Ciena表示，来自云服务商的订单非常强劲，并且在其所有产品组合中都在不断增长，预计2026财年 的收入同比增长24%。公司对2026年需求感觉非常强劲，预计这种势头会延续到 2027 年。云厂商对 网络的"投资不足"正使其成为AI规模化运营的关键瓶颈。 隔夜，光通信巨头Ciena公布了强劲的季度业绩，其营收与利润双双超过市场预期，营收同增20%至 13.5亿美元，创历史新高，并对未来业绩给出了积极指引。 在随后的电话会上，Ciena表示，来自云服务商的订单非常强劲，并且在其所有产品组合中都在不断 增长，预计2026财年的毛利率将在43%左右，云厂商对网络的"投资不足"正使其成为AI规模化运营的 关键瓶颈。 以下是电话会要点： 来自云服务商的订单非常强劲，并且在我们所有产品组合中都在不断增长，这些订单构成了我们不 断增长的积压订单的相当大一部分。 人工智能驱动的这一日益增长的机遇正是数据中心内外市场。事实上，公司在数据中心内外市场的 机遇在2024年至2025年间增长了三倍，并成为我们2026年预期增长率的主要贡献者。 公司预计2026财年的收入约为57亿至61亿美元，年增长率接近 24%（取中间值），高于 ...

Core Viewpoint - Ciena reported strong quarterly results with revenue and profit exceeding market expectations, achieving a record revenue of $1.35 billion, a 20% year-over-year increase, and provided positive guidance for future performance [1][6]. Group 1: Financial Performance - Ciena's fourth-quarter revenue reached $1.35 billion, marking a 20% increase year-over-year, while annual revenue was $4.77 billion, also a record high [6][17]. - The company achieved a record order intake of $7.8 billion for the year, resulting in a backlog of approximately $5 billion, which supports revenue expectations for fiscal year 2026 [18]. - Adjusted gross margin for the fourth quarter was 43.4%, exceeding previous expectations by 90 basis points, driven by revenue growth and an increase in software business [18]. Group 2: Market Dynamics - Demand from cloud service providers is accelerating, with significant orders contributing to a growing backlog across all product lines [4][7]. - The company anticipates that the revenue for fiscal year 2026 will be between $5.7 billion and $6.1 billion, representing a year-over-year growth rate of approximately 24% [4][19]. - Ciena's market share in the optical fiber segment has increased by 2 percentage points this year, with expectations for further growth in 2026 [8]. Group 3: Strategic Initiatives - Ciena is focusing on the production ramp-up of 800G pluggable modules, which is expected to lower unit costs over time as production scales [4][37]. - The company is actively investing in its product portfolio to capture the growing market segment, particularly in interconnect products and AI-driven applications [12][13]. - Ciena's partnerships with major cloud service providers are strengthening, as they recognize the need for network expansion to support AI workloads [7][50]. Group 4: Future Outlook - The company expects operating profit margins to improve to around 17% for fiscal year 2026, with capital expenditures projected between $250 million and $275 million [21][20]. - Ciena is confident in the sustainability of demand, with expectations that the momentum will continue into 2027 and beyond [18][19]. - The anticipated revenue growth is supported by ongoing investments and strategic partnerships, positioning Ciena favorably in the AI-driven market landscape [10][11].