中银国际：若国产光模块符合美关税豁免条件短期将缓解部分产业链估值压力

智通财经2025-04-23

智通财经APP获悉，中银国际发布研报称，通信行业内对美销售以光通信产业为主，下游客户主要为美国云厂商。后续若关税继续提升，下游客户或将要求光模块厂商承担部分关税。光模块厂商作为产业链中游，议价能力相对有限，相应挤压产品毛利率。短期来看，光模块产品或有望获关税豁免，如取消后续关税，将直接缓解光模块产业链内因近期关税政策带来的冲击。此外，各家模块厂商均在关税更低的东南亚地区储备充足产能出口至美国，目前...

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芯片标准的统一进程，更容易造成技术孤岛，增加全球协同创新难度。美国的关税政策将加剧跨境科技产业的投资风险。短期关注关税强压下的超跌品种当前，多数出海光模块厂商的市盈率分位数已处于阶段低点，但在全球市场仍具备长期竞争力。短期来看，光模块产品或有望获关税豁免，如取消后续关税，将直接缓解光模块产业链内因近期关税政策带来的冲击。此外，各家模块厂商均在关税更低的东南亚地区储备充足产能出口至美国，目前处于90 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中银国际：若国产光模块符合美关税豁免条件 短期将缓解部分产业链估值压力

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中银国际：若国产光模块符合美关税豁免条件短期将缓解部分产业链估值压力