Asia Tech Hardware Equities PC early pull-in peaked; ASIC server shipments to accelerate in 2H25 PC and server ODMs' June monthly sales review: The major PC ODMs saw a strong pull-in in June (up 22% MoM, 9% YoY) with 2Q25 ODMs' notebook shipments up 11% QoQ, higher than the previous ODMs' 2Q25 guidance of a 5-10% increase. On the other hand, we also saw better than expected shipment growth in ASIC servers in June. Wiwynn's 2Q25 revenue of TWD220bn was up 29% QoQ, 185% YoY, above HSBCe/market consensus by 26 ...

刘杰鹏介绍，落地海南，是看中了海南自贸港的区位优势和政策优势。生产线投产后，产品将在满 足国内需求的同时，与基地生产的硬件打包"出海"，借助海南自贸港独特的地理位置和政策优势，择机 向东南亚市场拓展，探索"用户在外、产研在琼"模式。也正是基于对海南自贸港的信心，该基地在一期 工程尚未完工的情况下，已经为二期工程预留了3000平方米，为明年的扩容做准备。 "从公司注册到基地建设，仅用了两个月左右。"刘杰鹏说，每个环节当地政府部门都给予了全方 位、手把手的服务和支持，省大数据发展中心积极拉动上下游产业生态，让整机制造商在这里有应用场 景落地生根;在选址和租赁环节，秀英区积极协调厂房方，为企业争取租金优惠，切实降低项目落地及 运营成本。 智海科技智能制造基地负责人刘杰鹏介绍，基地以电脑终端产品研发、生产、制造为主，旗下包 含"海睿创"和"海寰"2个品牌，其中，海睿创品牌生产终端产品，包括台式电脑、笔记本电脑等，海寰 品牌生产企业级产品，包括服务器、存储等机房类设备。一期工程投产后可达到年产20万台终端电脑产 品、5000台至1万台服务器产品的水平。 和常规信息化设备不同的是，海睿创和海寰品牌产品都是基于热带高盐高湿 ...

Core Insights - BigBear.ai Holdings, Inc. (BBAI) has experienced a significant stock surge of nearly 86% over the past month, outperforming the broader market and tech peers [1][8] - Despite this rally, BBAI's stock is still trading at a 31% discount from its 52-week high of $10.36, while showing a 514% premium to its 52-week low [2] Financial Performance - In Q1 2025, BigBear.ai reported a 5% year-over-year revenue growth to $34.8 million, driven by projects with the Department of Homeland Security and digital identity initiatives [5] - The company's backlog increased by 30% year-over-year to $385 million, indicating strong future demand in national security, defense, and global infrastructure sectors [5][8] - BigBear.ai ended Q1 with $107.6 million in cash, significantly up from $50.1 million at the end of 2024, providing more flexibility for investments [15] Strategic Initiatives - Under new CEO Kevin McAleenan, BigBear.ai is focusing on mission-critical applications, including AI in defense and homeland security [6][7] - The company secured a key contract for the Department of Defense's Joint Staff J35 Orion AI platform, enhancing its position in national security applications [7] - BigBear.ai is also involved in Project Linchpin, a U.S. Army initiative for AI-driven drone operations, showcasing its commitment to defense technology [7] Partnerships and Market Position - BigBear.ai has formed strategic partnerships both domestically and internationally, including collaborations with Easy Lease and Vigilix in the UAE, and Analogic for airport security enhancements [10][11] - High-profile partnerships with Amazon, Palantir, and Autodesk further validate BigBear.ai's AI solutions and expand its market credibility [11] Valuation Metrics - Despite the stock surge, BigBear.ai's forward 12-month Price/Sales ratio of 11.66 remains below the industry average of 19.3, suggesting it is relatively undervalued [12] - The company's historical P/S range indicates that current levels are not overstretched, especially given the rising importance of AI in defense [12] Earnings Outlook - BigBear.ai is expected to post a loss of 41 cents per share in 2025, an improvement from last year's loss of $1.10, with estimates for 2026 slightly adjusted to a projected loss of 21 cents per share [16][17] - Adjusted EBITDA remains negative at $7 million in Q1, but the reaffirmation of revenue guidance for 2025 ($160 million to $180 million) reflects confidence in future execution [16]

Group 1 - Leidos (LDOS) has shown strong year-to-date performance, returning approximately 13.2%, outperforming the average gain of 7.8% in the Computer and Technology sector [4] - The Zacks Rank for Leidos is currently 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings outlooks [3] - Leidos is part of the Computers - IT Services industry, which has seen an average loss of 9.9% this year, further highlighting Leidos' strong performance relative to its peers [6] Group 2 - Creative Realities, Inc. (CREX) has also outperformed the sector with a year-to-date increase of 38%, and its consensus EPS estimate has risen by 196.8% over the past three months [5] - The Computers - IT Services industry, which includes Leidos, is ranked 91 in the Zacks Industry Rank, while the Internet - Software industry, which includes Creative Realities, is ranked 67 and has gained 15.9% year to date [6] - Investors should continue to monitor both Leidos and Creative Realities, Inc. for potential sustained strong performance in the Computer and Technology sector [7]

2）AI 服务器+AI PC加持，戴尔到底有多大的投资价值？ 关于戴尔的下篇，直接上海豚君的具体正文： 在上篇《 戴尔：AI 浪起，老厂要来个回马枪？ 》中我们主要聊了戴尔的历史沉浮，以及戴尔当下在服务器市场中的竞争力。而本篇我们将主要从投资价值的角度 展开，侧重讨论以下两个问题： 一、传统基本盘的新机遇：PC转向AI PC 戴尔的客户端业务涵盖了笔记本电脑与台式机、工作站、显示器和外设以及软件与安全解决方案四个部分，其中笔记本电脑与台式机是CSG业务的绝对主力。 不同于联想、惠普等品牌，戴尔电脑最大的客户来自于企业，当前公司商用客户的收入在整个客户端业务中占比已经达到了88%。 随着戴尔公司加强企业级生态的联动，电脑显示器为主的CSG业务可共享ISG（基础设施部门）的客户资源，并能提供"PC+服务器+存储"的一站式解决方案，公 司企业客户占比呈现出持续走高的趋势，相对而言to C端的比重逐渐弱化，已经下降至1成左右 。 1）从PC转向AI PC领域，这究竟有多大潜力？ 在当前的全球PC市场中，戴尔公司在出货量市场的份额在15%左右，排名第3。 虽然没有了曾经的全球第一，但公司依然处于头部梯队。在公司将战略重 ...

Company Performance - Nutanix (NTNX) closed at $73.61, down 3.84% from the previous trading session, underperforming the S&P 500's gain of 0.28% [1] - Over the past month, Nutanix shares gained 3.35%, lagging behind the Computer and Technology sector's gain of 6.2% and the S&P 500's gain of 4.37% [1] Earnings Expectations - The upcoming earnings report is expected to show an EPS of $0.31, representing a 14.81% increase year-over-year [2] - Revenue is forecasted to be $642.3 million, indicating a 17.22% growth compared to the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $1.72 per share and revenue at $2.53 billion, reflecting increases of 31.3% and 17.58% respectively from the previous year [3] - Recent analyst estimate revisions are crucial as they indicate near-term business trends and reflect analyst optimism [3] Analyst Ratings and Valuation - The Zacks Rank system currently rates Nutanix at 3 (Hold), with a recent downward shift of 2.23% in the consensus EPS estimate [5] - Nutanix has a Forward P/E ratio of 44.41, significantly higher than the industry average of 20.02, indicating a premium valuation [6] - The PEG ratio for Nutanix stands at 2.19, compared to the industry average of 2.09 [6] Industry Context - The Computers - IT Services industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 87, placing it in the top 36% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - The global PC market is projected to see a year-on-year shipment increase of 7.4% in Q2 2025, reaching 67.6 million units, driven primarily by commercial PC deployments ahead of the Windows 10 service termination [1][3] Market Overview - Total shipments for Q2 2025 include 53.9 million notebooks (up 7%) and 13.7 million desktops (up 9%) [1] - The growth is attributed to large-scale commercial deployments as businesses prepare for the end of Windows 10 support, despite weak consumer demand due to macroeconomic uncertainties [1][3] Supply Chain Dynamics - The evolving tariff policies under the Trump administration are reshaping the global PC supply chain, leading to a significant shift in PC imports from China to Vietnam [3] - Uncertainties remain regarding potential tariffs on products manufactured in Vietnam using Chinese components, complicating the supply chain landscape [3] Market Leaders - Lenovo maintains its position as the global PC market leader with shipments of 17 million units, a year-on-year increase of 15.2% [3][4] - HP follows in second place with 14.1 million units shipped, reflecting a growth rate of 3.2% [4] - Dell ranks third with 9.8 million units, showing a decline of 3.0% [4] - Apple and Asus rank fourth and fifth, with Apple achieving a significant growth rate of 21.3% and Asus at 18.4% [3][4] Future Outlook - A survey indicates that over half of the channel partners expect their PC business to grow year-on-year in the second half of 2025, with 29% anticipating growth exceeding 10% [3] - The consumer PC market is expected to see growth in 2026 as delayed purchasing decisions from consumers are anticipated to align with natural replacement cycles of devices bought during the pandemic [3]

Core Insights - Dell Technologies (DELL) is showing strong upward momentum, trading above its 200-day and 50-day simple moving averages, indicating price stability and a long-term bullish trend [1][4] - The stock has gained 8% year-to-date, outperforming the broader Zacks Computer and Technology sector, which increased by 7%, while the Zacks Computer - Micro Computers industry declined by 15.6% [5][9] - Strong demand for AI servers and cloud offerings has driven significant revenue growth, with ISG revenue increasing by 12% year-over-year [9][13] Financial Performance - DELL expects Q2 FY26 revenue between $28.5 billion and $29.5 billion, indicating solid double-digit growth [9][18] - Non-GAAP earnings are projected at $2.25 per share, reflecting a 15% growth at the mid-point [19] - The Zacks Consensus Estimate for Q2 FY26 revenues is $29.14 billion, suggesting a year-over-year growth of 16.45% [18] Market Position - DELL's shares are considered undervalued, with a forward 12-month price-to-sales ratio of 0.79X compared to the sector's 6.58X [20] - The company has a Zacks Rank 1 (Strong Buy) and a Growth Score of B, indicating a favorable investment opportunity [23] Strategic Developments - DELL's expanding portfolio includes high-demand AI-optimized servers, contributing to a $12.1 billion increase in orders in the fiscal first quarter of 2026 [11][10] - The company is enhancing its cloud computing footprint through its APEX platform, which provides multi-cloud solutions and advanced AI infrastructure [12][13] - Partnerships with companies like Lowe's and Worley are enhancing DELL's capabilities in AI and cloud services [15][16][17]

Core Insights - Vertiv (VRT) is becoming a significant player in the global AI infrastructure sector, providing advanced power and thermal solutions for high-density computing environments [1] Group 1: Financial Performance - Vertiv's backlog reached $7.9 billion in Q1 2025, representing a 25% year-over-year increase and a 10% sequential rise [2][11] - Revenues increased by 24.2% year-over-year to $2.04 billion, with a book-to-bill ratio of 1.4X, indicating strong order demand from hyperscalers and colocation providers [2] - For 2025, Vertiv anticipates revenues between $9.325 billion and $9.575 billion, suggesting an 18% growth at the midpoint, with organic net sales growth projected between 16.5% and 19.5% [4][11] - The Zacks Consensus Estimate for Vertiv's 2025 earnings is $3.56 per share, reflecting a 24.91% year-over-year increase [12] Group 2: Market Dynamics - The demand for AI-ready infrastructure is driving Vertiv's order momentum, supported by ongoing investments in R&D and capacity [3][11] - Vertiv's collaboration with NVIDIA on GB200 and GB300 reference designs is a key growth driver, enhancing its role in large-scale infrastructure deployments [3] - Competition is intensifying from companies like Super Micro Computer and Dell Technologies, both of which are scaling their offerings to meet the rising demand for AI infrastructure [5][6][7] Group 3: Stock Performance and Valuation - Vertiv's shares have increased by 10.8% year-to-date, outperforming the broader Zacks Computer & Technology sector, which rose by 7% [8] - The stock is trading at a premium with a trailing 12-month Price/Book ratio of 17.99X compared to the sector's 10.2X, indicating a higher valuation [9]

Key Takeaways UIS launched three AI cloud solutions to boost operations and integrate AI into core enterprise systems. The company faces rising competition from MSFT's Copilot and PLTR's AIP in the agentic AI space. UIS expects 2026 EPS to grow 120.7% and trades at a low 0.15x forward P/S, signaling strong upside potential.With the current market rapidly shifting its focus toward AI solutions for seamless and more efficient business operations, Unisys Corporation (UIS) is stepping up its game in this cont ...