Jinzi Ham – The lowest estimated optical module chip supplier in A-shares, Zhongji Xuchuang, with a controlling person locking down the downside space at a cost of 6 yuan. 1. Jinzi Ham, a leader in the ham industry, crosses into the semiconductor sector, precisely positioning itself in the golden track of optical chips.
① On September 23 this year, Jinzi Ham announced that its wholly-owned subsidiary, Fujian Jinzi Semiconductor Co., Ltd., plans to increase its investment in Zhongzheng Microelectronics by no more than 300 million yuan in two phases, acquiring no more than 20% of the equity. This strategic investment marks the company’s official entry into the semiconductor industry.
② On the evening of October 27, the company announced that its wholly-owned subsidiary had signed an agreement to participate in the B+ round investment of Zhongzheng Microelectronics (Hangzhou) Co., Ltd. (hereinafter referred to as “Zhongzheng Micro”), and has paid a prepayment. The first round of capital increase has been completed (100 million yuan to acquire 9.09% equity), and the second round of capital increase is on the horizon. The third quarter report shows cash on hand of 1.5 billion yuan, and it is expected that Zhongzheng Micro will be directly consolidated in the future.
2. Zhongzheng Micro: Core breakthroughs in domestic optical chips, supplying Zhongji Xuchuang, indirectly supporting Google’s AI data centers.
① Technological leadership: The subsidiary Zhongzheng Micro is the only domestic supplier to achieve mass production of single-wave 100G TIA/Driver chips, with 400G/800G chips already in mass production, and the 1.6T chip development completed and about to be taped out.
② Deep binding with Zhongji Xuchuang: Zhongzheng Micro has received high-end optical chip orders from Zhongji Xuchuang, breaking the foreign monopoly, and a strategic stake in Zhongji Xuchuang has formed a deep cooperation.
③ Market space: Optical chips account for 20% of the cost of optical modules, with a domestic production rate of less than 1%. As optical modules upgrade to 1.6T, the value of a single module increases from 200-400 USD to 400-800 USD, with gross margins as high as 40%-60%. According to industry chain research, the demand for 1.6T optical modules in 2026 has been adjusted to 20 million units. Based on a single optical chip priced at 50 USD, the potential market size exceeds 1 billion USD.