https://reports.zhihai.me/tags/crdo/Recent content in CRDO on 脱水研报HugoenWed, 02 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-02-credo-q1-fy27-margin-compression/Wed, 02 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-02-credo-q1-fy27-margin-compression/Credo Technology（CRDO）2027财年Q1营收4.79亿美元、同比+114.7%，调整后EPS 1.20均超预期，Q2指引中值5.30亿美元、同比+97.8%；但GAAP毛利率骤降至64.5%（同比-290BP、环比-370BP），研发费用翻倍至1.145亿美元，营业利润率从前季35.7%降至25.2%，盘后股价跌超10%。法国巴黎银行给275美元目标价，摩根士丹利看好铜光共存格局下的双重卡位。