A-share optical-module leader 800G/1.6T; MSCI:Yes / Northbound:Heavy Q1-Q2 / QFII:Yes / Pool:Core / Priority:Weekly brief + deep-dive / First piece: Cloud-capEx demand, 1.6T ramp, gross margin, customer concentration.
Unpacking the Gap
RMB 13.6bn net profit — but only RMB 1.8bn came back as cash. Innolight's 2026 interim report hides five perception gaps that will determine whether the AI optical‑module story holds. Read the full breakdown.
Research
Can Innolight's 1.6T + silicon photonics scale deliver on 2026–2028 profit expectations? This deep dive unpacks the capital allocation risks behind the H‑share listing, TeraHop, Zhongshi, and incentive schemes — and sets clear falsification triggers. Cautiously overweight, no chase.