（文章来源：第一财经） 天风证券指出，中期来看，格局改善叠加产品周期，看好EPS超预期带动双击行情。继续看好2026年A 股游戏公司在竞争放缓下走出强产品周期逻辑。一方面，供给端预计继续改善：1）政策监管环境稳 定，版号供应充沛。2）A股游戏公司产品周期改善持续，拓展更多新一代核心用户需求。另一方面， 移动端游戏竞争格局改善有望持续：头部大厂产品仍主要聚焦PC端。目前重点A股游戏公司估值已经回 到2025年15-20x相对合理区间，看好2026年EPS超预期带动PE双击。 ...

Core Insights - STERIS plc reported a strong second-quarter fiscal 2026 performance with adjusted earnings per share (EPS) of $2.47, reflecting a 15.4% increase year-over-year and exceeding the Zacks Consensus Estimate by 3.8% [1][9] - The company's total revenues reached $1.46 billion, marking a 9.8% year-over-year growth and surpassing estimates by 2.3% [2][9] - All business segments demonstrated growth, contributing to the overall positive financial results [13] Revenue Breakdown - Healthcare segment revenues increased by 9% year-over-year to $1.03 billion, driven by a 13% rise in service revenues, 10% in consumable revenues, and 4% in capital equipment revenues [3] - Applied Sterilization Technologies (AST) revenues improved by 10% to $281.5 million, with service revenues growing by 13% despite a significant decline in capital equipment revenues [4] - Life Sciences segment revenues rose by 13% to $145 million, supported by a 39% increase in capital equipment revenues [5] Margin Analysis - Gross profit for the quarter was $645.9 million, up 11.6% from the previous year, with a gross margin expansion of 68 basis points to 44.2% [6] - Selling, general and administrative expenses rose by 6.2% to $349.7 million, while research and development expenses increased by 4.4% to $28.2 million [7] - Adjusted operating margin improved by 161 basis points to 18.3% [7] Financial Position - STERIS ended the quarter with cash and cash equivalents of $319.2 million, an increase from $279.7 million at the end of the previous quarter [10] - Cumulative net cash from operating activities reached $707.8 million, up from $554.5 million in the same period last year [10] Guidance and Outlook - The company raised its fiscal 2026 EPS guidance to a range of $10.15-$10.30, up from the previous estimate of $9.90-$10.15 [12] - STERIS expects organic revenue growth of approximately 8-9% for fiscal 2026, with constant currency organic revenues projected to improve by 7-8% [11]