Core Viewpoint - Songjing Technology (01079) experienced a significant stock price increase of 24.82%, reaching 0.171 yuan per share with a trading volume of 1.079 million yuan as of 09:30 on August 6 [1] Group 1: Company Overview - Songjing Technology Holdings Limited is a global technology company engaged in the design and manufacturing of image display adapters and power supplies, as well as the development of high-performance personal computer components and innovative peripheral technology products [1] - The company employs over 300 staff across 13 locations worldwide, with sales, marketing, and technical support centers in North America, Europe, and Asia, and distributors in over 50 countries [1] Group 2: Financial Performance - As of the mid-2024 report, Songjing Technology reported total operating revenue of 130 million yuan and a net profit of -6.3221 million yuan [2]

Core Viewpoint - The latest earnings report from Supermicro has disappointed investors, leading to a significant drop in stock price despite the company's previous strong performance in the AI sector [1][4]. Financial Performance - For the fourth quarter, Supermicro reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [1]. - Adjusted earnings per share were $0.41, also falling short of the anticipated $0.44 [1]. - The company has significantly lowered its revenue guidance for the next quarter to between $6 billion and $7 billion, and adjusted earnings per share to between $0.40 and $0.52 [1][2]. Profitability Challenges - The company expects an operating profit margin of only 5% for the next quarter, which is well below the analyst forecast of 7% [2][7]. - Supermicro faces dual pressures from inventory backlog and pricing competition, particularly from Dell [7]. Business Difficulties - Demand for current products is being impacted as customers are waiting for the latest NVIDIA chip products [3][7]. - The company is struggling with old inventory while trying to compete for large AI server orders at lower prices [7]. Future Outlook - Supermicro has revised its revenue forecast for the fiscal year 2026 from $40 billion to $33 billion, a reduction of 17.5% [8]. - The optimistic growth expectations earlier this year, driven by AI product demand, have been replaced by a more competitive pricing environment [9].

周二美股盘后，超微电脑公布的第四财季报告未能给投资者带来惊喜。营收57.6亿美元同比增长7.5%， 调整后每股收益0.41美元，双双低于市场预期。 更令人担忧的是指引的疲软。公司预计下季度营收在60-70亿美元之间，显著低于分析师的预期。以下 是财报要点： CEO Charles Liang表示： 公司预计未来新型AI半导体的供应情况将比过去两个季度有所改善。但这种改善能否转化 为实际的营收增长和利润率回升，仍然高度依赖于竞争环境的变化和库存去化的进程。 超微电脑股价今年以来已经飙升88%，这样一份不及预期的业绩和一份大幅下调的未来指引，让市场的 狂热情绪迅速冷却，公司股价在盘后交易中暴跌超过16%。 超微电脑盘后大跌16%，最新财报再次提醒投资者，即便是在AI浪潮中的"宠儿"，也难逃残酷的商业现 实。 CEO Charles Liang在财报电话会议上承认: 一些客户等待最新英伟达芯片的新产品，这影响了当前产品的需求。 另一方面是定价压力。为了在大型AI服务器订单中击败竞争对手，公司被迫接受更低的价格。 （超微电脑绩后大跌16%） 财务表现：四季度营收57.6亿美元，同比增长7.5%，但低于分析师预期的60 ...

格隆汇8月6日｜超微电脑（SMCI.US）盘后大跌近16%。超微电脑第四财季净销售57.6亿美元，分析师 预期60.1亿美元；第四财季毛利润率9.6%，分析师预期10%；调整后每股收益41美分，预期为44美分。 公司预计2026财年净销售至少330亿美元，分析师预期300.3亿美元；预计第一财季净销售60亿-70亿美 元，分析师预期65.9亿美元。 来源：格隆汇APP ...

智通财经APP获悉，花旗将超微电脑(SMCI.US)的目标价从37美元上调至52美元，但维持"中性"评级不 变。花旗分析师表示，对人工智能(AI)服务器的需求正在改善。超微电脑管理层对在未来两个季度内完 成"当前的交付承诺"持乐观态度，因为Blackwell GPU 供应限制正在缓解。 据悉，超微电脑将于美东时间8月5日美股盘后发布2025财年第四季度业绩报告。根据TipRanks预测数 据，华尔街分析师预计该公司每股收益为0.45美元，同比下滑29%;但营收有望同比增长13%，达到59.8 亿美元。 尽管如此，由于戴尔科技(DELL.US)和慧与科技(HPE.US)的竞争，分析师仍然对超微电脑的利润率感到 担忧。 花旗预测，超微电脑2025财年第四季度营收将达到60.7亿美元，同比增长13.4%，环比增长32%;预计每 股收益为0.45美元，与市场普遍预期基本一致。 花旗还预计该公司2026财年第一季度营收将增长至70.2亿美元，每股收益将达到0.65美元，这两项数据 均高于市场预期。 ...

Core Viewpoint - Lenovo Group's stock rose over 4%, driven by positive earnings expectations and market share growth in the PC segment [1] Group 1: Financial Performance - Lenovo Group's board meeting is scheduled for August 13 to review and approve the unaudited financial results for the three months ending June 30, 2025 [1] - Citi Research raised Lenovo's earnings forecast for the April to June period due to better-than-expected PC shipment volumes and profit margins, as well as stable server business revenue [1] - The target price for Lenovo Group was increased from HKD 11 to HKD 12, maintaining an outperform rating [1] Group 2: Market Share and Growth - According to Morgan Stanley, Lenovo's PC market share continues to grow, creating a positive feedback loop for earnings [1] - Gartner data indicates that Lenovo's PC shipments increased by 12% quarter-over-quarter and 14% year-over-year for the April to June period [1] - Lenovo's global PC market share rose from 24.7% in Q2 2024 to 26.9% in Q2 2025, attributed to stronger-than-expected enterprise replacement demand and market share gains from U.S. competitors [1]

美国市场价格上涨但需求未受影响，鉴于美国消费者强劲的购买力，零售价格的上涨似乎并未影响联想 个人电脑在美国的销量。 服务器收入表现积极，通用服务器业务稳健。里昂预计联想服务器业务收入在4-6月环比持平，为41亿 美元，主要受云服务提供商需求推动。对于7-9月，预计随着微软和美国新客户的中国数据中心需求增 加，服务器业务将进一步环比增长。 认股权证带来显著财务收益：公司于2025年1月8日发行了11.5亿份认股权证。里昂估计认股权证将带来 1.2亿美元的收益。 近日，国际知名大行里昂证券发布研报称，继7月5日上调预期后，进一步再度上调联想集团4-6月的盈 利预期。原因在于，联想PC业务的出货量及利润率优于此前预期，服务器业务收入亦保持稳健。因 此，将联想集团目标价从 11 港元上调至 12 港元，并维持跑赢大盘评级。 联想集团PC业务强劲，市场份额持续提升。里昂预计IDG收入在4-6月环比增长14%（此前预测为 7%），主要受美国市场因关税问题需求拉动；预计7-9月份，IDG业务将保持增长势头，环比增长 10%，主要受中国市场需求推动。 区域来看，在美国、欧盟和中国市场份额提升。根据IDC数据，2Q25联想全球 ...

Core Viewpoint - International investment bank, Citi, has raised Lenovo Group's earnings forecast for the April to June period due to better-than-expected performance in PC shipments and profit margins, as well as stable server business revenue [1] Group 1: PC Business Performance - Lenovo's PC business has shown strong growth, with market share continuously increasing. The IDG revenue is expected to grow by 14% quarter-on-quarter for April to June, up from a previous forecast of 7%, driven by demand in the U.S. market due to tariff issues [1] - Lenovo's global PC shipments reached 17 million units in Q2 2025, representing a year-on-year growth of 15.3%, while the overall market grew by 7.5%. Lenovo's global market share reached 24.6% in Q2 2025, an increase of 0.8 percentage points quarter-on-quarter and 1.8 percentage points year-on-year [1] - In North America, Lenovo's market share increased by 1.0 percentage points year-on-year to 18.7%, while in Western Europe, it grew by 0.6 percentage points to 27.7%. Lenovo has gained market share from Dell and HP in the U.S. and EU, and from Huawei in China [1] Group 2: Future Growth Prospects - Strong growth momentum in Lenovo's PC business is expected to continue into the second half of 2025, driven by factors such as gaining market share from competitors, replacement demand due to the end of Windows 10 support in October, and the release of new AI models [2] - Lenovo launched a high-end AI PC model in June and may introduce new AI PC models based on NVIDIA and MediaTek chipsets in early 2026 [2] Group 3: Server Business Performance - Lenovo's server business revenue is expected to remain stable at $4.1 billion for April to June, primarily driven by demand from cloud service providers. For July to September, revenue is anticipated to grow further due to increased demand from Microsoft and new customers for data centers in China [2] Group 4: Financial Gains from Warrants - The issuance of 1.15 billion warrants on January 8, 2025, is expected to generate significant financial gains, with estimates of $120 million in revenue from these warrants [2]

在AI PC方面，联想于6月发布了一款高端AI PC机型。联想还可能在2026年初推出基于英伟达和联发科 芯片组的AI PC新机型。 美国市场价格上涨但需求未受影响，鉴于美国消费者强劲的购买力，零售价格的上涨似乎并未影响联想 个人电脑在美国的销量。 联想集团PC业务强劲，市场份额持续提升。里昂预计IDG收入在4-6月环比增长14%(此前预测为7%)， 主要受美国市场因关税问题需求拉动；预计7-9月份，IDG业务将保持增长势头，环比增长10%，主要受 中国市场需求推动。 区域来看，在美国、欧盟和中国市场份额提升。根据IDC数据，2Q25联想全球PC出货量为1,700万台， 同比增长15.3%，而市场整体增长为7.5%。其全球市场份额在2Q25达到24.6%，环比提升0.8个百分点， 同比提升1.8个百分点。在2Q25，联想在北美市场的份额同比增长1.0个百分点至18.7%，在西欧市场的 份额同比增长0.6个百分点至27.7%。联想在美国和欧盟市场从戴尔和惠普手中夺取份额，而在中国市场 则从华为手中夺取份额。 里昂预计联想PC业务的强劲增长势头将在2025年下半年持续，主要得益于：1)继续从竞争对手手中夺 取份额 ...

Core Viewpoint - Citic Lyon has raised the target price for Lenovo Group (00992) by 9% from HKD 11 to HKD 12, maintaining an "outperform" rating [1] Financial Performance - Following an upgrade on July 5, the bank has again revised its earnings forecast for the second quarter of the fiscal year 2025/26 [1] - The strong performance in the quarter ending June 30 is attributed to higher-than-expected shipment volumes and profit margins in the personal computer business, along with stable revenue in the server business [1] Earnings Expectations - The bank anticipates that Lenovo will gain USD 120 million from the fair value of warrants [1] - The latest GAAP earnings forecast for the first fiscal quarter ending June 30 is projected at USD 480 million, which is 47% higher than market expectations [1] - The non-GAAP earnings forecast has been increased by 11% compared to previous estimates [1]