原文：

原文：
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Goldman Sachs raised Innolight PT to 2581 RMB. Roughly 163.6% upside from current valuations.

But the largest thing is its 2026–2028 earnings est revision raised by a whopping 65%/108%/119%, based on:

- Much higher silicon photonics module volumes
- scale out, scale up, scale across volumes
- 1.6T/3.2T lifting blended ASP + margins
- increase in AI capex

This is typically very material read through on the optical sector since:

I tend to think of Innolight as a $TSM (semi capex) type read on how the photonics landscape is doing.

Eg. Higher silicon photonics penetration means more TAM for cw lasers like $SIVE (cw) / SOI wafer demand for $SOI. ASP hikes for future gen is positive for the other optical markers too.

Think my other takeaway outside the report was Innolight stating 800g demand was growing more significantly than expected from their transcript on the 12th.

Which in turn signals more demand for names like $AAOI to $LITE next earnings.

TLDR: GS gives high earnings projections during a time of massive corrections.

Fundamentally, broader photonics ecosystem should be happy when it’s ER time.

翻译：
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高盛将英诺光的目标价上调至2581元人民币，大约是当前估值的163.6%上涨。

但最重要的是，其2026-2028年的盈利预测修订上涨了65%/108%/119%，基于：

- 硅光子模块的销量大幅增加
- 规模扩大、提升和横向扩展的销量
- 1.6T/3.2T提升混合平均售价和利润率
- 人工智能资本支出的增加

这通常是对光学行业的非常重要的参考，因为：

我倾向于认为英诺光是一种类似于台积电（半导体资本支出）的参考指标，反映光子技术的发展状况。

例如，硅光子技术的渗透率提高意味着连续波激光器（如$SIVE）和SOI晶圆需求（如$SOI）的市场规模更大。未来几代产品的价格上涨对其他光学公司也是积极的。

我从报告中得出的另一个结论是，英诺光表示800g需求的增长速度超过预期，根据他们12日的记录。

这反过来又表明，对于像$AAOI到$LITE这样的公司来说，下一次财报的需求将会增加。

总结：高盛在大幅修正期间给出了高盈利预测。

从根本上讲，光子技术生态系统应该在盈利报告发布时感到高兴。