Core Viewpoint - Coherent reported a strong quarterly revenue growth driven by its network business, but the revenue guidance for the next quarter fell short of analyst expectations, leading to investor concerns [2][3][4]. Group 1: Financial Performance - Coherent's Q4 revenue increased by 16% year-over-year to $1.53 billion, setting a record high [2]. - Adjusted earnings per share reached $1.00, exceeding Wall Street's expectation of $0.92 [2]. - The network business revenue surged by 39% year-over-year to $945 million, benefiting from the AI data center investment boom [3][7]. Group 2: Business Segments - The network business was the primary growth driver, with strong demand for high-bandwidth optical network equipment, particularly for 100/400/800Gb/s optical modules [7]. - Other segments, including materials and laser businesses, experienced an 8% decline year-over-year, offsetting the network business's strong performance [8]. Group 3: Future Outlook - Coherent anticipates continued growth in data center and communication businesses, driven by demand for 800Gb/s optical modules, 1.6Tb optical modules, optical circuit switches, and data center interconnects [9]. - Potential collaboration with Nvidia could open new long-term growth opportunities, as Coherent may supply new optical network switches for AI applications [10]. Group 4: Industry Context - The shift to optical networks over traditional copper lines presents advantages, particularly in energy efficiency, which is crucial for large AI data centers [11]. - Nvidia's new switch, announced in March, is expected to be 3.5 times more energy-efficient than traditional optical switches, indicating a significant market opportunity for Coherent [11][12].

受支柱网络业务提振，Coherent二季度核心业绩指标超出预期，但收入指引不及预期。 周三，光模块巨头Coherent公布了截至6月30日的第四财季和全年财报。报告显示，公司四季度营收同比增 长16%至15.3亿美元，创下纪录新高；调整后每股收益达1.00美元，超出华尔街预期的92美分。 值得注意的是，受益于AI数据中心投资热潮，公司网络业务收入同比大涨39%至9.45亿美元。 AI数据中心需求强劲，网络业务强劲增长 这一增长动力主要包括：800Gb/s光模块（将在2025-2026期间持续增长）、1.6Tb光模块、光电路交换机以 及数据中心互联业务的持续强劲增长。 和英伟达的潜在合作或开启长期增长空间 然而，Coherent预计下一季度营收在14.6-16亿美元之间，这一指引未达分析师预期，引发投资者担忧。财 报发布前几分钟，公司还宣布以4亿美元出售其国防激光业务，所得资金将用于偿还公司37亿美元债务的一 部分。 财报公布后，Coherent股价盘后重挫19%。 Coherent的网络业务直接受益于AI数据中心投资热潮，第四季度收入达9.45亿美元，同比大幅增长39%，超 出预期的9.4亿美元。这一增长主要 ...