来源：滚动播报 相干公司Coherent Corp.（COHR）美股盘后跌19%。 ...

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission File Number: 001-39375 ________________________________________________________________ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________________________________________ FORM 10-Q ________________________________________________________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of th ...

Exhibit 99.1 Coherent Corp. 375 Saxonburg Blvd. Saxonburg, PA 16056-9499 PRESS RELEASE COHERENT CORP. REPORTS SECOND QUARTER FISCAL 2026 RESULTS SAXONBURG, Pa., February 4, 2026 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR) ("Coherent," "We," or the "Company"), a global leader in photonics, announced financial results today for its second quarter of fiscal year 2026 ended December 31, 2025. Revenue for the second quarter of fiscal 2026 was $1.69 billion, with GAAP gross margin of 36.9% and GAAP net income ...

Core Viewpoint - Coherent Corp. reported strong financial results for the second quarter of fiscal year 2026, with significant year-over-year revenue growth driven by demand in the datacenter and communications segments, and anticipates continued growth in the upcoming quarters [1][2]. Financial Performance - Revenue for Q2 FY26 was $1.69 billion, representing a 17.5% increase year-over-year from $1.44 billion in Q2 FY25 [1][4]. - GAAP gross margin was 36.9%, up 145 basis points year-over-year, while non-GAAP gross margin was 39.0%, an increase of 77 basis points year-over-year [4][6]. - GAAP net income was $0.76 per diluted share, a 71% increase from $0.44 in Q2 FY25, and non-GAAP net income was $1.29 per diluted share, up 35% from $0.95 [4][6]. Segment Performance - The datacenter and communications segment showed strong demand, contributing significantly to revenue growth [2]. - The industrial segment is also expected to improve, supporting the overall business outlook [2]. Operating Expenses - Total operating expenses for Q2 FY26 were $439 million, a 37.1% increase from $320 million in Q1 FY26 [6]. - Research and development expenses were 9.8% of revenue, consistent with the previous year, while selling, general, and administrative expenses decreased slightly to 15.3% [6]. Business Outlook - The company expects revenue for Q3 FY26 to be between $1.70 billion and $1.84 billion, with a gross margin percentage between 38.5% and 40.5% on a non-GAAP basis [15]. - Continued capital investment is planned to support production capacity expansion in response to strong demand [2].

Summary of J.P. Morgan's Optical Group Conference Call Industry Overview - The Optical group has shown resilience with a +10% performance year-to-date, outperforming the coverage average of -1% and the S&P 500 at +1% [1][3] - Concerns regarding AI valuations initially hindered growth, but strong fundamentals have emerged, supported by positive data points from December and January [1] Key Developments - Corning secured a $6 billion multi-year fiber optics agreement with Meta, indicating strong demand in the sector [1] - U.S. hyperscaler earnings and capital expenditure disclosures have been solid, contributing to an increase in market Total Addressable Market (TAM) expectations by over $5 billion for 2026 [1] Company-Specific Insights Coherent Corp (COHR) - Expected to report F2Q26 results ahead of expectations, driven by strong datacom and telecom trends [12] - Anticipated gross margin expansion, potentially reaching 40% or greater earlier than expected, supporting a bullish EPS outlook of ~$9 for CY27 [12][20] - Current share price trades at 28x CY27 earnings, below the cohort average of 30x+, presenting an attractive investment opportunity [12][20] Fabrinet (FN) - Positioned for upside in F2Q26 and F3Q26 results, driven by customer ramps in datacom, telecom, and HPC segments [15][30] - Anticipated revenue growth of +14% year-over-year for F3Q26, with a focus on Nvidia's ramp impacting overall performance [15][30] - Shares currently trade at 29x CY27 earnings, reflecting a modest discount compared to peers [15][30] Lumentum (LITE) - Facing a challenging setup with high buy-side expectations, trading at 36x CY27 earnings [16][42] - Expected revenue growth of +64% year-over-year for F2Q26, but concerns exist regarding the ability to meet lofty expectations [16][42] - The upcoming annual Investor Briefing may not provide significant updates on long-term financial frameworks, adding to uncertainty [16] Valuation and Price Targets - Coherent's price target set at $215, based on a P/E multiple of ~29x for CY27E EPS [21] - Fabrinet's price target set at $530, reflecting a target P/E multiple of ~30x [31] - Lumentum's price target set at $350, based on a ~30x P/E target multiple [43] Risks - Industry-wide pricing pressure could negatively impact earnings forecasts for optical component companies, including Coherent, Fabrinet, and Lumentum [23][35][45] - Vertical integration by optical system suppliers poses competitive risks, potentially leading to pricing pressures [25][48] - Customer concentration risks exist for all three companies, with significant revenue dependence on a few large customers [37][49] Conclusion - The Optical group is experiencing a rebound with strong fundamentals, but high valuations necessitate caution among investors. Selectivity is advised as companies navigate potential risks and pricing pressures in the optical component market [3][12][16]

Core Insights - Coherent Corp. (COHR) is expected to report second-quarter fiscal 2026 results on February 4, with earnings estimated at $1.22 per share, indicating a 28.4% growth year-over-year, and revenues projected at $1.6 billion, reflecting a 13.9% increase [1][8] Earnings Estimates - Over the past 60 days, two EPS estimates for the second quarter of fiscal 2026 have been revised upward, while one was revised downward, resulting in a 1.7% increase in the Zacks Consensus Estimate to $1.22, indicating analysts' growing confidence [2] - Coherent has consistently surpassed the Zacks Consensus Estimate in the last four quarters, achieving an average surprise of 0.7% [3] Growth Drivers - The company is experiencing high demand for its products, particularly 1.6T transceivers, which is expected to continue into the second quarter of fiscal 2026 [5][8] - Increased demand for AI datacenters has led Coherent to ramp up its 6-inch Indium Phosphide (InP) production, with the global AI datacenter market projected to grow at a CAGR of 27.5% through 2035, suggesting strong InP sales for COHR [6] - Management has identified a $2 billion market opportunity in Optical Circuit Switch (OCS), with expectations of capturing a larger share due to rising AI demand [7] Stock Performance - COHR shares have surged 142.5% over the past year, outperforming the industry growth of 7% and the Zacks S&P 500 composite's 19.6% rise [9] - In the last six months, COHR has increased by 98.8%, again surpassing the industry and S&P 500 growth rates [12] - The current trailing P/E ratio for COHR is 36.11X, significantly higher than the industry average of 23.55X, indicating a premium valuation [12][20] Financial Health - Coherent reported a 51% year-over-year increase in the data center and communications market for fiscal 2025, with a 61% rise in the data center business alone [16] - The company has a strong balance sheet with $875 million in cash reserves and only $48 million in debt, providing a safety net and flexibility for investments [17] - The current ratio stands at 2.33, well above the industry average of 1.58, indicating strong liquidity [18] Competitive Landscape - Coherent faces significant competition from Wolfspeed and ON Semiconductor in the Silicon Carbide (SiC) sector, which may impact its growth and profitability [19] - Despite a strong presence in the SiC market, COHR experienced a 6% year-over-year decline in end-market demand in its Material segment's revenues for fiscal 2025 [19]

Group 1 - Morgan Stanley analyst Meta Marshall raised the price target on Coherent (COHR) to $190 from $180 while maintaining an Equal Weight rating on the shares [1] - Coherent has outperformed Lumentum (LITE) year-to-date, indicating a positive performance trend [1] - The firm expresses a more positive outlook on COHR compared to LITE ahead of the earnings report, as expectations for COHR are lower [1]

Core Viewpoint - Coherent's stock has seen significant gains, reaching an all-time high and increasing over 137% this year, despite a recent pullback of 1.7% [1][2] Company Performance - Coherent's stock hit approximately $239 earlier in the day before the recent decline, indicating strong market interest [2] - The company specializes in silicon carbide transceivers, which are crucial for various technologies including communications, data centers, and semiconductor manufacturing [3] - Coherent's product mix includes applications in industrial automation, automotive, and factory automation, benefiting from trends in onshore reshoring [3] Analyst Insights - Morgan Stanley raised Coherent's price target from $180 to $190 while maintaining an equal weight rating, suggesting a potential convergence in valuation with competitor Lumentum [4] - Analysts expect Coherent to achieve around 26% forward earnings growth, while Lumentum's estimate is significantly higher at 91% [6] - Coherent's earnings multiples are around 30 times earnings compared to Lumentum's 60 times, indicating a more favorable valuation for Coherent [7] Market Trends - The technology sector, particularly in data centers and automation, is expected to drive growth for Coherent, which has a diversified product mix compared to Lumentum's concentration in data centers [7] - Both Coherent and Lumentum have seen substantial stock price increases over the past few years, with gains of 300% to 400% [7]

Economic Overview - The U.S. services sector continued its expansion in December 2025, with the Services PMI at 54.4%, marking the highest reading of the year and the 10th month of expansion [1] - Real GDP increased at an annual rate of 4.4% during July-September, up from 3.8% in the previous quarter, indicating economic resilience amid inflationary pressures and trade policy uncertainty [2] Services Sector Performance - The services sector's performance reflects the U.S. economy's adaptability, driven by sustained consumer demand across various industries, including transportation, retail, finance, and healthcare [3] - However, certain segments like construction and professional services showed relative weakness, indicating disparities within the sector [3][4] Earnings Outlook - Several service providers are expected to report earnings soon, with Gartner, Coherent, Exponent, and TransUnion identified as stocks likely to beat earnings estimates this season [4] - Gartner's revenue estimate is $1.74 billion, reflecting a 1.7% year-over-year growth, while earnings are expected at $3.50 per share, a decline of 35.8% from the previous year [9] - Coherent's revenue estimate is $1.63 billion, indicating a 13.9% year-over-year growth, with earnings expected at $1.22 per share, a 28.4% increase [10][11] - Exponent's revenue estimate is $128.3 million, showing a 3.6% growth, with earnings expected at 47 cents per share, a 2.1% increase [12][13] - TransUnion's revenue estimate is $1.1 billion, indicating a 9.6% increase, with earnings expected at $1.03 per share, a 6.2% rise [14][15]

Company Overview - Coherent Corp. (NYSE:COHR) is a manufacturer of engineered materials, laser systems, and optoelectronic components utilized in communications, industrial, and electronics sectors [2] - The company is recognized as a global leader in materials, networking, and lasers for various markets, including industrial, communications, electronics, and instrumentation [2] Market Performance - Recently, Coherent's stock has experienced a significant increase, described as a "banshee" run-up, indicating strong market interest and performance [1] - The company is benefiting from robust demand for its data center-related products, particularly optical transceivers, which are driving its growth [2] Investment Insights - Investment analysts, including Jim Cramer, express a positive outlook on Coherent, suggesting that any dips in stock price should be viewed as buying opportunities [1] - Despite the positive sentiment towards Coherent, some analysts believe that certain AI stocks may present greater upside potential with less downside risk [3]