📊 TrendForceTrendForceQwen · 实盘不做把握 2/10不做原因:无增量信息
北京时间·🕒 发布 08:30:28·⟳ 抓取 08:30:44 +16s·⚡ 决策 09-02 08:32:52 +2m08s·55.6 天前
卓胜微8月26日调研纪要披露光互连战略延伸，硅光工艺进入最后定型阶段
TrendForce报道的8月26日调研纪要内容（光互连战略、硅光定型、SOI产能9000片/月）自2026年3月起已被兴证电子、岗石等多家机构反复覆盖，属于市场已知信息的延迟转述，无新增客户、订单、收入或商业化节点；公司H1亏损3.71亿元且股价持续下行，表明市场已在定价中反映了该战略预期但未获得兑现支撑。
📄 原文TrendForce↗ 原文
[News] RF Chipmaker Maxscend Announces Strategic Expansion into Optical Interconnects
On August 26, Maxscend Technologies disclosed in an investor relations record that the company is strategically extendi…
不做 卓胜微（300782.SZ）
光互连战略自2026年3月起已被市场广泛覆盖（至少6篇券商/研究报告），本次调研纪要无新增客户、订单、收入或商业化里程碑；公司H1亏损3.71亿元，股价距52周高点下跌48%且13周轨迹持续下行，表明叙事已被定价但未获基本面兑现支撑，不构成新增催化
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
卓胜微8月26日调研纪要披露光互连战略延伸和硅光工艺定型进展，但该信息自2026年3月起已被多家券商广泛覆盖（兴证电子、岗石等至少6篇报告），核心逻辑（12寸SiGe+SOI平台卡位硅光制造）为市场共识。本次纪要无新增客户名、订单金额、收入指引或量产时间表。公司H1 2026净亏损3.71亿元（同比-151.53%），射频主业承压，光互连尚处定型阶段无收入贡献。股价距52周高点下跌48%，13周轨迹持续下行，表明市场已对该叙事进行了充分定价后的去泡沫。TrendForce于9月2日转述一周前的公开纪要，不构成新增催化。
主要风险
- 公司H1亏损3.71亿元，射频主业竞争加剧叠加产能建设折旧压力，光互连短期无法贡献收入
- 硅光工艺仍在定型阶段，距量产和客户导入仍有不确定性，市场预期可能继续下修
反向证据
先例如何影响了这次决策
对本次决策的影响:因事件为已知信息的延迟转述且无增量事实，不进入先例定价环节
工具执行结果 · 成功 7 · 降级 0 · 失败 0 · 取消 0
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原文全文
展开原文 · 2,396 字
[News] RF Chipmaker Maxscend Announces Strategic Expansion into Optical Interconnects
On August 26, Maxscend Technologies disclosed in an investor relations record that the company is strategically extending its footprint into the optical interconnect sector. Maxscend is currently advancing both optical and electrical chip businesses in parallel, with its silicon photonics process now in the final qualification stage.
Maxscend stated that this strategic expansion into optical interconnects stems from long-term industry analysis and offers strong synergies with its core RF business.
Technologically, both optical interconnects and RF belong to the high-frequency, high-speed domain. The company’s in-house “Maxscend Process Platform” encompasses specialized processes such as SOI and SiGe, allowing core technical capabilities to be transferred and reused. Operationally, its Fab-Lite model translates smoothly to the optical interconnect segment.
The company highlighted its robust volume production capabilities in SiGe technology, alongside its silicon photonics process reaching the final process design freeze. Designed for emerging applications like optical communications, the specialized SOI and SiGe processes built on its 12-inch wafer line share high underlying technological logic and platform architecture with RF front-end manufacturing.
Since these processes rely on silicon-based heterogeneous integration, they share core manufacturing and integration capabilities, enabling multi-device compatibility on a unified platform.
Rather than a blind cross-industry pivot, this expansion leverages Maxscend’s existing process platforms to branch into optical and electrical ICs. The 12-inch line currently holds an SOI capacity of approximately 9,000 wafers per month, with equipment and capacity adjustments planned progressively alongside new product rollouts.
Beyond optical interconnects, Maxscend is advancing BCD power management process technology as a key initiative for AI data centers and emerging markets. These new vectors—optical chips, electrical chips, and high-performance power management—will run concurrently with its primary RF operations.
From an industry perspective, surging AI compute power is driving demand for high-speed interconnects, prompting chipmaker expansion into optical communications and specialized foundry processes.
(Photo credit: FREEPIK)
On August 26, Maxscend Technologies disclosed in an investor relations record that the company is strategically extending its footprint into the optical interconnect sector. Maxscend is currently advancing both optical and electrical chip businesses in parallel, with its silicon photonics process now in the final qualification stage.
Maxscend stated that this strategic expansion into optical interconnects stems from long-term industry analysis and offers strong synergies with its core RF business.
Technologically, both optical interconnects and RF belong to the high-frequency, high-speed domain. The company’s in-house “Maxscend Process Platform” encompasses specialized processes such as SOI and SiGe, allowing core technical capabilities to be transferred and reused. Operationally, its Fab-Lite model translates smoothly to the optical interconnect segment.
The company highlighted its robust volume production capabilities in SiGe technology, alongside its silicon photonics process reaching the final process design freeze. Designed for emerging applications like optical communications, the specialized SOI and SiGe processes built on its 12-inch wafer line share high underlying technological logic and platform architecture with RF front-end manufacturing.
Since these processes rely on silicon-based heterogeneous integration, they share core manufacturing and integration capabilities, enabling multi-device compatibility on a unified platform.
Rather than a blind cross-industry pivot, this expansion leverages Maxscend’s existing process platforms to branch into optical and electrical ICs. The 12-inch line currently holds an SOI capacity of approximately 9,000 wafers per month, with equipment and capacity adjustments planned progressively alongside new product rollouts.
Beyond optical interconnects, Maxscend is advancing BCD power management process technology as a key initiative for AI data centers and emerging markets. These new vectors—optical chips, electrical chips, and high-performance power management—will run concurrently with its primary RF operations.
From an industry perspective, surging AI compute power is driving demand for high-speed interconnects, prompting chipmaker expansion into optical communications and specialized foundry processes.
(Photo credit: FREEPIK)
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