未知机构：兴证通信LumentumFY26Q2财报点评云收发器OCS双引擎爆发-20260204

Lumentum Q2 FY26 Earnings Call Summary Company Overview - Company: Lumentum - Fiscal Quarter: Q2 FY26 - Revenue: $666 million, a year-over-year increase of 65% and a quarter-over-quarter increase of 17%, marking a historical high [1][1][1] Key Insights Industry Dynamics - AI-Driven Growth: The growth is primarily driven by AI, leading to a significant increase in demand for cloud transceivers and OCS (Optical Circuit Switch) products [1][1][1] - Backlog Orders: OCS backlog orders have surpassed $400 million, indicating strong future revenue potential [1][1][1] Financial Performance - Components Revenue: - Revenue from optical components reached $444 million - Strong demand for EML (Electro-Absorption Modulated Laser) lasers driven by DCI (Data Center Interconnect) and long-haul applications [2][2][2] - Contribution to data center laser chip revenue is 10% despite only accounting for 5% of sales volume [2][2][2] - Systems Revenue: - Revenue from optical systems was $222 million - Cloud transceivers revenue increased by approximately $50 million quarter-over-quarter due to the transition to 1.6T networks [2][2][2] - OCS backlog is expected to be delivered in the second half of 2026 [2][2][2] Profitability Metrics - Gross Margin: Non-GAAP gross margin improved to 42.5%, a significant increase of 820 basis points year-over-year and 310 basis points quarter-over-quarter [2][2][2] - Operating Margin: Non-GAAP operating margin reached 25.2%, an increase of 1730 basis points year-over-year [3][3][3] - Earnings Per Share (EPS): Non-GAAP EPS was $1.67 [3][3][3] Future Outlook - Revenue Guidance for FY26 Q3: Expected revenue between $780 million and $830 million, with a midpoint of $805 million, representing a year-over-year growth rate of 85% [3][3][3] - EPS Guidance: Projected EPS between $2.15 and $2.35 [3][3][3] - Supply-Demand Gap: There remains a 30% supply-demand gap for EML capacity, with all capacity secured through long-term agreements [3][3][3] - Growth Drivers: Three main growth drivers identified: 1. Cloud transceivers (1.6T ramp-up) 2. OCS (release of $400 million+ orders) 3. CPO (multi-million dollar order reserves) [3][3][3] - Capacity Expansion: Progress on InP (Indium Phosphide) wafer fabrication expansion is ahead of schedule, with efforts to seek foundry partnerships to meet explosive demand [3][3][3] - Product Mix Improvement: The share of 200G products is expected to rise to 25% by year-end, potentially leading to a dual boost in valuation and performance [3][3][3]