Investment Rating - The report assigns a positive investment rating to Coherent, indicating an outperform expectation over the next 12-18 months [19]. Core Insights - Coherent delivered an outstanding performance in FY2Q26, achieving revenue of $1.69 billion, surpassing the consensus estimate of $1.64 billion, and setting a new record high. Non-GAAP EPS reached $1.29, exceeding the market expectation of $1.20. The non-GAAP gross margin climbed to 39%, reflecting strong profitability driven by lower raw material costs and improved operational efficiency [1][8]. Summary by Sections Financial Performance - In FY2Q26, Coherent's revenue was $1.69 billion, exceeding expectations and marking a historical high. Non-GAAP EPS was $1.29, above the anticipated $1.20. The gross margin increased to 39%, up 24 basis points quarter-over-quarter and 77 basis points year-over-year, primarily due to cost reductions and efficiency improvements in the datacenter and communications segments [1][8]. Business Segments - The datacenter business is the core growth driver, accounting for over 70% of total revenue. This segment saw a 14% quarter-over-quarter and 36% year-over-year revenue increase, fueled by strong demand for 800G and 1.6T optical modules. The company has made significant progress in OCS and CPO, securing orders from major AI datacenter clients [2][9]. Order Demand - The order-to-shipment ratio for the datacenter business exceeds 4:1, with demand visibility at an all-time high. Orders are scheduled through the end of 2026, with many new orders extending into 2027. Long-term demand forecasts from major clients cover the next two to three years, enhancing demand visibility and supporting future revenue growth [3][10]. Capacity Expansion - Coherent aims to double its internal InP production capacity by Q4 2026, currently achieving 80% of this target ahead of schedule. The 6-inch InP production line offers significant advantages, including a fourfold increase in chip output compared to 3-inch wafers and lower unit costs. The company has secured multiple suppliers to ensure raw material availability [4][11]. Future Outlook - For FY3Q26, Coherent expects revenue between $1.7 billion and $1.84 billion, aligning with market consensus. The non-GAAP gross margin is projected at 38.5%-40.5%, maintaining profitability. Non-GAAP EPS is anticipated to reach $1.28-$1.48, exceeding the consensus of $1.4. Strong customer demand and expanding production capacity are expected to drive robust revenue growth in upcoming quarters [5][12].

Investment Rating - The report assigns a positive investment rating to Coherent, indicating an expectation of outperforming the market in the next 12-18 months [19]. Core Insights - Coherent delivered an outstanding performance in FY2Q26, achieving revenue of $1.69 billion, surpassing the consensus estimate of $1.64 billion, and setting a new record high. Non-GAAP EPS reached $1.29, exceeding the market expectation of $1.20. The non-GAAP gross margin climbed to 39%, reflecting strong profitability driven by lower raw material costs and improved operational efficiency [1][8]. Summary by Relevant Sections Financial Performance - In FY2Q26, Coherent's revenue was $1.69 billion, exceeding expectations and marking a historical high. Non-GAAP EPS was $1.29, above the anticipated $1.20. The gross margin increased to 39%, benefiting from reduced raw material costs and enhanced production efficiency [1][8]. Business Segments - The data center and communications business segment accounted for over 70% of total revenue, with a revenue increase of 14% quarter-over-quarter and 36% year-over-year, driven by strong demand for 800G and 1.6T optical modules [2][9]. Order Demand - The order-to-shipment ratio for the data center business exceeded 4:1, with demand visibility at an all-time high. Orders are scheduled through the end of 2026, with significant long-term demand forecasts from major customers extending into 2028 [3][10]. Capacity Expansion - Coherent aims to double its internal InP production capacity by Q4 2026, currently achieving 80% of this target ahead of schedule. The 6-inch InP production line shows significant advantages, including a fourfold increase in chip output compared to 3-inch wafers [4][11]. Future Outlook - For FY3Q26, Coherent expects revenue between $1.7 billion and $1.84 billion, in line with market consensus. The non-GAAP gross margin is projected to be between 38.5% and 40.5%, maintaining profitability advantages. Non-GAAP EPS is anticipated to reach $1.28 to $1.48, exceeding the consensus of $1.40 [5][12].

钛媒体App 2月4日消息，美股盘前要闻： 4. 美国1月ADP就业人数增加2.2万人，预估为增加4.5万，前值为增加4.1万。 1. 美国股指期货涨跌不一，截至目前，道琼斯指数期货涨0.25%，标普500指数期货涨0.13%，纳斯达克 100指数期货跌0.26%。 2. 欧股涨跌不一，英国富时100指数涨1.2%，法国CAC指数涨0.89%，德国DAX指数跌0.3%。 3. 多名参议员威胁称，在美国司法部停止针对美联储主席鲍威尔和美联储理事莉萨·库克的调查之前， 将阻挠沃什的确认程序。 5. 甲骨文数据中心项目面临融资压力，美国银行业正寻求出售相关贷款，价值至少560亿美元，贷款由 甲骨文与OpenAI的未来租赁协议担保。 6. 英伟达据报拟向OpenAI注资200亿美元，若交易落地，将成其史上最大单笔投资。 7. 芯科实验室美股盘前涨超50%。消息面上，德州仪器宣布将以75亿美元收购该公司。 8. AMD盘前跌超9%，公司预期2026年第一季度收入95-101亿美元，区间中值98亿美元环比下滑4.5%。 9. 超微电脑盘前一度大涨超11%，公司表示本财年销售额将至少达到400亿美元，此前预测为360亿美 ...

每经记者｜郑雨航 每经编辑｜程鹏 高涵 记者|郑雨航 编辑|程鹏 高涵 杜恒峰 校对|陈柯名 ① 【三大期指涨跌互现】道指期货涨0.14%、标普500指数期货涨0.01%、纳指期货跌0.15%。 ② 【营收指引不够"炸裂"，AMD跌超7%】AMD盘前跌超7%。消息面上，该公司预计，一季度营收在 95亿至101亿美元，区间中值约98亿美元，略高于分析师共识预期93.9亿美元，而部分更乐观的分析师 预期超过100亿美元。 ③ 【超微电脑大涨超11%】超微电脑盘前大涨超11%。消息面上，该公司此前表示，本财年销售额将至 少达到400亿美元，此前预测为360亿美元。 ④ 【诺和诺德跌超5%】诺和诺德盘前跌超5%，该股昨夜大跌近15%。消息面上，该公司此前预计称， 今年销售额和利润增速将下滑，且美国市场销售额会受到冲击。 ⑤ 【Lumentum涨近9%】光模块巨头Lumentum盘前涨近9%。消息面上，该公司得益于光电路交换机 （OCS）和共封装光学（CPO）的强劲需求，给出了高达85%同比增长的下季度营收指引。 ⑥ 【谷歌Q4财报将于明早发布】谷歌母公司Alphabet盘前涨超0.5%。该公司将于当地时间2月4日收盘 ...

得益于光电路交换机（OCS）和共封装光学（CPO）的强劲需求，光模块巨头Lumentum不仅交出了一份营收利润双超预期的成绩单，更给出了高达 85%同比增长的下季度指引，向市场证明其在AI算力基础设施中的关键地位。 2月3日，全球光学和光子技术龙头企业Lumentum Holdings公布了2026财年第二季度财务业绩。财报显示，截至2025年12月27日的季度内，公司净营收 达到6.655亿美元，同比暴增65.5%，触及指引区间高端；Non-GAAP营业利润率达到25.2%，同比扩张超过1700个基点，盈利能力大幅改善远超此前预 期。 CEO Michael Hurlston对业绩表现给予高度评价："Lumentum实现了出色的第二季度表现，营收同比增长超65%，Non-GAAP营业利润率扩张超1700个 基点。营收触及指引高端，而盈利能力和每股收益的扩张远超此前预期，充分展现了我们业务模型的杠杆效应。" 更值得关注的是公司在AI基础设施领域的强劲势头。其中OCS业务正在快速扩张以满足超常规的客户需求，订单积压已超过4亿美元；而在CPO领域， 公司新获得一笔数亿美元的增量订单，将在2027年上半年交付。Hu ...

Core Viewpoint - Google discusses the future device technology for optical circuit switches (OCS), focusing on data center networks and machine learning supercomputers, highlighting the impact of device parameters on system performance and reliability [1][3]. Group 1: Introduction and Background - Large-scale systems rely on networks to transmit information from source to destination, primarily using electronic packet switches (EPS) and a fixed Clos topology, which face scalability limitations in cost, latency, and reconfigurability [3][5]. - Early research into OCS aimed to dynamically adjust network topology to match communication patterns, leading to practical deployments in large-scale data centers and machine learning systems [3][4]. Group 2: Future Optical Switching Technology - Table I outlines key performance metrics for commercial and developmental OCS technologies, including port count, switching time, insertion loss, and driving voltage, with variations based on whether the switching function is implemented in free space or guided-wave systems [7][8]. - Current commercial OCS devices are based on customized hardware and control schemes, with no single technology achieving optimal performance across all applications [9]. Group 3: Existing and Emerging Technologies - MEMS-based optical switches provide significant cost advantages in large-scale data center networks, enhancing system availability and performance [12]. - New device types, such as two-dimensional digital liquid crystal (DLC) pixel arrays, utilize polarization properties for light beam direction control, allowing for scalable port configurations [12][14]. - Development of two-dimensional devices primarily focuses on silicon photonics (SiP) technology, which is compatible with standard CMOS processes, aiming for lower costs and faster switching speeds [14][15]. Group 4: Challenges and Innovations - The Apollo project by Google aims to replace traditional network infrastructure with OCS, reducing communication delays and power consumption by keeping data in the optical domain [25][29]. - The OCS technology allows for significant reductions in power consumption, with maximum power usage at 108 watts compared to 3000 watts for traditional EPS systems [30]. - Google has deployed thousands of OCS systems, claiming it to be the largest application of OCS globally, with substantial cost and energy savings [31]. Group 5: Future Directions - Google is focused on developing OCS systems with higher port counts, lower insertion losses, and faster reconfiguration speeds, which are expected to enhance efficiency and reliability [36][38]. - The company believes that modern data centers can achieve bandwidth comparable to the entire internet, indicating the potential for massive communication volumes [38].

Group 1 - Google's narrative continues to gain traction, with the AI sector experiencing ongoing growth, particularly in the upstream semiconductor equipment field, as evidenced by the semiconductor equipment ETF (159516) rising over 2.3% during trading [1][3] - The semiconductor equipment ETF (159516) has seen a significant increase in shares, growing over 150% year-to-date, with a current scale of nearly 6 billion, making it the largest among similar products [1][10] - The optical circuit switch (OCS) technology, which allows direct transmission of data using light without converting signals to electrical form, is being deployed by Google in its data centers, showcasing its advantages in energy efficiency and speed [3][4] Group 2 - The demand for advanced computing power driven by the global AI wave is boosting the high-end chip and related manufacturing sectors, with domestic semiconductor industry "domestic substitution" becoming a necessity rather than an option [7] - The semiconductor equipment ETF (159516) is highlighted as a key investment opportunity, reflecting the strong growth momentum in the semiconductor industry chain amid complex global dynamics [7][9] - The ETF tracks the CSI Semiconductor Materials and Equipment Theme Index, representing the fundamental progress in the equipment and materials sector, making it a focus for investors [9][10]

Group 1 - The integrated circuit ETF (159546) experienced a high of nearly 4% in the morning but closed with a gain of 1.28% [1] - The strong performance of the integrated circuit ETF is attributed to the market's recognition of domestic computing power and the involvement of certain manufacturers in Google's OCS supply chain [2][6] - Google's deployment of optical circuit switches (OCS) in data centers is a significant factor, as OCS allows direct transmission of data using light, avoiding the need for conversion to electrical signals, resulting in lower power consumption and latency [2] Group 2 - OCS technology has advantages such as lower power consumption and faster signal transmission compared to traditional electronic switching, but it faces challenges due to its immature technology and incomplete supply chain [2][3] - The current mainstream OCS solutions include MEMS mirrors, digital liquid crystal, piezoelectric ceramics, and silicon photonic waveguides, with Google utilizing a MEMS-based approach for its Palomar OCS [3] - The supply chain for OCS is currently fragmented, but the recognition of overseas computing power is growing, with Google's AI ecosystem creating a competitive advantage across chips, networks, models, and applications [6]

Market Overview - The Shanghai Composite Index closed up 0.29% at 3875.26 points, while the Shenzhen Component Index fell 0.25% and the ChiNext Index dropped 0.44%. The market experienced a high of over 2% in the morning before retreating [1] - The total trading volume in A-shares was 1.72 trillion yuan, slightly down from 1.8 trillion yuan the previous day [1] Integrated Circuit Sector - The Integrated Circuit ETF saw a strong performance, initially rising nearly 4% before closing up 1.28%. This was attributed to the growing market recognition of domestic computing power and the involvement of certain manufacturers in Google's Optical Circuit Switch (OCS) supply chain [2][7] - OCS technology allows for direct transmission of data using light, avoiding the need for conversion to electrical signals, which results in lower power consumption and latency. However, the technology is still maturing and lacks a complete industrial chain [2] Consumer Electronics Sector - The Consumer Electronics ETF rose by 0.36%, driven by favorable policies and new product launches. The Ministry of Industry and Information Technology, along with five other departments, issued a plan to enhance the adaptability of supply and demand in consumer goods, categorizing consumer electronics and smart wearable products as key consumption areas [9] - Global demand for consumer electronics is gradually recovering, with smartphone revenue expected to grow by 5% year-on-year by Q3 2025, reaching a historical high [9] Lithium Battery Sector - The lithium battery industry saw significant gains, particularly in solid-state battery concepts. The price of electrolyte has risen to 55,750 yuan per ton, an increase of approximately 180% since the beginning of the year, while the price of lithium hexafluorophosphate has reached 165,500 yuan per ton [11] - A major development in solid-state batteries includes the establishment of the first large-capacity solid-state battery production line in China, which is currently in small-scale testing. Full-scale production is anticipated around 2030, although challenges remain in technology and cost [11]

Investment Rating - The report maintains a "Positive" investment rating for the communication equipment industry [7]. Core Insights - Optical Circuit Switching (OCS) technology allows for routing and forwarding of optical signals without optical-electrical conversion, offering ultra-high transmission speeds, low latency, low power consumption, and high stability compared to traditional switches. This technology is expected to significantly enhance the value of the industry chain in the long term [2][10]. - Google has integrated OCS technology into its TPU v4 generation, which is now in large-scale deployment. Major overseas optical communication leaders are actively promoting OCS products, with significant revenue contributions expected by 2026 [2][10]. Summary by Sections OCS Technology Overview - OCS operates on the principle of direct optical signal switching, eliminating the need for optical-electrical conversion, thus providing advantages such as ultra-high transmission speed and low power consumption. It is seen as a potential long-term replacement for electrical switches [10]. - LightCounting predicts that OCS shipments will experience explosive growth, reaching 10,000 units in 2023 and exceeding 50,000 units by 2029 [10]. Competitive Landscape - There are three main approaches to OCS technology: MEMS, Digital Liquid Crystal (DLC), and Direct Laser Beam Steering (DLBS). Google and Lumentum primarily use the MEMS approach, while Coherent employs the non-mechanical DLC method [10]. - The report highlights that Lumentum and Coherent have begun generating revenue from their OCS businesses, with expectations for continued revenue growth in upcoming quarters [4][10]. Market Outlook - The report suggests that OCS technology will replace electrical switches in the spine layer first, with potential penetration into the leaf/ToR layer in the future. The market for OCS is projected to expand significantly, with an estimated market space of around $2 billion [10]. - Key players to watch include optical system manufacturers with first-mover advantages, as well as manufacturers of passive optical components and laser sources [10].