通信设备行业跟踪报告：Lumentum发布FY25Q1财报，收入利润超指引，云网业务稳步增长

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The report highlights strong performance from Lumentum, with FY25Q1 revenue of $336.9 million, a year-on-year increase of 6.1%, exceeding guidance [3] - The cloud and networking business is experiencing steady growth, driven by strong demand in AI data centers, while the industrial technology sector faces ongoing challenges [4] - The company is expanding its cloud and AI market presence, with expectations for significant revenue growth in FY25Q2 [5] Summary by Sections Financial Performance - Lumentum's FY25Q1 revenue was $336.9 million, with a non-GAAP net profit of $12.2 million and a diluted EPS of $0.18, surpassing previous guidance [3] - The company holds $916.1 million in cash and short-term investments, an increase of $29.1 million from FY24Q4 [3] Business Segments - The cloud and networking segment generated $282.3 million in revenue, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 10.8% [4] - The industrial technology segment reported revenue of $54.6 million, a year-on-year decline of 37.9% [4] Future Outlook - Lumentum is focusing on expanding its production capacity in Thailand and anticipates a 40% increase in overall capacity by FY25Q4 [5] - The company expects double-digit revenue growth in FY25Q2, driven by cloud business demand [5] Investment Recommendations - The report suggests monitoring companies such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, among others, due to the high demand in optical communication and AIGC [5]