中文翻译
你说下游公司通常拥有更强定价权，这点是对的。比如 $AAPL 卖 iPhone，比组装它的 Foxconn 赚得更多。 但在光子行业里，目前的瓶颈是激光器，而且激光器极其、极其值钱。 尤其是现在的 EML 产能，因为其他玩家像 Innolight / Eoptolink 之类做不了这部分。 这其实就是 $LITE 溢价的大部分来源，再加上他们自己激光器带来的 captive 垂直整合，服务于 OCS 和 1.6T。
· 供应链分析
指出在光子行业里，激光器才是真正瓶颈，尤其是 EML 产能和自有垂直整合带来的溢价。
英文原文
You're correct in saying downstream players typically have more pricing power. $AAPL for example, makes the most for selling the IPhone than Foxconn that assembles it. However, in photonics, lasers are the bottleneck currently and are extremely, extremely valuable. Especially EML capacity right now, since other players like Innolight/Eoptolink cannot do that. That's where most of $LITE's premiums come from actually + using their own lasers for captive vertical integration with OCS and 1.6T.