Semtech (SMTC US) Key Takeaway • Rating: Maintain Buy, Target Price $162 (22x FY28E EPS) • F2Q revenue $341.9mn (+33% YoY, +17% QoQ), beat consensus. Non‑GAAP EPS $0.71 (vs consensus $0.61) • Non‑GAAP gross margin record at 54.5% (+150bps QoQ), driven by data‑center • F3Q guidance tops market estimates: revenue $410mn; non‑GAAP gross margin 58.3%; EPS $1.02‑1.08 • AI‑related demand ~3x current supply capacity；growth bottleneck: SiGe / InP wafer & OSAT packaging constraints • 1.6T CopperEdge ACC entered mass shipment to major hyperscalers in F2Q (moved from sampling to material revenue) • 1.6T FiberEdge TIA‑driver initial shipments started; target >50% share in target 1.6T market by end‑FY27E • Post HieFo InP laser acquisition: advancing vertical integration of TIA, driver & laser chips for supply resilience • Deepened MSA standardization work for LPO / NPO; secured multiple design wins, expanding long‑term TAM • Pulled explicit segment YoY growth guidance due to supply uncertainty, but multi‑year hyperscaler AI demand outlook remains solid • Forecast FY27E / FY28E / FY29E EPS: $3.60 / $7.40 / $11 #SMTC# #Semtech# #1#.6T #Optical# #AIInfrastructure#