昨晚最低1872，盈利28点，到过止盈位
Comments
Unlock
觅信聚合
我的关注
原文：
My main takeaway was that your merchant CW laser suppliers seem to be EXTREMELY IMPORTANT now.
But TLDR of $COHR earnings:
"given the demand that we see in our DC business with transceivers, I don’t see any time in the near future where we would be selling indium phosphide lasers externally"
- Ton more value placed on companies that sell InP lasers externally if $AAOI can't doesn't enough capacity for first gen-CPO deployments, $COHR not selling externally...
I guess that's why $MTSI said a ton of customers are approaching them with urgency for InP CW DFB lasers (and they dont even have meaningful capacity coming online until EOY 2027)
$AAOI -> Internal
$COHR -> Internal
Buyers -> fewer places to look for capacity.
"Our backlog now extends out, fiscal 2027 is basically completely booked out. We are booked really through the end of calendar 2027" [ Massive massive demand visibility]
- Coherent also mentioned LTAs spanning end of decade. So this kinda reinforces what $POET CEO said at their AGM that the "big 3" are fully sold out next 2 years.
"we’re not constrained in the assembly and test capacity right now. We’re really just constrained by the ramp of the indium phosphide production"
- Just for the bottleneck bros in terms of assembly/test not a bottleneck.
"absolutely no push-out of CPO demand. In fact, it has been the opposite. We have seen demand increase and request from customers’ demand getting pulled in"
"we continue to expect revenue from CPO for scale-up applications to start to flow in the second half of calendar 2027"
- Big read through on other CPO players for scale up if $LITE, $COHR reaffirm revenue from CPO scale up coming h2027.
- "quarterly revenue exceeding $3 billion by the end of fiscal 2027"
- $COHR revenue go brrr
So for regular numbers it's:
- $2.046B revenue (+13.3% Q/Q, +33.8% Y/Y), main revenue ramp looks to be
My main takeaway was that your merchant CW laser suppliers seem to be EXTREMELY IMPORTANT now.
But TLDR of $COHR earnings:
"given the demand that we see in our DC business with transceivers, I don’t see any time in the near future where we would be selling indium phosphide lasers externally"
- Ton more value placed on companies that sell InP lasers externally if $AAOI can't doesn't enough capacity for first gen-CPO deployments, $COHR not selling externally...
I guess that's why $MTSI said a ton of customers are approaching them with urgency for InP CW DFB lasers (and they dont even have meaningful capacity coming online until EOY 2027)
$AAOI -> Internal
$COHR -> Internal
Buyers -> fewer places to look for capacity.
"Our backlog now extends out, fiscal 2027 is basically completely booked out. We are booked really through the end of calendar 2027" [ Massive massive demand visibility]
- Coherent also mentioned LTAs spanning end of decade. So this kinda reinforces what $POET CEO said at their AGM that the "big 3" are fully sold out next 2 years.
"we’re not constrained in the assembly and test capacity right now. We’re really just constrained by the ramp of the indium phosphide production"
- Just for the bottleneck bros in terms of assembly/test not a bottleneck.
"absolutely no push-out of CPO demand. In fact, it has been the opposite. We have seen demand increase and request from customers’ demand getting pulled in"
"we continue to expect revenue from CPO for scale-up applications to start to flow in the second half of calendar 2027"
- Big read through on other CPO players for scale up if $LITE, $COHR reaffirm revenue from CPO scale up coming h2027.
- "quarterly revenue exceeding $3 billion by the end of fiscal 2027"
- $COHR revenue go brrr
So for regular numbers it's:
- $2.046B revenue (+13.3% Q/Q, +33.8% Y/Y), main revenue ramp looks to be
Comments
Unlock
happening entering Q4 into 2027
- Non-GAAP gross margins: 40.2%
Next quarter guide is:
- Revenue: $2.2–$2.4B revenue
- Non-GAAP gross margins: 39.5-41.5%
Basically:
$1.69B -> $1.81B -> $2.05B -> ~$2.30B -> $3.0B (end of FY 2027)
~39% -> 39.6% -> 40.2% -> ~40.5% (gross margins)
For operating margins:
18.0% -> 19.5% -> 19.9% -> 20.3% -> 21.8%
Little less impressed compared to $LITE margin growth in terms of profitability, but revenue scale for $COHR growing rapidly.
翻译：
我的主要收获是，您的商家CW激光供应商现在似乎变得极为重要。
但$COHR盈利报告的简要摘要是：
“考虑到我们在DC业务中收到关于收发器的需求，我不认为在近期内我们会向外出售磷化铟激光”
- 如果$AAOI不能满足第一代CPO部署的容量需求，而$COHR不向外出售... 那么对外出售InP激光的公司的价值将大大增加
我想这就是为什么$MTSI说很多客户正在迫切地向他们寻求InP CW DFB激光（尽管他们直到2027年底才有有意义的容量上线）
$AAOI -> 内部
$COHR -> 内部
买家 -> 降低了寻找容量的选择
“我们的订单现在延伸到2027财年，基本上已经完全满负荷。我们实际上已经预订到2027年底” [巨大的需求可见性]
- Coherent还提到，长期协议将持续到十年末。这在某种程度上强化了$POET CEO在他们的年度股东大会上所说的话，即“大三”在未来两年内已经完全售罄。
“我们目前在装配和测试能力方面并不受限。我们真正面临的限制是磷化铟生产的扩张”
- 只是为了瓶颈兄弟们，装配/测试并不是瓶颈。
“绝对没有CPO需求的推迟。事实上，情况恰恰相反。我们已经看到需求增加和客户需求被提前”
“我们预计CPO规模应用的收入将在2027年下半年开始流入”
- 如果$LITE和$COHR确认CPO规模应用的收入将在2027年下半年到来，对于其他CPO玩家来说是一个重要的信号。
- “季度收入超过30亿美元，到2027财年底”
- $COHR收入暴增
那么，正常的数字是：
- 20.46亿美元收入（+13.3% Q/Q，+33.8% Y/Y），主要收入增长似乎正在进入Q4到2027年
- 非GAAP毛利率：40.2%
下一季度的指导是：
- 收入：22-24亿美元
- 非GAAP毛利率：39.5-41.5%
基本上：
109亿 -> 181亿 -> 205亿 -> ~230亿 -> 300亿（2027财年底）
~39% -> 39.6% -> 40.2% -> ~40.5%（毛利率）
对于营业利润率：
18.0% -> 19.5% -> 19.9% -> 20.3% -> 21.8%
与$LITE的利润增长相比，我对$COHR的利润增长略感失望，但$COHR的收入规模正在迅速增长。
- Non-GAAP gross margins: 40.2%
Next quarter guide is:
- Revenue: $2.2–$2.4B revenue
- Non-GAAP gross margins: 39.5-41.5%
Basically:
$1.69B -> $1.81B -> $2.05B -> ~$2.30B -> $3.0B (end of FY 2027)
~39% -> 39.6% -> 40.2% -> ~40.5% (gross margins)
For operating margins:
18.0% -> 19.5% -> 19.9% -> 20.3% -> 21.8%
Little less impressed compared to $LITE margin growth in terms of profitability, but revenue scale for $COHR growing rapidly.
翻译：
我的主要收获是，您的商家CW激光供应商现在似乎变得极为重要。
但$COHR盈利报告的简要摘要是：
“考虑到我们在DC业务中收到关于收发器的需求，我不认为在近期内我们会向外出售磷化铟激光”
- 如果$AAOI不能满足第一代CPO部署的容量需求，而$COHR不向外出售... 那么对外出售InP激光的公司的价值将大大增加
我想这就是为什么$MTSI说很多客户正在迫切地向他们寻求InP CW DFB激光（尽管他们直到2027年底才有有意义的容量上线）
$AAOI -> 内部
$COHR -> 内部
买家 -> 降低了寻找容量的选择
“我们的订单现在延伸到2027财年，基本上已经完全满负荷。我们实际上已经预订到2027年底” [巨大的需求可见性]
- Coherent还提到，长期协议将持续到十年末。这在某种程度上强化了$POET CEO在他们的年度股东大会上所说的话，即“大三”在未来两年内已经完全售罄。
“我们目前在装配和测试能力方面并不受限。我们真正面临的限制是磷化铟生产的扩张”
- 只是为了瓶颈兄弟们，装配/测试并不是瓶颈。
“绝对没有CPO需求的推迟。事实上，情况恰恰相反。我们已经看到需求增加和客户需求被提前”
“我们预计CPO规模应用的收入将在2027年下半年开始流入”
- 如果$LITE和$COHR确认CPO规模应用的收入将在2027年下半年到来，对于其他CPO玩家来说是一个重要的信号。
- “季度收入超过30亿美元，到2027财年底”
- $COHR收入暴增
那么，正常的数字是：
- 20.46亿美元收入（+13.3% Q/Q，+33.8% Y/Y），主要收入增长似乎正在进入Q4到2027年
- 非GAAP毛利率：40.2%
下一季度的指导是：
- 收入：22-24亿美元
- 非GAAP毛利率：39.5-41.5%
基本上：
109亿 -> 181亿 -> 205亿 -> ~230亿 -> 300亿（2027财年底）
~39% -> 39.6% -> 40.2% -> ~40.5%（毛利率）
对于营业利润率：
18.0% -> 19.5% -> 19.9% -> 20.3% -> 21.8%
与$LITE的利润增长相比，我对$COHR的利润增长略感失望，但$COHR的收入规模正在迅速增长。
Comments
Unlock
🔄
Loading...