海通通信一周谈：Lumentum业绩表现亮眼，AAOI业绩指引乐观

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [20]. Core Insights - The report highlights the strong performance of Lumentum, with over $8 billion in private custom fiber (PCF) orders signed with major companies like Microsoft, Amazon, Google, and Meta [2]. - AAOI's third-quarter performance is stable, with optimistic revenue guidance for the fourth quarter [2]. - The communication industry is being driven by AI advancements, with increased demand for communication capabilities due to large model training and applications [1]. - The report emphasizes the growing space for satellite internet as a complement to ground communication, supported by national policies and local government initiatives [1]. Summary by Sections Lumentum Performance - Lumentum reported third-quarter GAAP revenue of $65.2 million, up from $62.5 million year-over-year and $43.3 million quarter-over-quarter [2]. - The company expects fourth-quarter revenue to be between $94 million and $104 million, with a non-GAAP gross margin forecast of 27.5% to 29.5% [3]. AAOI Performance - AAOI's third-quarter GAAP revenue was $6.52 million, with a GAAP gross margin of 24.4%, down from 32.3% year-over-year [2]. - The company reported a GAAP net loss of $1.78 million, compared to a net loss of $0.9 million in the same quarter last year [2]. Industry Trends - The report identifies key companies to watch, including Aojie Technology, Shengke Communication, and Zhongci Electronics, among others [1]. - The communication sector is evolving with advancements in AI, leading to increased demand for GPUs and faster interconnect speeds [1]. - The report notes significant growth in the fiber optic cable and IoT sectors, with companies like Guanghetong and Yiyuan Communication highlighted for their potential [1]. Investment Portfolio Performance - The communication industry simulation investment portfolio saw an average increase of 7.65% over the past week, outperforming the WIND communication sector's increase of 6.79% [12]. - Year-to-date, the communication sector has shown a 3.34% increase, with specific segments like optical modules and PCB-related companies leading the gains [15][16].