Coherent Corp J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

Coherent Corp J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Coherent Corp Overweight

COHR, COHR US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$382.45

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Joseph Cardoso

(1-212) 622-9036

We hosted a breakfast meeting with Sanjai Parthasarathi, Chief Marketing Officer joseph.cardoso@jpmchase.com

& Paul Silverstein, Investor Relations, at our 54th annual J.P. Morgan Global TMC Manmohanpreet Singh

Conference. Our key takeaways include: (1-212) 622-4527

manmohanpreet.singh@jpmchase.com

• Customer demand remains robust, with limited likelihood of double Marc Vitenzon

ordering. Management highlighted that they are largely booked out through (1-212) 622-3342

CY26 and CY27, with some customers already placing orders into CY28, marc.vitenzon@jpmchase.com

along with long-term agreements extending through the end of the decade, Akanksh Chauhan

which together support high visibility. Book-to-bill expanded further in F3Q26 (1-212) 622-0045

(Mar-end) relative to the >4x level that had been referenced in F2Q26. akanksh.chauhan@jpmorgan.com

Visibility relative to system-level shipments directly to end-customers as well J.P. Morgan Securities LLC

as component sales to other system vendors, highlights end products/systems

being deployed immediately, along with minimal returns, overall indicating

limited concerns around double ordering.

• Supply security and capacity expansion are key to growth while demand

continues to be robust. In relation to the transition from 3” to 6” InP wafers,

management highlighted that their yields on six-inch InP now exceed three-