報告_GS_高明鐵4573_20260908

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Semicon Taiwan: GMT(4573.TWO) Automated active alignment drives 1.6T optical module production

We visited GMT (4573.TWO, Not Covered) booth on Sep 3 during SEMICON

Taiwan. GMT showcased four launched systems covering wafer-level optical inspection and testing, as well as optical-engine active alignment for 1.6T optical modules. The company highlighted automation and simultaneous TX/RX coupling, saving coupling time by 50% compared to traditional methodology. As we highlighted in Sep (link), we are positive on high-speed optical module demand, which relies more and more on automated production considering the high density / bandwidth and high precision. We expect global optical modules above 1.6T to grow at 1144% / 188% / 30% YoY in 2026E-28E to 33m / 94m / 123m.

Company pro fi le: GMT (4573.TWO, Not Covered) was established in 1994, starting from precision mold components, and expanded to automation use components, automatic inspection, and optical active alignment system across modules and equipment for pluggable optical modules platform to CPO platform. The company's products cover alignment and testing, across chips-level and wafer-level.

Key takeaways

1. Active alignment: GMT showcased its fully automated Dual-FA active alignment system designed for 1.6T optical modules and also compatible with 800G products. The system supports simultaneous TX/RX coupling for modules, reducing the sequential handling required between the two coupling processes. The company noted that this could theoretically shorten the related coupling time by approximately half, while automated cassette handling helps reduce manual operations and improve process consistency. The company plans to extend its technology roadmap towards higher-speed optical modules and FAU-plus-MLA assembly, supporting its participation in the next-generation optical interconnects.
2. Business opportunities: Management remains positive on growth ahead driven by rising high-speed connection, which the company o ff ers modules and equipment for alignment and testing (e.g. chips level, wafer level), aiming to expand from pluggable optical modules to CPO. On pluggable optical modules, the company's modules penetrates 400G / 800G optical alignment, and got clients' quali fi cation in 1.6T as well. The company is developing modules and equipment for 3.2T optical modules and expand to CPO products, such as modules and equipment for ELS modules, optical engines, 12.8T FAU fi ber automotive assembly, etc. The company highlights customers are under modules / equipment upgrade cycle, as moving toward 800G / 1.6T, o ff ering a large market for them. With migrating to high-speed

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US a ffi liates are not registered/quali fi ed as research

Allen Chang

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.

Verena Jeng +852-2978-1681 | verena.jeng@gs.com

Goldman Sachs (Asia) L.L.C.

Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.

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15000

9/4

3/3

13:19

connection and from EML discrete optical modules to SiPh optical modules, the requirement on alignment precision increased as well, driving the demand on the automatic alignment, assemble, and testing equipment that GMT provides.

1. Product pipeline and competition edges: Management shares their near / mid-term business target: (1) 2024-26E: riding on 800G / 1.6T. Management highlights their modules and equipment passed customers quali fi cation in 1.6T in 2025, (2) 2026-27E: multi-channels coupling and assembly for FAU ( fi ber array unit), (3) 2028E: 3.2T / 6.4T CPO platform. Management highlights their products cover both Edge coupling and grating coupling and have four edges in technology: (1) active alignment: a fast alignment method with high coupling e ffi ciency; the company develops algorithm in house, (2) nanoscale accuracy: customized 6 axis / 12 axis design to enhance accuracy, (3) image recognition: in-house algorithm to do inspection, and (4) recon fi gurable fi xture: various modules / holders design o ff ering fl exibility for engineering.

Exhibit 1: GMT booth at Semicon Taiwan

Source: Company data

Exhibit 2: GMT FAU active alignment and bonding system

Source: Company data

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Disclosure Appendix

Reg AC

We, Allen Chang, Verena Jeng and Ting Song, hereby certify that all of the views expressed in this report accurately re fl ect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the speci fi c recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs' Global Investment Research division.

Contributing Authors: Allen Chang Goldman Sachs (Asia) L.L.C., Verena Jeng Goldman Sachs (Asia) L.L.C., Ting Song Goldman Sachs (Asia) L.L.C..

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs' Global Investment Research division.

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There are no company-speci fi c disclosures for: GMT Global Inc. (NT$645.00)

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