Summary of Corning's Q1 2025 Earnings Call Company Overview - **Company**: Corning Inc. - **Quarter**: Q1 2025 - **Sales**: $3.7 billion, a 13% year-over-year increase - **EPS**: 54 cents, up 42% year-over-year - **Operating Margin**: Expanded by 250 basis points to 18% [2][11] Key Financial Highlights - **Sales Growth**: Expected to continue with Q2 sales guidance of approximately $3.85 billion [2] - **EPS Guidance for Q2**: 55 to 59 cents, reflecting the impact of tariffs and production ramp costs [2][11] - **Operating Margin Target**: Aiming for 20% by the end of 2026 [2][11] Tariff Impact and Strategy - **Direct Financial Impact of Tariffs**: Estimated at 1 to 2 cents per quarter, primarily from U.S.-China tariffs [3][5] - **Manufacturing Strategy**: Locating operations close to customers mitigates tariff impacts [3][4] - **U.S. Manufacturing Footprint**: Nearly 90% of U.S. revenue comes from products made in the U.S. [4] - **China Sales**: 80% of sales in China are produced locally, minimizing tariff exposure [4][5] Springboard Plan - **Sales Growth Target**: Aiming to add over $4 billion in annualized sales by the end of 2026 [6][17] - **Risk Adjustment**: A $2 billion risk adjustment accounts for potential macroeconomic downturns [6][7] - **High Confidence Plan**: Internal plan projects a $19 billion sales run rate by 2026, with a focus on innovation and market access [6][7] Industry Trends and Innovations - **Optical Communications**: Sales grew 46% year-over-year, driven by demand for Gen AI products [12] - **Solar Market**: Expected to grow from $1 billion in 2024 to $2.5 billion by 2028, with strong customer commitments [9][15] - **Automotive Segment**: Anticipating nearly tripled sales by 2026 due to increased in-vehicle content [10][14] - **Display Market**: Projected stable demand with price increases supporting profitability [12][26] Customer Engagement and Market Dynamics - **Customer Demand**: Strong interest in U.S.-made innovations, particularly in optical communications and solar [5][23] - **Data Center Spending**: Continued strong demand from hyperscale customers, with expectations for growth [21][26] - **Flexibility in Plans**: Solar and optical plans are designed to be resilient against macroeconomic fluctuations [24][25] Capital Allocation and Shareholder Returns - **CapEx**: Expected to invest approximately $1.3 billion, maintaining a strong balance sheet [16][27] - **Share Buybacks**: Continued commitment to share repurchases, with $100 million bought back in Q1 2025 [16][27] Conclusion - **Overall Outlook**: Corning is optimistic about its growth trajectory, driven by strong secular trends in Gen AI and solar, while effectively managing risks associated with tariffs and potential economic downturns [17][24]

Core Viewpoint - The CPO sector in the A-share market experienced a significant rally, with several companies achieving substantial gains, particularly New Yisheng, which hit the daily limit up of 20% [1]. Group 1: Market Performance - New Yisheng (300502) surged by 20%, with a total market capitalization of 156.1 billion and a year-to-date increase of 91.04% [2]. - Shijia Photon (688313) rose by 14.67%, with a market cap of 22.6 billion and a year-to-date increase of 200.43% [2]. - Zhongji Xuchuang (300308) increased by 14.40%, with a market cap of 190.4 billion and a year-to-date increase of 39.33% [2]. - Tianfu Communication (300394) saw a rise of 12.75%, with a market cap of 74.5 billion and a year-to-date increase of 47.67% [2]. - Other notable performers included Taicheng Light (300570) up 7.45%, and Lian Te Technology (301205) up 7.43% [1][2]. Group 2: Company Earnings - New Yisheng is expected to report a net profit of 3.7 billion to 4.2 billion for the first half of the year, representing a year-on-year growth of 327.68% to 385.47%, with the second quarter net profit projected at 2.1 billion to 2.6 billion, a year-on-year increase of 289% to 380% [2]. - Cambridge Technology anticipates a net profit of 120 million to 128 million for the first half, reflecting a year-on-year growth of 50.12% to 60.12%, with the second quarter net profit expected to be 90 million to 98 million, a year-on-year increase of 67% to 81%, significantly exceeding market expectations [2].

6月16日，A股光模块、光芯片概念股强势领涨市场，截至14：45，5G通信ETF(515050)涨超2%，持仓股东山精密涨停，太辰光、新易盛、源杰科 技、沪电股份、光库科技等纷纷跟涨。 消息面上，近日，国内PCB龙头企业东山精密公告同意公司全资子公司超毅集团拟收购索尔思光电100%股份，投资金额合计不超过人民币59.35亿 元。国盛电子最新研报指出，索尔思专注于光通信领域，核心业务涵盖光通信模块及组件的设计、研发、生产与销售。产品范围覆盖从 10G到 800G 及以上速率的各类光模块，公司凭借先进的技术和可靠的产品质量，在全球光通信市场占据重要地位，客户群体包括全球知名的互联网数据 中心运营商、电信设备制造商和通信服务提供商等。 光模块是光纤通信系统中完成光电转换的核心部件，主要由光器件、功能电路和光接口组件等组成。其作用是在发送端将电信号转换成光信号， 通过光纤传送后，接收端再将光信号转换成电信号。AI算力的爆发带动了数据中心算力设备需求的激增，光模块行业有望长期受益。5G通信 ETF(515050)跟踪中证5G通信主题指数，是全市场规模最大的5G通信主题ETF，英伟达产业链、光通信概念股权重均超33%。覆 ...

Core Viewpoint - The CPO (Co-Packaged Optics) technology is gaining traction in the optical communication sector, with significant stock price increases for companies involved in this field, indicating a growing market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - Tianfu Communication (300394.SZ) saw a price increase of 12.12%, reaching 76.20, with a market capitalization of 591.2 billion [2]. - LianTe Technology (301205.SZ) experienced a 10.66% rise, with a current price of 80.47 and a market cap of 54.7 billion [2]. - Zhongji Xuchuang (300308.SZ) reported a 7.93% increase, with a price of 116.54 and a market cap of 1288.5 billion [2]. - Bochuang Technology (300548.SZ) increased by 6.35%, reaching 56.07, with a market cap of 150.5 billion [2]. - Dekeli (688205.SS) rose by 6.32%, with a price of 67.00 and a market cap of 59.1 billion [2]. - Guangxun Technology (002281.SZ) saw a 5.58% increase, with a price of 45.61 and a market cap of 352.6 billion [2]. Group 2: CPO Technology Developments - Broadcom announced the delivery of the Tomahawk 6 (TH6) switch chip, which supports both conventional and CPO versions [3]. - TSMC is accelerating its co-packaged optical technology, expecting to have production lines ready by June 2025, with small-scale production in the second half of 2025 and mass production starting in 2026 [3]. - NVIDIA introduced co-packaged optical switches at the GTC conference, with InfiniBand CPO expected to launch in the second half of 2025 and Ethernet CPO planned for the second half of 2026 [3]. Group 3: Market Insights - CPO technology enables miniaturization and integration of high-speed optical modules, reducing chip packaging size and improving system integration [4]. - The technology facilitates direct connections from CPUs and GPUs to various devices, enhancing resource pooling and memory disaggregation while minimizing signal transmission loss and power consumption [4]. - The CPO market generated approximately $3.8 million in revenue in 2022, projected to reach $2.6 billion by 2033, with a compound annual growth rate (CAGR) of 46% from 2022 to 2033 and 80% from 2028 to 2033 [5].

1）博通透露其新一代Tomahawk 6交换芯片已启动交付，通过支持100G / 200GSerDes和共封装光学模块（CPO），提 供更高的灵活性。目前客户需求十分旺盛。 公司自身股价过去两个月飙升70%，市值突破1万亿美元，成为美国第七大上市公司。 一、行情 6月9日，光通信、英伟达、算力等板块概念突出，天孚通信一度涨超10%，中际旭创、太辰光、沃尔核材等多股大 涨。 | 股票名称 | 最新价 = | 涨跌幅 ◆ | 换手率÷ | 流通市值令 | | --- | --- | --- | --- | --- | | 令时科技 002951.SZ 龙虎榜 ·摘帽 | | | | | | | | 5 连板 | | | | 公司通过智芯一号股权基金(持股99%)间接投资了苏州易缆微半导体技术有限公司;易 | 13.57 | +9.97% | 1.93% | 55.0亿 | | 缆微半导体是一家光纤通信产品研发生产商,致力于光纤通信系统、光网络系统、光电传 | | 09:30 涨停 | | | | 感系统、物联网系统技术研究和试验发展及进出口业务 | | | | | | 旭光电子 600353.SS 连阴 | | ...

网络接配及塔设 天孚通信（300394.SZ） 买入-A(维持) 经营节奏保持稳健，大客户 1.6T 和 CPO 产品有望带来新动能 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季报。2024 年，公司实现营收 32.5 亿元，同比增长 67.7%；实现归母净利润 13.4 亿元，同比增长 84.1%；单 Q4 来看，公司实现营收 8.6 亿元，同环比分别增长 17.0%、2.2%；实现归母 净利 3.7 亿元，同环比分别增长 26.2%、13.9%。 2025 年一季度，公司经营节奏稳健。实现收入 9.5 亿元，同环比分别增长 29.1%、10.2%；实现归母净利润 3.4 亿元，同环比分别增长 21.1%、下降 8.0%。 市场数据：2025 年 5 月 22 日 收盘价（元）： 76.45 事件点评 年内最高/最低（元）： 149.88/57.11 流通A股/总股本（亿）： 5.54/5.55 流通 A 股市值（亿）： 423.60 总市值（亿）： 424.52 基础数据：2025 年 3 月 31 日 基本每股收益(元) ...

Market Overview - The Shanghai Composite Index closed up 9.33 points, a rise of 0.28%, at 3352.0 points, with a trading volume of 501.61 billion yuan [1] - The Shenzhen Component Index rose by 93.53 points, an increase of 0.93%, closing at 10197.66 points, with a trading volume of 791.79 billion yuan [1] - The ChiNext Index increased by 32.94 points, a rise of 1.65%, closing at 2029.45 points, with a trading volume of 375.82 billion yuan [1] - The total trading volume of both markets was approximately 1.3 trillion yuan, a decrease of about 180 billion yuan compared to the previous day [1] Sector Performance - The aerospace, transportation equipment, communication equipment, general equipment, and photovoltaic equipment sectors led the market gains, while the gold and jewelry sector saw significant declines [1] - The optical communication sector was highlighted as the best-performing sector, with the communication ETF (515880) rising by 3.90% and the AI ETF rising by 2.39% [1] Key Companies - NewEase (300502.SZ) had the highest trading volume at 10.03 billion yuan, followed by Zhongji Xuchuang (300308.SZ) at 9.31 billion yuan, and CATL (300750.SZ) at 7.67 billion yuan [2] - Zhongji Xuchuang reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [4] Policy Impact - The U.S. Department of Commerce indicated that the Trump administration plans to lift restrictions on AI chip exports established during the Biden era, which may benefit the optical communication sector in the A-share market [2] Industry Trends - Strong demand for AI computing power is driving the growth of optical module shipments, with significant revenue and profit increases expected [4] - Major companies like Microsoft, Meta, Google, and Amazon are projected to increase capital expenditures significantly, indicating robust growth in the cloud service provider (CSP) sector [4] - The optical communication sector is expected to see continued growth, with 800G and 1.6T optical modules anticipated to become mainstream products in the next five years [4] Military Industry Insights - The military industry is experiencing increased attention due to rising tensions in the India-Pakistan region, which may support near-term performance and valuation levels [7] - China's military trade exports accounted for 5.80% of the global market share from 2019 to 2023, with approximately 60% directed towards Pakistan [7] - The military ETF (512660) has shown strong performance, reflecting investor interest in the sector [5][8]

A股CPO概念震荡上升，新易盛涨超7%，中际旭创涨超5%，长飞光纤、兆龙互连、天孚通信、太辰光 等跟涨。 ...

Fabrinet (FN) Q3 2025 Earnings Call May 05, 2025 05:00 PM ET Company Participants Garo Toomajanian - VP - IR & Corporate DevelopmentSeamus Grady - CEOCsaba Sverha - CFOKarl Ackerman - Managing Director - Equity ResearchSamik Chatterjee - Executive DirectorSteven Fox - Founder & CEOGeorge Wang - Vice President Conference Call Participants Mike Genovese - Senior Research AnalystRyan Koontz - Senior AnalystTim Savageaux - MD & Senior Research Analyst Operator Good afternoon. Welcome to Fabrinet's Financial Res ...

Financial Data and Key Metrics Changes - The company reported revenue of $872 million for Q3 2025, an increase of 19% year-over-year and 5% sequentially [11] - Non-GAAP earnings per share (EPS) was $2.52, exceeding guidance [11][16] - Gross margin was reported at 12%, impacted by contra revenue from a warrant agreement [15][24] Business Line Data and Key Metrics Changes - Optical communications revenue was $657 million, up 11% year-over-year and 2% sequentially [12] - Datacom revenue was $251 million, down 18% year-over-year and 16% sequentially, primarily due to product transitions at a large customer [12][16] - Telecom revenue reached $406 million, up 42% year-over-year and 17% sequentially, driven by strong demand in data center interconnect applications [12][16] - Non-optical communications revenue was $215 million, up 53% year-over-year and 15% sequentially, with automotive revenue increasing by 76% [14][15] Market Data and Key Metrics Changes - The telecom market showed strong growth trends, expected to continue into Q4 2025 [6][17] - The automotive segment experienced outsized growth but may moderate in the near term [7][18] Company Strategy and Development Direction - The company announced a new commercial relationship with Amazon Web Services, expected to boost revenue starting in FY 2026 [7][8] - Expansion plans are on track with Building 10 construction underway to meet long-term capacity needs [9][78] - The company remains optimistic about future growth driven by new product ramps and strong demand in telecom and non-optical communications [17][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute well and maintain a consistent track record of revenue growth [10][17] - The company anticipates continued year-over-year growth in Q4 2025, with revenue guidance between $860 million and $900 million [18] - Management noted that while there may be short-term margin headwinds due to new product ramps, long-term growth drivers remain intact [56][58] Other Important Information - The company repurchased over $100 million worth of shares this fiscal year, reflecting confidence in its financial position [9][16] - Effective GAAP tax rate was reported at 5.8%, with expectations for a mid-single-digit rate for the fiscal year [16] Q&A Session Summary Question: Datacom revenue decline specifics - Management clarified that the decline in Datacom revenue was primarily due to strong growth in the DCI segment, which offset some of the expected decline in 800 gig products [21][22] Question: Gross margin concerns - Management indicated that the $4 million impact from the warrant agreement affected gross margin by about 40 basis points, but this is not expected to recur [23][24] Question: Datacom revenue transition - Management noted that the decline in 800 gig products is more likely due to share allocation rather than inventory issues, with a significant ramp for 1.6 terabit products expected in the second half of the year [30][36] Question: Amazon engagement and margin opportunities - Management expects the relationship with Amazon to expand over time, with multiple product types being ramped, although significant revenue is anticipated in FY 2026 [37][39] Question: Telecom growth sustainability - Management expressed confidence in the sustainability of telecom growth, citing several strong growth factors including new system wins and improving market dynamics [42][44] Question: Tariff impacts - Management reported no material impacts from global tariffs to date, as customers typically handle tariffs under FOB shipping terms [17][75] Question: Building 10 construction timeline - Management confirmed that Building 10 is on track for an 18-month completion timeline, with potential for early production [78][79] Question: Amazon revenue potential - Management indicated that while specific revenue details cannot be disclosed, they are optimistic about the potential for significant revenue growth from Amazon [86][90]