网通机会别错过！中磊(5388)营收再创新高，这波能走多久？

2026年08月07日（优分析／产业数据中心报导）⸺ 从 2022 年到 2026 年第 1 季，美国 Cable broadband 用户从约 8,232 万户降至 7,902 万户，市占率也从约 67% 降至 56.8%；同期固定无线宽频 FWA 用户则由约 396 万户增加至 2,040 万户，市占率一路升至 14.7%。

卫星宽频的成长速度更快，2026 年第 1 季年增率达 48.2%。

而 SpaceX 更进一步表态，未来不只要做偏远地区宽频，也计划在 2027 年推出 Starlink Mobile，将服务延伸到行动通讯。

低轨卫星加入，加上 FWA 快速成长，让美国宽频市场的竞争进一步升温，设备需求随之增加。

中磊 2026 年第 2 季营收达 206.1 亿元，创历史新高，北美电信商的光纤设备与 5G FWA 已经开始大量出货，DOCSIS 4.0、10G PON 与 Wi-Fi 7 也同步进入升级周期。

（资料来源：优分析产业数据中心）

接下来值得关注的问题是，这一波升级规模有多大？现在进展到什么阶段？

前所未有的光纤投资浪潮

AT&T 的光纤扩张目标最明确，计划到 2029 年让光纤经过地点超过 5,000 万个，其中约 4,500 万个自行建设、500 万个来自与 BlackRock 合资的 Gigapower。

2025 年底公司光纤网路已经经过超过 3,000 万个地点，目前大约完成六成，距离目标仍有接近 2,000 万个地点的建设空间。

Verizon 则是透过大型并购快速扩大版图，2026 年初完成约 200 亿美元收购 Frontier，合并后固网版图扩大至约 31 州、3,000 万户家庭。

接下来再透过 Eaton Fiber 等合作向既有覆盖区外延伸，规划未来几年新增超过 100 万个光纤服务地点；2026 年第 2 季，Verizon 单季再增加约 15.5 万个光纤宽频用户，显示收购完成后已进入持续扩建与增加用户的阶段。

T-Mobile 截至 2026 年 3 月，公司 FWA 用户已接近 880 万户；光纤方面，与 KKR 合作的 Metronet 目前已经过约 220 万户家庭，目标到 2030 年底扩大至 650 万个地点。

未来仍有超过 400 万个地点的建设空间，另外也透过 Lumos 持续增加光纤覆盖。

光纤要建，5G 网路也不能停

当光纤可以提供更高速度后，为了维持竞争力，两大 Cable 龙头业者都在积极投入新一代规格升级。

Comcast 已经开始大量部署 DOCSIS 4.0，截至 2026 年 3 月，相关服务已经覆盖数百万户家庭；Charter 则采取分阶段升级，先把现有 DOCSIS 3.1 网路提高容量，再逐步导入 DAA 与 DOCSIS 4.0。

Vistance 是 DOCSIS 4.0 升级的关键设备供应商，2026 年第 2 季，新一代 DOCSIS 4.0 产品已占其 Aurora 业务约 70%营收。公司表示目前仍处于升级周期的早期阶段并将持续数年。

再加上 FWA 的快速成长，截至 2026 年第 1 季，美国 FWA 用户已经达到约 2,040 万户，相较 2022 年第 1 季约 396 万户，四年间增加超过 4 倍。

FWA 全名是 Fixed Wireless Access，也就是利用 5G 行动网路提供家庭宽频。使用者不一定需要等光纤拉到家里，只要装一台接收 5G 讯号的设备，就可以使用家庭网路。

最大受惠者：中磊(5388-TW)

中磊约 70% 营收来自北美，而订单能见度也持续往后延伸：今年 3 月时主要看到 2026 年底，6 月开始洽谈 1H27 订单并提前准备记忆体，到了 7 月，订单能见度已看到 2Q27。

而其优势在于，Cable 升级 DOCSIS 4.0，中磊有产品；电信商扩建光纤与 10G PON，中磊有产品；行动电信商利用 5G FWA 发展家庭宽频，中磊也有产品。

不过，设备出很多，CPE 本身却不是高毛利产品，再加上记忆体成本上升，所以今年营收快速成长，毛利率仍大约只有 13%。

年初记忆体涨价时，公司还需要自行吸收部分成本；现在则已逐步将成本反映到产品报价，代表原本压抑获利的因素开始出现转变。接下来的问题，是这些订单最后能留下多少获利。

（资料来源：优分析产业数据中心）

整体来看，美国宽频市场已进入光纤、Cable、FWA与卫星同时加速的竞争期。AT&T的光纤计划看到2029年，T-Mobile的光纤布局看到2030年，DOCSIS 4.0也才刚进入早期部署。

接下来需要关注的，是记忆体供应能否跟上、DAA 能不能在 2027 年如期放量，以及营收规模扩大后，费用率下降能否推升营益率。持续追踪这些潜在变数与市场动态，才能更全面地评估公司长期发展潜力。

※ 本文经「优分析」授权转载，原文出处:原文连结
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"articleView": null, "source": null, "author": "网络", "description": "2026年08月07日（优分析／产业数据中心报导）⸺ 从 2022 年到 2026 年第 1 季，美国 Cable broadband 用户从约 8,232 万户降至 7,902 万户，市占率也从约 67% 降至 56.8%；同期固定无线宽频 FWA 用户则由约 396 万户增加至 2,040 万户，市占率一路升至 14.7%。卫星宽频的成长速度更快，2026 年第 1 季年增率达 48.2%。而 SpaceX 更进一步表态，未来不只要做偏远地区宽频，也计划在 2027 年推出 Starli", "img": "", "content": "<img src=\"https://cimg.cnyes.cool/prod/news/6565145/o/d720b277ab5c4ceb0e53d6378e673e91.jpg\" alt=\"图片来源：优分析产业数据中心\" />2026年08月07日（优分析／产业数据中心报导）⸺ 从 2022 年到 2026 年第 1 季，美国 Cable broadband 用户从约 8,232 万户降至 7,902 万户，市占率也从约 67% 降至 56.8%；同期固定无线宽频 FWA 用户则由约 396 万户增加至 2,040 万户，市占率一路升至 14.7%。\n卫星宽频的成长速度更快，2026 年第 1 季年增率达 48.2%。\n<img src=\"https://cimg.cnyes.cool/prod/news/6565145/o/fad183b541ffbd4066a2c1bac69edb5f.jpg\" width=\"100%\">\n而 SpaceX 更进一步表态，未来不只要做偏远地区宽频，也计划在 2027 年推出 Starlink Mobile，将服务延伸到行动通讯。\n低轨卫星加入，加上 FWA 快速成长，让美国宽频市场的竞争进一步升温，设备需求随之增加。\n中磊 2026 年第 2 季营收达 206.1 亿元，创历史新高，北美电信商的光纤设备与 5G FWA 已经开始大量出货，DOCSIS 4.0、10G PON 与 Wi-Fi 7 也同步进入升级周期。\n<img style=\"float: left;\" src=\"https://cimg.cnyes.cool/prod/news/6565145/o/9a6680c9b75e1b9914b944e94ce9abd6.jpg\" width=\"100%\"> （资料来源：优分析产业数据中心）\n接下来值得关注的问题是，这一波升级规模有多大？现在进展到什么阶段？\n<h2>前所未有的光纤投资浪潮</h2>\nAT&T 的光纤扩张目标最明确，计划到 2029 年让光纤经过地点超过 5,000 万个，其中约 4,500 万个自行建设、500 万个来自与 BlackRock 合资的 Gigapower。\n2025 年底公司光纤网路已经经过超过 3,000 万个地点，目前大约完成六成，距离目标仍有接近 2,000 万个地点的建设空间。\nVerizon 则是透过大型并购快速扩大版图，2026 年初完成约 200 亿美元收购 Frontier，合并后固网版图扩大至约 31 州、3,000 万户家庭。\n接下来再透过 Eaton Fiber 等合作向既有覆盖区外延伸，规划未来几年新增超过 100 万个光纤服务地点；2026 年第 2 季，Verizon 单季再增加约 15.5 万个光纤宽频用户，显示收购完成后已进入持续扩建与增加用户的阶段。\nT-Mobile 截至 2026 年 3 月，公司 FWA 用户已接近 880 万户；光纤方面，与 KKR 合作的 Metronet 目前已经过约 220 万户家庭，目标到 2030 年底扩大至 650 万个地点。\n未来仍有超过 400 万个地点的建设空间，另外也透过 Lumos 持续增加光纤覆盖。\n<h2>光纤要建，5G 网路也不能停</h2>\n当光纤可以提供更高速度后，为了维持竞争力，两大 Cable 龙头业者都在积极投入新一代规格升级。\nComcast 已经开始大量部署 DOCSIS 4.0，截至 2026 年 3 月，相关服务已经覆盖数百万户家庭；Charter 则采取分阶段升级，先把现有 DOCSIS 3.1 网路提高容量，再逐步导入 DAA 与 DOCSIS 4.0。\nVistance 是 DOCSIS 4.0 升级的关键设备供应商，2026 年第 2 季，新一代 DOCSIS 4.0 产品已占其 Aurora 业务约 70%营收。公司表示目前仍处于升级周期的早期阶段并将持续数年。\n再加上 FWA 的快速成长，截至 2026 年第 1 季，美国 FWA 用户已经达到约 2,040 万户，相较 2022 年第 1 季约 396 万户，四年间增加超过 4 倍。\nFWA 全名是 Fixed Wireless Access，也就是利用 5G 行动网路提供家庭宽频。使用者不一定需要等光纤拉到家里，只要装一台接收 5G 讯号的设备，就可以使用家庭网路。\n<h2>最大受惠者：中磊(5388-TW)</h2>\n中磊约 70% 营收来自北美，而订单能见度也持续往后延伸：今年 3 月时主要看到 2026 年底，6 月开始洽谈 1H27 订单并提前准备记忆体，到了 7 月，订单能见度已看到 2Q27。\n而其优势在于，Cable 升级 DOCSIS 4.0，中磊有产品；电信商扩建光纤与 10G PON，中磊有产品；行动电信商利用 5G FWA 发展家庭宽频，中磊也有产品。\n不过，设备出很多，CPE 本身却不是高毛利产品，再加上记忆体成本上升，所以今年营收快速成长，毛利率仍大约只有 13%。\n年初记忆体涨价时，公司还需要自行吸收部分成本；现在则已逐步将成本反映到产品报价，代表原本压抑获利的因素开始出现转变。接下来的问题，是这些订单最后能留下多少获利。\n<img style=\"float: left;\" src=\"https://cimg.cnyes.cool/prod/news/6565145/o/1dcff845d92e9bfa5366c974ebef3cec.jpg\" width=\"100%\"> （资料来源：优分析产业数据中心）\n整体来看，美国宽频市场已进入光纤、Cable、FWA与卫星同时加速的竞争期。AT&T的光纤计划看到2029年，T-Mobile的光纤布局看到2030年，DOCSIS 4.0也才刚进入早期部署。\n接下来需要关注的，是记忆体供应能否跟上、DAA 能不能在 2027 年如期放量，以及营收规模扩大后，费用率下降能否推升营益率。持续追踪这些潜在变数与市场动态，才能更全面地评估公司长期发展潜力。※ 本文经「优分析」授权转载，原文出处:<a style=\"color:#A9A9A9\" rel=\"nofollow\" href=\"https://uanalyze.com.tw/articles/8699453012\">原文连结</a>\n ※ 免责声明：文中所提的个股、基金、期货商品内容仅供参考，并非投资建议，投资人应独立判断，审慎评估风险。\n <div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-3851.html\" title=\"川宝科技办理2000张私募现增完成订价将募集1.33亿元\">川宝科技办理2000张私募现增完成订价将募集1.33亿元</a></li>\n <li><a href=\"/new/tw/article-5609.html\" title=\"〈房产〉台北房市H1交易量1.2万栋逆势年增2.8% 房仲公会：核心城市韧性高\">〈房产〉台北房市H1交易量1.2万栋逆势年增2.8% 房仲公会：核心城市韧性高</a></li>\n <li><a href=\"/new/tw/article-1811.html\" title=\"10家银行挺亚洲前10强低碳造纸厂！一银主办荣成50亿元联贷超额认购121%\">10家银行挺亚洲前10强低碳造纸厂！一银主办荣成50亿元联贷超额认购121%</a></li>\n <li><a href=\"/new/tw/article-18874.html\" title=\"〈台币〉买卖汇力道陷拉锯战收31.781元升值0.7分\">〈台币〉买卖汇力道陷拉锯战收31.781元升值0.7分</a></li>\n <li><a href=\"/new/tw/article-11984.html\" title=\"元太携手明典光明灯电子纸拓展宗教场域专业\">元太携手明典光明灯电子纸拓展宗教场域专业</a></li>\n <li><a href=\"/new/tw/article-12593.html\" title=\"鸿海科技日10/30登场规模扩大首次发出中英双语邀请函藏巧思\">鸿海科技日10/30登场规模扩大首次发出中英双语邀请函藏巧思</a></li>\n </ul>\n</div>", "status": 0, "pv": 56, "link": 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前所未有的光纤投资浪潮

光纤要建，5G 网路也不能停

最大受惠者：中磊(5388-TW)

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