{"id":820840,"date":"2026-07-31T18:56:02","date_gmt":"2026-07-31T10:56:02","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=820840"},"modified":"2026-07-31T18:56:02","modified_gmt":"2026-07-31T10:56:02","slug":"%e5%85%89%e6%a8%a1%e5%9d%97%e4%bc%b0%e5%80%bc%e5%8f%8c%e8%bd%a8%e5%88%b6%ef%bc%9a%e4%b8%8a%e6%b8%b8%e7%a8%80%e7%bc%ba%e9%87%8d%e4%bc%b0%e4%b8%8e%e4%b8%8b%e6%b8%b8%e7%a7%91%e6%8a%80%e8%82%a1%e5%8f%99","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=820840","title":{"rendered":"\u5149\u6a21\u5757\u4f30\u503c\u53cc\u8f68\u5236\uff1a\u4e0a\u6e38\u7a00\u7f3a\u91cd\u4f30\u4e0e\u4e0b\u6e38\u79d1\u6280\u80a1\u53d9\u4e8b\u7684\u8ba4\u77e5\u65ad\u88c2"},"content":{"rendered":"
\n

\u6587 | \u534a\u5446\u541b<\/p>\n<\/blockquote>\n

7\u670828\u65e5\uff0cLumentum CEO\u5728\u5df4\u9eceRAISE\u5cf0\u4f1a\u4e0a\u6254\u4e0b\u4e00\u7ec4\u5173\u952e\u6570\u5b57\uff1a\u516c\u53f8\u4e0e\u6700\u5927\u7ade\u4e89\u5bf9\u624bCoherent\u7684\u4ea7\u80fd\u52a0\u8d77\u6765\uff0c\u586b\u4e0d\u6ee1\u82f1\u4f1f\u8fbe\u7684\u8ba2\u5355\uff1b\u78f7\u5316\u94df\u4f9b\u9700\u7f3a\u53e3\u8d85\u8fc730%\uff1b\u6cf5\u6d66\u6fc0\u5149\u5668\u5df2\u5b9e\u8d28\u552e\u7f44\u3002\u4e09\u5929\u524d\uff0c\u82f1\u4f1f\u8fbe\u521a\u521a\u5411Lumentum\u548cCoherent\u5404\u6295\u516520\u4ebf\u7f8e\u5143——\u8fd9\u4e0d\u662f\u666e\u901a\u7684\u4f9b\u5e94\u94fe\u91c7\u8d2d\uff0c\u800c\u662f\u4e00\u6b21\u4ea7\u4e1a\u6743\u529b\u91cd\u6784\u7684\u4fe1\u53f7\u3002<\/p>\n

\u4f46\u5e02\u573a\u8bfb\u6d45\u4e86\u3002<\/p>\n

\u82f1\u4f1f\u8fbe\u8fd9\u7b14\u6295\u8d44<\/a>\u7684\u5b98\u65b9\u53e3\u5f84\u662f\"non-exclusive agreement + capacity rights\"\uff0c\u975e\u72ec\u5bb6\u7684\u751f\u6001\u6295\u8d44\uff0c\u9501\u5b9a\u7684\u662f\u4ea7\u80fd\u4f18\u5148\u6743\u800c\u975e\u4e70\u65ad\u3002Lumentum\u81ea\u5df1\u4e5f\u53ea\u79f0\u82f1\u4f1f\u8fbe\u4e3a\"customer\"\u3002\u5e02\u573a\u628a\u8fd9\u7b14\u94b1\u89e3\u8bfb\u4e3a\"\u4f9b\u5e94\u94fe\u5e03\u5c40\"\uff0c\u5374\u5ffd\u7565\u4e86\u66f4\u6df1\u5c42\u7684\u542b\u4e49\uff1a\u5f53\u82af\u7247<\/a>\u5de8\u5934\u4e0d\u5f97\u4e0d\u4eb2\u81ea\u4e0b\u573a\u9501\u5b9a\u4e0a\u6e38\u6750\u6599\u4ea7\u80fd\u65f6\uff0c\u5149\u4e92\u8054\u7684\"\u5b9a\u4e49\u6743\"\u5df2\u7ecf\u4e0d\u5728\u6a21\u5757\u5382\u624b\u91cc\u4e86\u3002<\/p>\n

\u540c\u4e00\u6869\u4e8b\u5b9e\uff0c\u4e24\u5957\u4f30\u503c\u903b\u8f91<\/strong><\/h3>\n

\u771f\u6b63\u503c\u5f97\u5173\u6ce8\u7684\uff0c\u4e0d\u662f\u78f7\u5316\u94df\u7f3a\u4e0d\u7f3a\uff0c\u800c\u662f\u540c\u4e00\u6869\u7a00\u7f3a\u4e8b\u5b9e\uff0c\u5e02\u573a\u5b9a\u51fa\u4e86\u4e24\u4e2a\u5b8c\u5168\u76f8\u53cd\u7684\u4ef7\u683c\u3002<\/p>\n

\u5728\u4e0a\u6e38\uff0cLumentum\u521a\u62ab\u9732\u7684FY26Q3\u8425\u65368.08\u4ebf\u7f8e\u5143\u3001\u540c\u6bd4\u589e\u957f90%\uff0c\u975eGAAP\u8fd0\u8425\u5229\u6da6\u738732.2%\u3002\u94f6\u6cb3\u3001\u9ad8\u76db<\/a>\u8986\u76d6\u53e3\u5f84\u9ad8\u5ea6\u4e00\u81f4——\"\u4ef7\u503c\u91cd\u4f30\u3001\u8d85\u7ea7\u7a00\u7f3a\u5468\u671f\"\u3002\u4e91\u5357\u9517\u4e1a\u3001\u6e90\u6770\u79d1\u6280\u7b49\u4e0a\u6e38\u6807\u7684\u4f30\u503c\u88ab\u8fd9\u4e2a\u6545\u4e8b\u6491\u4e86\u8d77\u6765\u3002<\/p>\n

\u5728\u4e0b\u6e38\uff0c\u4e2d\u9645\u65ed\u521b\u3001\u65b0\u6613\u76db\u7b49\u5149\u6a21\u5757\u9f99\u5934\u4ecd\u4eab\u53d7\u774040\u523060\u500d\u7684\u79d1\u6280\u80a1\u5e02\u76c8\u7387\u3002\u9ad8\u76db\u7ed9\u4e2d\u9645\u65ed\u521b\u7684\u76ee\u6807\u4ef7\u770b\u52302581\u5143\uff0c\u56fd\u76db\u3001\u5e7f\u53d1\u7ee7\u7eed\u770b\u591a\u3002\u4e09\u6761\u53d9\u4e8b\u957f\u671f\u5e73\u884c\uff1a\u4e0a\u6e38\u91cd\u4f30\u6d3e\u76ef\u7740\u94df\u548c\u6fc0\u5149\u5668\uff0c\u4e0b\u6e38\u79d1\u6280\u80a1PEG\u6d3e\u5b88\u7740\u6210\u957f\u80a1\u6a21\u578b\uff0c\u4e0b\u6e38\u5236\u9020\u6d3e\u96f6\u661f\u8bd5\u63a2\"\u4f30\u503c\u56de\u5f52\"——\u5374\u5c11\u6709\u4eba\u628a\"\u4e0a\u6e38\u7a00\u7f3a\"\u4e0e\"\u4e0b\u6e38\u91cd\u5b9a\u4ef7\"\u9489\u6210\u540c\u4e00\u679a\u786c\u5e01\u7684\u6b63\u53cd\u4e24\u9762\u3002<\/p>\n

\u8fd9\u79cd\"\u4f30\u503c\u53cc\u8f68\u5236\"\u6b63\u5728\u5236\u9020\u4e00\u4e2a\u5371\u9669\u7684\u8ba4\u77e5\u88c2\u7f1d\uff1a\u4e0a\u6e38\u8d8a\u7f3a\u3001\u8d8a\u8d35\uff1b\u4e0b\u6e38\u8d8a\u70ed\u95f9\u3001\u8d8a\u6309\u79d1\u6280\u80a1\u7ed9\u6ea2\u4ef7\u3002\u540c\u4e00\u4efd\u78f7\u5316\u94df\u7684\u7a00\u7f3a\uff0c\u5728\u540c\u4e00\u62e8\u673a\u6784\u624b\u91cc\uff0c\u88ab\u5b9a\u51fa\u4e86\u4e24\u4e2a\u65b9\u5411\u3002<\/p>\n

\u5206\u5316\u751f\u5b58\uff1a\u5934\u90e8\u7559\u5229\uff0c\u4e2d\u5c0f\u5931\u8840<\/strong><\/h3>\n

\"\u5149\u6a21\u5757\u88ab\u6324\u538b\u4e3a\u5c01\u88c5\u5546\"\u662f\u4e00\u4e2a\u8fc7\u4e8e\u7c97\u7cd9\u7684\u5224\u65ad\u3002\u771f\u5b9e\u56fe\u666f\u662f\u5206\u5316\u3002<\/p>\n

\u5934\u90e8\u4e24\u5bb6\u6b63\u5728\u7528\u5b8c\u5168\u4e0d\u540c\u7684\u8def\u5f84\u7559\u5229\u3002\u4e2d\u9645\u65ed\u521b\u8d70\u5168\u6808\u81ea\u7814\u8def\u7ebf\uff0c2026\u5e74Q1\u6bdb\u5229\u738746%\uff0c\u7845\u5149\u5360\u6bd4\u8d85\u4e03\u6210\uff0c\u81ea\u7814\u82af\u7247\u964d\u672c15%\u523020%\u3002\u65b0\u6613\u76db\u8d70Fab-lite\u8def\u7ebf\uff0c\u8bbe\u8ba1\u9760\u81ea\u7814\u3001\u5236\u9020\u9760\u5916\u90e8\u4ee3\u5de5\uff0c2026\u5e74Q1\u6bdb\u5229\u738749.16%\uff0c\u6bd4\u4e2d\u9645\u8fd8\u9ad8\uff1b\u636e\u4ea7\u4e1a\u6d88\u606f\u4e0e\u4e09\u65b9\u5f15\u8ff0\uff0c\u5176\u5df2\u901a\u8fc7\u82f1\u4f1f\u8fbeGB200\u76f8\u5173\u8ba4\u8bc1\u5e76\u914d\u54081.6T\u4ea7\u54c1\u63d0\u901f\u51fa\u8d27\u3002\u4e00\u5b63\u5ea6\u51c0\u5229\u6da6\u867d\u53d7\u6c47\u5151\u548c\u7269\u6599\u4e00\u6b21\u6027\u6270\u52a8\u4e0b\u6ed1\uff0c\u6bdb\u5229\u7387\u9006\u52bf\u4e0a\u5347\uff0c\u8bf4\u660e\u62a4\u57ce\u6cb3\u672a\u7834\u3002<\/p>\n

\u4f46\u4e2d\u5c0f\u5382\u5b8c\u5168\u662f\u53e6\u4e00\u5e45\u753b\u9762\uff1a\u6ca1\u6709\u82f1\u4f1f\u8fbe\u8ba4\u8bc1\u3001\u6ca1\u67091.6T\u89c4\u6a21\u4ea4\u4ed8\u80fd\u529b\u3001\u7845\u5149\u826f\u7387\u722c\u5761\u7f13\u6162\uff0c\u5728\u4e0a\u6e38\u4ea7\u80fd\u88ab\u9501\u5b9a\u7684\u80cc\u666f\u4e0b\"\u65e0\u7c73\u4e0b\u9505\"\u3002<\/p>\n

\u6240\u4ee5\"\u5207\u5236\u9020\u4e1a\"\u4e0d\u662f\u4e00\u5200\u5207\u964d\u7ea7\uff0c\u800c\u662f\u5206\u5316\u5f0f\u91cd\u4f30<\/strong>——\u5934\u90e8\u7684\u724c\u8fd8\u80fd\u6253\uff0c\u4e2d\u5c0f\u5382\u7684\u724c\u5feb\u6253\u4e0d\u52a8\u4e86\u3002\u800c\"\u5149\u6a21\u5757\"\u4e09\u4e2a\u5b57\u4f5c\u4e3a\u7edf\u4e00\u4f30\u503c\u6807\u7b7e\uff0c\u6b63\u5728\u8fd9\u4e2a\u5206\u5316\u4e2d\u5931\u53bb\u610f\u4e49\u3002<\/p>\n

\u5b9a\u4e49\u6743\u8f6c\u79fb\uff1a\u4ece\u6750\u6599\u5230\u82af\u7247\u5de8\u5934<\/strong><\/h3>\n

PC\u65f6\u4ee3\u7684\u72ec\u7acb\u663e\u5361\u4e0e\u96c6\u6210\u663e\u5361\u503c\u5f97\u88ab\u91cd\u65b0\u63d0\u8d77\u3002\u5f53GPU\u7b97\u529b\u88ab\u96c6\u6210\u8fdb\u82af\u7247\u7ec4\uff0c\u72ec\u7acb\u663e\u5361\u6ca1\u6709\u6d88\u5931\uff0c\u4f46\u5b9a\u4e49\u6743\u632a\u4e86\u4f4d\u7f6e\uff0c\u4e00\u6279\u901a\u8def\u5382\u5546\u88ab\u541e\u5e76\u6216\u8fb9\u7f18\u5316\u3002<\/p>\n

\u4eca\u5929\u7684\u903b\u8f91\u540c\u6e90\uff1a\u5b9a\u4e49\u6743\u771f\u6b63\u7684\u843d\u70b9\uff0c\u5728CPO\u548c\u82af\u7247\u5de8\u5934\uff08\u82f1\u4f1f\u8fbe\u3001\u535a\u901a\uff09\u624b\u91cc\uff0c\u4e0d\u5728\u78f7\u5316\u94df\u6750\u6599\u672c\u8eab\u3002\u82f1\u4f1f\u8fbe\u9501InP\uff0c\u5b98\u65b9\u53e3\u5f84\u662f\u751f\u6001\u6295\u8d44\uff0c\u5b9e\u8d28\u662f\"\u8fd9\u6761\u4f9b\u5e94\u94fe\u4e0d\u80fd\u65ad\u5728\u6211\u624b\u91cc\"\u3002<\/p>\n

\u4e00\u5b9a\u6709\u4eba\u4f1a\u53cd\u9a73\uff1a\u4ef7\u503c\u660e\u660e\u5728\u5411\u7ec8\u7aef\u6c47\u805a\uff0c\u6a21\u5757\u5382\u5e02\u503c\u6700\u9ad8\uff0c\u51ed\u4ec0\u4e48\u8bf4\u5b9a\u4e49\u6743\u4e0d\u5728\u7ec8\u7aef\uff1f<\/p>\n

\u8fd9\u8bdd\u5bf9\u4e86\u4e00\u534a\u3002\u4ef7\u503c\u786e\u5b9e\u5728\u5411\u6807\u51c6\u5c42\u6c47\u805a\uff0c\u4f46\u5934\u90e8\u6a21\u5757\u5382\u9760\u7684\u662f\u5782\u76f4\u6574\u5408——\u81ea\u7814\u7845\u5149\u3001\u5ba2\u6237\u7ed1\u5b9a——\u5728\u5206\u5316\u4e2d\u7eed\u547d\u3002\u88ab\u6324\u538b\u7684\u4e0d\u662f\"\u6a21\u5757\u5382\"\u8fd9\u4e2a\u7edf\u79f0\uff0c\u800c\u662f\u91cc\u5934\u7684\u5f31\u8005\u3002\u8fdeLumentum\u81ea\u5df1\uff0c\u4e00\u8fb9\u88ab\u82f1\u4f1f\u8fbe\u6367\u7740\uff0c\u4e00\u8fb9\u4e5f\u88ab\u6750\u6599\u548c\u4ea7\u80fd\u53cc\u91cd\u5361\u7740\u3002<\/p>\n

\u5934\u90e8\u628a\"\u88ab\u6324\u538b\"\u6d3b\u6210\u4e86\"\u5206\u5316\u751f\u5b58\"\uff0c\u4e2d\u5c0f\u5382\u624d\u662f\u771f\u6b63\u5931\u8840\u7684\u4eba\u3002<\/p>\n

\u524d\u77bb\uff1a\u4f30\u503c\u951a\u4f55\u65f6\u5207\u6362\uff1f<\/strong><\/h3>\n

\u5149\u6a21\u5757\u4ea7\u4e1a\u7684\u4f30\u503c\u8303\u5f0f\u6b63\u5728\u7ecf\u5386\u4e00\u6b21\u9759\u9ed8\u5207\u6362\u3002\u4e0a\u6e38\u6309\u7a00\u7f3a\u54c1\u91cd\u4f30\uff0c\u4e0b\u6e38\u6309\u6210\u957f\u80a1\u6ea2\u4ef7\uff0c\u8fd9\u4e2a\"\u53cc\u8f68\u5236\"\u4e0d\u53ef\u80fd\u957f\u671f\u6301\u7eed\u3002<\/p>\n

\u5f53\u82f1\u4f1f\u8fbe\u90a3\u4efdnon-exclusive\u534f\u8bae\u5230\u671f\u91cd\u8c08\u3001\u5f53\u7845\u5149\u6e17\u900f\u7387\u8de8\u8fc7\u67d0\u4e2a\u4e34\u754c\u70b9\uff0c\u5e02\u573a\u7ec8\u5c06\u88ab\u8feb\u56de\u7b54\u4e00\u4e2a\u95ee\u9898\uff1a\u90a3\u5f20\"\u79d1\u6280\u80a1\"\u7684\u724c\uff0c\u662f\u7559\u7ed9\u6709\u81ea\u7814\u80fd\u529b\u548c\u5ba2\u6237\u7ed1\u5b9a\u7684\u4eba\uff0c\u8fd8\u662f\u7559\u7ed9\u6240\u6709\u540d\u5b57\u91cc\u5e26\u7740\"\u5149\u6a21\u5757\"\u4e09\u4e2a\u5b57\u7684\u4eba\uff1f<\/p>\n

\u5c4a\u65f6\uff0c\"\u4f30\u503c\u53cc\u8f68\u5236\"\u7684\u88c2\u7f1d\uff0c\u5c06\u4e0d\u518d\u662f\u8ba4\u77e5\u76f2\u533a\uff0c\u800c\u662f\u5b9a\u4ef7\u73b0\u5b9e\u3002<\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587 | \u534a\u5446\u541b 7\u670828\u65e5\uff0cLumentum CEO\u5728\u5df4\u9eceRAISE\u5cf0\u4f1a\u4e0a\u6254\u4e0b\u4e00\u7ec4\u5173\u952e\u6570\u5b57\uff1a\u516c\u53f8\u4e0e\u6700\u5927\u7ade\u4e89\u5bf9\u624b […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":[],"categories":[6],"tags":[241,339,38],"views":8,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/820840"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=820840"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/820840\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=820840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=820840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=820840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}