中文翻译
我不确定大家是不是还没完全理解： $LITE 的 backlog 订单已经排到 2028 年，这说明需求极强，而且产能明显不足。 随后在超大规模客户需求外溢的二阶效应下： 猜猜美国被预测会拥有最大的 800G/1.6T 产能的是谁？ $AAOI。 他们自己制造 InP 激光器，自己设计收发器，还自己组装。 如果 $AAOI 能把产能爬坡执行到位，那大概率都会直接转化为营收，因为产品已经全部卖光了。 我从 50 亿美元市值推到 400 亿美元市值的目标价，现在看起来越来越可能了？
· 供应链分析
认为 LITE 的 backlog 和 AAOI 的自制能力都指向极强需求，AAOI 的市值目标开始显得可行。
英文原文
I'm not sure people understand yet: $LITE backlog order fill into 2028 signals extreme demand. And a lack of capacity. Then by second order effect of hyperscaler demand spillover: Guess who is projected to have the largest 800G/1.6T capacity in America? $AAOI. They fab their own inp lasers, design their own transceivers, and assemble it. If $AAOI can execute on capacity ramp, that likely all translates into revenue due to everything being sold out. My $40B MC price target from $5B is starting to look more and more likely?