未知机构：海外光通信F1Q前瞻偏好COHRLITEFNJP摩根SCh-20241105

Summary of Conference Call Notes Industry Overview - The optical communication sector has outperformed hardware and networking companies year-to-date and over the past two months, driven by the increasing role of optical communication in data center expansions and AI clusters, with strong capital expenditures noted [1][1] - Demand for telecommunications (including DCI) and industrial lasers has shown signs of stabilization and improvement, despite overall demand remaining complex [1][1] Company Insights Coherent - Preferred company in the optical sector due to larger profit margins and long-term resilience [2][2] - Expected to see significant growth opportunities across multiple end markets, with gross margins and operating leverage anticipated to improve [2][2] - FIQ25 revenue forecast at $1.344 billion, exceeding consensus of $1.312 billion, with a gross margin of 37.3%, operating profit of 16.7%, and EPS of $0.67 [2][2] - F2Q25 outlook predicts revenue of $1.387 billion, a 23% increase, with similar gross margin and operating profit metrics [2][2] - Long-term expectations include a gross margin of 40% for FY26 and EPS reaching $5.55 for FY27 [2][2] Fabrinet - Expected to continue revenue and profit growth, primarily driven by strong demand in data communication transmission [2][2] - FIQ25 revenue forecast at $770 million, a 12% increase, with a gross margin of 12.6%, operating profit of 10.8%, and EPS of $2.37 [3][3] - F2Q25 outlook anticipates revenue of $793 million, driven by data communication, maintaining a gross margin of 12.6% [3][3] Lumentum - Anticipated to show continued progress, particularly in the data communication segment, with signs of growth recovery [3][3] - FIQ25 revenue forecast at $330 million, above market consensus of $325 million, with a gross margin of 32.9%, operating profit of 2.5%, and EPS of $0.15 [3][3] - F2Q25 outlook predicts revenue of $364 million, with a gross margin of 34.0% [3][3] - Long-term expectations include an EPS of $4 for FY26 and quarterly revenue exceeding $500 million in F3Q26, with gross margins approaching 40% [3][3] Valuation Concerns - Despite growth, the premium valuations of these companies may lead to investor skepticism regarding any conservative guidance [2][3]