光模块公司Lumentum大摩调研

We met Wajid Ali (CFO), Chris Coldren (Chief Strategy & CDev Officer) and Wupen Yuen (President -Cloud and Networking), at Lumentum’s HQ in San Jose, as a part of our Hardware & Semis Bus Tour. Our key takeaways include:

我们在硅谷圣何塞的 Lumentum 总部会见了 Wajid Ali（首席财务官）、Chris Coldren（首席战略与商务发展官）和 Wupen Yuen（云计算与网络业务总裁），作为我们硬件与半导体商务之旅的一部分。我们的主要收获包括：

• Hyperscalers prefer Ethernet as networking technology which is driving increased direct sourcing. Although conversations with new customers have been in place for a while, the trend of direct sourcing by hyperscaler customers is now being catalyzed by Ethernet being increasingly chosen as the networking technology. The opportunity with Cloud Light's two new customers is for applications within data centers, utilizing silicon photonics and VCSEL technologies, rather than EML. 超大规模数据中心更倾向于使用以太网作为网络技术，这正在推动更多的直接采购。虽然与新客户的对话已经进行了一段时间，但超大规模数据中心客户的直接采购趋势现在正由于以太网作为网络技术的日益普及而得到加速。Cloud Light 与两个新客户的机会主要针对数据中心内的应用，使用硅光子和 VCSEL 技术，而非 EML。
• Module business is providing deeper insights into component performance and customer needs. Sale of transceiver modules via Cloud Light is enabling first-hand experience and feedback on how components, such as EMLs, perform in real-world applications. This direct involvement helps to achieve a better understanding relative to specific requirements and challenges faced by end customers, leading to more informed decisions in component design and development. Additionally, module business facilitates closer relationships with customers, offering a clearer view of market trends and emerging demands. This enhanced understanding not only helps in refining existing components but also drives innovation, enabling the company to develop more competitive and differentiated products that align with customer expectations and industry advancements.模块业务提供了更深入的关于组件性能和客户需求的见解。通过 Cloud Light 销售收发器模块，使得公司能够直接体验并反馈组件（如 EMLs）在现实应用中的表现。这种直接参与有助于更好地理解特定需求和终端客户面临的挑战，从而在组件设计和开发中做出更明智的决策。此外，模块业务促进了与客户的更紧密关系，提供了市场趋势和新兴需求的更清晰视角。这种加强的理解不仅有助于完善现有组件，还推动创新，使公司能够开发出更具竞争力和差异化的产品，符合客户期望和行业进步。
• Vertically integrated players stand to benefit significantly in the AI sector, where refresh cycles are increasingly shortened. AI infrastructure demands cutting-edge solutions that can keep up with the rapid evolution of compute power and networking requirements, with technology refresh cycles expected to be much shorter relative to pre-AI. Vertically integrated players, through their control over component manufacturing and module assembly, can more effectively align their product offerings with the fast-paced advancements in AI technology, relative to peers that buy components and have to do qualifications at the level of different key components as well as the final module.在 AI 领域，垂直整合的参与者将大有裨益，因为刷新周期正在不断缩短。AI 基础设施要求尖端解决方案，以跟上计算能力和网络需求的快速发展，与 AI 前的技术更新周期相比，预计将大幅缩短。通过对组件制造和模块组装的控制，垂直整合的参与者能够更有效地将其产品与 AI 技术的快速进步对齐，相对于购买组件并必须对不同关键组件以及最终模块进行资格认证的同行来说。
• Geographically diversified wafer fab capacity spread across several key locations, including Japan, the UK, and the US, with significant investments being made to increase capacity in these regions. Japan supports Lumentum's entire EML production, which includes two wafer fabs, one of which was acquired through the NeoPhotonics acquisition. The UK facility, acquired through the Oclaro acquisition, is dedicated to producing InPh integrated circuits to support ZR modules. while the US facility in San Jose focuses on high-power lasers used in co-packaged optics or silicon photonics.地理上多样化的晶圆厂产能分布在包括日本、英国和美国在内的几个关键地点，正在这些地区进行重大投资以增加产能。日本支持 Lumentum 的整个 EML 生产，其中包括两个晶圆厂，其中一个是通过收购 NeoPhotonics 获得的。通过收购 Oclaro 获得的英国设施专门生产用于支持 ZR 模块的 InPh 集成电路。而位于圣何塞的美国设施则专注于用于共包装光学或硅光子学的高功率激光。
• Risk from China exposure is limited with short and long term strategies.中国市场风险有限，具有短期和长期策略。