LITE 具备良好的增长条件：第四季度营收同比增长110%，1.6T/800G 光模块出货持续，OCS 收入下季度应超过1亿美元。供应受限抑制增长但有利于定价；光模块今年可能不会领涨，但按32.61倍 FY2027 远期盈利计算，估值有吸引力。
逐段跳播
我在光学领域已经不再持有“LITE”了。
I no longer have a "LITE" in the field of optics.
现在，我们谈过了“新云”，也谈过了存储，现在接着谈光学，而且这一期又会非常长，所以在光学领域我持有“Lite”，不是吗？Lumintum 的视觉产品生产节奏正在加快。我们看到第四季度营收同比增长110%，环比增长25%。
新的能力即将到来，新产品也在研发中。因此，对 Lumintum 来说，这是一个非常强劲的增长故事。
Now, we've talked about "New Cloud" and we've talked about memory, and now we move on to optics, and again this is going to be a very long episode , so in the field of optics I have "Lite", don't I ?
Lumintum 's visual production pace is accelerating. We saw fourth-quarter revenues rise by 110% year-over-year and by 25% quarter-over-quarter. There are new capabilities coming, and new products in development.
Therefore, it is a very strong growth story for Lumintum.
目前，下一代光学速度1.6太字节的收发器已经开始出货，预计这一出货量将持续到2027财年第四季度。不仅如此，800吉字节速度的产品也仍在出货，对吧？出货仍在进行。所以，两者似乎都没有出现下滑，因为两者都将成为他们巨大的营收驱动力。
Currently, shipments of transceivers for the next optical speed of 1.6 terabytes have already begun, and this volume is expected to continue until the fourth quarter of fiscal year 2027.
Not only that, but the 800 gigabyte speed is still being shipped as well, right? Shipping operations are still ongoing. So there doesn't appear to be a decline in either of them, as both will be a huge revenue driver for them.
他们提到的另一点是，交换光子电路增加了另一条增长路径。在第三到第四财季出货量翻倍之后，这预计将继续增长。管理层预计，下一季度光路交换的营收将超过1亿美元。
The other thing they mentioned is that switching photonic circuits adds another growth path. After shipments doubled from the third to the fourth fiscal quarter, this is expected to continue to grow.
Management expects that revenues from optical circuit switching for the next quarter will exceed $100 million.
再说，这个视觉领域目前只是零零散散地产生一些小额收入，但我认为 Lumintum 的定位非常好，能够迎来这种巨大的增长。他们还通过外部光源获得其他类型的收入机会，用于购买设备。
第一个预计会在 2027 日历年下半年出现。就是这种小事情，对吧？各个领域都有大量增长机会，不是吗？你有 ELS 技术，你有 OCS 技术，然后光学领域还有新的速度等级。存在一个阶跃式的跃升，不是吗？
所有这些事情最终会开始叠加在一起，你就会看到收入的巨大增长。我们目前已经看到收入数据出现强劲增长。
Again , this visual field is generating small revenues here and there, but I think Lumintum is very well positioned to see this massive growth. They also get other types of revenue opportunities through external light sources for purchasing units.
The first one is expected to be in the second half of the calendar year 2027. Small things like this, right ? There are plenty of growth opportunities in diverse fields, aren't there?
You have ELS technology, you have OCS technology, and then you have the new kind of speeds in the world of optics. There is a step function, isn't there ? All these things eventually start to pile up together, and you see this huge growth in revenue.
We are already seeing strong growth in revenue figures at the moment .
现在，有些情况需要密切关注。我并没有对每一只股票都这样做，但正如我提到的，其他股票总是存在风险。就这里的供应而言，我们在存储领域已经看到巨大的制约，但在光学领域，我们目前也看到非常大的制造风险，不是吗？
供应跟不上需求。因此，如果出现任何问题，这会限制收入增长的程度。同时，这也能赋予它强大的定价能力。
Now, some things that need to be closely monitored. I didn't do that for every single stock, but as I mentioned, there are always risks in other stocks. Regarding supply here, we are already seeing huge constraints in the memory area , but in the optics area we are also seeing very large manufacturing risks at the moment, aren't we ?
Supplies cannot keep up with demand. Therefore, if there are any problems, this limits the extent of revenue growth. At the same time, this can give it strong pricing power.
另一件事是，公司在调整后摊薄股本方面已经出现了相当程度的增长。所以，这是值得关注的事情，但总体而言，对于 2027 年 7 月 3 日结束的 2027 财年，远期市盈率约为 32.61。
我再说一遍，我认为今年还不会成为光学之年，对吧？在当前股价 820 美元的情况下，它仍保持在 32.61，看起来并不差。我再说一遍，存在风险，市场总是有风险的，但结合远期估值来看，当前这个价位是有吸引力的。
The other thing is that the company has seen a good amount of growth in its adjusted diluted stock. So, it's something to keep an eye on , but overall, for fiscal year 2027, which ends on July 3, 2027, the forward price-to-earnings ratio is around 32.61.
I repeat, I don't think this year will be the year of optics yet, do I ? With it remaining at 32.61 at a current price of $820, it doesn't look bad. I repeat, there are risks, the market is always risky, but with forward valuations, there is an attraction at this price point right now.