Performance in 2025 was driven by robust leasing demand in towers and data centers, with a strategic shift toward developed markets to improve earnings durability. The U.S. market is transitioning from initial 5G coverage overlays to capacity-oriented densification, which management expects will support durable mid-single-digit organic growth. Management has removed all DISH-related revenue from the 2026 outlook following a payment default, choosing to treat any future collections as incremental upsid ...

On towers, management cited ongoing growth in mobile data consumption, 5G adoption, and Fixed Wireless Access (FWA). Vondran said secular demand is expected to require a “doubling in wireless network capacity between now and 2030,” and he added that AI investment could further increase bandwidth needs, lower latency requirements, and uplink capacity demand. In the U.S., he described carriers as moving from coverage-oriented 5G activity toward capacity-oriented work, with densification expected as networks p ...

In our largest tower market, the U.S., carriers are in the middle stages of the 5G cycle, where they broadly completed their initial 5G coverage-oriented activity and are shifting toward capacity-oriented activity. We anticipate carriers will densify their networks not only to meet the capacity demands of 5G, but also to plan ahead for the 6G cycle. We are excited about the 800 megahertz of higher frequency spectrum that has been earmarked for 6G and believe its deployment will drive significant activity on ...

AmpliTech Group Inc. (NASDAQ:AMPG) is one of the most undervalued penny stocks to buy right now. On February 19, AmpliTech Group announced the launch of two new 5G base station units designed to support global Open RAN (O-RAN) deployments. The new hardware targets Band 2 (PCS 1900 FDD) and Band 41/n41 (2.5 GHz TDD), which are critical spectrum bands for high-demand urban networks and private 5G systems. These radios are engineered for seamless integration into modern architectures, featuring O-RAN Split ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

American Tower (NYSE:AMT) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsBatya Levi - Managing DirectorMichael Rollins - Managing DirectorNick Del Deo - Managing DirectorRichard Choe - Vice President of Equity ResearchRodney Smith - EVP, CFO, and TreasurerSpencer Kurn - SVP of Investor RelationsSteven Vondran - President and CEOConference Call ParticipantsBrandon Nispel - Director and Equity Research AnalystBrendan Lynch - Vice President and Equity Research AnalystDavid Barden - Res ...

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

Core Viewpoint - American Tower reported fourth-quarter revenue exceeding Wall Street estimates, driven by strong leasing activity from telecom carriers and ongoing growth in data-center demand [1] Group 1: Financial Performance - The company posted revenue of $2.74 billion, surpassing analysts' estimates of $2.69 billion [1] - Revenue from the property segment, which includes the core site-leasing business, increased by 7.6% to $2.67 billion in the quarter [1] Group 2: Market Dynamics - U.S. wireless operators are expanding network capacity and coverage, supported by rising 5G rollouts and increasing AI-related workloads [1] - The demand for additional tower space and related infrastructure is underscored by robust data-center demand [1] Group 3: Company Insights - CEO Steven Vondran highlighted that leasing demand across the global tower portfolio and data center business remains strong, driven by sustained growth in mobile data consumption and continued 5G deployment [1] - Major customers include telecom giants such as AT&T, Verizon, and T-Mobile [1]

来源：新浪证券-红岸工作室 2月24日，联特科技涨5.78%，成交额16.47亿元，换手率12.35%，总市值253.75亿元。 异动分析 共封装光学(CPO)+芯片概念+5G+数据中心+人民币贬值受益 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（硅光）、TFLN（薄膜铌酸锂）调制技术的800G光模块，以及用 于下一代产品NPO（近封装光学）/CPO（共封装光学）所需的高速光连接技术、激光器技术和芯片级 光电混合封装技术等。 今日主力净流入8159.65万，占比0.05%，行业排名18/89，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入49.32亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入9077.95万1.04亿-1.02亿-4.39亿-3.02亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3.87亿，占总成交额的6.57%。 技术面：筹码平均交易成本 ...

玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过，新一轮涨价潮是在前期大幅上涨 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 大陆玻璃纤维布涨价潮概况 涨价节奏：自 2025 年 10 月以来已连续经历四轮涨价，源头信息加微WUXL7713涨价周期由季度缩短至月度。 主要涨价原因： ：AI 服务器 PCB 层数增加，单台电子布用量陡升，料供不应求。 ：低介电常数（low-Dk）、低热膨胀系数（low-CTE）电子布供不应求。 ：核心设备依赖进口、拉丝制程复杂、客户认证周期长（2-3 年）。 ：树脂、能源成本上升，叠加运输与环保合规 ...