从Ciena订单变化看DCI需求加速

Investment Rating - The investment recommendation for the industry is "Outperform the Market" (maintained) [7] Core Insights - Ciena's Q4 FY2024 report shows strong order growth, with a backlog of $2.1 billion, indicating robust future performance [11] - Ciena has raised its revenue growth guidance for FY2025-2027 to a compound annual growth rate (CAGR) of 8%-11%, up from the previous 6%-8% [11] - The acquisition of 100% of Xinnuo Communications by Gaoling Information highlights a strategic move into the DCI equipment sector, reflecting confidence in DCI market growth [11] - The trend of multi-data center (DC) collaborative training is expected to drive significant demand for DCI solutions, as major tech companies like Meta and Google adopt distributed training models [11] Summary by Sections Ciena's Financial Performance - Ciena reported revenue of$ 1.12 billion for Q4 FY2024, with a GAAP EPS of $0.25 and a non-GAAP EPS of$ 0.54 [11] - The company has seen orders exceed revenue for two consecutive quarters, establishing a strong foundation for future growth [11] Customer Base and Market Outlook - Among Ciena's top 10 customers, four are cloud service providers, indicating a shift in customer demographics [11] - The company is optimistic about its future, with significant contributions expected from cloud vendors [11] Strategic Acquisitions - Gaoling Information's acquisition of Xinnuo Communications is aimed at enhancing its capabilities in the DCI market, which is anticipated to grow rapidly [11] DCI Market Trends - The shift towards multi-DC collaborative training is expected to increase the demand for DCI solutions, driven by the need for high computational power [11] - Investment opportunities in the DCI supply chain are highlighted, particularly in companies like ZTE, FiberHome, and others involved in OTN and high-speed optical products [11]