ZHONGJI INNOLIGHT(300308)2025-01-10 08:52Market Demand and Orders - Strong demand for 800G products in 2025, with robust order growth [3] - No customer order cancellations reported, contrary to market rumors [3] - 800G and 1.6T products expected to ramp up in 2025, with 1.6T starting to scale quarterly [4] Supply Chain and Global Strategy - No evidence of overseas customers reducing reliance on Chinese supply chains [3] - Globalized production strategy with overseas factories matching domestic delivery and yield levels [3] - Tariff concerns addressed through overseas capacity expansion [3] Technology and Product Development - 400G silicon photonics products already in volume production, with 800G silicon photonics expected to ramp up in 2025 [4] - 3.2T products in pre-research phase, with 1.6T expected to scale between 2026-2027 [6] - Continued use of pluggable optical modules for 800G and 1.6T due to stability, reliability, and cost advantages [3] - CPO (Co-Packaged Optics) technology under pre-research and development, with value impact dependent on technical solutions and business models [7] Financial and Market Performance - No extreme price reductions observed in 2025, with cost reduction efforts focused on silicon photonics [8] - Silicon photonics expected to improve cost competitiveness and potentially surpass traditional module usage [9] - Company committed to maintaining investor confidence through strong performance and potential market value protection measures [5] Investor Concerns and Clarifications - Market rumors of 30% order cancellations and supply chain reductions addressed and denied [3] - Concerns about CPO replacing pluggable modules clarified, with both technologies expected to coexist [3] - Delayed delivery of certain cabinets does not impact 800G or 1.6T product schedules [4]