Serenity：AI算力需求下激光器厂商或具备更大扩张空间，Lumentum案例值得关注

Serenity：AI算力需求下激光器厂商或具备更大扩张空间，Lumentum案例值得关注

2026-09-07 17:47

ChainThink 消息，9 月 7 日，Serenity 发文称，看好 AI 算力需求下激光器厂商的扩张空间，并指出此前基于 Sivers（SIVE）每年 1 亿颗 CW DFB 激光器产能目标的收入测算仅是示意性模型；

这类企业可进一步向数据中心光通信其他环节扩张。以 Lumentum（LITE）为例，其收购 Cloud Light（可插拔光模块）后，数据中心内潜在服务市场扩大至 5 倍以上；

OFC 演示材料显示，基于 UHP 激光芯片的 ELS 业务可带来约 2 倍 TAM 扩张机会。

Serenity 还称，仅一家 UHP 激光晶圆厂的激光器业务，产能爬坡后年收入规模可达约 50 亿美元；

结合 AAOI 提到的 CPO 激光器约 55%-65% 毛利率，激光器具备较高盈利能力，即使行业扩产仍可能存在供需缺口。

随着 NPO、CPO 及 1.6T 可插拔光模块等周期重叠，激光器厂商有望持续进入新市场，相较长期停留在单一供应链层级的公司，或应获得更高估值溢价。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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