联钧800G放量时程再往后延？一项关键数据透露出货节奏真相

光通讯封测大厂联钧(3450-TW)的800G光模组产品放量时程，已从先前预期的2025年下半年，一路调整至2026年底，目前主力出货仍以400G产品为主。市场不免好奇，在AI伺服器需求持续火热的背景下，为何800G产品的放量节奏却多次递延？

将产业链数据交叉比对后可以发现，问题核心并非光学封装技术本身，而是卡在800G主控关键晶片——数位讯号处理器(DSP)的供应结构与成本考量。

800G卡在哪？关键不是封装，而是DSP

从优分析产业资料库追踪数据来看，800G主动光缆(AOC)的DSP方案，主要由美系、英系及台系等厂商供应。

其中，美系方案早在2024年下半年就已成熟并通过认证，但价格与成本相对较高，若直接大量采用，将明显压缩产品毛利率。

相较之下，价格更具竞争力的台系与英系DSP方案，市场原先预期成熟时间点分别落在2025年下半年与2026年上半年，原本被视为带动800G产品放量的重要关键。

台系DSP通过认证，为何800G还没大爆发？

不过，比较历次数据变化可以看到，截至2026年8月，虽然台系DSP方案，如达发，已通过美系客户认证，但并未如市场原先预期，迅速成为800G放量的主要方案。

这反映出台系DSP在量产良率或客户大规模导入的成熟度上，进度稍微落后原先预期。

也因此，联钧目前面临的并非「有没有DSP可以用」的问题，而是在高成本美系DSP与低毛利放量之间，必须做出出货节奏上的取舍。

源杰800G已少量出货，全面放量还差最后一哩

此外，联钧子公司源杰科技(7917-TWO)在800G产品上，虽然已进入「开始少量出货」阶段，但要进一步迈入全面放量，除了DSP成本需要改善之外，产能扩充能否精准配合客户需求，同样是重要关键。

换句话说，800G目前并非没有需求，而是关键零组件成本、客户验证与量产能力，仍需要同步到位。

产能2026下半年倍增，2027年再翻倍！公司正在为下一波升级布局

若进一步拉长时间观察，联钧正积极扩充晶粒封测(COS)与台湾产线的代工量产能力，预估2026年下半年产能将较上半年倍增，2027年再翻倍。

值得注意的是，这样的产能建置节奏，与1.6T产品进入量产前验证的时间点高度吻合。

这也显示，公司策略可能倾向在400G稳定量产的基础上，将800G的获利爆发点与1.6T的产品预热节奏，同步延后至2026年底至2027年。

优分析产业资料库联钧存货细项

(资料来源：优分析产业资料库)

800G延后，不代表需求消失！真正关键是放量何时落地

从这次数据变化可以看到，光通讯产业升级并不是只要技术突破，就能立即转化为营收与获利。

供应链零组件的成本结构、DSP供应成熟度，以及客户验证进度，往往才是决定高阶产品真正放量时间的关键。

对联钧而言，后续真正值得追踪的，不只是800G产品「何时推出」，而是DSP成本改善、客户导入速度与产能扩充，何时能够同步到位，进而让800G从少量出货真正走向规模化放量。

※ 本文经「优分析」授权转载，原文出处:原文连结
※ 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。

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800G卡在哪？关键不是封装，而是DSP 从优分析产业资料库追踪数据来看，800G主动光缆", "img": "", "content": "<img src=\"https://cimg.cnyes.cool/prod/news/6580358/o/7c976a5c0b089dee68d67588f721a82a.jpg\" alt=\"优分析产业资料库联钧存货细项\" /><p>光通讯封测大厂联钧(3450-TW)的800G光模组产品放量时程，已从先前预期的2025年下半年，一路调整至2026年底，目前主力出货仍以400G产品为主。市场不免好奇，在AI伺服器需求持续火热的背景下，为何800G产品的放量节奏却多次递延？</p>\n<p>将产业链数据交叉比对后可以发现，问题核心并非光学封装技术本身，而是卡在800G主控关键晶片——数位讯号处理器(DSP)的供应结构与成本考量。</p>\n<h2>800G卡在哪？关键不是封装，而是DSP</h2>\n<p>从优分析产业资料库追踪数据来看，800G主动光缆(AOC)的DSP方案，主要由美系、英系及台系等厂商供应。</p>\n<p>其中，美系方案早在2024年下半年就已成熟并通过认证，但价格与成本相对较高，若直接大量采用，将明显压缩产品毛利率。</p>\n<p>相较之下，价格更具竞争力的台系与英系DSP方案，市场原先预期成熟时间点分别落在2025年下半年与2026年上半年，原本被视为带动800G产品放量的重要关键。</p>\n<h2>台系DSP通过认证，为何800G还没大爆发？</h2>\n<p>不过，比较历次数据变化可以看到，截至2026年8月，虽然台系DSP方案，如达发，已通过美系客户认证，但并未如市场原先预期，迅速成为800G放量的主要方案。</p>\n<p>这反映出台系DSP在量产良率或客户大规模导入的成熟度上，进度稍微落后原先预期。</p>\n<p>也因此，联钧目前面临的并非「有没有DSP可以用」的问题，而是在高成本美系DSP与低毛利放量之间，必须做出出货节奏上的取舍。</p>\n<h2>源杰800G已少量出货，全面放量还差最后一哩</h2>\n<p>此外，联钧子公司源杰科技(7917-TWO)在800G产品上，虽然已进入「开始少量出货」阶段，但要进一步迈入全面放量，除了DSP成本需要改善之外，产能扩充能否精准配合客户需求，同样是重要关键。</p>\n<p>换句话说，800G目前并非没有需求，而是关键零组件成本、客户验证与量产能力，仍需要同步到位。</p>\n<h2>产能2026下半年倍增，2027年再翻倍！公司正在为下一波升级布局</h2>\n<p>若进一步拉长时间观察，联钧正积极扩充晶粒封测(COS)与台湾产线的代工量产能力，预估2026年下半年产能将较上半年倍增，2027年再翻倍。</p>\n<p>值得注意的是，这样的产能建置节奏，与1.6T产品进入量产前验证的时间点高度吻合。</p>\n<p>这也显示，公司策略可能倾向在400G稳定量产的基础上，将800G的获利爆发点与1.6T的产品预热节奏，同步延后至2026年底至2027年。</p>\n<p><img title=\"优分析产业资料库联钧存货细项\" src=\"https://cimg.cnyes.cool/prod/news/6580358/o/6b66e4e75a7d0842ad16d3f21f799cd7.jpg\" alt=\"优分析产业资料库联钧存货细项\" width=\"800\" height=\"412\"></p>\n<p style=\"text-align: center;\">(资料来源：优分析产业资料库)</p>\n<h2>800G延后，不代表需求消失！真正关键是放量何时落地</h2>\n<p>从这次数据变化可以看到，光通讯产业升级并不是只要技术突破，就能立即转化为营收与获利。</p>\n<p>供应链零组件的成本结构、DSP供应成熟度，以及客户验证进度，往往才是决定高阶产品真正放量时间的关键。</p>\n<p>对联钧而言，后续真正值得追踪的，不只是800G产品「何时推出」，而是DSP成本改善、客户导入速度与产能扩充，何时能够同步到位，进而让800G从少量出货真正走向规模化放量。</p>\n<p style=\"text-align: center;\"> </p><p>※ 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/2315053602\">原文连结</a>\n <br>※ 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。</p>\n <p></p><div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-9026.html\" title=\"汉达多靶点癌症新药取得FDA暂时性许可目标1个季度内取得最终核准\">汉达多靶点癌症新药取得FDA暂时性许可目标1个季度内取得最终核准</a></li>\n <li><a href=\"/new/tw/article-8685.html\" 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800G卡在哪？关键不是封装，而是DSP

台系DSP通过认证，为何800G还没大爆发？

源杰800G已少量出货，全面放量还差最后一哩

产能2026下半年倍增，2027年再翻倍！公司正在为下一波升级布局

800G延后，不代表需求消失！真正关键是放量何时落地

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