Guohai Securities: The accuracy of optical module equipment continues to shift, further opening up space for domestic alternatives

The Zhitong Finance App learned that Guohai Securities released a research report saying that AI computing power is driving the speed upgrade of optical modules, driving the evolution of patch equipment in the direction of high accuracy and high reliability. The eutectic process benefits from increased demand for high-speed optical modules and advanced packaging; the global crystal fixing machine market is expected to grow from 1.66 billion yuan in 2025 to 6.60 billion yuan in 2030, with a compound growth rate of 19.2% from 2026 to 2030. Optical module equipment is driven by both technological upgrades and capacity expansion, and the industry's prosperity is expected to continue to rise. Maintain the “Recommended” rating for the optical module equipment industry.

Guohai Securities's main views are as follows:

AI computing power drives optical module speed upgrades, driving the evolution of patch equipment in the direction of high accuracy and high reliability

As demand for high-speed interconnection in AI data centers grows, the optical module rate continues to be upgraded from 400G to 800G and 1.6T. The patch process is the core process of packaging and testing, and the equipment value accounts for about 20%. High-speed optical modules place higher demands on placement accuracy, thermal management capability, and automation level. Optical chip placement accuracy has been optimized from the traditional ±10 to ±7 μm to ±5 to ±3 μm level.

Solidification and eutectic processes form differentiated application routes. The eutectic process benefits from increased demand for high-speed optical modules and advanced packaging

With the advantages of low cost and high efficiency, the crystallization process is mainly used in low-speed optical chips, electronic chips, etc.; the eutectic process relies on high thermal conductivity and high reliability characteristics, and has become an important packaging method for high-speed optical chips and high-power devices. With the development of next-generation optical interconnection technologies such as CPO and NPO, the eutectic process is expected to extend to advanced packaging scenarios such as multi-chip heterogeneous eutectic crystals and wafer-level micro-welding.

The crystallizer market continues to expand, further opening up space for domestic alternatives

According to Frost & Sullivan's prospectus, the global crystal fixing machine market is expected to grow from 1.66 billion yuan in 2025 to 6.60 billion yuan in 2030, with a compound growth rate of 19.2% from 2026 to 2030. In 2025, the market share of Liqi smart optical module patch equipment reached 20%, ranking first in the world; currently, the localization rate of mid-range and low-end solid crystal equipment is about 70%, while the localization rate of high-end solid/eutectic equipment for 400G/800G/1.6T high-speed optical modules is about 20%. The high-end market still has a lot of room for replacement.

Overseas manufacturers occupy the high-end patch equipment market, and domestic enterprises are speeding up breakthroughs in core indicators

Currently, high-end eutectic patch equipment is still dominated by overseas manufacturers such as ASMPT, MRSI, and FiConTec, and some devices have achieved sub-micron positioning accuracy; domestic manufacturers such as Qiqi Intelligence, Weijian Intelligence, and Bozhong Precision have quickly caught up in terms of processing accuracy, temperature control capability, and multi-process compatibility, and some equipment has reached the leading level of the industry and is gradually entering the 800G/1.6T optical module supply chain.

Domestic equipment companies accelerate growth with technology accumulation and customer introduction, and the long-term growth logic of optical module equipment is clear

In 2025, the global share of Lieqi smart optical module patch equipment reached 20%. High-precision eutectic devices can support COC/COS packaging, and have entered the supply system of leading optical module manufacturers; companies such as Bozhong Seiko and Weijian Intelligence will continue to expand the high-speed optical module market through multi-process compatibility and high-precision equipment layouts. As the construction of AI computing power drives the release of 800G/1.6T optical modules and the evolution of advanced packaging technology such as CPO, the solid/eutectic equipment industry is driven by both technological upgrades and capacity expansion.

Related targets: Unicom Instruments, UFJ Technology, Cree Technology, Huashengchang, Robotec, Keger Precision, Bozhong Seiko, Autoway, Anda Intelligence, Quick Intelligence, Smart Cube, etc.

Risk warning: 1. Risk of technological maturity falling short of expectations; 2. Risk of uncertainty in industrialization implementation; 3. Risk of long early large-scale investment cycles and project execution falling short of expectations; 4. Risk of changes in the policy environment; 5. Risk of intellectual property disputes.