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“Stock God” Serenity interprets SIVE’s earnings call: the photonics pipeline is growing rapidly, and expectations for capacity expansion and increased order volume are further strengthened
Regarding customers and orders, the post mentioned that the collaboration related to Jabil's pluggable modules is driving increased demand for optical transceiver modules, with potential beneficiaries including optical module manufacturers such as Innolight, Eoptolink, and others.
In terms of capacity and supply chain, the post stated that the company is not only collaborating with Win Semiconductor (Win Semi) but also advancing additional laser diode capacity and developing more partnerships, citing management's statement that "more details will be disclosed to the market when the timing is right."
The poster believes this indicates that capacity constraints may be further alleviated.
Regarding the pace of customers and orders, the post quoted that "mass production orders from primary SATCOM customers are imminent," interpreting this as the space communication business entering a volume-up phase.
On capital and structural changes, the post mentioned that the company's dual listing in the U.S. is progressing smoothly and believes a clearer timetable may be announced after new board members take office, also implying that the new board has experience in mergers and acquisitions and the U.S. capital markets.
In industry cycle judgment, the post pointed out that management emphasized "it is a mistake to view ecosystem suppliers as competitors during a supercycle where demand far exceeds supply," and believed that demand in the photonics field is still rapidly increasing.
Regarding growth data, the company's photonics pipeline has grown approximately 77% over the past five months, becoming the main source of overall growth, and this validates the expansion trend of the CPO (co-packaged optics) and pluggable optical module sectors.
Overall, the view holds that Sivers Semiconductors' narrative is shifting from "customer and competitor validation" to "supply constraints and capacity ramp-up," and anticipates that as the CPO industry volume increases after 2027, the revenue curve may accelerate.