通信行业：2024Q4 Lumentum与Coherent光模块实现较高增速，2025Q1环比增速放缓

Investment Rating - The industry investment rating is "Positive" [9] Core Viewpoints - Lumentum's cloud computing and networking segment reported revenue of $339 million in Q4 2024, with a quarter-on-quarter growth of 20.2% and a year-on-year growth of 18.3% [1] - Coherent's networking segment revenue reached $816 million in Q4 2024, showing a quarter-on-quarter growth of 7.0% and a year-on-year growth of 55.6% [1] - The strong demand from AI data centers has driven Coherent's networking business growth [7] - Lumentum's EML shipments reached a record high in Q4 2024, and the company is expanding capacity to meet the demand for 200G EML lasers [6] - Coherent successfully delivered its first batch of 1.6T optical module samples, which is expected to contribute to future growth [7] Summary by Sections Industry Overview - The communication industry consists of 117 listed companies, with a total market value of 5020.64 billion yuan and a circulating market value of 1824.763 billion yuan [2] - The average price-to-earnings ratio for the industry is 24.11 [2] Company Performance - Lumentum's revenue forecast for Q1 2025 is between $410 million and $425 million, with the cloud computing and networking segment expected to generate $357 million to $372 million, reflecting a quarter-on-quarter growth of 5.2% to 9.7% [8] - Coherent's revenue forecast for Q1 2025 is between $1.39 billion and $1.48 billion, with the networking segment expected to generate $785 million to $875 million, indicating a quarter-on-quarter decline of 3.8% to 7.2% [8] Future Outlook - The report anticipates a slowdown in the growth of Lumentum and Coherent's optical module businesses in Q1 2025, which may also affect the domestic optical module industry [9] - The report highlights the potential for growth in the domestic optical module industry driven by advancements in AI technology [9]