是德科技Q1财报将公布，AI与6G技术成关注焦点

Core Viewpoint - The company is positioned to benefit from increased demand in AI and 6G technologies, with upcoming financial results and strategic initiatives being key focus areas for investors [2][4][7]. Financial Performance - The company is expected to announce Q1 FY2026 results in late February 2026, with revenue guidance between $1.53 billion and $1.55 billion, reflecting a year-over-year growth of approximately 10% after excluding acquisitions. Non-GAAP EPS guidance is set between $1.95 and $2.01 [2]. - Management anticipates that the impact of new tariffs introduced in August 2025 will be fully offset in Q1 FY2026, with total tariff costs projected to remain at the lower end of the $150 million to $175 million range for the year [6]. Project Progress - The company completed the acquisition of Spirent and others in 2025, aiming for integration within 12 to 18 months, targeting cost savings of $100 million and contributing approximately $375 million in revenue for FY2026. Investors should monitor the efficiency of this integration and any regulatory impacts [3]. Business and Technology Development - The company continues to invest in AI data center simulation and 6G channel modeling, with its "AI Data Center Builder" gaining industry recognition. Increased capital expenditure plans from clients like Meta and Microsoft are expected to drive demand for high-speed optical modules and semiconductor testing [4]. Capital Movements - In November 2025, the company announced a new $1.5 billion stock repurchase plan, in addition to approximately $375 million in repurchases for FY2025, indicating strong confidence in cash flow. If free cash flow remains robust, this buyback strategy may support stock prices [5]. Current Operating Status - The company is currently operating with a profit margin of approximately 26%, with a long-term target of 31% to 32%. Achieving this target could enhance market sentiment [6]. Industry and Risk Analysis - The testing and measurement industry is significantly influenced by client capital expenditure cycles. There is a need to be cautious of potential order growth suppression due to macroeconomic conditions or a slowdown in technology sector investments. The company must maintain technological differentiation in cutting-edge fields like 6G and quantum computing against competitors [7].