Citigroup: Zhongji Xuchuang is expected to maintain a leading position in the optical module market.

Citigroup analysts stated in a research report that in the AI era, InnoLight has the potential to maintain its leading position in the optical module market. Citigroup analysts believe that InnoLight's comprehensive product portfolio, scalable capacity, and strong relationships with global AI customers should consolidate its leading position. They stated, "The continuous improvement of data transmission bandwidth, speed, and density is driving the acceleration of the iteration cycle of optical interconnection products." Citigroup estimates that InnoLight's shipments of optical modules in 2026 and 2027 could reach 30.1 million and 60.2 million, respectively. Citigroup predicts that with the increase in capacity and the improvement of the product portfolio towards high-speed products, InnoLight's revenue will increase at a compound annual growth rate of 129% between 2025 and 2028.