摘要 Q&A 2025 年上半年长光华芯的业绩表现如何？主要增长点是什么？ 长光华芯 20250826 2025 年上半年，长光华芯的营业收入同比增长 68.08%，归属上市公司股东 的利润为 897.897 万元。业绩增长主要来自三个方面： 长光华芯高功率单管产品收入显著增长，尤其在光纤激光器领域，受益 于行业集中度提高，与头部企业形成长期战略合作，同时高功率模块在 特殊领域市场需求增加，推动收入增长。 公司在高速数据中心建设中取得突破，成功进入头部客户并推出 EML、Voxel 和 DFB 等高端产品，其中 EML 技术难度最大，公司已实 现技术突破，预计光通信业务全年收入可达 5,000 万元。 受益于自动驾驶系统对安全性的关注及激光雷达车型价格下探，激光雷 达市场预计增长，长光华芯已完成从可见光到中红外长波的全覆盖，材 料体系布局完善，为未来发展奠定基础。 2025 年上半年单管芯片毛利率同比提升约 15 个百分点，主要得益于下 游客户集中度提高带来的产能利用率提升和战略性放弃低毛利工业激光 器泵浦模块，优化产品结构。 当前主流出货的单管功率为 45 瓦，未来行业更关注性能提升而非单纯 追求功率，如手 ...

Core Viewpoint - Coherent Corp. reported strong financial results for the third quarter of fiscal 2025, driven by significant demand in AI-related datacenter products and the introduction of new optical networking technologies [1][2][5]. Financial Performance - Revenue for Q3 FY2025 was $1.50 billion, representing a year-over-year increase of 24% [5][19]. - GAAP gross margin was 35.2%, up 491 basis points year-over-year, while non-GAAP gross margin was 38.5%, an increase of 490 basis points year-over-year [5][19]. - The company reported a GAAP net loss of $0.11 per diluted share, an improvement of $0.18 year-over-year, and a non-GAAP net income of $0.91 per diluted share, up $0.53 year-over-year [5][19]. Operational Highlights - The company paid down $136 million of its outstanding debt, emphasizing cash and capital allocation as priorities [2]. - Operating income for Q3 FY2025 was $72 million, a decrease of 47.6% quarter-over-quarter but a significant increase of 222% year-over-year [19]. - Total operating expenses for Q3 FY2025 were $456 million, a 22.4% increase year-over-year [19]. Product and Market Developments - Coherent was recognized as an NVIDIA Ecosystem Innovation Partner, collaborating on silicon photonics and co-packaged optics for AI infrastructure [8]. - The company received six Product Innovation Awards at the Optical Fiber Communication Conference 2025, highlighting its advancements in datacenter and communications technologies [8]. - Coherent demonstrated groundbreaking technologies, including a 400G EML for next-generation transceivers and a portfolio of co-packaged optics solutions [8][9]. Business Outlook - For Q4 FY2025, revenue is expected to range between $1.425 billion and $1.575 billion, with a non-GAAP gross margin percentage anticipated between 37% and 39% [15]. - Total operating expenses for Q4 FY2025 are projected to be between $290 million and $310 million on a non-GAAP basis [15].