of 327.10%, and operating net cash flow compound annual growth rate is negative
Performance forecast: The latest average forecast for net profit is 73 million yuan, and the average forecast for growth rate is 306.27%
Main products: Special fiber optic is the main source of profit, accounting for 38.71% of the total profit and a gross profit margin of 80.17%
Company Highlights: Changyingtong's acquisition of Shengyi Sheng can significantly enhance its optical chip processing capabilities, which will help accelerate the landing of the fiber optic gyroscope photon chip business.
  7th Guangli Micro
Industry segmentation: Vertical application software
Growth capability: Revenue compound annual growth rate of 14.50%, non net profit compound annual growth rate of -46.86%, operating net cash flow compound annual growth rate of 122.10%
Performance forecast: The latest average forecast for net profit is 131 million yuan, and the average forecast for growth rate is 63.33%
Main products: Testing equipment and accessories are the main source of profit, accounting for 59.45% of the total profit and a gross profit margin of 52.07%
Company Highlights: LUCEDA, acquired by Guangliwei, is a global leader in the field of silicon optical chip design automation software. It can serve as an anchor for the company's layout in the silicon optical industry, expanding from traditional EDA to PDA.
  6th Kechuan Technology
Industry segmentation: Consumer electronics components and assembly
Growth capability: Revenue compound annual growth rate of 8.21%, non net profit compound annual growth rate of -27.75%, operating net cash flow compound annual growth rate of -5.58%
Performance forecast: The latest average forecast for net profit is 161 million yuan, and the average forecast for growth rate is 141.68%
Main products: Battery functional devices are the main source of profit, accounting for 67.31% of the total profit and a gross profit margin of 17.55%
Company Highlights: Kechuan Technology's main products are battery functional devices, structural functional devices, and optical functional devices. The company jointly initiated the establishment of Yingtelei, mainly engaged in business such as optical communication modules and laser sensors.
  5th Huagong Technology
Industry segmentation: Laser equipment
Growth capability: compound annual revenue growth of 13.57%, compound annual non net profit growth of 9.55%, compound annual operating cash flow growth of -50.82%
Performance forecast: The latest average forecast for net profit is 1.742 billion yuan, and the average forecast for growth rate is 42.69%
Main products: Laser processing equipment and intelligent manufacturing production lines are the main sources of profit, accounting for 42.86% of the total profit and a gross profit margin of 30.97%
Highlights of the company: Huagong Technology is a leading global optical device supplier, targeting Internet manufacturers and super large-scale cloud data centers. The company's products include optical chips, 100G/200G/400G full series optical modules, 800G silicon optical modules, etc.
  4th Guangxun Technology
Industry segmentation: Communication network equipment and components
Growth capability: Revenue compound annual growth rate of 36.49%, non recurring net profit compound annual growth rate of 11.56%, and operating net cash flow compound annual growth rate of negative
Performance forecast: The latest average forecast for net profit is 1.068 billion yuan, and the average forecast for growth rate is 61.56%
Main products: Data and access are the main sources of profit, accounting for 48.95% of the total profit and a gross profit margin of 17.83%
Company Highlights: Guangxun Technology has achieved mass production and application of optical chips, and the company is currently developing optical chips for 400G and 800G optical modules.
  3rd Demingli
Industry segmentation: Digital chip design
Growth capability: Revenue compound annual growth rate of 168.74%, non net profit compound annual growth rate of 1926.54%, and operating net cash flow compound annual growth rate of negative
Performance forecast: The latest average forecast for net profit is 591 million yuan, and the average forecast for growth rate is 68.52%
Main products: Mobile storage products are the main source of profit, accounting for 38.27% of the total profit and a gross profit margin of 24.25%
Company highlights: Demingli's main products are solid-state drives, embedded storage, memory modules, and portable storage. Jiaminli Optoelectronics, in which the company holds shares, is mainly engaged in the research and industrial application of high-speed optical communication chips.
  2nd Sanan Optoelectronics
Industry segmentation: LED
Growth capability: Revenue compound annual growth rate of 14.61%, non net profit compound annual growth rate of negative, operating net cash flow compound annual growth rate of -34.21%
Performance forecast: The latest average forecast for net profit is 997 million yuan, and the average forecast for growth rate is 294.41%
Main products: LED epitaxial chips are the main source of profit, accounting for 64.74% of the total profit and a gross profit margin of 20.56%
Company Highlights: Sanan Optoelectronics' main products are LED epitaxial chips, LED application products, and integrated circuit chips. The optical transceiver chip for the company's 800G optical module application is currently under development.
  First Shijia Photon
Industry segmentation: Communication network equipment and components
Growth capability: Revenue compound annual growth rate of 42.40%, non net profit compound annual growth rate of 172.05%, operating net cash flow compound annual growth rate of -67.49%
Performance forecast: The latest average forecast for net profit is 412 million yuan, and the average forecast for growth rate is 533.77%
Main products: Optical chips and devices are the main source of profit, accounting for 71.56% of the total profit and a gross profit margin of 33.39%
Company Highlights: Shijia Photon's 400G/800G optical modules have been validated by customers and shipped in small quantities using AWG and parallel light components.