-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将COHR的目标股价从246美元上调至357美元，市盈率41倍，基于2027财年每股收益预期（8.70美元），远高于COHR三年平均市盈率（约20倍），这主要得益于人工智能的巨大需求，也高于我们此前基于共封装光学器件（CPO）新兴增长潜力的预期市盈率（31倍）。我们维持2026财年（6月）每股收益预期5.61美元不变，将2027财年预期上调0.63美元至7.58美元，并将2028财年预期设定为9.60美元。此次目标股价上调主要反映了英伟达(NVDA)近期推动CPO业务增长的势头。3月2日，英伟达宣布对COHR进行20亿美元的股权投资，同时还承诺在未来多年内斥资数十亿美元采购CPO/硅光子学领域的创新技术。在3月中旬举行的GTC 2026大会上，英伟达(NVDA)也展望了未来的计算平台，这些平台将更多地采用CPO（铜包金属）而非铜。在Rubin Ultra平台（2027年）上，部分互连将使用CPO（而非铜），而在Feynman平台（2028年）上，CPO的使用率将达到100%，相比之下，Blackwell/Rubin架构中CPO的使用率为0%。我们认为这方面潜力巨大，预计到2026年底，销售额将开始增长。
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