突传利空！AI产业链巨头 暴跌！

Core Viewpoint - Coherent's stock plummeted nearly 20% in pre-market trading due to disappointing revenue guidance for the next quarter, despite reporting strong revenue growth driven by AI data center investments [2][5]. Financial Performance - For the fiscal year 2025, Coherent reported revenue of $5.81 billion, a 23% increase year-over-year, with a GAAP gross margin of 35.2%, up 424 basis points from the previous year [3]. - The fourth quarter revenue reached a record $1.53 billion, reflecting a 16% year-over-year growth and a 2% quarter-over-quarter increase [3][4]. - Non-GAAP diluted earnings per share for the fourth quarter were $1.00, compared to $0.91 in the previous quarter and $0.51 in the same quarter last year [4]. Future Guidance - Coherent expects next quarter's revenue to be between $1.46 billion and $1.6 billion, which is below market expectations, raising concerns among investors [5]. - The company anticipates a non-GAAP gross margin between 37.5% and 39.5% for the next quarter, with total operating expenses projected to be between $290 million and $310 million [6]. Market Trends - The demand for AI data centers significantly boosted Coherent's network business, with data center revenue growing over 60% year-over-year [7]. - The global Ethernet optical module market is projected to reach $10 billion in 2024, nearly doubling year-over-year, with a continued growth rate of around 50% in 2025 [8]. - Approximately 80% of market demand for optical modules is driven by AI data centers, which are primarily supporting high-performance networks [8][9].