《价值型投资最新产业研究报告》华星光 (4979-TW) 美国光通讯大厂财报报喜，三条供应线开始接棒

这次研究华星光(4979-TW)，角度和以往不同。我们先从美国光通讯大厂Lumentum(LITE)最新财报往下拆，再对照华星光(4979-TW)的长距离资料中心互连光模组、连续波雷射磊晶后段加工与电吸收调变雷射布局。海外大厂的数字代表整体需求正在放大，真正要研究的是这股需求会经过哪些产品，能有多少落到华星光(4979-TW) 的营收与获利。

Lumentum截至2026年6月底的单季营收约10.06亿美元，年增109%，调整后每股盈余3.23美元，营收与获利都优于市场预期。公司对下一季营收给出12.25亿至12.75亿美元展望，调整后每股盈余预估4.05至4.35美元。800G云端光模组出货创高，1.6T产品开始量产，100G、200G电吸收调变雷射与连续波雷射需求也维持强劲。这份财报确认人工智慧资料中心的光互连升级仍在加速。

这里要把供应关系说清楚。目前公开资讯没有足够证据证明华星光(4979-TW)直接供货Lumentum所有上述产品，因此不能把Lumentum每一美元成长直接换算成华星光(4979-TW) 的订单。两家公司对应的是同一条需求链：800G与1.6T模组需要更多高速雷射，资料中心间连线需要长距离互连光模组，矽光子与共同封装光学则需要稳定的外置光源。Lumentum财报提供的是终端需求验证，华星光(4979-TW)能拿到多少，仍看客户认证、代工份额与产能。

华星光(4979-TW)目前最成熟的产品是400G长距离资料中心互连光模组，主要用在相距数十至数百公里的资料中心互连。公司在相关产品多为独家代工，市场估计市占超过五成，北美大型云端客户的出货持续增加。800G长距离互连光模组已通过北美大型云端服务商认证并小量出货，下半年进入量产后，因初期包含代购高价零组件，单价可达400G产品数倍，营收会比出货数量更快放大。

第二条成长线是连续波雷射。AI丛集在机柜之间大量交换资料，矽光模组需要连续、稳定的光源，华星光(4979-TW)承接磊晶后段制程，现有产品已导入三家云端服务商。公司规画年底单月处理量较2025年底增加一倍，制程也逐步由2吋转向3吋、4吋晶圆。Lumentum最新财报显示连续波雷射与光学元件需求高档，代表客户扩充这段产能有实际市场支撑。

高速电吸收调变雷射是第三条线。华星光(4979-TW)已取得美系网通大厂的电吸收调变雷射元件后段模组与封装订单，并建置100G、200G产能。这项元件把雷射与讯号调变整合在一起，适合800G、1.6T长距离高速传输，制程门槛高，全球合格供应来源有限。新产能今年逐季开出，年底若能稳定量产，公司的角色会从模组代工与后段加工，往高速雷射元件供应再走一步。

最新营收已经往上加速。华星光(4979-TW)7月营收5.09亿元，月增约11.8%、年增31.01%，高于6月的4.55亿元；前七月累计营收29.91亿元，年增17.64%。6月单月每股盈余0.44元，上半年累计每股盈余2.91元。400G长距离互连光模组与连续波雷射已提供基本盘，7月营收再创今年新高，显示下半年产品升级开始接上。法人机构原先推估2026年营收约63.92亿元、年增45.77%，800G产品量产时间与高速雷射良率会决定后续成长速度。

Lumentum把下一季营收展望再拉高，说明800G、1.6T、高速电吸收调变雷射与连续波雷射短期都还缺有效产能。对华星光(4979-TW)来说，400G长距离互连光模组是现在的出货，800G产品负责拉高下半年营收，连续波雷射与高速电吸收调变雷射则把成长延伸到2027年。后续直接看800G量产金额、连续波雷射月处理量和200G高速雷射出货，这三项若按计划提高，海外光通讯财报的利多才会真正落到公司帐上。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，搜寻 @ai8085，或点击下方连结。每天盘中还有免费CALL讯，带你掌握可以留意的强势股。

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文章来源:蔡庆龙分析师-摩尔投顾

本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险

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"tagId": "", "attr": "", "articleView": null, "source": null, "author": "网络", "description": "这次研究华星光(4979-TW)，角度和以往不同。我们先从美国光通讯大厂Lumentum(LITE)最新财报往下拆，再对照华星光(4979-TW)的长距离资料中心互连光模组、连续波雷射磊晶后段加工与电吸收调变雷射布局。海外大厂的数字代表整体需求正在放大，真正要研究的是这股需求会经过哪些产品，能有多少落到华星光(4979-TW) 的营收与获利。 Lumentum截至2026年6月底的单季营收约10.06亿美元，年增109%，调整后每股盈余3.23美元，营收与获利都优于市场预期。公司对下一季营收给出", "img": "https://cimg.cnyes.cool/prod/news/6575131/l/f4460d8c839e6a77d64a51c90697e86a.jpg", "content": "<p>这次研究华星光(4979-TW)，角度和以往不同。我们先从美国光通讯大厂Lumentum(LITE)最新财报往下拆，再对照华星光(4979-TW)的长距离资料中心互连光模组、连续波雷射磊晶后段加工与电吸收调变雷射布局。海外大厂的数字代表整体需求正在放大，真正要研究的是这股需求会经过哪些产品，能有多少落到华星光(4979-TW) 的营收与获利。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6575131/l/f4460d8c839e6a77d64a51c90697e86a.jpg\" alt=\"《价值型投资最新产业研究报告》华星光 (4979-TW) 美国光通讯大厂财报报喜，三条供应线开始接棒\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>Lumentum截至2026年6月底的单季营收约10.06亿美元，年增109%，调整后每股盈余3.23美元，营收与获利都优于市场预期。公司对下一季营收给出12.25亿至12.75亿美元展望，调整后每股盈余预估4.05至4.35美元。800G云端光模组出货创高，1.6T产品开始量产，100G、200G电吸收调变雷射与连续波雷射需求也维持强劲。这份财报确认人工智慧资料中心的光互连升级仍在加速。</p>\n\n<p>这里要把供应关系说清楚。目前公开资讯没有足够证据证明华星光(4979-TW)直接供货Lumentum所有上述产品，因此不能把Lumentum每一美元成长直接换算成华星光(4979-TW) 的订单。两家公司对应的是同一条需求链：800G与1.6T模组需要更多高速雷射，资料中心间连线需要长距离互连光模组，矽光子与共同封装光学则需要稳定的外置光源。Lumentum财报提供的是终端需求验证，华星光(4979-TW)能拿到多少，仍看客户认证、代工份额与产能。</p>\n\n<p>华星光(4979-TW)目前最成熟的产品是400G长距离资料中心互连光模组，主要用在相距数十至数百公里的资料中心互连。公司在相关产品多为独家代工，市场估计市占超过五成，北美大型云端客户的出货持续增加。800G长距离互连光模组已通过北美大型云端服务商认证并小量出货，下半年进入量产后，因初期包含代购高价零组件，单价可达400G产品数倍，营收会比出货数量更快放大。</p>\n\n<p>第二条成长线是连续波雷射。AI丛集在机柜之间大量交换资料，矽光模组需要连续、稳定的光源，华星光(4979-TW)承接磊晶后段制程，现有产品已导入三家云端服务商。公司规画年底单月处理量较2025年底增加一倍，制程也逐步由2吋转向3吋、4吋晶圆。Lumentum最新财报显示连续波雷射与光学元件需求高档，代表客户扩充这段产能有实际市场支撑。</p>\n\n<p>高速电吸收调变雷射是第三条线。华星光(4979-TW)已取得美系网通大厂的电吸收调变雷射元件后段模组与封装订单，并建置100G、200G产能。这项元件把雷射与讯号调变整合在一起，适合800G、1.6T长距离高速传输，制程门槛高，全球合格供应来源有限。新产能今年逐季开出，年底若能稳定量产，公司的角色会从模组代工与后段加工，往高速雷射元件供应再走一步。</p>\n\n<p>最新营收已经往上加速。华星光(4979-TW)7月营收5.09亿元，月增约11.8%、年增31.01%，高于6月的4.55亿元；前七月累计营收29.91亿元，年增17.64%。6月单月每股盈余0.44元，上半年累计每股盈余2.91元。400G长距离互连光模组与连续波雷射已提供基本盘，7月营收再创今年新高，显示下半年产品升级开始接上。法人机构原先推估2026年营收约63.92亿元、年增45.77%，800G产品量产时间与高速雷射良率会决定后续成长速度。</p>\n\n<p>Lumentum把下一季营收展望再拉高，说明800G、1.6T、高速电吸收调变雷射与连续波雷射短期都还缺有效产能。对华星光(4979-TW)来说，400G长距离互连光模组是现在的出货，800G产品负责拉高下半年营收，连续波雷射与高速电吸收调变雷射则把成长延伸到2027年。后续直接看800G量产金额、连续波雷射月处理量和200G高速雷射出货，这三项若按计划提高，海外光通讯财报的利多才会真正落到公司帐上。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，搜寻 @ai8085，或点击下方连结。每天盘中还有免费CALL讯，带你掌握可以留意的强势股。</p>\n\n<p>「价值型投资」最新盘后解盘节目</p>\n\n<div class=\"youtube-embed-wrapper\" style=\"position:relative;padding-bottom:56.25%;padding-top:30px;height:0;overflow:hidden;\"><iframe allowfullscreen=\"\" frameborder=\"0\" height=\"360\" src=\"//www.youtube.com/embed/t4NCz5Ln-rE\" style=\"position: absolute;top: 0;left: 0;width: 100%;height: 100%;\" width=\"640\"></iframe></div>\n\n<figure><img data-height=\"537\" data-mime=\"image/jpeg\" data-ratio=\"1.415270018621974\" data-src-m=\"https://cimg.cnyes.cool/prod/news/6575131/m/ebc74f387ee262f01368611b91d55326.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6575131/l/ebc74f387ee262f01368611b91d55326.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6575131/l/ebc74f387ee262f01368611b91d55326.jpg 1x,https://cimg.cnyes.cool/prod/news/6575131/xl/ebc74f387ee262f01368611b91d55326.jpg 2x,https://cimg.cnyes.cool/prod/news/6575131/xxl/ebc74f387ee262f01368611b91d55326.jpg 3x\"></figure>\n\n<p>每天二+一则免费CALL讯<br>\n加入价值型投资LINE官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a></p>\n\n<p>文章来源:蔡庆龙分析师-摩尔投顾</p>\n\n<p class=\"warning\">本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险</p><div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-16775.html\" title=\"台新证强化投资防护网携手刑事警察局签MOU\">台新证强化投资防护网携手刑事警察局签MOU</a></li>\n <li><a href=\"/new/tw/article-14502.html\" title=\"营收速报 - 零壹(3029)8月营收34.88亿元年增率高达44.44％\">营收速报 - 零壹(3029)8月营收34.88亿元年增率高达44.44％</a></li>\n <li><a href=\"/new/tw/article-3417.html\" title=\"联准会再放鹰派讯号！台股横盘整理怎么办？队长独创「半醉半清醒」操盘法：胜率高达 80%！\">联准会再放鹰派讯号！台股横盘整理怎么办？队长独创「半醉半清醒」操盘法：胜率高达 80%！</a></li>\n <li><a href=\"/new/tw/article-16316.html\" title=\"赖清德期待台美早签避免双重课税促双方无人机供应链提升韧性合作\">赖清德期待台美早签避免双重课税促双方无人机供应链提升韧性合作</a></li>\n <li><a href=\"/new/tw/article-6065.html\" title=\"〈热门股〉友讯强攻低轨卫星打入SpaceX供应链本周股价大涨逾20%\">〈热门股〉友讯强攻低轨卫星打入SpaceX供应链本周股价大涨逾20%</a></li>\n <li><a 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