Soochow: The high increase in shipments of computing power servers is driving demand for optical modules. Overseas expansion of production automation equipment has become a must-have option.

Soochow released a research report stating that AI giants continue to increase their capital expenditure, and the shipment volume of servers is expected to continue to rise. Optical modules are the core components of computing power scale-out, serving as the core components of optical signal conversion, and are essential for the construction of computing power clusters. The report concludes that with three major development trends of technological upgrades, rapid demand expansion, and overseas expansion of production, the introduction of automation equipment in the optical module field is an inevitable trend. Key points from Soochow: - The demand for AI computing power servers continues to increase, driving the demand for optical modules. - AI giants continue to increase their capital expenditure, and the shipment volume of servers is expected to continue to rise. In November 2025, Google Gemini 3 emerged with breakthrough performance in Benchmark testing, demonstrating superior scoring and multimodal understanding capabilities beyond market expectations. On one hand, 2026 marks the point of mass production for NVIDIA's Rubin architecture; on the other hand, the exceptional performance of Google Gemini 3 has increased market attention on TPU servers, with future prospects for Google TPU servers to shift from internal use to external sales, leading to a continuous increase in shipment volume. - Optical modules are core components of computing power scale-out. Optical communication is essential for building concentrated and efficient computing power clusters, with optical modules serving as core components of optical signal conversion and being essential for the construction of computing power clusters. On one hand, NVIDIA servers will evolve from GB200/GB300 to Rubin architecture, presenting higher signal transmission bandwidth requirements; on the other hand, the expected increase in shipment volume of Google TPU servers will also drive continuous upward revision in demand for optical modules. - Optical modules have been a labor-intensive industry, and technological iteration + overseas expansion have prompted automation demand. - Automation equipment in the optical module field is an inevitable trend, considering the three major development trends of technological upgrades, rapid demand expansion, and overseas expansion. Investment recommendation: The trend towards automation in the optical module industry is significant. Companies with relevant product layouts are recommended. For optical module coupling equipment, recommend focusing on Robotechnik Intelligent Technology; for AOI inspection equipment, recommend focusing on Wuxi Autowell Technology Co., Ltd., Suzhou TZTEK Technology, and Quick Intelligent Equipment; for adhesive equipment, recommend focusing on Bozhon Precision Industry Technology; for automated assembly equipment, recommend focusing on GKG Precision Machine; and for Fiber Array Units (FAUs), recommend focusing on Shenzhen JPT Opto-Electronics. Risk warning: Macroeconomic risks, delays in AI construction progress, and delays in expansion plans of optical module companies.