688498.SH Source Photonics: high-speed laser chips (DFB/EML)

Snapshot

Price

CNY 180

Mkt cap

CNY 15.0B

Revenue

CNY 2.8B

EML/100G+ chip mix

0.45

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Source Photonics Domestic InP laser chip leader (DFB/EML)—400G/800G module upgrade; upstream vs Lumentum/Coherent, downstream to Zhongji. Watch EML ramp, yield, silicon photonics competition.

Business

Model: optical chip IDM/fabless-hybrid. Flagships: 2.5G–100G DFB; 25G/50G/EML high-speed. Edge: IDM yield control, localization. Strategy: expand EML/silicon photonics; raise 100G+ mix.

Value chain

Optical chip upstream to modules/TFC packaging; InP substrates/MOCVD equipment upstream. Concentrated customers; risks: silicon photonics, pricing, yield swings, telco slowdown.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 180	688498.SH · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

Growth optical chip multiple; PE sensitive to EML mix and AI DC demand.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: neutral/solid—IDM expansion raises CapEx; cash still adequate—watch utilization.

Operations

Volume: laser chip shipments; price: high-speed ASP; cost: epitaxy, yield, depreciation.

Key financial points

Key financial points

Item	Value	YoY	Note
FY2024 营收	约 28 亿	+42%	高速芯片
EML	占比提升	高增	800G 驱动
毛利率	约 44%	IDM 属性	良率关键
电信 vs 数通	数通占比升	结构改善	需求分化

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
源杰	DFB/EML	44%	IDM 国产	规模较小
Lumentum	全球激光	40%+	技术	对华竞争
天孚	器件	53%	配套	非芯片
中际旭创	模块	33%	下游	垂直整合风险

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	秦卫星	长期	技术背景
总经理	经营团队	在任	无重大变动
CFO	财务负责人	在任	科创板披露

Stability: Tech-led management; laser chip focus; governance maturing post-IPO.

Outlook

Track EML capacity, 100G+ mix, margins, silicon photonics substitution risk.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. EML revenue mix rising sequentially (AI datacom validation)
2. 100G+ chip gross margin trend
3. Utilization vs expansion depreciation impact
4. Silicon photonics 800G penetration accelerating (falsification risk)
5. Telco orders dragging consolidated growth

References

Issuer / key sources:

• https://www.sourcephotonics.com.cn/
• https://www.sse.com.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.