43亿投资泰国基地扩产，海外AI PCB产能布局按下加速键。 本次泰国投资计划在二期厂房建设完成基础在增加高阶HDI（含SLP）、HLC的设备投 资，加速二期产能于26年底投产；同时增建泰国三期厂房建设，预计27年年中建成投产。届时公司泰国基地的AI PCB产能规模或将达到60亿以上 的产值，为公司把握AI趋势浪潮，充分利用ONEAVARY的产品技术平台，进一步加快公司AI"云-管-端"全产业链布局，扩充公司AI产品线的产能布 局，同时加快公司全球业务布局，提升公司在Ai算力领域的技术实力、量产能力及综合竞争力。 短期来看， 根据公司近期月度经营快报，公司M10/M12收入42.2/38.2亿同比-3.1%/-5.6%，环比-0.8%/-9.7%，下滑源于客户备货节奏今年 有所提前；而考虑到汇率逆风的因素，预计Q4业绩同比或将承压。AI算力领域，公司在淮安基地和泰国基地已经顺利通过N客户的审厂认证，并接 受G客户验厂，后续公司积极配合N客户打样GB300及Rubin系列新品、配合G客户打样TPU系列新品，同时加速扩张AI-PCB高端产能，为未来业 绩高增打下基础。 中长期来看，我们坚定认为A客户硬件创新与AI ...

点击招商研究小程序查看PDF报告原文 FY26Q1营收指引约为191亿美元，同比+28%/环比+6%，预计合并毛利率约为76.9%，同 比-2.2pct/环比-1pct，主要是较高的人工智能营收组合所致。调整后EBITDA将约占收入的 67%。1）半导体部门：收入为123亿美元，同比+50%/环比+11%。预计FY26Q1人工智能收入 为82亿美元，同比+100%/环比+27%。对于非人工智能半导体，预计FY26Q1达到约41亿美元， 同比持平/环比-11%；2）基础设施软件：收入预计为68亿美元，同比+1%/环比-2%。 4、当前AI业务在手订单超730亿美元，指引2026年客户AI支出加速增长。 公司预计2026年客户AI支出势头持续加速，当前AI业务在手订单超730亿美元，占博通合并积压订 单近半，未来18个月将完成交付。FY26Q1 AI营收预计同比翻倍至82亿美元，远超六个月前 60%-70%的增长预期，结合旺盛的新增预订势头，全年AI业务将呈加速增长态势。 1）AI客户： 本季度再获Anthropic 110亿美元订单于2026年底交付，第五家客户10亿美元订单或于26年稍晚 交付。 2）交换机： ...

点击招商研究小程序查看PDF报告原文 影石创新是全景相机龙头，逐步向运动相机、穿戴相机、云台等智能影像设备延拓，同时从全景玩法切入无人机市场重塑飞行体验，软件业务亦开 始布局，对应市场从几十亿的全景相机市场迈向各几百亿的运动相机和无人机市场。本篇报告围绕市场关心的行业空间、竞争格局等问题展开分 析，我们看好影石在智能影像设备领域的核心卡位、产品创新、技术引领和长线空间，首次给予"**"评级，考虑到智能影像品牌的稀缺性和业务成 长性，建议积极关注。 | 图 1: 影石创新基本情况 | | --- | | 图 2: 影像设备分为智能影像设备和传统影像设备 . | | 图 3: 手持智能影像设备出货量预测 . | | 图 4: 全景相机的成像原理(1) | | 图 5: 全景相机的成像原理(2) | | 图 6: 全景相机、运动相机与传统影像设备对比 | | 图 7: 全球全景相机市场规模 | | 图 8: 全球全景相机出货量 . | | 图 9: 影石创新 ONE X系列情况 | | 图 10: 运动相机的分类 | | 图 11: 全球运动相机市场规模 . | | 图 12: 全球运动相机出货量 | | 图 13 ...

Core Viewpoint - The company reported strong and resilient growth in its Q3 2025 financial results, with total revenue reaching 113.1 billion yuan, a year-on-year increase of 22.3% and a net profit of 11.3 billion yuan, up 80.9% year-on-year, indicating robust performance across its business segments [1]. Group 1: Financial Performance - Q3 2025 total revenue was 113.1 billion yuan, with a year-on-year growth of 22.3% and a quarter-on-quarter decline of 2.4% [1]. - Adjusted net profit for Q3 2025 was 11.3 billion yuan, reflecting an 80.9% year-on-year increase and a 4.4% quarter-on-quarter increase [1]. - Gross margin improved to 22.9%, up 2.5 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [1]. Group 2: Mobile Business - Q3 2025 mobile business revenue was 46 billion yuan, a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 1.0% [2]. - The average selling price (ASP) slightly declined, with a gross margin of 11.1%, down 0.6 percentage points year-on-year and 0.4 percentage points quarter-on-quarter [2]. - Global smartphone shipments reached 43.3 million units, a year-on-year increase of 0.5%, maintaining a market share of 13.6% [2]. Group 3: Automotive Business - The automotive segment achieved revenue of 29 billion yuan in Q3 2025, a significant year-on-year increase of 199% and a quarter-on-quarter increase of 36% [3]. - The segment recorded a gross margin of 25.5%, with a slight decrease of 0.9 percentage points quarter-on-quarter [3]. - The company achieved its first quarterly operating profit of 700 million yuan in this segment, indicating a positive trend for future profitability [3]. Group 4: IoT and Internet Business - Q3 2025 IoT business revenue was 27.6 billion yuan, a year-on-year increase of 5.6% but a quarter-on-quarter decline of 28.8% [4]. - The gross margin for IoT was 23.9%, up 3.1 percentage points year-on-year and 1.4 percentage points quarter-on-quarter [4]. - Internet business revenue reached a record high of 9.38 billion yuan, reflecting a year-on-year growth of 10.8% and a quarter-on-quarter increase of 3.1% [4]. Group 5: Strategic Outlook - The company is focused on high-end product strategies and international expansion in its mobile business, while the IoT segment is expected to benefit from enhanced self-research capabilities and overseas market opportunities [5]. - The automotive business aims to enter the top five global automakers by 2025-2027, supported by a robust product matrix and ecosystem synergies [5].

点击招商研究小程序查看PDF报告原文 事件： 英伟达发布FY26Q3季报，本季营收570亿美元，同比+62%/环比+22%，创历史新高；non- GAAP毛利率为73.6%，同比-1.4pcts/环比+0.9pct。综合财报及交流会议信息，总结要点如下： 评论： 1、FY26Q3营收同环比大幅增长超预期，毛利率位于指引预期上限。 FY26Q3营收570亿美元，同比+62%/环比+22%，大超预期（540亿美元），本季度H20产品订 单 约 为 5000 万 美 元 ；non-GAAP 毛 利 率 为 73.6% ， 达 指 引 区 间 上 限 ， 同 比 -1.4pcts/ 环 比 +0.9pct；non-GAAP运营费用环比增长11%，系计算和基础设施成本、薪酬福利支出增加。当前 向中国市场销售数据中心计算产品暂时未见突破机遇。 2、数据中心同环比强劲增长，GB300顺利量产、H20收入约5000万美元。 1）数据中心： 营收512.15亿美元，同比+66.4%/环比+24.6%，同环比高增长主要系传统机器学 习向加速计算和生成式AI转型，以及基础模型构建上推动的计算支出增长。数据中心计算产品营收 430亿 ...

10月A股半导体指数跑输费城半导体指数和中国台湾半导体指数。 2025年10月，半导体（SW）行业指数-5.96%，电子（SW）行业指 数-3.53%，同期费城半导体指数/中国台湾半导体指数+13.48%/+14.38%。 行业景气跟踪：部分消费类领域景气转暖，AI/汽车等驱动端侧应用创新。 1、需求端：部分消费电子行业需求复苏，AI/汽车等驱动端侧应用创新。 手机：25Q3全球智能手机出货量同比+2.6%，国内市场延续下滑；关注 成本结构上行对手机厂商带来的影响。 PC： 25Q3全球PC出货量同比+9.4%，换机需求持续释放，关注AI应用对硬件终端厂商的发展驱动。 可穿 戴： 25Q3全球AI眼镜出货同比持续高增，上半年国内可穿戴出货量达历史新高，预计下半年增速将放缓；持续关注智能眼镜、AI耳机等新形态终 端创新。 XR： 25Q3全球VR/AR销量同比-21%/+180%，VR领域短期缺乏重量级新品催化，AI+AR类融合创新对AR产品带动显著。 服务器： TrendForce微幅下修今年全球AI服务器出货量至年增24.1%，25M10信骅营收7.3亿新台币，同比+7%/环比-10%。 汽车： 车企抢抓年 ...

Core Viewpoint - The article highlights the strong performance of SMIC in Q3 2025, with revenue and gross margin exceeding guidance, driven by high capacity utilization and strong demand across various sectors, despite a conservative outlook for Q4 2025 due to seasonal factors and customer ordering patterns [2][4]. Financial Performance - In Q3 2025, SMIC reported revenue of $2.382 billion, a year-on-year increase of 9.7% and a quarter-on-quarter increase of 7.8%, surpassing guidance of 5-7% [2][10]. - The gross margin for Q3 2025 was 22%, up 1.5 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding the guidance of 18-20% [2][10]. - The net profit attributable to shareholders was $192 million, reflecting a year-on-year increase of 28.9% and a quarter-on-quarter increase of 44.7% [2][10]. Capacity and Utilization - The capacity utilization rate reached 95.8% in Q3 2025, an increase of 5.4 percentage points year-on-year and 3.3 percentage points quarter-on-quarter, indicating strong demand and supply constraints [2][10]. - The wafer shipment volume was 2.499 million pieces, equivalent to 8-inch wafers, with a quarter-on-quarter increase of 4.6% [17]. Sector Performance - Smartphone revenue in Q3 2025 was $510 million, down 4.5% year-on-year and 7.4% quarter-on-quarter, primarily due to capacity adjustments and seasonal fluctuations in customer demand [3]. - Revenue from computers and tablets was $336 million, up 2.5% year-on-year and 9.9% quarter-on-quarter, while consumer electronics revenue reached $873 million, up 12.7% year-on-year and 14.9% quarter-on-quarter [3]. - Industrial and automotive revenue surged by 66.6% year-on-year and 21.8% quarter-on-quarter, reflecting strong demand in these sectors [3]. Q4 2025 Outlook - The company provided a conservative revenue guidance for Q4 2025, expecting a quarter-on-quarter growth of 0-2% and a gross margin of 18-20% [4][10]. - The cautious outlook is attributed to customer hesitance regarding year-end orders and the traditional seasonal slowdown, particularly in the smartphone market [4][10]. Strategic Insights - The company anticipates an acceleration in capacity expansion to meet growing domestic demand, particularly in the storage and logic chip sectors [4][10]. - The ongoing trend of domestic substitution is expected to continue, with a stable order flow and a focus on enhancing production capabilities [4][10].

Core Viewpoint - The storage industry has entered an accelerated upward cycle driven by explosive demand from the AI era, with limited supply-side capacity leading to a widening supply-demand gap and accelerating price increases [2][4][6]. Group 1: Demand Drivers - The current upward cycle in the storage industry is primarily driven by the explosive demand from AI servers and multimodal applications, marking a shift from traditional demand sources like smartphones and internet companies [3][4]. - Flash storage demand is expected to grow significantly, with data center storage needs projected to increase from 600EB in 2020 to 2.4ZB by 2028, driven by generative AI [4][8]. - The Sora2 model exemplifies the increased storage requirements, consuming nearly 100MB for a 10-second 4K video, a substantial increase compared to traditional text storage needs [11]. Group 2: Supply-Side Dynamics - Storage manufacturers are focusing capital expenditures on high-margin products like HBM, with limited plans for significant NAND Flash capacity expansion, leading to a constrained supply environment [31][34]. - Major manufacturers like Samsung, SK Hynix, and Micron are reporting record revenues and profit margins, indicating strong demand and effective inventory management [5][43]. Group 3: Price Trends - Storage prices have accelerated in October 2025, with increases ranging from 40% to 100% across various product types, driven by heightened demand from AI servers and proactive price adjustments by manufacturers [37][39]. - Specific products like DDR5 and DDR4 have seen significant price hikes, with DDR5 prices increasing by 102.6% in October [39]. Group 4: Future Outlook - The storage industry is expected to continue its upward trajectory into 2026, with supply-demand imbalances likely to persist, supporting ongoing price increases [6][60]. - Investment opportunities are recommended in both overseas and domestic storage manufacturers, particularly those involved in niche storage chips and supply chain components [6][60].

点击招商研究小程序查看PDF报告原文 事件： 西部数据（WDC.O）近日发布FY26Q1（25Q3）财报，营收28亿美元，同比+27%/环比+8%， 毛利率43.90%，同比+6.6pcts/环比+2.6pcts。综合财报与交流会议信息，总结要点如下： 评论： 1、FY26Q1营收超指引上限，毛利率超指引预期。 营收28亿美元，同比+27%/环比+8%，超指引上限，主要系近线驱动器的强劲需求拉动；毛利率 为43.90%超预期，同比+6.6pcts/环比+2.6pcts，毛利率改善主要系ASP同环比增长、产品结构 持续向高容量驱动器倾斜以及生产过程中成本控制成效显著。 2、云业务收入同环比高增，出货量持续增长。 1）按终端： 云业务收入25.1亿美元，同比+31.48%/环比7.77%，占比89%；客户端业务收入 1.46亿美元，同比+5.04%/环比+4.29%，占比5%；消费级业务收入1.62亿美元，同比-1.22%/ 环比+19.12%，占比6%。 2）出货： 交付204EB储存容量，同比+23.6%/环比+7.4%，其中 Nearline发货183EB，同比+20.8%/环比+7.6%；Non-Near ...

Core Viewpoint - The company reported strong financial performance in Q3 2025, with revenue and profit exceeding guidance, driven by price increases and growth in bit shipments [2][11][15]. Financial Performance - Q3 2025 revenue reached $2.308 billion, up 23% year-over-year and 21% quarter-over-quarter, surpassing the guidance range of $2.1-2.2 billion, primarily due to price increases [2][11]. - Gross margin was 29.9%, down 9 percentage points year-over-year but up 3.5 percentage points quarter-over-quarter, exceeding the guidance of 28.5-29.5% [2][11]. - Non-GAAP EPS was $1.22, above the guidance of $0.70-0.90 [2][11]. Business Segments - The edge computing terminal market generated $1.387 billion in revenue, up 26% quarter-over-quarter, accounting for 60.1% of total revenue [3]. - Consumer revenue was $652 million, up 11% quarter-over-quarter, with significant sales from the Nintendo Switch 2 microSD Express [3][10]. - Data center revenue reached $269 million, also up 26% quarter-over-quarter, with eSSD products entering qualification processes with major clients [3][10]. Q4 2025 Guidance - Q4 2025 revenue is guided at $2.55-2.65 billion, representing a quarter-over-quarter increase of approximately 12.65% [4][12]. - Gross margin is expected to be between 41.0%-43.0%, reflecting price increases and cost improvements [4][12]. Market Outlook - The demand for NAND products is expected to continue exceeding supply until at least the end of 2026, with long-term demand growth projected at 15%-20% [4][12]. - The company anticipates a 25% actual demand growth in 2026, driven by strong market conditions [4][12]. Strategic Focus - The company is focusing on the BiCS8 technology transition and expanding its enterprise SSD market share, emphasizing strategic resource allocation to meet customer needs [7][15]. - The management aims to enhance revenue, expand profit margins, and maintain positive free cash flow, reflecting robust execution in a strengthening demand environment [7][15]. Cash Flow and Financial Health - Adjusted free cash flow for Q3 2025 was $448 million, representing 19.4% of revenue, with operating cash flow at $488 million [11][13]. - The company ended the quarter with $1.442 billion in cash and $1.351 billion in debt, resulting in a net cash position of $91 million [11][13]. Inventory and Capital Expenditure - Inventory days decreased from 135 to 115 days, indicating improved inventory management [11][12]. - Capital expenditures for FY 2026 are expected to remain unchanged, focusing on the BiCS8 transition [4][12]. Industry Trends - The global investment in data centers and AI infrastructure is projected to exceed $1 trillion by 2030, significantly benefiting high-capacity, low-power SSD demand [8][10]. - The company is positioned to leverage its BiCS8 technology to enhance performance, efficiency, and capacity in the data center and enterprise SSD markets [8][10].