0000024741-26-000255
SEC filingQ2营收增17%至$4.5B，AI光通信与Solar驱动，盈利质量改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $4,505M | $3,862M | +17% |
| Gross Profit | $1,628M | $1,392M | +17% |
| Gross Margin | 36% | 36% | 0 bps |
| Operating Income | $698M | $573M | +22% |
| Operating Margin | 15.5% | 14.8% | +70 bps |
| Net Income (attributable) | $559M | $469M | +19% |
| Diluted EPS | $0.64 | $0.54 | +19% |
| Core EPS (Non-GAAP) | $0.78 | $0.60 | +30% |
| Operating Cash Flow | $2,079M (H1) | $859M (H1) | +142% |
| Free Cash Flow | $1,325M (H1) | $343M (H1) | +286% |
增长桥：Q2营收$4,505M，同比+17%，主要由Optical Communications(+$506M)和Solar(+$207M)驱动。Optical Communications受益于AI数据中心需求，Enterprise业务强劲增长；Solar则因polysilicon和solar wafer/module销售增长，但产能爬坡成本拖累盈利。
Margin归因：Gross Margin维持36%持平，Optical Communications利润提升被Solar产能爬坡成本抵消。Operating Margin提升70bps至15.5%，主要因营收规模效应和费用控制。SG&A占营收13%持平，但share-based compensation因股价上涨而增加。
盈利质量：GAAP Net Income $559M(+19%)，但剔除一次性项目后Core Net Income $680M(+30%)，显示经营质量更佳。经营现金流$2,079M大幅改善，主要受$1.0B客户预付款推动，但需注意该款项为一次性。FCF转化率约130%，现金流质量良好。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Optical Communications | $2,072M | +32% | $438M | 21.1% | AI需求驱动Enterprise业务 |
| Glass Innovations | $1,463M | +1% | $354M | 24.2% | LCD玻璃需求稳健 |
| Automotive | $471M | +2% | $82M | 17.4% | auto glass解决方案采用率提升 |
| Solar | $438M | +90% | -$7M | -1.6% | 产能爬坡成本高企 |
| Life Sciences & Emerging | $294M | -15% | -$21M | — | Pharmaceutical Technologies业务下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2,504M | +$978M vs Dec-25 |
| Total Debt | $8,424M | -$10M vs Dec-25 |
| Net Debt | $5,920M | -$988M vs Dec-25 |
| Inventory | $3,426M | +$349M vs Dec-25 |
| Contract Liabilities | $2.7B | +$0.4B vs Dec-25 |
| Operating Cash Flow (H1) | $2,079M | +$1,220M YoY |
| Capex (H1) | $754M | +$238M YoY |
| Free Cash Flow (H1) | $1,325M | +$982M YoY |
| FCF转化率 (FCF/Net Income) | 130% | — |
Net Debt/EBITDA约1.5x（基于TTM EBITDA估算），杠杆水平健康。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Capex | approximately $2.0B | reported |
一次性异常项（剔除后影响）：
主要风险：