AEC行业龙头企业受益于持续增长的铜价及新兴光学领域的发展。

AEC leader well positioned to benefit frompersisting copper, emerging optical Reiterate Rating:BUY| PO:252.00 USD| Price:226.10 USD 02 June 2026 $600m+ FY27E optical ~25% ofimplied sales +80% YoYCRDO stock saw pressure following their 4Q26 print with the magnitude of the beat/raise (sales +1%/+2%) smaller than we have become accustomed to through FY26 whereinCRDO beat 3Q/4Q +7%/+7% in March, beat 2Q/3Q +14%/+38% in Dec, beat 1Q/2Q+17%/+17% in Sep, and beat 4Q25/1Q26 +7%/+17% last June while consistently raisingFY26 expectations throughout. FY27E guide was revised up to +80% YoY (+75% prior)supported by optical ramping from <$100m in FY26 (primarily optical DSP) to $600m+(25% of FY27E guidance), up from $500m prior optical guidance. DSPs, SiPho PICs, andZeroFlap Optics are expected to be at least $100m each for FY27E with gross marginsexpected to remain stable at ~68% through the F2H27 ramps. Moreover, we continue tosee hyperscalers’ focus on reliability and serviceability yielding a longer runway for coppersolutions with CRDO poised to benefit from AEC leadership while ramping exciting opticalsolutions such as ZeroFlap Optics. We reiterate Buy on attractive valuation (0.7x PEG), Equity Vivek AryaResearch AnalystBofASvivek.arya@bofa.com Likes:ZF Optics, supply commitments, ALC/OmniConnectCRDO remainsconfident in ZeroFlap Optics ramp in F2H27 with ZF likely to be the largest FY27 optical contributor given triple-digit ASPs vs. two-digit ASPs for DSPs/PICsand ZF targeting longer NIC-to-ToR links where AECs cannot reach. CRDO is confident inthe ability to more than double or triple in FY27 and 28E with supply chain commitmentsin place to support the F2H27E ramp. ALC and OmniConnect remain l-t growth vectors(FY28) with CRDO seeing broadening ALC interest while OmniConnect can carry $2-3k Duksan JangResearch AnalystBofASduksan.jang@bofa.com Michael ManiResearch AnalystBofASmichael.mani@bofa.com Liam PharrResearch AnalystBofASliam.pharr@bofa.com Risks:copper-to-optical transition, competition, capacityCRDO continues to see debate over the eventual optics/CPO transition pressuring valuation relative to optical peers, though FY27E DSP/PIC/ZF Optics ramps couldalleviate terminal-value concerns around copper. Execution risk remains elevated givencompetition from AVGO/MRVL/MXL in optical DSPs, COHR/LITE/others in modules andcomponents, and MRVL/ALAB in copper/AEC, while 3nm capacity remains tight for BofA Securities doesand seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. iQprofileSMCredo Technology iQmethodSM–Bus Performance*(US$ Millions) Company SectorSemiconductors Company Description Credo provides secure, high-speed connectivity solutionsthat deliver improved power and cost efficiency as datageneration and corresponding bandwidth requirementsincrease exponentially throughout the data infrastructuremarket. Credo's connectivity solutions are optimized for Investment Rationale We rate CRDO Buy. CRDO is the leader in the activeelectrical cable market where a multi-year adoption cycle isnow ahead of us driven by demand for power-efficient AIclusters. We also highlight growth opportunities for CRDOfrom expansion into adjacent products such as opticalDSPs, line card PHYs, retimers, as well as PCIe-based Stock DataAverage Daily Volume Summary of model changes Exhibit1: Summary of model changesWe adjust FY27/28E sales estimates by +3%/+4% versus priorand pf-EPS +9%/+7% vs. prior FQ4 reported vs. expectations Exhibit2: Summary of FQ4results4Q26 Sales of $437m landed above the high end of guidance. FQ1 guidance vs. expectations Exhibit3: Summary of FQ1outlook vs. expectationsCRDO guidance of $470mn+7.5%QoQat the midpoint Balance Sheet Snapshot Exhibit4: Summary of inventory and cash positionCRDO holds a healthy cash positionof7.49/sh GlossaryAEC: Active Electrical Cable ALAB: Astera LabsALC: Active LED CableASP: Average Selling PriceAVGO: BroadcomCOHR: Coherent Corp.CPO: Co-Packaged OpticsCRDO: Credo Technology GroupDSP: Digital Signal ProcessorGPU: Graphics Processing Unitl-t: Long-termLITE: LumentumMRVL: Marvell TechnologyMXL: MaxLinearNIC: Network Interface CardPEG: Price/Earnings-to-GrowthPIC: Photonic Integrated CircuitReit.: ReiterateSiPho: Silicon Photonics Price objective basis & risk Credo Technology (CRDO)Our $252 PO is based on 33x CY27E P/E. Our PO basis is within the range of similar high-growth compute/optical semiconductor peers trading 22x-60x. Downside risks to our PO are: (1) increased competition from large cap peers Marvell/Broadcom, (2) delayed adoption of active electrical cable (AEC) products, (3) downturn inspending across hyperscalers and network operators, (4) Inability for CRDO to scale and Upside risks are: (1) unfo