[Table_Title] 研究报告 Research Report 6 Feb 2026 中国电子 China (Overseas) Technology FY4Q25 全球科技业绩快报：Coherent FY4Q25 Global Technology Earnings Snapshot: Coherent 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis 风险 1）产能扩张不及预期风险 2）技术迭代与市场竞争风险 3）客户依赖与需求波动风险 [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) [Table_su ...

Investment Rating - The report assigns a positive investment rating to Coherent, indicating an expectation of outperforming the market in the next 12-18 months [19]. Core Insights - Coherent delivered an outstanding performance in FY2Q26, achieving revenue of $1.69 billion, surpassing the consensus estimate of $1.64 billion, and setting a new record high. Non-GAAP EPS reached $1.29, exceeding the market expectation of $1.20. The non-GAAP gross margin climbed to 39%, reflecting strong profitability driven by lower raw material costs and improved operational efficiency [1][8]. Summary by Relevant Sections Financial Performance - In FY2Q26, Coherent's revenue was $1.69 billion, exceeding expectations and marking a historical high. Non-GAAP EPS was $1.29, above the anticipated $1.20. The gross margin increased to 39%, benefiting from reduced raw material costs and enhanced production efficiency [1][8]. Business Segments - The data center and communications business segment accounted for over 70% of total revenue, with a revenue increase of 14% quarter-over-quarter and 36% year-over-year, driven by strong demand for 800G and 1.6T optical modules [2][9]. Order Demand - The order-to-shipment ratio for the data center business exceeded 4:1, with demand visibility at an all-time high. Orders are scheduled through the end of 2026, with significant long-term demand forecasts from major customers extending into 2028 [3][10]. Capacity Expansion - Coherent aims to double its internal InP production capacity by Q4 2026, currently achieving 80% of this target ahead of schedule. The 6-inch InP production line shows significant advantages, including a fourfold increase in chip output compared to 3-inch wafers [4][11]. Future Outlook - For FY3Q26, Coherent expects revenue between $1.7 billion and $1.84 billion, in line with market consensus. The non-GAAP gross margin is projected to be between 38.5% and 40.5%, maintaining profitability advantages. Non-GAAP EPS is anticipated to reach $1.28 to $1.48, exceeding the consensus of $1.40 [5][12].

Key Takeaways Coherent delivered a record Q2 FY26 results with $1.7B in revenues, up 17.5% YoY, and EPS of $1.29.Datacenter & communications grew 33.5% YoY, reaching 72% of sales, driven by 800 gig and 1.6T demand.Margins expanded as operating income rose, cash reached $863.7M and debt leverage fell to 1.7X.Coherent Corp. (COHR) hit a new peak, delivering $1.7 billion in revenues during the second quarter of fiscal 2026, topping the Zacks Consensus Estimate by 3%. The top line appreciated 17.5% from the yea ...

Fidelity Investments, an investment management company, recently released its “Fidelity Growth Strategies Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fidelity Growth Strategy is a diversified equity strategy aimed at domestic midcap growth stocks. The approach focuses on identifying quality companies that deliver steady above-average growth and can outperform over time. The Fund (Retail Class shares) returned -3.44% in the quarter compared to the benchmark Ru ...

智通财经APP获悉，近日，Coherent(COHR.US)召开了2026财年第二财季电话会。公司最近从一家市场 领先的AI数据中心客户获得了一份极其庞大的采购订单，用于CPO解决方案，其中包括公司去年开始样 品出货的新型高功率连续波激光器。除了该解决方案的卓越性能外，客户决定与Coherent合作的一个关 键因素是，公司的高功率连续波激光器是在公司德克萨斯州谢尔曼工厂的6英寸磷化铟产线上生产的。 Coherent预计这一重大设计赢单将在本日历年年底开始产生初始收入，在明年及以后将有更显著的收入 贡献。公司还与多家其他客户就基于磷化铟和200G VCSEL的CPO和NPO应用解决方案进行合作。 在第二季度，Coherent基于差异化非机械液晶技术的光电路交换机（OCS）平台也取得了强劲进展。 OCS积压订单在第二季度环比增长，公司现在有超过10个客户合作。出货和积压订单包括64/64和 320/320两种系统规模，大部分积压订单偏向较大的系统规模。公司预计OCS收入将在当前季度和未来 几个季度环比增长，因为公司尽可能快地提升产能以满足快速增长的需求，以及未来几年超过20亿美元 的预期可寻址市场机会。 Q&A ...

分组1 - Coherent reported quarterly earnings of $1.29 per share, exceeding the Zacks Consensus Estimate of $1.22 per share, and up from $0.95 per share a year ago, representing an earnings surprise of +5.74% [1] - The company achieved revenues of $1.69 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.97%, compared to $1.43 billion in the same quarter last year [2] - Coherent has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has increased approximately 24.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.1% [3] - The current consensus EPS estimate for the upcoming quarter is $1.31 on revenues of $1.7 billion, and for the current fiscal year, it is $5.11 on revenues of $6.7 billion [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 40% of over 250 Zacks industries, which may impact stock performance [8]

Coherent (NYSE:COHR) Q2 2026 Earnings call February 04, 2026 04:30 PM ET Company ParticipantsJim Anderson - CEOPaul Silverstein - SVP of Investor RelationsSherri Luther - CFOConference Call ParticipantsAtif Malik - Managing Director and Equity Research AnalystEzra Weener - VP and Equity Research AnalystGeorge Notter - Managing Director and Senior Research AnalystKarl Ackerman - Equity Research AnalystMichael Mani - Equity Research AnalystRuben Roy - Managing Director and Equity Research AnalystRyan Koontz - ...

Coherent (NYSE:COHR) Q2 2026 Earnings call February 04, 2026 04:30 PM ET Company ParticipantsJim Anderson - CEOPaul Silverstein - SVP of Investor RelationsSherri Luther - CFOConference Call ParticipantsAtif Malik - Managing Director and Equity Research AnalystEzra Weener - VP and Equity Research AnalystGeorge Notter - Managing Director and Senior Research AnalystKarl Ackerman - Equity Research AnalystMichael Mani - Equity Research AnalystRuben Roy - Managing Director and Equity Research AnalystRyan Koontz - ...

Coherent (NYSE:COHR) Q2 2026 Earnings call February 04, 2026 04:30 PM ET Speaker6Greetings, and welcome to the Coherent second quarter fiscal year 2026 earnings call. It is now my pleasure to introduce your host, Mr. Paul Silverstein, Senior Vice President of Investor Relations for Coherent. Please go ahead.Speaker7Thank you, operator, and good afternoon, everyone. With me today are Jim Anderson, Coherent CEO, and Sherry Luther, Coherent CFO. During today's call, we will provide a financial and business rev ...

Coherent Corp. (NYSE:COHR) shares are up after a brief dip in Wednesday's extended trading after the company released its second-quarter earnings report. Here's a look at the key figures from the quarter. COHR stock is moving. Watch the price action here.The Details: Coherent reported quarterly earnings of $1.29 per share, which beat the Street estimate of $1.21 by 6.79%, according to Benzinga Pro.Quarterly revenue came in at $1.69 billion, which beat the analyst consensus estimate of $1.64 billion.“We deli ...