《价值型投资最新产业研究报告》大立光 (3008-TW) 光纤阵列通过认证，完整模组开启新商机

大立光 (3008-TW)这次法说会，最有意思的进展，是客户希望直接买一整套光纤模组。原本切入的光纤阵列已通过认证，现在又往组装与整合延伸，让公司在人工智慧资料中心里能做的生意更多了。手机镜头累积的精密对位与自动化能力，能不能在光通讯量产中发挥？今天就把这件事讲清楚。

第三季大立光 (3008-TW)营收156.51亿元，较第二季增加约14.5%，税后净利51.82亿元，单季每股赚39.62元；前三季累计营收448.60亿元，每股盈余121.98元。毛利率回落至42.21%，受到新机初期良率与绿电成本影响。目前新机良率已逐渐改善，有助减轻这项阶段性影响；绿电成本仍会持续，后续毛利改善幅度再由财报确认。

法说里常出现的FA，中文叫光纤阵列，可以想成把多根细光纤整整齐齐排好，让每一根都能对准光讯号的出入口。FAU则是光纤阵列单元，在这组光纤之外，再搭配微透镜等光学元件，完成对位与组装，成为能交付客户使用的模组。光走的路径很细，位置差一点就可能损失讯号，因此「排得准、装得准」直接关系到产品能不能用。

大立光 (3008-TW)已通过客户认证的是FA，FAU展示产线也已建好，并持续与客户确认产能及合作细节。公司规划自行制作FA，再采购微透镜阵列等元件，组成完整FAU。客户希望由同一家厂商把整套做好，组装品质也比较容易确认。对公司来说，接到的工作从单一零件增加到模组组装，每件产品可提供的服务与价值都有扩大的机会。

这还往后多走了一步。公司正在争取把FAU装到定位载板上，再一起交货。定位载板就像精密的底座，利用定位珠与孔位，让模组接上连接插座时仍能准确对齐。这项整合还在争取中，不能先当成全部订单已经拿到，但客户愿意讨论完整交付，已让大立光 (3008-TW)的光通讯业务范围更具体。

我会特别看大立光 (3008-TW)的自制设备。光纤对位要一边量测、一边微调，找到讯号传输较好的位置，再固定下来。设备、软体与韧体掌握在公司内部，客户改规格时，产线就能跟着调整，也方便找出制程问题。这些能力原本用在精密光学，如今延伸到单模光纤。单模光纤的讯号集中在很细的通道里，对位要求高，稳定做出合格产品才有量产价值。

产能已经有安排。公司把一座新落成的大型厂房规划给FAU，目标在2027年中完成产线建置，逐步推进量产出货。近期另外购入的土地，是较长期的扩产准备，若2027年动工，完工时间落在2030年，两个时程要分开看。现阶段先以单排光纤产品推进，多排产品还在送样开发，后续可随客户需要更多传输通道，继续提高产品规格。

资料中心把更多运算设备连在一起，资料搬运速度也得跟上。共同封装光学，就是把光通讯元件放得更靠近运算或交换晶片，缩短电讯号走线，再让光纤接手传输；近封装光学则把光通讯元件配置在封装附近。依这次法说的说明，相关架构仍可运用公司的FAU制造技术。对大立光 (3008-TW)的研究，可以继续沿着光纤对位、模组整合与客户量产进度往下看，不必只盯着某一种封装名称。

手机镜头本业也有新产品在准备。2027年主镜头朝较大感光元件与光圈升级，目前已有送样；2028年潜望式镜头则有较大的规格升级规划。手机拉货有季节起伏，公司预期10月与9月相近、11月转弱，第四季手机产线仍维持满载。接下来我更想追踪的是，既有镜头规格升级能否持续落地，以及FAU产线如何从展示、调校走到稳定出货。这次法说已把新业务的产品与厂房安排讲得更清楚，后续就看实际进度。

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文章来源:蔡庆龙分析师-摩尔投顾

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第三季营收156.51亿元、季增14.5%，EPS 39.62元；前三季EPS 121.98元，毛利率42.21%。
公司规划2027年中完成FAU产线建置，并持续争取FAU与定位载板整合交货。", "img": "https://cimg.cnyes.cool/prod/news/6629279/l/2daca84507c46e96a9a2b506bb30dde2.jpg", "content": "大立光 (3008-TW)这次法说会，最有意思的进展，是客户希望直接买一整套光纤模组。原本切入的光纤阵列已通过认证，现在又往组装与整合延伸，让公司在人工智慧资料中心里能做的生意更多了。手机镜头累积的精密对位与自动化能力，能不能在光通讯量产中发挥？今天就把这件事讲清楚。\n<img src=\"https://cimg.cnyes.cool/prod/news/6629279/l/2daca84507c46e96a9a2b506bb30dde2.jpg\" alt=\"《价值型投资最新产业研究报告》大立光 (3008-TW) 光纤阵列通过认证，完整模组开启新商机\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\n第三季大立光 (3008-TW)营收156.51亿元，较第二季增加约14.5%，税后净利51.82亿元，单季每股赚39.62元；前三季累计营收448.60亿元，每股盈余121.98元。毛利率回落至42.21%，受到新机初期良率与绿电成本影响。目前新机良率已逐渐改善，有助减轻这项阶段性影响；绿电成本仍会持续，后续毛利改善幅度再由财报确认。\n\n法说里常出现的FA，中文叫光纤阵列，可以想成把多根细光纤整整齐齐排好，让每一根都能对准光讯号的出入口。FAU则是光纤阵列单元，在这组光纤之外，再搭配微透镜等光学元件，完成对位与组装，成为能交付客户使用的模组。光走的路径很细，位置差一点就可能损失讯号，因此「排得准、装得准」直接关系到产品能不能用。\n\n大立光 (3008-TW)已通过客户认证的是FA，FAU展示产线也已建好，并持续与客户确认产能及合作细节。公司规划自行制作FA，再采购微透镜阵列等元件，组成完整FAU。客户希望由同一家厂商把整套做好，组装品质也比较容易确认。对公司来说，接到的工作从单一零件增加到模组组装，每件产品可提供的服务与价值都有扩大的机会。\n\n这还往后多走了一步。公司正在争取把FAU装到定位载板上，再一起交货。定位载板就像精密的底座，利用定位珠与孔位，让模组接上连接插座时仍能准确对齐。这项整合还在争取中，不能先当成全部订单已经拿到，但客户愿意讨论完整交付，已让大立光 (3008-TW)的光通讯业务范围更具体。\n\n我会特别看大立光 (3008-TW)的自制设备。光纤对位要一边量测、一边微调，找到讯号传输较好的位置，再固定下来。设备、软体与韧体掌握在公司内部，客户改规格时，产线就能跟着调整，也方便找出制程问题。这些能力原本用在精密光学，如今延伸到单模光纤。单模光纤的讯号集中在很细的通道里，对位要求高，稳定做出合格产品才有量产价值。\n\n产能已经有安排。公司把一座新落成的大型厂房规划给FAU，目标在2027年中完成产线建置，逐步推进量产出货。近期另外购入的土地，是较长期的扩产准备，若2027年动工，完工时间落在2030年，两个时程要分开看。现阶段先以单排光纤产品推进，多排产品还在送样开发，后续可随客户需要更多传输通道，继续提高产品规格。\n\n资料中心把更多运算设备连在一起，资料搬运速度也得跟上。共同封装光学，就是把光通讯元件放得更靠近运算或交换晶片，缩短电讯号走线，再让光纤接手传输；近封装光学则把光通讯元件配置在封装附近。依这次法说的说明，相关架构仍可运用公司的FAU制造技术。对大立光 (3008-TW)的研究，可以继续沿着光纤对位、模组整合与客户量产进度往下看，不必只盯着某一种封装名称。\n\n手机镜头本业也有新产品在准备。2027年主镜头朝较大感光元件与光圈升级，目前已有送样；2028年潜望式镜头则有较大的规格升级规划。手机拉货有季节起伏，公司预期10月与9月相近、11月转弱，第四季手机产线仍维持满载。接下来我更想追踪的是，既有镜头规格升级能否持续落地，以及FAU产线如何从展示、调校走到稳定出货。这次法说已把新业务的产品与厂房安排讲得更清楚，后续就看实际进度。\n\n「价值型投资」最新盘后解盘节目\n\n<div class=\"youtube-embed-wrapper\" style=\"position:relative;padding-bottom:56.25%;padding-top:30px;height:0;overflow:hidden;\"><iframe allowfullscreen=\"\" frameborder=\"0\" height=\"360\" src=\"//www.youtube.com/embed/d-PtAi8OOEQ\" style=\"position: absolute;top: 0;left: 0;width: 100%;height: 100%;\" width=\"640\"></iframe></div>\n\n<figure><img data-height=\"537\" data-mime=\"image/jpeg\" data-ratio=\"1.415270018621974\" data-src-m=\"https://cimg.cnyes.cool/prod/news/6629279/m/b6a36898fe5e992602d69dfcb3ac51ba.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6629279/l/b6a36898fe5e992602d69dfcb3ac51ba.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6629279/l/b6a36898fe5e992602d69dfcb3ac51ba.jpg 1x,https://cimg.cnyes.cool/prod/news/6629279/xl/b6a36898fe5e992602d69dfcb3ac51ba.jpg 2x,https://cimg.cnyes.cool/prod/news/6629279/xxl/b6a36898fe5e992602d69dfcb3ac51ba.jpg 3x\"></figure>\n\n每天2+1则盘中盘后资讯 \n加入价值型投资LINE官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a>\n\n文章来源:蔡庆龙分析师-摩尔投顾\n\n本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-5621.html\" title=\"联电除息秀上冲下洗上演秒填息后震荡大涨5%\">联电除息秀上冲下洗上演秒填息后震荡大涨5%</a></li>\n <li><a href=\"/new/tw/article-12842.html\" title=\"〈焦点股〉辉达财报公布倒数、除权行情抢先发酵纬颖冲6925元闯历史新天价\">〈焦点股〉辉达财报公布倒数、除权行情抢先发酵纬颖冲6925元闯历史新天价</a></li>\n <li><a href=\"/new/tw/article-7199.html\" title=\"台股惨遭血洗！第四法人「子弹还没完」 0050、00631L单日成交值创高\">台股惨遭血洗！第四法人「子弹还没完」 0050、00631L单日成交值创高</a></li>\n <li><a href=\"/new/tw/article-10583.html\" title=\"营收速报 - 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