Guohai Securities: From 400G to 1.6T to the future, AOI opens a new space for growth

The Zhitong Finance App learned that Guohai Securities released a research report saying that in 2025, global optical module AOI equipment revenue is about 50.88 million US dollars, and the compound annual growth rate is expected to be 15.0% in 2026-2032. Overseas leaders dominate the high-end market with deep technology accumulation and customer barriers; the domestic production echelon is breaking through at an accelerated pace. The optical module equipment link is driven by both AI production expansion and generational technology upgrades, maintaining the industry's “recommended” rating.

Guohai Securities's main views are as follows:

AI data center bandwidth demand continues to grow, driving optical modules iteratively upgrade from 400G to 800G/1.6T

The complexity of the COB/COC/silicon light/CPO packaging process has increased dramatically, and manual visual inspection can no longer meet the micron manufacturing quality control requirements. AOI has been upgraded from optional equipment on production lines to standard mass production of high-end optical modules. According to GIR (Global Info Research), in terms of revenue, global optical module AOI equipment revenue is about 50.88 million US dollars in 2025, and is expected to reach 441 million US dollars in 2032, with a compound annual growth rate of 15.0% in 2026-2032.

The entire optical module process forms a multi-node AOI quality control system, and the inspection equipment deeply covers PCB incoming materials, chip patching, optical coupling, and finished product appearance processes; 2D and 2.5D/3D layered technology systems have been formed, and integration with AI technology significantly reduces the AOI false alarm rate and expands the ability to identify defects.

The global AOI competition pattern for optical modules is scattered, and overseas leaders have high-end technology and customer barriers

Overseas leaders dominate the high-end market with deep technology accumulation and customer barriers: FiConTec is the leading company for full-process inspection of silicon light, Nordson CyberOptics focuses on 3D imaging technology, and Camtek is deeply involved in advanced packaging inspection; the domestic echelon accelerates breakthroughs: Autoway, Quick Intelligence, Smart Cube, and Shenghao Optoelectronics each form a differentiated advantage in the entire line support, welding integration, and the entire silicon photonics process.

The long-term growth logic of the industry is clear

In the short term, it may benefit from the centralized expansion of 800G/1.6T optical modules. The industry may continue to evolve in the direction of high-precision, multi-station integration, and AI intelligent algorithms. Domestic equipment is expected to continue to achieve import substitution through cost performance and localized services.

Related targets: Unicom Instruments, UFJ Technology, Cree Technology, Huashengchang, Robotec, Keger Precision, Bozhong Seiko, Autoway, 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 market pattern adjustment; 5. Risk of changes in the policy environment.