2026-03-26 · 供应链分析

分析光收发器PCB供应链瓶颈受益公司，认为激光器瓶颈更具吸引力

涉及标的： $2316 $2368 $3037 $4958 $AVGO $COHR $LITE $MTSI $SANM $SIVE $TSEM $TTMI

中文翻译

所以如果你们关心EML/CW激光器之外的第二个光收发器(optical transceiver)瓶颈： - $SANM（美国） - $TTMI（美国） - WUS Printed Circuit（证交所代码:2316） - Unimicron（证交所代码:3037） - Zhen Ding Tech（证交所代码:4958） - Gold Circuit Electronics（证交所代码:2368）这些公司是光收发器PCB瓶颈的赢家。还有一些下游玩家如FIC Global也受益，不过他们更多是做组装而非晶圆厂。其他公司如Unimicron规模太大，还有ABF基板等其他业务板块，可能感受不到太大差异。美国公司的机会主要来自供应链回流美国，虽然中国和台湾玩家是主要受益者。 $AVGO的表述： “台湾和中国的PCB供应商都面临产能限制，导致了延迟，”Ramachandran说，但没有点名具体供应商。我目前没有任何这些股票的多头仓位。我可能是错的，但我认为激光器瓶颈（$LITE、$SIVE、$MTSI、$COHR、Sumitomo）在光学供应链中对结构性重新定价更有吸引力。

英文原文

So if you care about the second optical transicever bottleneck outside of EML/CW Lasers: - $SANM (US) - $TTMI (US) - WUS Printed Circuit (TPE: 2316) - Unimicron (TPE: 3037) - Zhen Ding Tech (TPE: 4958) - Gold Circuit Electronics (TPE: 2368) Were winners for the optical transceiver PCB bottleneck. There's some downstream players like FIC Global that benefits, not so much as a Fab but assembly. Others like Unimicron are likely too large with other segments like ABF substrates to feel much of a difference. US plays are more-so from reshoring to US supply chains, even though Chinese and Taiwanese players were main beneficaries. $AVGO quote: "Both Taiwanese and Chinese PCB suppliers are facing capacity limits, contributing to the delays, Ramachandran said, without naming the suppliers." I have no open long positions in any of these right now. I could be wrong, but I felt laser chokepoints ( $LITE, $SIVE, $MTSI, $COHR, Sumitomo) in optical supply chains to be much more compelling for structural re-rating.

在 X 上查看原推 ↗