中文翻译
@Robertff8n 管道（Pipeline）在不到一年内从4亿美元增长至7.99亿美元，再增至12亿美元，我不太明白有人为何期待更多。 其收入质量与其他公司不同，因为 $SIVE 基于磷铟(InP)激光器的长期毛利率估算为55-60%。 这与（营收更高但）毛利率仅为30%的光模块(transceiver)不同。 此外，你无法突然跳过资格认证(qualification)周期并售罄至2030年，尤其是当他们正针对2027年下半年的扩展(scale up)新架构时。
· 个股论点
SIVE管道增长迅速且毛利高，但受认证周期限制，短期难爆发。
涉及标的： $SIVE
相关概念： InP 磷化铟衬底Pluggable 可插拔光模块
英文原文
@Robertff8n Pipeline grew to $1.2B from $799m from $400m in less than a year, not quite sure how someone expects more. The revenue quality is different than others, since $SIVE was 55-60% long term gross margins est. off InP lasers. It's not the same as 30% transceiver margins (with more revenue). Also you can't suddenly escape qualification cycles and sell out to 2030, especially when they're targeting newer architectures for scale up in H2 2027