Economic Overview - US headline inflation cooled to 2.4% in January, down from 2.7% in December and below the expected 2.5%, increasing expectations for a Federal Reserve rate cut by June [2][8] - Global trading remains thin due to US markets being closed for Presidents' Day and major Asian markets, including China and South Korea, closed for the Lunar New Year holidays [8] Technology Sector - The technology sector is facing significant challenges as fears of "AI cannibalization" lead to a rotation out of major tech stocks like Nvidia (NVDA) and Apple (AAPL), with software and services indices dropping 20% over the last month [3][8] - Nvidia and Apple both saw declines of more than 2.2% on Friday, contributing to a 0.2% drop in the Nasdaq Composite [3] Commodities Market - Gold prices are holding firm near record levels, trading at $5,030.30 per ounce, supported by falling Treasury yields and significant inflows into gold ETFs totaling $19 billion in January [4][8] - Precious metals are a focus for diversification, with gold testing the $5,140 resistance level after recovering from a brief "flash crash" [4] Corporate Activity - A developing situation in the logistics sector involves Aberdeen opposing a $9.25 billion takeover of InPost (INPST) by a FedEx-led consortium, labeling the bid as an "opportunistic attempt" [5] - Traders are anticipating a busy earnings week with reports expected from Walmart (WMT), Warner Bros. Discovery (WBD), and Palo Alto Networks (PANW) [5]

Core Viewpoint - Espey Mfg. & Electronics Corp. has experienced a significant decline in stock price despite reporting increased net income, indicating potential market concerns despite improved profitability metrics. Financial Performance - For Q2 of fiscal 2026, Espey reported net income of $0.99 per share, an increase from $0.71 per share in the same quarter last year [1] - Net sales decreased by 10.8% to $12.1 million from $13.6 million a year earlier, yet net income rose by 47% to $2.8 million compared to $1.9 million in the prior-year quarter [2] - Gross profit increased to $4.2 million from $3.2 million, raising gross margin to 34.7% from 23.2%, attributed to product mix, labor efficiencies, and process improvements [3] Expenses and Income - Selling, general and administrative (SG&A) expenses remained flat at $1.1 million, with increases in ESOP contributions and salaries offset by lower stock option expenses [4] - Other income rose to $0.4 million from $0.3 million, reflecting higher interest earned on cash and investment balances [4] Backlog and Orders - Total backlog increased to $134.7 million as of Dec. 31, 2025, from $120.1 million a year earlier, with $88.8 million tied to three significant customers [5] - New orders in the first half of fiscal 2026 totaled approximately $16.3 million, a decrease from $46.9 million in the prior-year period, with expectations for lower new orders compared to fiscal 2025 [6] Management Outlook - Management anticipates higher revenues in fiscal 2026 compared to fiscal 2025, driven by existing backlog, despite lighter first-half sales [7] - Full-year net income is expected to approximate fiscal 2025 levels [7] Risks and Challenges - The company cited ongoing inflationary pressures, tariffs, and potential supply chain or labor constraints as risks, but does not expect a material impact on fiscal 2026 operating income based on current conditions [8] Liquidity and Capital Position - Working capital was approximately $48.9 million at Dec. 31, 2025, up from $40.2 million a year earlier, with cash and cash equivalents totaling $17.8 million [9] - Operating cash flow for the six months was $2.9 million, down from $6.8 million in the prior-year period, primarily due to inventory builds and working capital changes [9] Other Developments - During the six months ended Dec. 31, 2025, Espey received $2 million in milestone reimbursements under a $3.4 million U.S. Navy funding award for facility and capital equipment upgrades, with completion expected by the end of fiscal 2026 [11]

Company Overview - TTM Technologies is a leading global supplier of advanced printed circuit boards (PCBs) and RF components, focusing on high-complexity and mission-critical applications [6] - The company leverages scale, engineering expertise, and a diversified product mix to meet demanding customer requirements in technology-driven industries [6] - TTM Technologies serves various sectors, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation [8] Financial Performance - As of February 12, 2026, TTM Technologies had a market capitalization of $9.56 billion and revenue of $2.91 billion for the trailing twelve months (TTM) [4] - The company reported a net income of $177.45 million for the TTM [4] - In the fourth quarter, net sales increased by 19% year-over-year to $774.3 million, with non-GAAP EPS reaching a record $0.70 [7] - Full-year 2025 revenue was $2.9 billion, up 19%, while non-GAAP net income rose to $259.0 million, or $2.46 per diluted share [9] Recent Developments - On February 13, 2026, Neo Ivy Capital Management disclosed a new position in TTM Technologies, acquiring 100,879 shares valued at approximately $6.96 million [2] - TTM Technologies shares were priced at $92.33, reflecting a significant increase of 259.82% over the prior year, outperforming the S&P 500 by 246.92 percentage points [7] - The company's adjusted EBITDA margin expanded to 16.3% [9] Market Position and Strategy - TTM Technologies offers a comprehensive portfolio that includes high-density interconnect PCBs, flexible and rigid-flex PCBs, IC substrates, and advanced ceramic RF components [8] - The company generates revenue primarily through the manufacture and sale of advanced PCB and RF products, as well as system integration and custom assembly solutions [8] - Data Center Computing and Networking revenue accounted for 36% of total sales, driven by demand for generative AI [9]

Core Viewpoint - TTM Technologies, Inc. (TTMI) is recognized as a strong investment opportunity, with analysts raising price targets and projecting improved profitability due to increased production volumes and product complexity [1][2][7]. Group 1: Analyst Ratings and Price Targets - Stifel analyst Ruben Roy raised the price target on TTMI to $108 from $72, maintaining a Buy rating, anticipating profitability improvements in the second half of 2026 and into fiscal 2027 [1]. - B. Riley increased its price target on TTMI to $126 from $123 while keeping a Buy rating, citing strong Q4 performance with revenue and EBITDA exceeding expectations [2]. Group 2: Financial Performance - TTMI projected Q1 EPS in the range of $0.64 to $0.70, surpassing the consensus estimate of $0.61, and reported Q4 EPS of $0.70, above the average estimate of $0.68, indicating a solid end to 2025 [3]. - Options data suggests a potential 6.9% rise in TTMI's share price following the earnings announcement, indicating positive market sentiment ahead of the next earnings release [3]. Group 3: Company Overview - TTM Technologies, Inc. is a U.S.-based global manufacturer of advanced printed circuit boards (PCBs), RF components, and microelectronic assemblies, serving various markets including aerospace, defense, automotive, data center, medical, and industrial sectors [4].

Core Insights - Chinese factories and ports are experiencing heightened activity ahead of the Lunar New Year, despite the impact of U.S. tariffs, indicating resilience in the manufacturing sector [1][2]. Group 1: Manufacturing Activity - Factory activity in China typically surges at the beginning of the year as manufacturers rush to fulfill orders before the Chinese New Year holiday [2]. - A Guangdong-based electronics manufacturer reports operating at nearly full capacity, with American customers continuing to place orders despite tariff concerns [2][3]. - The China Beige Book indicates that factories have seen a significant increase in orders, production, and earnings ahead of the holiday [3][4]. Group 2: Export and Shipping Trends - Industrial output in January is estimated to have increased significantly compared to the previous year, with both domestic and export orders accelerating sharply [4]. - Major Chinese ports handled 40% more containers during the week ending February 1 compared to the same period last year, marking the fastest year-on-year growth in over 12 months [5]. - Ports in Ningbo are operating beyond capacity, with individual vessels overbooked by more than 20%, leading to a suspension of container gate-in [6].

Core Insights - LACROIX reported consolidated revenue of €445.5 million for the fiscal year 2025, reflecting a decline of 6.5% on a like-for-like basis compared to €476.5 million in 2024, with a return to growth in Q4 2025 at +0.9% [1][3][10] Revenue Performance - In Q4 2025, consolidated revenue reached €110.5 million, slightly up from €109.5 million in the same quarter of the previous year, marking a growth of 0.9% [2][4] - The full year revenue for 2025 was €445.5 million, down from €494.5 million in 2024, with a like-for-like decline of 6.5% after excluding the divested Road signs segment [3][4] - The Electronics segment generated €74.3 million in Q4 2025, a decrease of 6.4% from €79.5 million in Q4 2024, while the Environment segment saw a significant increase of 20.3% to €36.1 million [6][8] Segment Analysis - The Electronics revenue for the full year fell by 13.8% to €304.2 million, impacted by project delays and the end of major programs in the Automotive sector [7] - The Environment segment's full year revenue rose by 14.4% to €141.2 million, driven by strong performance across various markets, particularly in the international Water market [9] Strategic Outlook - LACROIX confirmed its financial targets for 2025, aiming for an EBITDA margin of around 7.5% and a net debt to EBITDA ratio below 3x [10] - The company reaffirmed its roadmap to 2027, focusing on strategic refocusing, reduced exposure to the Automotive market, and strengthening its Environment business, with targets of revenue between €475 million and €500 million and an EBITDA margin above 8% [11][12]

格隆汇2月9日丨强瑞技术(301128.SZ)在互动平台表示，我公司子公司铝宝科技的精密散热结构件产品 已大量应用于相关客户的服务器、芯片模组中。 ...

2月6日，港股市场迎来三家企业同日挂牌的盛况，大族数控（301200.SZ）（03200.HK）、卓正医疗 （02677.HK）与牧原股份（002714.SZ）（02714.HK）集体登陆港交所。 大族数控获得资本市场的青睐，截至发稿，其港股股价报109.1港元/股，较发行价95.8港元上涨 13.99%，总市值接近520亿港元。然而，其A股股价同期却出现下跌，跌幅达5.5%，呈现"港涨A跌"的分 化走势。 本次发行中，大族数控共发售约5045.18万股股份。其香港公开发售部分获得了446.39倍的认购，国际发 售部分也获21.07倍认购。此次发售共计募集资金净额约46.31亿港元。 尤为引人注目的是其豪华的基石投资者阵容，包括胜宏科技（300476.SZ）旗下宏兴国际、新加坡政府 投资公司（GIC Private Limited）、高瓴资本旗下HHLR、摩根士丹利旗下MSIP、富国基金以及豪威集 团（603501.SH）（00501.HK）旗下豪威香港等知名机构。基石投资者们合计认购了总额约24.16亿港元 的发售股份。 大族数控是A股上市公司大族激光（002008.SZ）的控股子公司，后者持有其83.63 ...

Core Viewpoint - Huanxu Electronics has returned to profit growth in 2025 after two consecutive years of decline in net profit, with a net profit of 1.853 billion yuan, an increase of 12.16% year-on-year, despite a revenue decline of 2.46% to 59.195 billion yuan [1][4]. Financial Performance - In 2025, Huanxu Electronics achieved a revenue of 59.195 billion yuan, down 2.46% year-on-year, while net profit attributable to shareholders reached 1.853 billion yuan, up 12.16% year-on-year [1][4]. - The company experienced a significant revenue growth from 37.2 billion yuan in 2019 to 68.52 billion yuan in 2022, with net profit increasing from 1.262 billion yuan to 3.060 billion yuan during the same period [4]. Cost Control and Efficiency - Cost control measures contributed to the return to profit growth, with total expenses in 2025 amounting to 3.866 billion yuan, a reduction of 1.34 billion yuan compared to 4 billion yuan in 2024, representing a year-on-year decrease of 3.35% [2][5]. - The proportion of expenses to revenue was 6.53% in 2025, slightly down from 6.59% in 2024 [5]. Research and Development - Huanxu Electronics has invested a total of 7.651 billion yuan in R&D over the past four years, providing solid support for its industrial development [3][8]. - The R&D expenses for 2025 were reported at 1.902 billion yuan, a slight decrease from the previous year [7][8]. Business Development and Innovation - The company is accelerating its layout in the CPO (Cloud and Photonics Optics) business, with significant progress in smart glasses and AI accelerator card businesses [6]. - Huanxu Electronics has established a strategic partnership with Guangchuanglian in the optical communication field, with expected revenue from this partnership to reach approximately 180 million yuan in 2025, anticipating a compound annual growth rate of over 100% in the next three years [6].

Core Insights - Kimball Electronics (KE) reported second-quarter fiscal 2026 earnings of 28 cents per share, matching Zacks Consensus Estimates, but down from 29 cents per share a year ago [1][10] - Revenues for the quarter were $341.28 million, missing the Zacks Consensus Estimate by 0.36% and down from $357.4 million in the same quarter last year [1][10] Financial Performance - The medical vertical contributed 28% to KE's second-quarter revenue, growing 15% year over year to $96.3 million, driven by strong performance in core medical programs [3] - The automotive vertical, accounting for 48% of total revenue, declined 13% year over year to $162.3 million [4] - The industrial segment, contributing 24% of total revenues, saw a 5% year-over-year decline to $82.7 million [5] - Gross profit increased 19% year over year to $27.8 million, with gross margin rising 160 basis points to 8.2% [6] - Non-GAAP operating income was $15.31 million, up 14.8% year over year, with a non-GAAP operating margin increase of 80 basis points to 4.5% [6] Balance Sheet and Cash Flow - As of December 31, 2025, KE had cash and cash equivalents of $77.85 million, up from $75.7 million as of September 30, 2025 [7] - The company generated $6.9 million in cash from operations, marking the eighth consecutive quarter of positive operating cash flow [7] - Total debt stood at $154.2 million [7] Guidance and Outlook - For fiscal 2026, KE raised its net sales guidance to a range of $1.40 billion to $1.46 billion, up from the previous outlook of $1.35 billion to $1.45 billion [8] - The Zacks Consensus Estimate for fiscal 2026 revenues is $1.41 billion, indicating a year-over-year decline of 5.4% [8] - Adjusted operating income is projected to be 4.2% to 4.5% of net sales, an increase from the earlier estimate of 4.0% to 4.25% [9]