-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：Lumentum在2026財年第三季度取得了卓越的業績，營收達到創紀錄的8.084億美元（環比增長21.5%，同比增長90.1%），非GAAP每股收益為2.37美元，展現了顯著的運營槓桿效應。非GAAP營業利潤率較上季成長700個基點至32.2%，驗證了管理階層為滿足超大規模資料中心需求而製定的擴張策略。組件業務（5.333億美元，環比增長20.2%）和系統業務（2.751億美元，環比增長24.0%）均實現了強勁增長，體現了公司在人工智慧基礎設施領域的全面佈局。管理層對第四季業績的樂觀預期表明公司將保持強勁的成長勢頭，預計營收中位數為9.85億美元（季增約22%），營業利潤率將提升至35.0%-36.0%。儘管產能擴張已達40%，但該公司仍處於供需嚴重失衡狀態，出貨量比客戶需求低約30%。我們認為，Lumentum光子平台的可擴展性使其能夠充分利用人工智慧的快速發展機遇，其所有EML產能均已簽訂長期協議（LTA）至2027年，從而確保了收入的可見性和價格的穩定性。
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