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KOL 发布韩国 OE Solutions(138080.KS) 研究帖，AAOI/COHR/LITE 仅作为行业对标被提及
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I've been getting a lot of questions about OE Solutions (138080) recently. Here's my research/thoughts so far on it: Th…
不做 138080.KS
KOL 自述持仓且认为目前仍太早(等Q3送样)、风险高、客户与良率未定；韩国小盘股流动性差，属早期画饼阶段，不具备当前交易价值。
不做 AAOI.US
仅为 KOL 研究韩国小盘股 OE Solutions 时的行业对标提及，无针对公司的实质业务催化或新信息。
不做 COHR.US
仅作为 EML 行业玩家被举例提及，无实质催化。
不做 LITE.US
仅作为 EML 行业玩家被举例提及，无实质催化。
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原文全文
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I've been getting a lot of questions about OE Solutions (138080) recently.
Here's my research/thoughts so far on it:
They're a small Korean optical transceiver company, similar to $AAOI.
And they've become one the few EML players in the world (eg. $COHR, $LITE, Mitsubishi, Source, Sumitomo), with scarce 100G EML laser capacity for 800G/1.6T.
OE appears to be trying to make the full transceiver, not just the EML. They also have finished ELSFP CPO products, with UHP CW lasers, which is sampling Q3.
Likewise, OE also seems to be building out the full ELSFP, rather than selling CW laser dies, so that's more market share.
So you can think of it as Korean AAOI but EML instead of CW, and less capacity/qualifications. And playing catch-up to the rest of the world.
However in terms of timelines:
1. 23dBm cooled ELSFP samples start in Q3 2026
2. Sales base for 800G, and 2027 1.6T "full force"
3. Late H2 2027, H1 2028 onward probably their ELSFP enters the volume production.
And it seems they're working on 200G EML capability from their investor snipper 2025 OE IR snippet referenced “100GBaud EML / 200G PAM". This seems promising given their IP/demos.
ELS has just been unveiled recently, sampling starts Q3. 800G/1.6T Optical transceivers are also likely 2027.
So this is basically Korea's sovereign photonics player, playing catchup to $LITE, $AAOI, and the bigger players.
(Disclosure: I have positions in OE Solutions (138080). This is fundamental research for informational purposes, not financial advice).
As for OE solution valuations:
1. Doesn't seem like there's confirmed customers yet for these growth verticals.
2. Probably not many people understood what they're building toward yet.
3. Yields data kinda uncertain
1. Customers: We're actually in a major EML/CW laser shortage, so any independent capacity will be sought after. I personally don't think they'll have a hard time finding customers here. I would assume anything they make might get bought
Here's my research/thoughts so far on it:
They're a small Korean optical transceiver company, similar to $AAOI.
And they've become one the few EML players in the world (eg. $COHR, $LITE, Mitsubishi, Source, Sumitomo), with scarce 100G EML laser capacity for 800G/1.6T.
OE appears to be trying to make the full transceiver, not just the EML. They also have finished ELSFP CPO products, with UHP CW lasers, which is sampling Q3.
Likewise, OE also seems to be building out the full ELSFP, rather than selling CW laser dies, so that's more market share.
So you can think of it as Korean AAOI but EML instead of CW, and less capacity/qualifications. And playing catch-up to the rest of the world.
However in terms of timelines:
1. 23dBm cooled ELSFP samples start in Q3 2026
2. Sales base for 800G, and 2027 1.6T "full force"
3. Late H2 2027, H1 2028 onward probably their ELSFP enters the volume production.
And it seems they're working on 200G EML capability from their investor snipper 2025 OE IR snippet referenced “100GBaud EML / 200G PAM". This seems promising given their IP/demos.
ELS has just been unveiled recently, sampling starts Q3. 800G/1.6T Optical transceivers are also likely 2027.
So this is basically Korea's sovereign photonics player, playing catchup to $LITE, $AAOI, and the bigger players.
(Disclosure: I have positions in OE Solutions (138080). This is fundamental research for informational purposes, not financial advice).
As for OE solution valuations:
1. Doesn't seem like there's confirmed customers yet for these growth verticals.
2. Probably not many people understood what they're building toward yet.
3. Yields data kinda uncertain
1. Customers: We're actually in a major EML/CW laser shortage, so any independent capacity will be sought after. I personally don't think they'll have a hard time finding customers here. I would assume anything they make might get bought
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