Enpro

Just putting it out there for people that think AAOI is a one year cycle...

$應用光電公司(AAOI.US) projects their ELSFP capacity for CPO to be 400K/units a month in 2028.

400k * ~$400 ELS ASP (GS assumptions) = + another ~$1.92B 2028 annualized revenue capacity added as a new distinct (>50% gross margin) product line.

On top of their existing 2027 projections (eg. ~$5.6B annualized transceiver revenue off $471m/month entering H2).

TAM for 1.6T also goes brrr so I'd expect their end of H2 2027 projections to go up as more capacity comes online...

For certain optical names, it's one cycle (eg. 1.6T, CPO scale out/up, NPO etc. ), stacked on top of one another... stacked on top of another... with TAM + margins stacking like minions after Anivia uses W in line.

Rather than one-and-done off of one year.

This is a stark contrast to some other sectors where growth is likely to decelerate after maybe 1 year of triple digit Y/Y revenue growth.

NPO 在從可插拔向真正 CPO（共封裝光學）過渡的階段提供了一種中間解決方案。與繞過當前 CPO 生產及可靠性挑戰的 CPO 相比，NPO 具有一定的優勢，同時保留了 CPO 提供的大部分好處。

優點：

🟠 更好的可維護性（現場可更換）

🟠 更小的故障影響範圍（影響範圍僅限於單個 NPO 模塊）

🟠 更易於組裝（光引擎與交換機 ASIC/XPU 分開封裝）

讓我們看看 NPO 在架構上如何與 CPO 區分開來。(1/3)🧵