《价值型投资最新产业研究报告》联亚（3081-TW）AI资料中心升级，矽光雷射需求持续放大

最近光通讯族群很强势，指数重挫千点，联亚 (3081-TW) 仍在平盘附近，跟庆龙老师一起来研究看看。

AI 伺服器的运算速度愈来愈快，资料中心内部的传输也要跟着升级。联亚 (3081-TW) 主要生产光通讯需要的磊晶片与雷射晶片，位在整条供应链的上游。这些元件虽然小，却是高速光模组不可缺少的光源。随着 800G 持续放量，1.6T 也开始导入，联亚的出货动能明显转强。

从最新营收就能看出需求正在升温。联亚 (3081-TW) 2026 年 6 月营收 4.20 亿元，月增 3.7%、年增 128.1%，再创单月新高；第 2 季营收 12.21 亿元，季增 35%。今年前 6 月累计营收 21.25 亿元，年增约 111%，AI 光通讯需求已经实际反映在出货上。

联亚 (3081-TW) 目前最受市场注意的产品，是矽光模组使用的连续波雷射。白话来说，矽光技术要把大量资料快速送出去，仍需要稳定的雷射光源。联亚能从上游磊晶一路做到雷射晶片，产品已打进多家光模组客户，在 AI 高速传输升级中占有重要位置。

接下来的成长，主要看 800G 与 1.6T 高速光模组。法人机构预估，全球 800G 以上光模组出货量，可能由 2025 年的约 2,500 万个，增加到 2026 年的约 5,500 万个，2027 年有机会突破 1 亿个。规格愈高，对雷射功率与稳定度的要求愈高，也会带动高阶雷射晶片需求。

产品组合的改善也很重要。随着 AI 矽光产品占比提高，高单价产品出货增加，联亚 (3081-TW) 第 1 季毛利率已接近 55%。若 800G 与 1.6T 产品持续放量，加上生产规模扩大，毛利率仍有机会维持在相对好的水准，获利成长速度也可能快于营收。

为了跟上订单，联亚 (3081-TW) 正把部分晶圆制程从 2 吋升级到 3 吋。同一批次可以生产更多晶片，产量提高后，成本也有机会下降。公司已追加约 30 亿元设备投资，扩充磊晶与晶片制程设备。依目前扩产规划，2027 年底产能可望比 2026 年底增加一倍以上。

上游的磷化铟基板，则是另一个要注意的环节。这种材料适合高速光通讯，但全球供应相对有限。联亚 (3081-TW) 已与日本住友电工签订五年长期供货合约，有助降低缺料风险。法人机构目前预估，公司 2026 年营收可能接近 50 亿元，每股纯益约 18 元以上，但最后仍要看新产能开出与高阶产品出货进度。

联亚 (3081-TW) 后续可以看三件事：800G 与 1.6T 出货能否延续、3 吋制程与新产能能否顺利开出，以及原料供应是否稳定。AI 资料中心持续扩建，雷射光源需求就有机会跟着成长。不过目前市场期待已高，若出货、毛利率或扩产进度不如预期，股价波动也可能加大。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，输入 @ai8085 或点击文章下方连结，盘中与盘后会有免费 CALL 讯，带你掌握现在、看见未来。

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文章来源: 蔡庆龙分析师 - 摩尔投顾

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"name": "台股", "pinyin": "tw", "path": "/new/tw", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, "article": { "id": 8434, "cid": 27, "subCid": null, "title": "《价值型投资最新产业研究报告》联亚（3081-TW）AI资料中心升级，矽光雷射需求持续放大", "shortTitle": "《价值型投资最新产业研究报告》联亚（3081-TW）AI资", "tagId": "", "attr": "", "articleView": null, "source": null, "author": "网络", "description": "最近光通讯族群很强势，指数重挫千点，联亚 (3081-TW) 仍在平盘附近，跟庆龙老师一起来研究看看。 AI 伺服器的运算速度愈来愈快，资料中心内部的传输也要跟着升级。联亚 (3081-TW) 主要生产光通讯需要的磊晶片与雷射晶片，位在整条供应链的上游。这些元件虽然小，却是高速光模组不可缺少的光源。随着 800G 持续放量，1.6T 也开始导入，联亚的出货动能明显转强。从最新营收就能看出需求正在升温。联亚 (3081-TW) 2026 年 6 月营收 4.20 亿元，月增 3.7%、年增 12", "img": "https://cimg.cnyes.cool/prod/news/6548014/l/afc9b240d2617610da2a73438ac058d2.jpg", "content": "<p>最近光通讯族群很强势，指数重挫千点，联亚 (3081-TW) 仍在平盘附近，跟庆龙老师一起来研究看看。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6548014/l/afc9b240d2617610da2a73438ac058d2.jpg\" alt=\"《价值型投资最新产业研究报告》联亚（3081-TW）AI资料中心升级，矽光雷射需求持续放大\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>AI 伺服器的运算速度愈来愈快，资料中心内部的传输也要跟着升级。联亚 (3081-TW) 主要生产光通讯需要的磊晶片与雷射晶片，位在整条供应链的上游。这些元件虽然小，却是高速光模组不可缺少的光源。随着 800G 持续放量，1.6T 也开始导入，联亚的出货动能明显转强。</p>\n\n<p>从最新营收就能看出需求正在升温。联亚 (3081-TW) 2026 年 6 月营收 4.20 亿元，月增 3.7%、年增 128.1%，再创单月新高；第 2 季营收 12.21 亿元，季增 35%。今年前 6 月累计营收 21.25 亿元，年增约 111%，AI 光通讯需求已经实际反映在出货上。</p>\n\n<p>联亚 (3081-TW) 目前最受市场注意的产品，是矽光模组使用的连续波雷射。白话来说，矽光技术要把大量资料快速送出去，仍需要稳定的雷射光源。联亚能从上游磊晶一路做到雷射晶片，产品已打进多家光模组客户，在 AI 高速传输升级中占有重要位置。</p>\n\n<p>接下来的成长，主要看 800G 与 1.6T 高速光模组。法人机构预估，全球 800G 以上光模组出货量，可能由 2025 年的约 2,500 万个，增加到 2026 年的约 5,500 万个，2027 年有机会突破 1 亿个。规格愈高，对雷射功率与稳定度的要求愈高，也会带动高阶雷射晶片需求。</p>\n\n<p>产品组合的改善也很重要。随着 AI 矽光产品占比提高，高单价产品出货增加，联亚 (3081-TW) 第 1 季毛利率已接近 55%。若 800G 与 1.6T 产品持续放量，加上生产规模扩大，毛利率仍有机会维持在相对好的水准，获利成长速度也可能快于营收。</p>\n\n<p>为了跟上订单，联亚 (3081-TW) 正把部分晶圆制程从 2 吋升级到 3 吋。同一批次可以生产更多晶片，产量提高后，成本也有机会下降。公司已追加约 30 亿元设备投资，扩充磊晶与晶片制程设备。依目前扩产规划，2027 年底产能可望比 2026 年底增加一倍以上。</p>\n\n<p>上游的磷化铟基板，则是另一个要注意的环节。这种材料适合高速光通讯，但全球供应相对有限。联亚 (3081-TW) 已与日本住友电工签订五年长期供货合约，有助降低缺料风险。法人机构目前预估，公司 2026 年营收可能接近 50 亿元，每股纯益约 18 元以上，但最后仍要看新产能开出与高阶产品出货进度。</p>\n\n<p>联亚 (3081-TW) 后续可以看三件事：800G 与 1.6T 出货能否延续、3 吋制程与新产能能否顺利开出，以及原料供应是否稳定。AI 资料中心持续扩建，雷射光源需求就有机会跟着成长。不过目前市场期待已高，若出货、毛利率或扩产进度不如预期，股价波动也可能加大。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，输入 @ai8085 或点击文章下方连结，盘中与盘后会有免费 CALL 讯，带你掌握现在、看见未来。</p>\n\n<p>「价值型投资」最新盘后解盘节目<br>\n </p>\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/LdTrS2Wr7U8\" 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/6548014/m/9889e9c75ee11ea0ac38013bcfcd928f.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6548014/l/9889e9c75ee11ea0ac38013bcfcd928f.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6548014/l/9889e9c75ee11ea0ac38013bcfcd928f.jpg 1x,https://cimg.cnyes.cool/prod/news/6548014/xl/9889e9c75ee11ea0ac38013bcfcd928f.jpg 2x,https://cimg.cnyes.cool/prod/news/6548014/xxl/9889e9c75ee11ea0ac38013bcfcd928f.jpg 3x\"></figure>\n\n<p>每天二 + 一则免费 CALL 讯<br>\n加入价值型投资 LINE 官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a></p>\n\n<p>文章来源: 蔡庆龙分析师 - 摩尔投顾</p>\n\n<p class=\"warning\">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</p>\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-12324.html\" title=\"没用载具亏大了？财部「加码」每期云端发票500元奖多50万组\">没用载具亏大了？财部「加码」每期云端发票500元奖多50万组</a></li>\n <li><a href=\"/new/tw/article-7534.html\" title=\"巨亨速报 - Factset 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