利润率收窄趋势引Credo(CRDO.US)绩后重挫！Needham、法巴力挺：铜线互连价值仍在

智通财经03-04

智通财经APP获悉，数据中心互联解决方案供应商Credo Technology(CRDO.US)发布的第三财季业绩及第四财季指引均超出华尔街预期，但其利润率收窄趋势引发投资者警惕，导致该股周二美股收跌近15%。Credo周一美股盘后公布的财报显示，在截至1月31日的2026财年第三财季，该公司营收同比暴涨201%至4.07亿美元，调整后每股收益为1.07美元，均好于分析师预期。此外，该公司给出的...

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Needham, Faba Bar Support: Copper Interconnection Value Remains","themeId":"aeef44b9ebd9dc34049b51ce77e79831","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRDU":0.6,"CRDO":1.98},"content_text":"智通财经APP获悉，数据中心互联解决方案供应商Credo Technology(CRDO.US)发布的第三财季业绩及第四财季指引均超出华尔街预期，但其利润率收窄趋势引发投资者警惕，导致该股周二美股收跌近15%。Credo周一美股盘后公布的财报显示，在截至1月31日的2026财年第三财季，该公司营收同比暴涨201%至4.07亿美元，调整后每股收益为1.07美元，均好于分析师预期。此外，该公司给出的第四财季营收指引中值为4.03亿美元，略高于分析师预期的4.285亿美元。然而，该公司毛利率正在明显走低。第三财季Non-GAAP毛利率为68.6%，而第四财季指引中值已降至65%。利润率的下行轨迹令部分投资者感到失望。在Credo公布最新业绩后，投行Needham仍维持对该股的“买入”评级，目标价为220美元。以N. Quinn Bolton为首的分析师表示：“Credo再次交出了超预期的业绩并上调指引的季度报告，其营收增长持续受到有源电缆(AEC)的普及和客户多元化的推动。”分析师将其对该公司2027财年的营收预期从19.2亿美元上调至20亿美元。分析师提出的关键要点包括：管理层预计在整个2027财年前，季度营收将实现中个位数百分比的环比增长，原因是超大规模云服务商和新兴云厂商对AEC的需求持续加速。分析师还补充称，Credo管理层重申，目前并未看到超大规模云服务商急于部署共封装光学(CPO)技术，并预计这些客户将在可行的情况下尽可能继续依赖铜缆解决方案。其他要点还包括：ZF Optics产品需求强劲，正推动生产提前;以及分析师提到公司已宣布收购CoMira Solutions。随着全球AI训练和推理集群持续扩建，AI数据中心对高速互连产品的需求呈爆发式增长。Credo作为AEC领域龙头充分受益于AI数据中心建设浪潮。第三财季数据显示，AEC当季营收约为3.17亿美元，占总营收的约78%;AEC相关芯片营收约为5700万美元，占总营收的约14%。据悉，AEC是Credo发明的一种基于铜缆的连接技术‌。它在传统铜缆两端集成了基于数字信号处理器(DSP)的Retimer芯片，通过信号放大和均衡技术，在保持铜缆低成本优势的同时，实现了‌更长的传输距离和极高的可靠性‌。相比传统无源铜缆(DAC)‌，AEC通过内置芯片克服了信号衰减问题，支持‌更长的传输距离和更高的数据速率‌，同时线缆更细、更柔韧，有利于数据中心机架内的空间节省和散热管理。‌‌相比有源光缆(AOC)或光模块‌，AEC在成本、功耗和可靠性上具有显著优势。‌‌同样看好Credo的还有法国巴黎银行。尽管市场近期对CPO技术的崛起及其对传统互连方案的潜在威胁感到担忧，但法巴在最新发布的行业研究报告中明确表示，这种由于技术迭代引发的恐慌情绪被过度夸大。在这一技术背景下，该行持续看好在该赛道占据核心地位的Credo。法巴分析师Karl Ackerman在深入调研DesignCon技术会议后指出，尽管CPO技术在理论上具备更高的集成度，但传统的铜线互连方案在224G/通道速率下仍拥有极强的生命周期，且这种技术优势有望进一步延伸至未来的448G/通道演进阶段。在未来三到四年的关键窗口期内，铜线连接凭借其卓越的性价比、高可靠性以及在机架内通信中的低功耗表现，依然是数据中心架构的首选，而非被光学方案迅速取代。","kind":"news","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","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/2616582968","isCrawlerRequest":true}