COHU · Cohu, Inc.

코후, 2분기 호실적·가이던스에 급등

코후, 비GAAP EPS 0.26달러로 예상치 0.12달러 상회…매출 1억4,900만 달러도 492만 달러 웃돌아

코후 2026년 2분기 실적 발표 전망

어플라이드 머티리얼즈, 램리서치, KLA, 장기적 수요 사이클을 기회로 활용: 스티펠

Cohu, AI 수요에 힘입어 시장수익률 상회(Outperform) 의견으로 신규 커버리지 시작: 베어드(Baird)

코후(Cohu), HPC 전망 상향하며 2026년 매출 20~25% 성장 예상…HPC 매출 목표 8,000만~1억 달러로 상향

코후(Cohu) 비GAAP EPS 0.01달러, 예상치보다 0.02달러 하회… 매출 1억 2,510만 달러로 296만 달러 상회

코후(Cohu) 2026년 1분기 실적 프리뷰

코후(Cohu), 고성능 컴퓨팅 테스트 후속 수주로 3,000만 달러 추가 확보

코후, AI 데이터센터 칩 테스트 플랫폼 두 번째 대량 주문 수주…2026년 HPC 전망 강화

코후, 주목받지 못한 AI 테스트 투자 기회

• I rate Cohu a Strong Buy with an $83 price target, reflecting 57% upside from current levels.
• COHU is expanding into AI processor testing, high-bandwidth memory inspection, power management, and analytics, targeting a $1.6B serviceable market.
• Eclipse, Neon, Diamondx, PAICe software, and improving utilization could add about $1.05 of incremental EPS and lift my 2027 non-GAAP EPS estimate to $1.63.
• I arrive at my price target by applying the 5-year FWD non-GAAP P/E multiple of 51x to my 2027 estimated EPS of $1.63.
• The key risks are pipeline conversion, semiconductor cyclicality, and multiple compression.

Cohu: AI 테스트 노출이 여전히 실적을 끌어올릴 수 있다

• I rate Cohu a buy, as its AI/HPC pipeline and recurring revenue base are underappreciated in current earnings.
• COHU's products address the increasing complexity of AI and high-performance computing chip testing, positioning it for significant revenue growth.
• Management targets $600–800M revenue, 48–50% gross margin, and $1.50–$3.25 non-GAAP EPS mid-term, with upside if the AI/HPC funnel converts.
• Key risks include delayed conversion of the $600–700M AI/HPC opportunity and margin headwinds from ongoing investments.

Cohu: 밸류에이션 상승에 비해 이익 성장 속도가 뒤처진다

• The stock has surged higher in 2026 after being in a downtrend, but valuations have arguably gotten too high relative to earnings growth.
• The latest report showed several good things, which include an upgraded FY2026 outlook and strong gains in the top and the bottom line.
• The latest report also showed earnings are not growing fast enough to meet the current financial model or current elevated valuations.
• COHU looks too expensive for the earnings growth it offers, which is why I am neutral on COHU with a hold rating.

Cohu: 4분기 실적 발표 이후 약세 입장 유지

• Cohu, Inc. remains under a bearish rating due to persistent operating losses, fresh convertible debt, and unfavorable technical signals.
• Despite a 34% spike in recurring bookings and 60% recurring revenue in Q4, COHU reported negative earnings and missed consensus bottom-line estimates.
• Operating margins remain unimproved despite 12%+ revenue growth, with gross margin pressured by one-time inventory charges and high SG&A costs.
• Recent $290M convertible debt raises dilution and downside risk, while long-term technicals confirm COHU remains in a bear market.

Cohu: 꼼꼼히 살펴본 결과, 내 기준을 통과하지 못하다

• Cohu continues to struggle with revenue stagnation and lack of profitability, underperforming the broader semiconductor industry despite modest recent growth.
• Cohu trades at lower sales multiples, reflecting diminished expectations, while execution and margin improvement remain critical for future upside.
• Recent results show some sequential revenue growth and new orders, but losses persist, and long-term targets have been revised downward.
• While shares are cheaper and some green shoots are visible, conviction remains low due to a mixed track record and uncertain earnings outlook.