北京时间 2026-08-12 04:16:01 · 个股论点

LITE财报超预期，指引强劲，看好CPO渗透及同行受益。

中文翻译

$LITE 财报出炉，表现非常强劲：营收：10.1亿美元，环比+24.5%，同比+109.3% vs. 预期约9.846亿美元调整后每股收益(Adj. EPS)：3.23美元 vs. 预期约2.95美元毛利率(非GAAP)：50.4% / 营业利润率(非GAAP) 36.6% FY2027 Q1指引可能更重要：营收：12.25亿–12.75亿美元 vs. 预期约11.6亿美元调整后每股收益：4.05–4.35美元 vs. 预期约3.63美元营业利润率(非GAAP) 39.5% - 40.5% 关于备注：看到：“对超高功率共封装光学(CPO)激光器的需求增加，ELS模块获得初始订单” - 对其他CPO玩家如 $SIVEF、$COHR 等有很好的传导效应(read through)。(可能不包括 $AAOI，因为它们错过了第一代部署) - “NPO参与的广度是光学开始渗透机架内连接性的初步迹象，显著提升了我们的光学总可寻址市场(TAM)” - 营收预测“比目标模型提前一个多季度达成。” 正如预期的极其强劲的财报，营收从： 8.08亿 -> 10.1亿 -> 12.5亿，同时营业利润率持续增加... 这只是我的初步印象。最重要的是即将召开的财报电话会议。

英文原文

$LITE earnings are out, very strong earnings: Revenue: $1.01B, +24.5% Q/Q, +109.3% Y/Y growth vs. ~$984.6M Adj. EPS: $3.23 vs. ~$2.95 Gross Margin (non-gaap): 50.4% / Operating margin (non-gaap) 36.6% Q1 FY2027 guidance is probably more important: Revenue: $1.225–1.275B vs. ~$1.16B Adj. EPS: $4.05–4.35 vs. ~$3.63 Operating margin (non-gaap) of 39.5% - 40.5% In terms of notes: Sees: "Increasing demand for ultra-high-power CPO lasers, an initial order for ELS modules" - Great read through on other CPO players like $SIVEF, $COHR, and others. (maybe not AAOI since they're missing out on first-gen deployments) - "Breath of NPO engagements are the first signs that optics are starting to penetrate in-rack connectivity, significantly upping our optical TAM" - Revenue projections "reaching our target model more than a quarter ahead of schedule." Extremely strong earnings as expected, you have revenue going from: $808M -> $1.01B -> $1.25B while operating margin keeps increasing... Just my first impressions. Most important thing is the earnings call coming up soon.

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