Analysis of the Strong Performance of Accelink Technologies (300620) and Insights into the CPO Industry Chain

Accelink Technologies (300620) entered the strong stock pool, with the CPO concept sector leading the rise (+6.63%). The company hit the daily limit up, with a turnover of 6.545 billion yuan and a turnover rate of 19.11%[0]. Core driving factors include: explosive demand for AI computing power driving a surge in demand for optical modules (core components of CPO), North American cloud giants (Nvidia, Google, etc.) increasing investment in AI infrastructure, and 800G/1.6T high-speed optical modules entering the volume release cycle[0].

1. Financial and Product Structure
   : H1 2025 revenue was 3.208 billion yuan, with a gross margin of 30.19%. R&D investment was 1.017 billion yuan (accounting for 31.59% of revenue), focusing on silicon photonics technology[0]. The net operating cash flow was -347 million yuan, mainly due to a sharp increase in capital expenditure caused by capacity expansion[0].
2. Customers and Supply Chain
   : The top five customers accounted for 85% of revenue, including leading cloud vendors such as Nvidia, Google, and Amazon[0]. In terms of supply chain, MT ferrules rely on imports (over 60% from the US), and localization rate needs to be improved[0].

The CPO concept sector ranked among the top gainers, driving related sectors such as optical fiber and cable (+4.19%) and optical communication (+3.89%) to strengthen[0]. The technology evolution path is transitioning from traditional pluggable optical modules to CPO packaging and silicon photonics alternative solutions, and currently, 800G/1.6T high-speed optical modules are entering the volume release cycle[0]. Among the segmented links, chip design (gross margin of over 50%) and electrical chip manufacturing (over 30%) are high-value links[0].

1. Supply Chain Risk
   : High dependence on imported MT ferrules, insufficient localization rate[0];
2. Financial Risk
   : High customer concentration (top five account for 85%), negative operating cash flow[0];
3. Technology Iteration Risk
   : Silicon photonics technology may impact traditional CPO demand, and industry competition intensifies[0];
4. Overcapacity Concern
   : Global optical module capacity is growing rapidly, and utilization rate may drop to 60%-70% in 2025[0].

Accelink Technologies (300620)'s strong performance benefits from the overall rise of the CPO concept sector and the driving force of AI computing power demand. The company has certain competitiveness in the optical module packaging field, but needs to pay attention to supply chain security, financial health, and challenges brought by technology iteration. In terms of the industry chain, enterprises with strong vertical integration capabilities and core technologies will have more advantages[0].