【国金证券】2025年通信行业中期策略报告：算力链长坡厚雪，运营商攻防兼备-250623（31页）.pdf

1、2025/6/23123海外算力链量价齐升：海外算力链量价齐升：光模块量价齐升，服务器出货加快光模块量价齐升，服务器出货加快45Bloomberg223246315323525750152187314273373680401611636527830100015420623928144580011%28%2%63%43%23%68%-13%37%83%52%4%-17%57%20%34%16%18%58%80%-400%-300%-200%-100%0%100%020040060080010001200202020212022202320242025E谷歌META亚马逊微软谷歌-YoYMETA-

2、YoY亚马逊-YoY微软-YoY6Wind697.5995.01366.71568.626.3%29.8%34.1%34.7%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0200.0400.0600.0800.01000.01200.01400.01600.01800.02021202220232024光模块单价（元）光模块毛利率（%）72.694.1101.8228.929.6%8.2%124.8%0%20%40%60%80%100%120%140%0.050.0100.0150.0200.0250.02021202220232024光模块收入（

3、亿元）YoY7Wind28.432.530.385.914.4%-6.7%183.4%-50%0%50%100%150%200%0.010.020.030.040.050.060.070.080.090.0100.02021202220232024点对点光模块收入（亿元）YoY0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%20212022202320241Q25新易盛中际旭创天孚通信8数据来源：Wind，天孚通信公司公告，新浪财经，网易新闻，国金证券研究所供应链公司供应链公司产品产品台积电3D光引擎芯片与Switch芯片的加工与先进封装天孚通信FAU、光引擎波若

4、威FAU、光纤配线盒、保偏光纤准直器Corning（康宁）光纤光缆、shuffle devices、MMC连接器Senko（扇港）MPC连接器Fabrinet交换机的组装与生产Foxconn（富士康）交换机的组装与生产Lumentum激光器Coherent激光器SUMITOMO（住友）激光器芯片SPIL（日月光子公司）封测资料来源：英伟达官网，各公司官网，国金证券研究117852187461,6557449209601,1831,57616.9%17.2%63.8%67.5%0%10%20%30%40%50%60%70%80%02004006008001,0001,2001,4001,6001

5、,80020202021202220232024光有源器件收入（百万元）光无源器件收入（百万元）公司收入YoY9iFindBloombergeBay-40%-20%0%20%40%60%80%100%120%太辰光营业收入YoY康宁光通信Enterprise Network业务收入YoY10WindLightcounting-50%0%50%100%150%200%250%300%350%0.002.004.006.008.0010.0012.002021202220232024营业收入（亿元）净利润（亿元）营业收入YOY（%）近利润YOY（%）0.00%5.00%10.00%15.00%20

6、.00%25.00%30.00%35.00%40.00%45.00%50.00%202020212022202320241Q2025太辰光仕佳光子致尚科技博创科技11Wind3.153.634.403.616.061.592.172.241.852.311.812.212.201.922.190.160.160.200.170.180.002.004.006.008.0010.0012.0020202021202220232024光芯片及器件线缆材料室内光缆其他业务12650 GroupWindifind2.37.10.11.01.03.00.02.04.06.08.010.012.0CY23