中文翻译
当然，现金余额低、来自母公司的历史包袱、后续还会有进一步稀释。 Ayar 在做多来源采购，而且更偏向 $LITE。可能还会遇到 Win 的认证问题，以及 CPO 路线图延迟。 但我认为，作为全球少数几家独立 cw 激光供应商之一，它的价值足以抵消这些下行风险。这个身份本身就非常有价值。 如果跌得足够便宜，对冲基金或者像 Broadcom、Marvell 这样的公司，完全可以用很低的价钱把它收购，然后向上游一体化，或者把竞争对手的关键路径卡住。
· 供应链分析
承认现金少和历史包袱，但认为独立 cw 激光供应商的价值足以抵消下行。
涉及标的： $SIVE$LITE$WIN$AVGO$MRVL
英文原文
Sure, low cash balance, legacy drag from parent company, further dilution along the way. Ayar multi sourcing and leaning more heavily toward $LITE. Maybe qualification issues with Win. CPO roadmap delays. I do think any downside risk is negated by how valuable being one of the only independent cw laser suppliers in the world. So that itself is really valuable. If it ever drops enough a hedge fund or company like Broadcom or Marvell can just buy it out for pennies and either vertically integrate upstream or chokepoint out competitors.