Summary of Sanmina's Conference Call Company Overview - **Company**: Sanmina - **Industry**: Electronics Manufacturing Services (EMS) Key Points and Arguments Outsourcing Trends - Current outsourcing trends are favorable for Sanmina, with a shift towards increased outsourcing as companies recover from pandemic-related supply chain issues [5][6] - Growth in end markets is being observed, with Sanmina's results aligning with fiscal year guidance [6] Competitive Advantage in Communications - Sanmina has a long-standing presence in the telecom sector, which has been a stronghold for the company [7][8] - The company is focusing on complex, regulated markets and has capabilities to compete across various customer needs [9] Revenue Growth in Communication Networks - Sanmina's communication networks and cloud infrastructure segments grew approximately 20%, contributing to about 37% of total revenue [12] - Inventory turns have improved, indicating a recovery in the communication networks space [11] Joint Venture in India - Sanmina entered a joint venture with Reliance, where Reliance holds 50.1% but Sanmina retains control [13][14] - The joint venture is focused on various end markets, with significant growth in cloud infrastructure [15] Wireless and 5G Market - The wireless infrastructure market is showing signs of growth, contributing to overall revenue growth [17][18] Cloud Business Expansion - Cloud infrastructure represents about 37% of Sanmina's business, with expectations of 30% CAGR over the next five years [22] - Sanmina announced the acquisition of ZT Systems, which will enhance its capabilities in cloud infrastructure [20][21] Industrial and Other Markets - The industrial segment, which includes medical, defense, and automotive, is growing at low single digits due to inventory absorption challenges [30][31] - The defense business is stable, with long-term contracts providing consistent revenue [34] Automotive Focus - Sanmina is heavily focused on the EV market, expanding beyond infotainment into drivetrain components [38][39] Impact of Tariffs - No significant customer demand impact from tariffs has been observed, but Sanmina is proactively engaging with customers to discuss options [40][41] Capacity and Utilization - Sanmina has capacity to support increased demand, with a revenue capacity exceeding $10 billion [44][45] Financial Outlook - For fiscal year 2025, Sanmina expects high single-digit revenue growth and margin expansion [47][48] - The company maintains a strong balance sheet with no net debt, allowing for strategic acquisitions [49] Operating Leverage - Sanmina is focused on driving operating leverage through revenue growth and investments in vertical integration [52][53] Capital Allocation Strategy - The company prioritizes cash generation and ROI-based investments, shifting focus towards strategic acquisitions like ZT Systems [55][57] Market Perception - Sanmina aims to communicate its diversified business model beyond just telecom, highlighting its resilience and growth potential [58][59] Additional Important Content - Sanmina's gross margin profile has improved even during down years, indicating strong operational management [51] - The company is focused on executing its Q3 guidance and closing the ZT Systems transaction, which is expected to enhance its market position [54]

Summary of Flex (FLEX) 2025 Conference Call Company Overview - **Company**: Flex (FLEX) - **Industry**: Electronics Manufacturing Services (EMS) - **Key Speakers**: CEO Revathi Advaithi, Rob Campbell (CEC Business Lead), Michelle Simmons (Head of IR) Core Business Segments - **Data Center Business**: - Unique positioning as a supplier of both IT integration and power products, which is rare in the industry [6][10] - Current business size is approximately $5 billion, with a growth rate of 35% projected for the year [10] - Previous year growth was 50% year-on-year [12] - Major drivers include the increasing demand for AI infrastructure, which is compute and power hungry [12][14] - **CEC (Communications Enterprise and Cloud)**: - Largest business unit within Flex, comprising networking, wireless, and satellite communications [27][28] - Engages with all four major US hyperscalers, providing a range of services from server boards to full rack integration [35][36] Financial Performance and Growth Drivers - **Revenue Growth**: - Data center business is expected to grow at 35% this year, following a 50% growth last year [10][12] - Long-term guidance suggests a conservative growth rate of 20% through the cycle [14] - **Impact of Tariffs**: - Transition towards North American manufacturing has accelerated due to tariffs and supply chain resiliency discussions [21][22] - Flex is focusing on complex products with long-term customer relationships to drive growth [22] Market Trends and Competitive Advantages - **AI Infrastructure**: - Significant growth potential in AI infrastructure build-out over the next decade, driving demand for data center services [12][13] - Power density and cooling solutions are becoming increasingly critical as data center requirements evolve [14][55] - **Power Business**: - Flex is positioned uniquely in the power space, providing solutions from grid to chip, which integrates both electrical and IT components [54][55] - Focus on complex products leads to higher margins, with the data center space being particularly lucrative [48] Margin Outlook - **Operating Margins**: - Guidance for 6% operating margin, with a focus on improving the mix of business units to enhance margins [42][46] - Agility business is currently producing higher margins than reliability, with expectations for continued improvement [46] Capital Allocation and Shareholder Returns - **M&A and Share Buybacks**: - Flex has balanced M&A investments with a share buyback strategy, aiming for continued shareholder returns [62] - The company plans to maintain this strategy moving forward, focusing on both organic growth and acquisitions [62] Additional Insights - **Consignment Business**: - The percentage of revenue from consignment has increased from 11% to 20%, indicating a growing trend [58] - Despite this, Flex has maintained strong growth rates in its data center business [58] - **Future Vision**: - Flex aims to be a technology leader in the data center space, addressing heat and power challenges with innovative solutions [60][61] - The company believes its margin journey has just begun, with significant potential for future growth [61]

Company Overview - Celestica is one of the largest electronics manufacturing services companies globally, headquartered in Ontario, Canada, serving original equipment manufacturers and various service providers across multiple industries [12] - The company offers a wide range of manufacturing and supply-chain solutions, including design and development, engineering services, electronics manufacturing and assembly, and IT asset management [12] Investment Ratings - Celestica holds a Zacks Rank of 3 (Hold) with a VGM Score of A, indicating a solid position in the market [13] - The company is considered a potential top pick for growth investors due to its strong Growth Style Score of A, forecasting a year-over-year earnings growth of 30.2% for the current fiscal year [13] Earnings Estimates - In the last 60 days, three analysts have revised their earnings estimates upwards for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.27 to $5.05 per share [13] - Celestica has an average earnings surprise of 7.4%, suggesting a positive trend in earnings performance [13] Conclusion - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, Celestica is recommended for investors' consideration [14]

Core Insights - Plexus Corp. released its fiscal 2024 Sustainability Report, emphasizing its commitment to sustainability and responsible innovation as integral to its values [1][2] - The report highlights significant achievements in enhancing employee growth, strengthening partnerships, and reducing environmental impact [2][6] Sustainability Achievements - Achieved a 6.4% absolute reduction in Scope 1 & 2 combined emissions compared to the fiscal 2023 baseline [6] - Delivered a 13.7% global reduction in waste to landfill intensity year-over-year [6] - Contributed over $1 million globally through the Plexus Community Foundation [6] - Recorded over 20,000 paid volunteer hours in local communities, marking a 10.7% increase year-over-year [6] - Assessed over 50% of its global supply chain spend based on sustainability criteria [6] Company Overview - Plexus has been partnering with companies since 1979 to create products that contribute to a better world, employing over 20,000 individuals [4] - The company specializes in providing Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Sustaining Services [4]

Core Viewpoint - TTM Technologies (TTMI) is identified as a strong value stock, currently undervalued compared to its industry peers, with favorable financial metrics indicating potential for growth [4][8]. Financial Metrics - TTMI holds a Zacks Rank of 1 (Strong Buy) and a Value grade of A, with a current P/E ratio of 13.38, significantly lower than the industry average of 18.15 [4]. - The company's P/B ratio is 1.92, which is attractive compared to the industry's average P/B of 2.53 [5]. - TTMI's P/S ratio stands at 1.2, while the industry average is 1.51, indicating a favorable valuation based on sales [6]. - The P/CF ratio for TTMI is 13.75, compared to the industry's average of 14.67, suggesting a solid cash flow outlook [7]. Investment Outlook - The combination of TTMI's strong earnings outlook and its undervalued status based on various financial metrics makes it an appealing investment opportunity for value investors [8].

而对于 Sanmina 新美亚来说，这笔交易无疑是一个巨大的机遇。通过接手 ZT Systems 的制造业务，Sanmina 成为了 AMD 云机架和集群级 AI 解决方案的首 选 NPI（新产品导入）制造合作伙伴。这不仅为 Sanmina 带来了更多的业务机会，也进一步巩固了其在电子制造服务领域的领先地位。 总的来看，这次交易对于 AMD 和 Sanmina 双方都具有重要意义。AMD 通过出售制造业务，能够更加专注于自身的核心技术和产品研发；而 Sanmina 则借 此机会扩大了业务范围，提升了自身的竞争力和市场份额。 来源：http://www.cnu.com.cn/industry/202505/94540.html 近日，AMD 宣布了一项重大交易，将其旗下 ZT Systems 的数据中心基础设施制造业务出售给了电子制造服务大厂 Sanmina 新美亚。这项交易于美国东部时 间 5 月 19 日正式公布，交易金额最高可达 30 亿美元，其中包括了总计 4.5 亿美元的或有付款。 回顾过去，AMD 对 ZT Systems 的收购曾引起了广泛关注，当时的交易总价值高达 49 亿美元。AMD 在宣布收 ...

Company Forecasts and Guidance - Home Depot maintained its sales forecast for 2025, with an executive stating that the retailer will not raise prices due to tariffs, contrasting with other companies that are cutting projections due to tariff uncertainties [1] - Diageo anticipates a $150 million hit to annual profits in 2025 but plans to offset about half of this impact through existing actions before considering price increases [2] - Walmart's CEO indicated the company would strive to keep prices low but acknowledged that higher tariffs would lead to increased prices due to narrow retail margins [3] - Ford expects tariffs to reduce its earnings before interest and taxes by approximately $1.5 billion in 2025 and has suspended its full-year guidance due to potential supply chain disruptions [6] - General Motors lowered its earnings forecast for 2025 to between $10 billion and $12.5 billion, down from a previous range of $13.7 billion to $15.7 billion, citing adjustments to the new trade policy environment [9] Economic and Market Conditions - Companies like Rivian and Steve Madden have withdrawn their financial guidance for 2025, citing heightened uncertainty due to new tariffs and evolving trade regulations [4][5] - Apple expects a $900 million impact on its bottom line due to tariffs, with CEO Tim Cook expressing difficulty in predicting future outcomes [7] - Amazon described its future results as "inherently unpredictable" due to changes in global economic conditions and tariff policies [8] - Kraft Heinz and JetBlue have lowered their outlooks due to ongoing macroeconomic volatility and uncertainty [11] - PepsiCo has reduced its earnings forecast for 2025, anticipating more volatility and higher supply chain costs due to tariffs [13] Industry-Wide Impacts - Companies across various sectors, including automotive, retail, and consumer goods, are experiencing significant impacts from tariff-related uncertainties, leading to withdrawn guidance and lowered forecasts [10][12][14] - The airline industry, represented by companies like Delta and United Airlines, is also facing challenges, with many airlines pulling their full-year guidance due to broad macroeconomic uncertainty [17][16] - The overall sentiment across industries reflects a cautious approach to growth and financial forecasting, with many companies likening the current economic environment to the volatility experienced during the pandemic [13][15]

本报记者 张文湘 冯超表示，上市公司要想提高资者关系管理水平，首先要做到优质的信息披露，并搭建公司内部业务、 财务沟通体系；同时结合投关活动、股东数据等，建立数据资料库，对股东与投资者行为进行分析，再 利用分析结果，改进投关工作或达成投关目标。 冯超还提到，投关工作需要将IR（投资者关系）和PR（公共关系）结合起来。他认为，媒体渠道是投 资者全方位了解公司的重要途径，公司一方面要通过微信公众号等自媒体定期发布公司业务/大事件及 员工风貌等新闻，传播公司企业文化及价值观；另一方面，公司也应积极与财经媒体等大众媒体保持良 好的沟通，解读公司发展规划及行业发展前景等，通过媒体视角展现公司风貌，帮助投资者全面了解公 司，认识公司长期投资价值。 资料显示，环旭电子是一家全球电子设计制造服务厂商，产品主要服务于消费电子、云端存储、工业、 汽车电子和医疗等行业领域。自2012年上市以来，公司一直高度重视投资者关系管理团队建设，形成了 冯 由《证券日报》社有限责任公司主办，中证中小投资者服务中心有限责任公司、中国上市公司协会为支 持单位，北京基金小镇投资者教育基地、东方财富、第一创业证券联合举办的第七届"5·15-5·19中 ...

Core Viewpoint - Sanmina Corporation has announced a definitive agreement to acquire the data center infrastructure manufacturing business of ZT Systems from AMD for a total consideration of up to $3 billion, which includes $2.55 billion in cash and equity plus $450 million in contingent consideration, enhancing its position in the Cloud and AI infrastructure market [1][7]. Transaction Details - The acquisition price consists of $2.25 billion in cash for assets, a $300 million premium split between cash and equity, and a $450 million contingent consideration based on future financial performance [7][8]. - Sanmina has secured committed financing of $2.5 billion from Bank of America to facilitate the transaction [9]. Strategic Rationale - The acquisition is expected to double Sanmina's revenue scale within three years, significantly enhancing its position in the fast-growing Cloud and AI end-market [11]. - Sanmina aims to deepen relationships with existing customers and attract new ones through ZT Systems' established connections with hyperscalers [11]. - The integration of ZT Systems' advanced manufacturing capabilities, including liquid cooling technologies, will complement Sanmina's existing operations and expand its footprint in Europe [11]. Expected Benefits - The transaction is anticipated to be accretive to Sanmina's non-GAAP EPS in the first year post-close, with further accretion expected as synergies are realized [11]. - The combination is projected to generate operational efficiencies and enhance Sanmina's capabilities as a leading end-to-end manufacturing partner for mission-critical technologies [11]. Partnership with AMD - AMD will retain ZT Systems' AI systems design businesses and collaborate with Sanmina as its preferred new product introduction (NPI) manufacturing partner, focusing on accelerating the deployment of AMD AI solutions [4][5].

Core Insights - Company achieved significant growth in Q1 2025 with revenue of 549 million yuan, a year-on-year increase of 21.68%, and net profit of 41.77 million yuan, up 34.19% [1] - In 2024, the company reported total revenue of 2.16 billion yuan, a 12.74% increase year-on-year, and net profit of 184 million yuan, growing by 38.16% [1] - The industrial control sector remains the largest contributor, generating 1.03 billion yuan in revenue, accounting for over 47% of total business, with a growth of 32.07% [1] Revenue Breakdown - Domestic sales accounted for 56.57% of total revenue at 1.22 billion yuan, while international sales contributed 43.43% at 938 million yuan, with a 10.33% increase in foreign sales year-on-year [2] - The company focuses on various sectors including communications, industrial control, automotive electronics, medical electronics, and consumer electronics [2] R&D Investment - The company has consistently increased its R&D expenditure from 54 million yuan in 2020 to 117 million yuan in 2024, with a total of 471 million yuan spent over five years [2] Global Expansion - Since 2019, the company has expanded its production bases globally, with significant capacity increases in factories located in Mexico, Romania, and Vietnam, particularly noting the successful ramp-up of the Romanian facility [3] - As of Q1 2025, total assets reached 2.34 billion yuan, reflecting a 148% increase from 941 million yuan at the end of 2017 [3]