甬矽电子（宁波）股份有限公司 2025年年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 证券代码：688362 证券简称：甬矽电子 公告编号：2026-009债券代码：118057 债券简称：甬矽转债 本公告所载甬矽电子（宁波）股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司2025年年度报告为准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：元 ■ 注：1、本报告期初数同法定披露的上年年末数； 2、以上财务数据及指标以未经审计的合并报表数据填列，数据若有尾差，为四舍五入所致，最终结果 以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 报告期内，公司实现营业收入4,400,450,244.88元，较上年同期增长21.92%；实现营业利润35,415,338.32 元，较上年同期增长75.66%；实现归属于母公司所有者的净 ...

Key Takeaways Western Digital targets 20% revenue CAGR over 35 years on surging AI storage demand.WDC projects 50% gross margins and 30% free cash flow margins under its new model.Teradata expects 2-4% ARR growth in 2026 amid rising cloud adoption and AI platform expansion.Both Western Digital Corporation (WDC) and Teradata (TDC) are tied to enterprise data infrastructure, with WDC providing the physical storage hardware, and Teradata delivering data analytics and cloud-based data platform solutions that re ...

Legacy DNOW achieved record full-year 2025 EBITDA of $199,000,000 and an 8.2% margin, significantly outperforming a contracting U.S. upstream market through differentiated service models. The MRC Global merger completed in November 2025 has transformed the company's scale, diversifying sector reach into gas utilities and downstream industrial markets while expanding the addressable market. Management identified that U.S. MRC Global ERP challenges are a much heavier lift than previously disclosed, with ...

Core Insights - Vertiv (VRT) shares have declined by 4.8% following the release of its fourth-quarter 2025 results, primarily due to weak market conditions in the APAC region, especially in China, and softness in the EMEA region. Despite this, VRT shares have increased by 78.4% over the past six months, significantly outperforming the broader Zacks Computer and Technology sector, which rose by 10.3% [1][2]. Company Performance - In the fourth quarter of 2025, Vertiv reported a remarkable 252% year-over-year growth in organic orders, with a backlog reaching $15.0 billion, which is a 109% increase compared to the fourth quarter of 2024 and a 57% sequential increase from the third quarter of 2025. This growth is largely driven by the rapid adoption of AI and the rising demand for data centers to support digital transformation [6][9]. - The company has achieved a book-to-bill ratio of 2.9 times for the fourth quarter of 2025, indicating strong future prospects [3]. Competitive Positioning - Vertiv has outperformed its closest competitors, Super Micro Computer (SMCI) and Hewlett-Packard Enterprise (HPE), with HPE shares rising by 4.1% and SMCI shares dropping by 33.2% over the trailing 12-month period [2]. - The company's extensive product portfolio includes thermal systems, liquid cooling, UPS, switchgear, busbars, and modular solutions, which have contributed to its competitive edge [3]. Strategic Initiatives - Vertiv has launched Vertiv Next Predict, an AI-powered managed service aimed at optimizing data center maintenance through predictive analytics and anomaly detection [7]. - The company is focusing on innovative solutions to meet the growing demand for AI-driven infrastructure and advanced cooling technologies, exemplified by products like OneCore and SmartRun [8]. - Recent acquisitions, such as the $1.0 billion purchase of PurgeRite, have enhanced Vertiv's capabilities in next-generation liquid cooling and thermal management services [9][10]. Market Outlook - For the first quarter of 2026, Vertiv expects revenues between $2.5 billion and $2.7 billion, with organic sales growth projected at 18% to 26%. The Zacks Consensus Estimate for first-quarter 2026 revenues is $2.61 billion, indicating a year-over-year growth of 28.07% [13]. - The company anticipates non-GAAP earnings per share in the range of 95 cents to $1.01, with the Zacks Consensus Estimate currently at 99 cents per share, reflecting a year-over-year increase of 54.69% [14]. Valuation - Vertiv is currently trading at a premium, with a trailing 12-month Price/Book ratio of 25.77X compared to the broader Computer and Technology sector's 10.58X, suggesting that the stock may be overvalued [15].

Core Insights - The cryptocurrency market is experiencing volatility, with Bitcoin trading down from a high of $124,714.85 to a low of $62,839.77 over the past year, while recent price movements show slight increases for Bitcoin, Ethereum, and Solana [2][3] - Long-term expectations for digital assets remain positive due to a favorable regulatory environment and increasing institutional acceptance, particularly with the passage of the GENIUS Act [4] - Companies like Strategy and Riot Platforms are transitioning their business models to adapt to market changes, focusing on AI and high-performance computing (HPC) infrastructure [8][11] Cryptocurrency Market Overview - Cryptocurrencies operate on decentralized blockchain networks, enhancing security and transparency, which supports broader adoption and investor confidence [1] - Bitcoin has faced bearish sentiments due to macroeconomic conditions and tighter liquidity, impacting its trading performance [2] Company Performance - Coinbase reported earnings of 66 cents per share, missing estimates by 28.3%, and significantly down from $3.39 per share a year ago [3] - Strategy raised $25.3 billion in 2025, making it the largest equity issuer among U.S. public companies, and holds 713,502 bitcoins, representing about 3.4% of total bitcoin supply [6][7] - Riot Platforms is shifting from Bitcoin mining to data center development, with significant power capacity and plans for AI and HPC expansion [8][9] Strategic Developments - TeraWulf is evolving towards AI and HPC infrastructure, generating recurring revenues supported by long-term contracts, while also expanding its Bitcoin mining capacity [11] - The company aims to add 250-500 MW of HPC capacity annually, driven by strong demand in AI [11] Financial Considerations - Strategy's digital asset balance increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025, indicating strong liquidity [7] - Riot Platforms faces near-term capital expenditure pressures of approximately $214 million for its Corsicana buildout, alongside ongoing market volatility [10] - TeraWulf's shift towards HPC has raised operating costs and capital intensity, with total debt reaching roughly $1.5 billion [12]

Core Thesis - Brookfield Infrastructure Partners L.P. (BIP) is viewed positively due to its strong performance and growth potential, with shares trading at $37.03 and trailing and forward P/E ratios of 40.86 and 156.25 respectively [1][2] Financial Performance - BIP reported a Q4/25 FFO of $0.87 per unit and increased its annual distribution by 6% to $1.82, marking a 17-year streak of distribution increases [2] - Management anticipates that 2026 will be an inflection year, with FFO growth expected to exceed 10% driven by new investments and a growing backlog of data-related capital projects [2] Transaction Activity - The company has robust transaction activity, including the first Bloom Energy project delivering 55MW of power to a U.S. data center, and secured additional hyperscaler projects, bringing total AI and data center exposure to approximately 230MW [3] - Capital recycling is progressing well, highlighted by a $150 million sale of Brazilian electricity transmission that generated a 45% IRR, alongside monetization of stabilized North American data centers to fund further development [3] Strategic Focus - BIP's approach to AI and data infrastructure emphasizes disciplined growth with long-term, inflation-protected contracts and investment-grade counterparties, allowing for upside capture without excessive risk [3] Liquidity and Valuation - The company maintains $2.7 billion in corporate liquidity and offers a current yield of 5%, positioning it among the top TSX60 dividend payers, while its valuation remains below its long-term mid-range despite recent 52-week highs [4] Investment Outlook - With accelerating earnings, strong transaction momentum, and active capital recycling, BIP is well-positioned to deliver reliable income and capital appreciation, presenting a compelling risk/reward profile for long-term holders [5]

Core Viewpoint - Ciena Corp. is set to rejoin the S&P 500 index after 17 years, indicating a significant recovery and growth in the company's market position [1][3]. Group 1: Company Overview - Ciena is a networking hardware manufacturer specializing in high-speed fiber optical networks, with a market cap that has nearly tripled in the past year [2]. - The company reported that nearly 18% of its revenue for the 2025 fiscal year came from an unnamed cloud provider, while about 11% was generated from AT&T [2]. Group 2: Market Dynamics - The inclusion of Ciena in the S&P 500 is expected to drive stock prices higher as fund managers purchase shares to align with the index [3]. - Investor interest has surged due to increased demand for data center infrastructure capable of supporting generative artificial intelligence models, which is projected to significantly contribute to Ciena's growth in 2026 [4]. Group 3: Financial Performance - Ciena anticipates a revenue growth of approximately 24% during the 2026 fiscal year, marking the fastest growth rate since 2011 [4]. - The company's stock recently closed at its highest price since 2001, reflecting strong market performance alongside other network equipment firms like Cisco [5]. Group 4: Supply Chain Considerations - The company faces challenges in securing components, particularly memory and optical parts, due to increased demand, but is actively working with key suppliers to ensure supply stability [5].

Financial Data and Key Metrics Changes - The company achieved a record revenue of $12.68 billion for Q2 FY 2026, representing a 123% year-over-year growth and a 153% quarter-over-quarter increase, exceeding guidance of $10 billion to $11 billion [7][16] - Non-GAAP gross margin for Q2 was 6.4%, down from 9.5% in Q1, impacted by customer and product mix, as well as higher freight and production costs [18] - GAAP operating expenses were $324 million, up 14% quarter-over-quarter and 8% year-over-year, while non-GAAP operating expenses were $241 million, up 18% quarter-over-quarter and 6% year-over-year [19] Business Line Data and Key Metrics Changes - The enterprise channel revenue segment totaled $2 billion, representing about 16% of revenue, down from 31% in the prior quarter, but up 42% year-over-year [17] - The OEM appliance and large data center segment revenue was $10.7 billion, representing approximately 84% of Q2 revenue, up from 68% in the last quarter, and up 151% year-over-year [17] Market Data and Key Metrics Changes - By geography, the US represented 86% of Q2 revenue, Asia 9%, Europe 3%, and the rest of the world 2% [17] - Year-over-year, US revenue increased 184%, Asia grew 53%, Europe decreased 63%, and the rest of the world increased 77% [18] Company Strategy and Development Direction - The company is focusing on the development of its Data Center Building Block Solution (DCBBS) to enhance profitability and customer value, expecting it to contribute significantly to profits in the second half of FY 2026 [9][10] - The company is expanding its global manufacturing footprint, with new production sites in Taiwan, Malaysia, and the Netherlands, to optimize cost structure and support regional AI requirements [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for AI and IT infrastructure, stating that the DCBBS solution is essential for customers to build out their AI and cloud capabilities more efficiently [14][15] - The company guided for at least $12.3 billion in revenue for Q3 and raised full-year revenue guidance to at least $40 billion, indicating a conservative approach due to supply constraints [15][24] Other Important Information - The company has expanded access to working capital through a $2 billion cash flow-based secured revolving credit facility and a $1.8 billion secured Taiwan revolving debt facility [22] - Cash position at quarter-end totaled $4.1 billion, with a net debt position of $787 million, compared to $579 million in the prior quarter [23] Q&A Session Summary Question: Margin Improvement Expectations - Management indicated that customer mix is improving and that gross margins are expected to improve quarter-over-quarter due to reduced expedite transportation costs and tariff impacts [27][28] Question: Full-Year Guidance Clarification - Management stated that the $40 billion guidance is conservative and that revenue could exceed this if supply constraints improve [35][36] Question: DCBBS Contribution to Revenue - DCBBS is expected to grow rapidly, contributing significantly to profits, with management highlighting its advantages in simplifying data center builds [37][39] Question: Component Shortages Impact - Management acknowledged that component shortages are driven by strong demand in the AI and large data center sectors, but they do not expect it to significantly hurt their business [62] Question: Customer Mix and Future Sales - Management is focused on diversifying the customer base, targeting both large and mid-sized enterprise customers to enhance revenue growth [83]

Super Micro Computer (NasdaqGS:SMCI) Q2 2026 Earnings call February 03, 2026 05:00 PM ET Company ParticipantsCharles Liang - CEODavid Weigand - CFOMichael Staiger - VP of Corporate DevelopmentConference Call ParticipantsAnanda Prosad Baruah - Equity Research AnalystAsiya Merchant - Equity Research AnalystBrandon Nispel - Equity Research AnalystCatherine Murphy - Equity Research AnalystJonathan Tanwanteng - Equity Research AnalystMark Newman - Senior Equity Research AnalystNehal Sushil Chokshi - Senior Equit ...

Core Viewpoint - Celestica Inc. has announced its Annual Meeting of Shareholders will take place on May 19, 2026, in a hybrid format, with further details to be provided in the definitive proxy statement [1] Group 1: Meeting Details - The Annual Meeting of Shareholders is scheduled for May 19, 2026, at 9:30 a.m. EDT [1] - The record date for determining eligible shareholders is set for March 27, 2026 [2] - Celestica will utilize the notice-and-access method for delivering proxy materials to shareholders, which will be available on its website and other platforms [3] Group 2: Company Overview - Celestica is a technology leader focused on customer success and market advancements, specializing in data center infrastructure for AI, cloud, and hybrid cloud solutions [4] - The company leverages its expertise in design, engineering, manufacturing, and supply chain to provide competitive advantages to its customers [4]