Wolfspeed，股价暴跌

Core Viewpoint - Wolfspeed's revenue forecast for 2026 is below Wall Street expectations, leading to an 11% drop in stock price after the announcement of a 7% decline in Q3 revenue [1][2] Group 1: Financial Performance - Wolfspeed reported Q3 revenue of $185.4 million, slightly below the expected $185.9 million [1] - The company anticipates 2026 revenue of $850 million, lower than the analyst forecast of $958.7 million [1] - The net loss per share for Q3 was $0.72, better than the expected loss of $0.82 per share [2] Group 2: Market Challenges - The company faces challenges due to slower-than-expected adoption of electric vehicles and new tariffs increasing automotive parts prices, leading to delayed product launches and reduced demand [1] - Broader macroeconomic issues, including high interest rates and rising capital costs, are also delaying investment cycles in industrial and energy sectors, potentially impacting order activity [1] Group 3: Long-term Potential - Despite short-term demand weakness, Wolfspeed has significant long-term growth potential, with an expected annual growth rate of 34.5% for the carbon carbide business by 2034 [3] - The company has been investing heavily since 2020 to expand manufacturing capacity, which has affected net income but is expected to lead to profit recovery as capital expenditures decrease [3] Group 4: Order Backlog - As of the latest financial quarter, Wolfspeed's backlog of design orders exceeded $12 billion, up from just over $11 billion in the previous quarter and less than $1 billion four years ago [3][4] - While backlog does not guarantee revenue, the trend in design order backlog is a positive indicator for the company's future direction and potential profitability [4]