· 个股论点
相关概念： CPO 共封装光学光子学 PhotonicsPluggable 可插拔光模块
是的。我真的不明白为什么 $SIVE 仍然专注于瑞典本地市场的沟通和私募融资，而不是美国市场。面对瑞典受众时，你会遇到诸如“如何止血”、“为何不披露私人客户”、“为何聚焦光收发器（这很明显）”以及“非光子订单影响”等引导性或指责性问题。因此，CEO 三分之一的时间都在为“机会管道”的含义进行辩护。而美国分析师会追问：瓶颈期+ASP上涨/经营杠杆下的晶圆厂分配经济影响；这些分配带来的产能收入（美国分析师半数电话会议都问这个）；$GFS 的 NPO/CPO/可插拔规模影响及下游终端客户机会；Ayar 等 CPO 玩家 2028 年量产（刚融资 5 亿+）或 ELS 生产与 O-net 的 TAM 机会；6 家新可插拔玩家的规模，而非质问“为何不披露”；以及 CFO 关于上市时间表和 M&A TAM 扩张的法律声明。这样投资者才能感知 2027-2028 年的未来增长。相反，目前的问答框架聚焦于当前财务（美国投资者不关心）、非光子影响或对措辞的质疑，而非让美国投资者兴奋于 CW 激光瓶颈期的经济影响。$SIVE 在瑞典市场花的时间越多，其估值就越像瑞典公司。
Yes. I genuinely don't have a clue why $SIVE still focuses on local Swedish markets for communication/private fundraising. Over the US. The questions you get from Swedish heavy audiences include: - Leading questions like how would you "stop the bleeding" - "Why can't you disclosure your private customers" - Why focus on transceivers (it's obvious) - Implications for non-photonics orders So 1/3rd of the time, the CEO needs to be defending leading/accusatory questions around what "opportunity pipeline means" US analysts would have pressed: - Economic implications from 2 foundry allocations during a bottleneck + ASP hike/operating leverage - Around much capacity revenue would those allocations lead to (half of AOI calls are around those from US analysts) - $GFS NPO/CPO/pluggable scale implications and downstream end customers opportunities - Ayar / CPO player 2028 ramp (that happened to raise $500m+) or other products like ELS production with O-net and TAM opportunities there. - How big those 6 new pluggable players were, rather than asking "why can't you disclosure them" - Clarifying CFO legalposts around listing timeline and M&A TAM expansion opportunities So investors can get a sense of future growth for 2027-2028. Instead, the way leading questions are framed/answers, the entire calls were focused around current financials (which US investors don't care about), non-photonic implications, or skepticism of wording. Rather than exciting US investors about economic implications from their time in a CW laser bottleneck. The more time $SIVE spends in Swedish markets, the more they will be valued as such.