Optical Module Ceramic Structural Components Surge, Fujian Huaqing Positioned to Capture Import Substitution Gains

Amid the AI computing power boom, the market has been flocking to optical modules and optical chips, while overlooking a hidden high-growth track that has been confirmed by institutional data — optical module ceramic structural components.

In early July, site visit data from Cailian Press's industry chain research, cross-validated and uniformly cited by multiple industry information agencies, shows: the domestic optical module ceramic structural components market will reach RMB 13.5 billion in 2026, of which ceramic substrates account for RMB 9.9 billion; the market will surge to RMB 20–22 billion in 2027, with annual growth exceeding 60%. As the fastest-growing materials track upstream of AI computing, the industry's trend of both volume and price rising is firmly established.

Constrained by raw material limitations and long capacity expansion cycles, Japanese high-end ceramic production capacity continues to contract, the industry supply-demand gap continues to widen, and supply chain localization has become an inevitable trend. Fujian Huaqing, a full-industry-chain leader based in Fujian, has established a complete vertical chain covering powder, substrates, copper-clad substrates, and structural components, precisely positioning itself to capture the 1.6T/3.2T optical module and CPO iteration gains, emerging as a core beneficiary of this RMB 10-billion-plus incremental market.

Authoritative Date Confirmed: RMB 10 Billion in 2026, Doubles in 2027

The overall optical module ceramic structural components market will reach RMB 13.5 billion in 2026. Beyond the RMB 9.9 billion ceramic substrate segment, supporting components such as ceramic packages and TEC thermal ceramics account for RMB 3.6 billion. In 2027, the industry scale will surge to RMB 20–22 billion, with growth approaching 60%, making it a rare high-certainty growth track in the computing power sector.

The core driver of this track's breakout is the per-unit value leap brought by high-speed optical module iteration. Industry-wide technology iteration patterns show that 400G and below low-speed optical modules only require low-cost alumina ceramics with minimal value; 800G optical modules fully transition to high-thermal-conductivity aluminum nitride ceramics, significantly increasing ceramic material value per module; 1.6T optical modules see ceramic cost share rise to 8%–12%, delivering a dual benefit of "shipment growth + unit price increase."

Unlike ordinary materials, aluminum nitride ceramic is an essential, non-substitutable material for high-speed optical modules. Its ultra-high thermal conductivity of 170–230 W/m·K solves the overheating challenges of 1.6T and 3.2T optical chips, ensuring long-term stable operation; its extremely low dielectric loss meets the demands of high-frequency high-speed signal transmission, and it is also the standard substrate for next-generation CPO co-packaged optics, providing a solid foundation for industry demand.

Severe Supply-Side Imbalance: Japanese Capacity Constrained, Import Substitution Window Opens

Behind the industry's high growth lies a long-term structural supply-demand gap. Global high-end aluminum nitride powder and substrates have long been monopolized by Japanese companies, which hold over 70% of the high-end market share. Two core industrial changes in 2026 have fundamentally upended the established landscape: first, tightening overseas supply of core raw materials has led Japanese manufacturers to proactively cut production; second, construction and process ramp-up of high-end ceramic production lines require over two years, with no new capacity coming online in the short term. This has directly resulted in significantly extended delivery lead times for high-end substrates and steady price increases, making the supply shortage difficult to reverse in the near term.

Stringent industry barriers further raise the entry threshold. The optical module ceramics industry faces four hard-core barriers: high-purity powder synthesis technology, micron-level precision tape casting and sintering processes, high-precision metallized circuit patterning, and 2–3 year long-cycle customer qualification. Behind these multiple barriers, only a handful of domestic companies possess the capability for mass supply of 1.6T high-end substrates, resulting in a pronounced Matthew effect where leading players continue to benefit.

To mitigate overseas supply chain risks, downstream optical module manufacturers have successively initiated localization qualification processes, continuously replacing imported products. Import substitution has shifted from "optional" to "essential," ushering in a golden development period for domestic leaders.

Core Player Analysis: Fujian Huaqing, Full-Industry-Chain Positioning to Capture RMB 10 Billion Track Gains

Under the dual dividends of import substitution and industry expansion, Fujian Huaqing is a rare domestic enterprise with a fully integrated value chain spanning "aluminum nitride powder — ceramic substrates — AMB copper-clad laminates — precision ceramic structural components." Its core advantage lies in upstream powder self-sufficiency. The vast majority of industry players rely on imported powder, leaving their costs and delivery subject to overseas constraints. Fujian Huaqing achieves an annual production capacity of 600 tons of aluminum nitride powder, with self-produced powder fully supporting its own production lines. This not only provides the company with a cost advantage of over 30% but also eliminates dependence on overseas supply chains, enabling stable order fulfillment during industry shortages and rapid customer share acquisition.

Capacity deployment precisely aligns with the industry's inflection point: Huaqing Semiconductor Industrial Park's capacity has been fully released, matching existing 800G and 1.6T optical module demand; the company also covers the full range of optical module ceramic structural components, capable of capturing the entire RMB 13.5 billion market demand — far surpassing competitors' single-product offerings.

Fujian Huaqing has already passed qualification with multiple leading domestic optical module manufacturers, achieving volume supply and securing long-term growth in the computing power industry. Multiple industry institutions estimate that the RMB 10-billion-plus incremental market space provides ample room for medium-to-long-term growth for a full-industry-chain enterprise like Fujian Huaqing.

Triple Growth Logic Locks in Long-Term Prosperity

1. Continuous Optical Module Iteration, Volume-Price Dual Growth Logic Solid. From 800G to 3.2T, optical module iteration continues to raise per-unit ceramic value. Combined with doubling shipment growth of high-speed optical modules in 2026–2027, the industry's leapfrog growth is highly certain.

2. CPO Opens a Second Growth Curve. As a next-generation core computing technology, CPO architecture significantly increases ceramic material consumption. 2027 will mark the beginning of commercial deployment, providing long-term incremental space for the industry. Fujian Huaqing has proactively developed adapted products to seize first-mover advantage.

3. Vast Import Substitution Headroom. Current domestic high-end substrate localization rates remain low. With Japanese capacity continuously constrained, domestic leaders can steadily capture 5%–10% of overseas market share annually, corresponding to billions in import substitution gains.

RMB 13.5 billion in existing market and RMB 22 billion in incremental growth — this hidden optical module ceramic computing power track has had its prosperity confirmed by authoritative data. While the market is overly focused on complete optical modules, upstream core ceramic materials are undergoing a value revaluation.

Fujian Huaqing, with its full-industry-chain self-sufficiency, precise capacity deployment, and leading customer relationships, has emerged as one of the few domestic leaders capable of fully capturing the dual gains of industry expansion and import substitution, highlighting its long-term growth value.