· 个股论点
涉及标的： $AAOI
$AAOI 报了财，我看下来其实非常正面，和市场反应完全相反。 和所有 2027 年那种超高斜率前瞻成长公司一样： 大家不该只盯当前财报。 市场漏掉的关键点是： AOI 已经把 800G transceiver 的产能做到每月 10 万台。 而且管理层说，随着产能上线，Q3 开始会有明显更大的增长。 如果真看财务： non-GAAP 毛利率约 29.2% 营收约 1.511 亿美元，Q2 指引 1.8 亿到 1.98 亿美元。 我们已经从 Lumentum 的财报知道，这更多是产能瓶颈，不是需求瓶颈。只要能做出来，都会卖完。 这是一个前瞻成长故事，所以除了这些数字之外，更重要的是财报电话会里对 hyperscaler 需求和产能爬坡的说明。
$AAOI reported earnings, it's actually extremely positive so far contrary to market reactions. Like all 2027 hyperbolic forward growth companies: Nobody should care about current financials. Key things market missed was: AOI: hit They hit 100K units/month capacity for 800G transceivers. And: -> "Significant larger growth expected starting in Q3 as capacity comes online" If you do look at financials: It's ~29.2% non GAAP gross margin on ~$151.1M revenue, guiding $180-$198m Q2. We already know from Lumentum earnings that it's more of capacity bottleneck, not a demand one. And anything they make they sell out. It's a forward growth story, so important thing aside from these notes is the earnings call on hyperscaler demand implications and capacity ramp.