Coherent Corp：FY2024业绩点评及业绩说明会纪要：800G光模块收入快速增长，1.6T光模块已送样

Investment Rating - The report does not explicitly state an investment rating for Coherent (COHR) Core Insights - Coherent's FY2024 revenue was $4.708 billion, a decrease of 8.8$381 million, down 32.8% year-over-year, and diluted EPS of $1.67 [5][15] - In FY24Q4, the company achieved revenue of$1.314 billion, a year-over-year increase of 9.1%, primarily driven by the growth in data communication optical modules due to AI demand [5][15] - The company expects FY25Q1 revenue to be between $1.27 billion and$1.35 billion, with a Non-GAAP gross margin forecasted at 36%-38% [11] Summary by Sections 1. Coherent FY2024 Operating Performance - For FY2024, Coherent reported total revenue of $4.708 billion, a decline of 8.8$381 million, down 32.8% [5][15] - In FY24Q4, the company generated $1.314 billion in revenue, reflecting a 9.1$2.296 billion in FY2024, with a Non-GAAP operating profit of $308 million [8] - The materials segment reported$1.017 billion in revenue, with a Non-GAAP operating profit of $214 million, while the lasers segment generated$1.395 billion with a Non-GAAP operating profit of $187 million [8] 3. FY25Q1 Company Performance Guidance - Coherent anticipates FY25Q1 revenue between$1.27 billion and $1.35 billion, with expected Non-GAAP gross margins of 36$260 million and $280 million [11] 4. Conference Call Highlights - The company is focusing on optimizing its asset portfolio and reallocating investments to high-growth opportunities while reducing investments in underperforming areas [12][13] - Coherent aims to improve its gross margin to over 40% through pricing optimization and enhancing product yield and overall asset utilization [12][13] - The 800G optical module revenue is experiencing strong growth, with increasing backlog orders, and the company has delivered initial samples of the 1.6T optical module, expected to enter mass production in 2025 [12][14]