Sealand Securities Co., Ltd. has released a research report indicating that AI computing power is driving the speed upgrade of optical modules, pushing die bonding equipment toward higher precision and reliability. The eutectic process benefits from growing demand in high-speed optical modules and advanced packaging; the global die bonder market is projected to expand from RMB 1.66 billion in 2025 to RMB 6.60 billion by 2030, with a compound annual growth rate of 19.2% from 2026 to 2030.

Optical module equipment is driven by both technological advancement and capacity expansion, and the industry's momentum is expected to strengthen. The firm maintains a "recommended" rating for the optical module equipment sector.

AI computing power is accelerating the rate upgrade of optical modules, pushing die bonding equipment toward higher precision and reliability. As high-speed interconnect demand grows in AI data centers, optical module speeds are advancing from 400G to 800G and 1.6T. The die bonding process, as a core step in packaging and testing, accounts for approximately 20% of equipment value. High-speed optical modules demand greater placement accuracy, thermal management, and automation, with optical chip placement precision improving from the traditional ±10 to ±7 μm range to ±5 to ±3 μm.

Die bonding and eutectic processes form differentiated application routes. Die bonding, with its cost and efficiency advantages, is mainly used for low-speed optical chips and electrical chips, while the eutectic process, relying on high thermal conductivity and reliability, has become the key packaging method for high-speed optical chips and high-power devices. With the development of next-generation optical interconnect technologies such as CPO and NPO, the eutectic process is expected to extend into advanced packaging scenarios like multi-chip heterogeneous eutectic bonding and wafer-level micro-welding.

The die bonder market continues to expand, opening further room for local substitution. According to data cited from Frost & Sullivan in Lieqi Intelligent's prospectus, the global die bonder market is expected to grow from RMB 1.66 billion in 2025 to RMB 6.60 billion by 2030, with a CAGR of 19.2% from 2026 to 2030. In 2025, Lieqi Intelligent captured a 20% global market share in optical module die bonding equipment, ranking first worldwide. Currently, the localization rate for mid-to-low-end die bonding equipment is about 70%, while for high-end die bonding and eutectic equipment used in 400G/800G/1.6T high-speed optical modules, the localization rate is only about 20%, leaving significant room for substitution in the high-end market.

Overseas manufacturers dominate the high-end die bonding equipment market, while domestic companies are accelerating breakthroughs in core metrics. Currently, high-end eutectic die bonding equipment is still led by overseas players such as ASMPT, MRSI, and ficonTEC, with some equipment achieving sub-micron positioning accuracy. Domestic companies including Lieqi Intelligent, Weijian Intelligent, and Bozhon Precision are rapidly catching up in processing precision, temperature control, and multi-process compatibility. Some of their equipment has reached industry-leading levels and is gradually entering the 800G/1.6T optical module supply chain.

Domestic equipment companies are growing faster through technological accumulation and customer adoption, and the long-term growth logic for optical module equipment is clear. In 2025, Lieqi Intelligent held a 20% global share in optical module die bonding equipment, with high-precision eutectic equipment supporting COC/COS packaging and already integrated into the supply chains of leading optical module manufacturers. Companies like Bozhon Precision and Weijian Intelligent are continuously expanding into the high-speed optical module market through multi-process compatibility and high-precision equipment offerings. As AI computing infrastructure drives the volume ramp of 800G/1.6T optical modules, and with the evolution of advanced packaging technologies like CPO, die bonding and eutectic equipment are poised for growth driven by both technological upgrades and capacity expansion.

Related targets include Lianxun Instruments, Riye Technology, Kerui Technology, Huashengchang, Luobo Teke, Kaige Precision, Bozhon Precision, Aotewei, Andaz Intelligent, Kuaike Intelligent, and Zhilifang, among others.

Risk warnings: 1) Risk of technology maturity falling short of expectations; 2) Uncertainty in industrialization progress; 3) Risks of long early-stage investment cycles and project execution delays; 4) Policy environment changes; 5) Intellectual property disputes.