GS--China Optical Transceivers_ 3Q Preview
Optical Transceiver makers (Innolight, Eoptolink, HG Tech, TFC Optical) in ourcoverage are scheduled to report 3Q results during Oct 22~Oct 24. We expect
应用介绍
Optical Transceiver makers (Innolight, Eoptolink, HG Tech, TFC Optical) in our
coverage are scheduled to report 3Q results during Oct 22~Oct 24. We expect
strong 3Q profit growth YoY and QoQ (summarized in Exhibit 1). In the companies’
earnings comment, we would focus on the supply dynamics, especially the
upstream laser component supplies, which we believe would be the gating factor for
companies’ shipment into 2025E. Key questions we seek answers to in the result
season: 1) 100G EML/CW laser supply dynamics and the potential supply gap in
2025; 2) measures to cope with the component supply tightness; 3) implications on
margins in the event of component price increases; 4) company-specific new
customer penetration progress. All in, we remain constructive on the sector with
Buy on Innolight, Eoptolink and HG Tech; Neutral on TFC Optical. We fine tune our
estimates and valuation with 10%~14% increase in our TPs. More details below
特别提示：英文研报翻译由于人手及工作量的问题为机器翻译，推荐阅读英文原版研报或下载后分段自行翻译，以达到良好的翻译效果和阅读体验。本站所有研报均来自网络，仅供学习使用，不具有任何投资之建议，严禁转载与分享，如违反后果自负。
发表评论 取消回复