Core Viewpoint - SanDisk (NASDAQ:SNDK) reported Q2 FY2026 earnings with revenue of $3.025 billion, a year-over-year increase of 61% and a quarter-over-quarter increase of 31%, significantly exceeding previous guidance. The gross margin was 51.1%, up 18.6 percentage points year-over-year and 21.2 percentage points quarter-over-quarter, driven by rising product prices across all segments and strong demand [2][11][19]. Group 1: Financial Performance - Q2 FY2026 revenue reached $3.025 billion, surpassing the guidance of $2.55 to $2.65 billion, primarily due to price increases across all segments, with a unit shipment increase of 22% year-over-year [2][18]. - Non-GAAP EPS was $6.20, significantly above the guidance of $3.00 to $3.40, driven by higher revenue and lower costs [19][11]. - Non-GAAP gross margin was 51.1%, exceeding the guidance of 40.8% to 42.8%, with a projected margin of 65% to 67% for Q3 FY2026 [19][21]. Group 2: Market Segments - Data Center revenue was $440 million, up 74% year-over-year and 64% quarter-over-quarter, with strong demand driven by AI infrastructure expansion [3][13]. - Edge Computing revenue reached $1.678 billion, a 63% year-over-year increase and 21% quarter-over-quarter, influenced by the PC and mobile device upgrade cycles [3][14]. - Consumer revenue was $907 million, reflecting a 61% year-over-year increase and 31% quarter-over-quarter, supported by a shift towards high-end products [3][15]. Group 3: Future Guidance - Q3 FY2026 revenue is expected to be between $4.4 billion and $4.8 billion, with a midpoint indicating a 171% year-over-year increase and a 52% quarter-over-quarter increase, amid worsening supply shortages [4][21]. - The company raised the 2026 data center market EB-level data growth rate forecast to over 60%, up from the previous estimate of 40% [4][21]. Group 4: Strategic Partnerships - SanDisk extended its partnership with Kioxia, ensuring stable product supply through a $1.165 billion payment for manufacturing services, with the partnership lasting until December 31, 2034 [5][20]. - The company is in discussions with NVIDIA regarding potential additional data demand from KV caching, estimating an extra 75-100 EB of data demand by 2027 [5][26]. Group 5: Operational Strategy - The company is focusing on long-term agreements with strategic customers to ensure supply stability and predictable demand, moving away from short-term transactional models [11][17]. - The company plans to maintain capital expenditure to support mid-high teens bit growth while ensuring profitability to fund R&D and capital investments [18][35].

点击招商研究小程序查看PDF报告原文 事件： 阿斯麦尔（ASML.O）于1月28日发布2025年第四季度财报，25Q4收入97.18亿欧元，同比 +4.9%/环比+29.3%；签单131.58亿欧元，同比+85.6%/环比+143.7%；公司指引2026年EUV 业务大幅增长且装机业务维持强劲势头，维持2030年远期指引不变。综合财报及交流会议信息，总 结要点如下： 评论： 1、25Q4营收与新增订单量均创历史新高，EUV新签订单同环比大幅提升。 1）财务： 25Q4收入97.18亿欧元，同比+4.9%/环比+29.3%，符合指引预期（92-98亿欧 元），其中设备收入75.84亿欧元，同比+6.6% /环比+36.6%，服务收入21.34亿欧元，同 比 -0.6% / 环 比 +8.8%； 毛 利 率 52.2% ， 同 比 +0.5pct/ 环 比 +0.6pcts ， 符 合 指 引 预 期 （50%-52%）； 2）订单： 25Q4签单131.58亿欧元，同比+85.6% /环比+143.7%，其中逻辑 签单57.90亿欧元，同比+33.9%/环比+102.4%，存储签单73.68亿欧元，同比+166 ...

3、中国台湾SoC测试设备环比显著下滑，中国大陆营收同环比高增。 分地区来看， 1）中国台湾： 营收1032亿日元，同比+31.2%环比-10.6%，占比37.7%，环比下 降主要系高端SoC领域收入下滑； 2）中国大陆 ： 营收654亿日元，同比+26.3%/环比+25.5%， 占比23.9%，环比增长由SoC及存储器测试系统销售额增长共同支撑； 3）韩国： 营收570亿日 元，同比+3.8%/环比+1.6%，基本持平，占比20.8%，存储领域销售额环比增长被SoC相关销售 额环比下降部分抵消。 4、公司上调FY2025全年营收预期，ASIC及GPU需求强劲增长并延续。 1）FY2025指引： 公司上调2025财年全年指引：营收1.07万亿日元，营业利润4540亿日元，净 利润3285亿日元，HPC/AI强劲需求将驱动测试设备市场持续增长，公司将继续推进产能扩张计划 以满足旺盛需求。 2）FY2026展望： 公司预计2026财年营收环比增长30%-40%；SoC测试设备 市场规模85-95亿美元，中值同比增长约30%，在AI应用的持续势头下，设备出货量增长和器件复 点击招商研究小程序查看PDF报告原文 事件 ...

点击招商研究小程序查看PDF报告原文 事件： SK海力士（000660.KS）于1月29日发布25Q4财报，25Q4收入32.83万亿韩元，同比+66%/环比+34%；毛利率69%，同比+17pcts/环比+12pcts。 综合财报及交流会议信息，总结要点如下： 评论： 1、季度与年度业绩均创历史新高，HBM业务成最大增长引擎。 25Q4收入32.83万亿韩元，同比+66%/环比+34%，主要系存储器产品需求持续强劲，DRAM和NAND价格全面上涨；毛利率为69%，同比+17pcts/环 比+12pcts；净利润15.2万亿韩元，同比+90%/环比+21%，营收与净利润均创历史新高，营业利润率高达58%。全年来看，2025年收入97.15万亿韩 元，同比+47%，净利润42.95万亿韩元，同比+117%，营业利润率高达49%，HBM业务成为最大增长引擎，全年营收同比增长超过2倍。 2、25Q4 DRAM与NAND出货量环比均增长，NAND ASP环比上涨近30%。 1）DRAM： 25Q4出货量环比低个位数增长，主要得益于HBM3E 12i产品和服务器用DDR5内存销量增加，其中高密度DDR5模组出货量环比增 ...

Core Viewpoint - The company is expected to continue releasing profits from its main businesses in consumer electronics and new energy, with a strong positioning advantage in the robotics sector [1][3]. Group 1: Stock Incentive Plan - The company announced a stock option incentive plan for 2025, granting 14.262 million stock options to 870 key personnel, representing 1.0480% of the total share capital as of the announcement date, with an exercise price of 36.47 yuan per share [1]. - The total expense for the incentive plan is estimated at 0.97 million, distributed over the years 2026 to 2028 as 0.64 million, 0.31 million, and 0.017 million respectively [1]. - An employee stock ownership plan was also announced, with a repurchase price of 20.56 yuan per share, covering up to 31 individuals including directors and key employees, representing 0.21% of the total share capital at the time of announcement [1]. Group 2: 2025 Performance Forecast - The company forecasts a net profit attributable to shareholders of 545 million to 645 million yuan for 2025, a year-on-year decline of 29.36% to 17.70%, while the net profit excluding non-recurring items is expected to be 515 million to 605 million yuan, reflecting a growth of -3.04% to 13.90% [2]. - The decline in net profit is primarily due to a high non-recurring gain of 180 million yuan from the disposal of a subsidiary's equity in the previous year [2]. - Despite the decline in net profit, the consumer electronics business is stabilizing, and the new energy business continues to grow, maintaining revenue growth and improving net profit excluding non-recurring items [2]. Group 3: Outlook for 2026 - The company is expected to see continued profit release from its consumer electronics and new energy sectors, with a strong positioning advantage in the robotics field [3]. - The consumer electronics business is anticipated to benefit from AI innovations, while core customer orders in the new energy sector are expected to drive utilization rates higher [3]. - The company has over 10 years of experience in the robotics sector, with deep cooperation with North American clients and a comprehensive supply of technology and materials, indicating a significant growth potential in the robotics business for 2026 [3].

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

点击招商研究小程序查看PDF报告原文 事件： 英特尔（INTC）近日发布2025Q4财报，25Q4营收136.7 亿美元，同比 -4.1%/ 环比 +0.2% ，毛利率 37.9% ，同比 - 4.2pcts/ 环比 - 2.1pcts。综 合财报及交流会议信息，总结要点如下： 评论： 1、25Q4营收达此前指引上限，下半年供应限制部分抵消全年收入增长。 25Q4营收136.7亿美元，同比-4.1%/环比+0.2%，位于此前指引上限（128-138亿美元），得益于AI基础设施的建设，公司相关业务均实现了强劲增 长，AI PC、传统服务器和网络业务的营收同环比均实现两位数增长；毛利率37.9%，同比-4.2pcts/环比-2.1pcts，高出此前指引1.4pcts（36.5%）， 主要系营收增长和库存准备金减少，部分被英特尔18A早期量产所抵消。四季度资本开支40亿美元。全年来看，2025年公司营收为529亿美元，同 比-0.3%，主要是公司制造网络和外部供应商的供应限制阻碍了增长，尤其是在下半年；Non-GAAP毛利率为36.7%，同比+0.7pct，主要是期间费用减 少。全年总资本支出为177亿美元。 2、 ...

26Q1存储合约/现货价格涨幅超预期，涨价逐步蔓延至代工和封测等环节。 TrendForce预计常规DRAM 26Q1价格环比增长55%-60%，主要系26Q1原厂大规模转移产能至服务器和HBM应用，带来其他市场供应吃紧。NAND预计环 比增长33%-38%，原厂管控整体产能，且同样受到服务器的排挤效应。海外NAND 大厂闪迪此前曾向多家客户提出 100%现金预付的长期锁量方案，最长 或涉及3年合约，同时闪迪26Q1合约价格最高或有近翻倍增长，高于市场30%-40%的预期。存储产业链方面，以台系为例，随着美光等大客户的需求持续 增长，委外订单比重持续增加，力成、南茂等近期稼动率持续提升，叠加成本增加等因素传2026 年陆续给客户涨价，我们从国内存储代工和封测等渠道 了解到，都普遍存在产能吃紧和价格上调的现象。 全球存储价格从25H1复苏上涨以来，25Q3-Q4现货/合约价格加速上涨，近期逐步发现26Q1各品类存储价格环比涨幅超预期，我们预计2026年全年全球存 储供给整体维持偏紧状态，AI需求增长持续高于产能扩张速度，其他消费类存储和利基型存储受到产能挤压和下游恐慌备货等因素，价格涨幅也远超常 规水平，我们认 ...

点击招商研究小程序查看PDF报告原文 事件：公司公告25年业绩预告，公司预计25年归母净利41.6-45.6亿元，同比+260.4%~295.0%，扣非归母净利41.5-45.5亿元，同比 +263.6%~298.6%。公司表示其在AI算力、数据中心、高性能计算等关键领域，多款高端产品已实现大规模量产，带动产品结构向高价值 量、高技术复杂度方向升级，高端产品占比显著提升，推动公司业绩高速增长。结合市场和行业最近情况， 我们点评如下： Q4业绩环比增速表现低于市场预期。 单季度Q4归母净利9.2-13.2亿元，中值11.2亿元同比+186.1%环比+1.2%，扣非归母净利9.0-13.0 亿元，中值11.0亿元同比+202.8%环比+0.3%。公司Q4利润表现不及市场预期，我们认为可能原因：1）新产能爬坡：惠州厂房四和泰国工 厂的算力PCB产线于25Q3陆续投产爬坡，新增员工较多导致用工成本显著增加，且折旧摊销以及海外产能良率爬坡对整体毛利率亦有所拖 累；2）费用增加：目前大客户前沿的NPI项目增加，研发费用预计有所增加，且Q4汇率逆风，公司美元收入占比高，存在一定的汇兑损失； 3）供应链格局：N客户算力PCB ...

Core Viewpoint - The company expects a net profit growth of 60% to 70% in 2025, driven by strong performance in data center and server businesses, as well as the consolidation of Leoni [1] Group 1: Financial Performance - The company anticipates a net profit of approximately 720 to 770 million HKD for 2025, reflecting a significant increase due to rising sales orders in the data center and server segments [1] - The performance is expected to exceed forecasts, primarily due to increased demand from domestic server clients such as Alibaba and ByteDance [1] - The integration of Leoni is expected to enhance profitability in the second half of the year [1] Group 2: Market Outlook - The global AI computing power construction is projected to remain robust in 2026, benefiting the company's MPO and server assembly businesses [2] - The company is aligning its MPO products with trends in multi-core and high-density technology, anticipating a continued increase in product value [2] - The expansion of production capacity in both domestic and international markets is expected to drive high order volumes for MPO in 2026 [2] Group 3: Strategic Acquisitions - The successful acquisition of a 49% stake in Leoni's cable solutions business and the completion of the Dejin Chang acquisition are expected to strengthen the company's production capacity and supply chain security [3] - The integration of Leoni is anticipated to exceed expectations, with benefits from automation and new client introductions [3] - The company is also investing in the medical sector, targeting growth from aging populations and increased health awareness, alongside advancements in wearable medical technology [3] Group 4: Revenue Projections - The company has revised its revenue forecasts for 2025, 2026, and 2027, reflecting the positive outlook from data center and server market demands [4]