招银国际：中际旭创（300308）-Pluggablesfirst,newarchitecturelater

中际旭创(300308) Innolight’ssharepricehasexperiencedheightenedvolatilityyesterday(down5%on4Feb),drivenbyacombinationofmarketconcernsaroundNPO/CPOadoption,hyperscalernetworkroadmapevolution,upstreamsuppliers’capacityexpansion,etc.,promptingmgmt.toholdaninvestorQ&Asessiontoaddresstheseissues.Webelievethecoreinvestmentthemeremainsintactthatpluggablemoduleswillcontinuetodominatehyperscalerscale-out/scale-acrossdeploymentsthrough2026-27E,withtheCompanyretainingastructurallyirreplaceablerole.Recentearning