AI“要有光”！LITE和COHR二季度说了一件事：供不应求

华尔街见闻08-15

据追风交易台消息，根据野村证券最新研报，光通信巨头Lumentum(LITE)和Coherent(COHR)二季度业绩强劲揭示了一个关键信号：在全球AI基础设施建设热潮推动下，光通信产业链正面临严重的供需失衡。野村表示，这一轮由AI驱动的光通信产业景气周期，其持续性和成长性都远超市场此前预期。供应链的结构性短缺正在为整个产业链创造前所未有的盈利机会。上游芯片制造商迎来黄金时期，EML芯片和硅光...

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LITE and COHR said one thing in the second quarter: supply exceeds demand","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LITE":1,"COHR":1},"content_text":"据追风交易台消息，根据野村证券最新研报，光通信巨头Lumentum(LITE)和Coherent(COHR)二季度业绩强劲揭示了一个关键信号：在全球AI基础设施建设热潮推动下，光通信产业链正面临严重的供需失衡。\n野村表示，这一轮由AI驱动的光通信产业景气周期，其持续性和成长性都远超市场此前预期。供应链的结构性短缺正在为整个产业链创造前所未有的盈利机会。\n上游芯片制造商迎来黄金时期，EML芯片和硅光芯片的持续短缺将推动芯片厂商享受更高毛利率和更强定价权。LITE预期毛利率将超过40%，营业利润率目标20%以上。\n此外，野村还指出，来自全球超大规模AI和云服务提供商的强劲AI基础设施需求将继续支撑中国光收发器厂商的持续增长。\n\nLITE业绩亮眼：芯片短缺推动扩产潮\n\nLumentum交出了一份令人瞩目的成绩单。4QFY25营收4.807亿美元，同比暴增55.9%，GAAP净利润从去年同期2.525亿美元亏损转为2.133亿美元盈利。\n更值得关注的是其前瞻性指引：1QFY26E营收预期5.10-5.40亿美元，环比增长6%-12%，同比增长51%-60%。管理层预计到2026年6月季度或更早，季度营收将突破6亿美元大关。\nEML芯片供应瓶颈凸显产业机遇：\n\n\n6月季度EML芯片出货量创历史新高，营收较去年同期几乎翻倍\n为缓解芯片短缺，LITE正从3英寸晶圆转向4英寸，未来可能升级至6英寸\n公司获得200G EML芯片的大额订单，将在12月季度交付\n2026年预计成为100G和200G激光芯片出货的突破之年\n\n\n\nCOHR增长稳健：数据中心业务成增长引擎\n\nCoherent虽然整体表现相对温和，但数据中心细分领域展现强劲动力。4QFY25营收同比增长16.4%，非GAAP收益1.92亿美元，同比大增73.6%。\n数据中心通信业务表现突出：\n\n\n数据中心和通信业务贡献总营收62%，同比增长39%至9.42亿美元\n1.6T收发器在6月季度开始出货，预计FY26将有意义的营收贡献\n公司持续开发3.2T收发器产品，采用每通道400G的EML芯片\n\n\n然而，1QFY26营收指引14.6-16.0亿美元(同比增长8%-18.6%)未达市场预期，主要受工业业务拖累。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2559912140","isCrawlerRequest":true}