本文源自：金融界 作者：行情君 财务数据显示，截至2024年12月31日，盟军集团收入总额1007.3万美元，同比增长182.24%；归母净利 润-1341.3万美元，同比减少680.28%。 资料显示，盟军集团于2020年12月4日由"上为集团"更名而来。集团前身"上为集团有限公司"是一家境 外离岸公司。上为(深圳)科技有限公司是上为集团有限公司中国大陆运营总部,该集团是专门从事液晶显 示及网络通讯产品研发与制造的高科技型企业,公司于2010年12月在美国纳斯达克交易所挂牌上市。 8月1日，盟军集团(TROO)盘中上涨3.01%，截至00:45，报0.78美元/股，成交4.8万美元，总市值8429.35 万美元。 ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - With the expansion of global AI demand and the capital expenditure on computing power by North American cloud - computing giants, the domestic computing hardware supply chain is expected to continue its high - growth trend. Domestic large - models are predicted to iterate rapidly in the second half of the year, and the AIDC scale is expected to further expand. The pan - AI sector is a relatively scarce high - growth area, and investment opportunities in this sector are recommended to be focused on in Q3 [1][10]. - Currently, convertible bond valuations are at a relatively high historical level due to the continuous inflow of fixed - income funds and the recovery of stock market expectations. The idea of achieving excess returns in the high - valuation range is to bet on the elasticity of the underlying stocks of convertible bonds. When the capital situation of convertible bonds is stable and the stock market expectations do not change significantly, the valuation of the convertible bond market is unlikely to shrink actively. Buying convertible bonds corresponding to high - elasticity underlying stocks (such as those in the AI sector) at a high - risk preference position can easily generate excess returns during an upward wave [1][10]. 3. Summary by Relevant Catalog 3.1 Overall Logic and Layout Ideas - The domestic computing hardware supply chain is expected to maintain high growth due to global AI demand expansion and North American cloud - computing giants' capital expenditure on computing power. Domestic large - models will iterate quickly in the second half, and AIDC will expand. The pan - AI sector is a high - growth area, and Q3 investment opportunities are recommended [1][10]. - For convertible bond investment, with high valuations, the strategy is to invest in convertible bonds of high - elasticity underlying stocks to gain excess returns in an upward market [1][10]. 3.2 Individual Bond Selection 3.2.1 Unex Electronics/Unex Convertible Bond - Unex is a global leader in electronic design and manufacturing services, leading in the SiP module field. It has 30 manufacturing service sites across four continents, providing comprehensive services to global brand customers [16]. - In 2024, its revenue was 60.691 billion yuan, almost flat year - on - year. Cloud and storage product revenue increased by 13.35% due to AI - driven server demand [16]. - In 2025, it aims to accelerate business in AI accelerator cards. It is also developing power modules and motherboards for AI servers. It participates in providing Wi - Fi SiP modules for a North American AI glasses customer's third - generation product and has obtained an order for N - in - one motherboard modules, expected to bring significant revenue in 2026 [2][22][24]. 3.2.2 Huamao Technology/Huamao Convertible Bond - Huamao is a leader in the automotive passive safety field, with products covering airbags, seat belts, etc. In 2024, it released an action plan, strengthening its automotive parts business and entering the semiconductor and computing manufacturing fields [25]. - In 2024, its revenue was 2.213 billion yuan, up 7.67% year - on - year. Net profit was 277 million yuan, up 14.64%. It plans to expand in the semiconductor and computing manufacturing sectors by increasing investment and integrating the supply chain of Fuchuang Youyue [25][30]. - Fuchuang Youyue provides one - stop electronic manufacturing services, especially in high - speed optical module manufacturing for global computing industry chains. It has shipped to 7 of the top 20 global optical module manufacturers in 2024, with over 3.5 million 800G optical module PCBA shipments [31][32]. 3.2.3 Bowei Alloy/Bo 23 Convertible Bond - Bowei's main businesses are new materials and international new energy. Its new materials are high - performance non - ferrous alloy products, widely used in AI, 6G, etc. In 2024, its alloy strip business sales increased by 42.23% and net profit increased by 171.12% [33]. - Its high - speed connector, shielding, and lead - frame materials are crucial for computing servers and data centers. Products like boway19920 and boway70318 meet the requirements of high - computing servers [35]. 3.2.4 Sangfor Technologies/Sangfor Convertible Bond - Sangfor focuses on enterprise - level network security, cloud computing, and IT infrastructure. Its network security business uses cloud security and AI for active monitoring and protection [36]. - It has been developing cloud computing since 2012, launching multiple products. In 2024, it released the AICP platform for large - model development, aiming to lower the threshold of using AI technology [37]. 3.2.5 Minglida/Mingli Convertible Bond - Minglida's products are mainly used in photovoltaic, energy storage, new - energy vehicles, and security. In 2024, its sales declined due to the inventory reduction in the photovoltaic and energy - storage industries. However, demand is recovering in 2025 [39]. - It has made breakthroughs in the new - energy vehicle business with leading global customers. It plans to expand in the robot and liquid - cooling industries and expects increased revenue from server and automotive liquid - cooling [39][43][44].

Financial Data and Key Metrics Changes - Organic sales grew by 6% in Q2 2025, with adjusted EBITDA increasing by 7% when excluding the Graphics business divestiture [12] - Adjusted EBITDA of $136 million exceeded initial guidance of $120 million to $125 million for the quarter [12] - The net leverage ratio at the end of the quarter was 2.1 times, with no debt maturities until 2028 [19][20] Business Line Data and Key Metrics Changes - The Electronics business achieved a 9% organic growth, with significant contributions from wafer level packaging products, which grew over 20% [12][16] - The Industrial and Specialty segment saw organic net sales increase by 1% year over year, with core Industrial business volumes slightly down [17] - Offshore's organic sales grew by 15% year over year, driven by large project completions [18] Market Data and Key Metrics Changes - Demand for Electronics was driven by B2B customers in high-performance computing and telecommunications, with advanced solder paste volumes growing significantly [14] - The semiconductor solutions segment experienced a 20% organic net sales growth due to robust demand in wafer level packaging [15] - Industrial Solutions faced macro weakness in Europe and the Americas, but automotive growth in Asia partially offset this [17] Company Strategy and Development Direction - The company is focused on penetrating fast-growing areas within its addressable markets while driving productivity through continuous improvement [5] - A new world-class research center was opened in Bangalore, India, to support global formulation research and local applications development [10] - The company is investing in technology and strategic initiatives, including the construction of a mid-scale active copper manufacturing site expected to be commissioned by the end of the year [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite macroeconomic uncertainties, noting strong demand in data centers and high-performance computing [10][21] - The company is cautious about the second half of the year, particularly regarding the electric vehicle market and consumer electronics [21][22] - Management highlighted the importance of capital allocation and the potential for share repurchases and acquisitions to enhance shareholder value [23] Other Important Information - The company generated $59 million of adjusted free cash flow in Q2 and invested $35 million into working capital [18] - The adjusted EBITDA margin for the Electronics segment declined by roughly 40 basis points year over year, largely due to higher pass-through metal prices [12][13] Q&A Session Summary Question: Insights on customer demand and potential pull forward - Management indicated no signs of pull forward in Q2, with robust investment in data center capacity continuing [27][28] Question: Expectations for Power Electronics in the second half - Power Electronics had strong growth in Q2, but management expects some customer-specific production volume declines in the second half [30][31] Question: Comparison of current Electronics business to prior peak levels - Electronics revenue is at a new peak, but volumes are not back to prior peak levels, particularly in the circuitry and assembly businesses [33][34] Question: Competition in power electronics and advanced packaging - Management noted established competition in wafer level packaging but highlighted strong growth and differentiation in power electronics [37][38] Question: Guidance assumptions and risks - The guidance range allows for potential demand variability, with risks including macro deterioration and weaker smartphone activity [62][63] Question: Updates on Cuprion production and capacity - The first production line for Cuprion is expected to be operational by the end of the year, with plans for additional capacity in the next 18 months [65][66] Question: Growth dynamics in the electronics portfolio - The growth is driven by high-performance computing and emerging markets, with a shift towards B2B sales reducing cyclicality [70][71] Question: Margin dynamics in Industrial and Specialty - Management emphasized productivity and price discipline in maintaining margins despite a low growth environment [76][77]

Q2 2025 Performance - Net sales increased by 2% year-over-year to $625 million, compared to $613 million in Q2 2024[6] - Electronics net sales increased by 12% year-over-year to $439 million[6] - Industrial & Specialty net sales decreased by 16% year-over-year to $186 million[6] - Adjusted EBITDA increased by 1% year-over-year to $136 million[6] - Adjusted EPS increased by 3% year-over-year to $037[6] - Organic net sales increased by 6% year-over-year[6] Segment Performance - Electronics organic growth was 9%, driven by Assembly, Circuitry and Semiconductor[6, 9] - Industrial & Specialty organic growth was 1%[6, 11] Balance Sheet and Cash Flow - Q2 2025 adjusted free cash flow was $59 million[15] - Net debt to adjusted EBITDA ratio was 21x as of June 30, 2025[15] - Repurchased approximately $20 million of shares in Q2 2025 at an average price of $2045 per share[15] FY 2025 Guidance - The company expects adjusted EBITDA to be in the range of $530 million to $550 million[17] - The company expects adjusted EPS to be approximately $145[17]

Core Viewpoint - The company, Dazhu Laser (002008), has announced a significant increase in demand for PCB specialized processing equipment due to the explosive growth in the AI industry infrastructure, including servers and high-speed switches, alongside a recovery in the consumer electronics market [1] Group 1: Market Demand - The demand for PCB specialized processing equipment is rapidly rebounding [1] - The AI industry and consumer electronics market are key drivers of this demand surge [1] Group 2: Product Matrix - The company has developed a comprehensive product matrix covering various PCB segments, including multilayer boards, HDI boards, IC packaging substrates, flexible boards, and rigid-flex boards [1] - The product offerings include critical processes such as lamination, drilling, exposure, forming, and inspection [1] Group 3: Customer Solutions - The company provides differentiated one-stop process solutions for customers in various PCB segments [1]

Second Quarter 2025 Financial Performance - Revenue reached $642 million[9] - Non-GAAP gross margin was 10.2%[9] - Non-GAAP operating margin was 4.7%[9] - Non-GAAP EPS was $0.55[9] Sector Performance (Q/Q Growth) - Semi-Cap sector sales were $190 million, up 17%[18] - AC&C sector sales were $126 million, up 30%[18] - Industrial sector sales were $74 million, up 20%[18] - Medical sector sales were $110 million, down 2.4%[18] - Aerospace & Defense sector sales were $142 million, up 3.6%[18] Balance Sheet and Cash Flow - Cash balance was $265 million[24] - Senior Secured Term Loan was $150 million[24] - Revolver drawn amount was $60 million[24] - Available Revolver borrowing capacity was $486 million[24] - Leverage ratio was 0.3x[24] - Repatriated $151.6 million, using $95 million to pay down the revolver[26] Third Quarter 2025 Guidance - Revenue is expected to be between $635 million and $685 million[28] - Non-GAAP gross margin is expected to be between 10.2% and 10.4%[28] - Non-GAAP diluted EPS is expected to be between $0.56 and $0.62[28]

Core Insights - TTM Technologies, Inc. announced the retirement of President and CEO Thomas T. Edman, with a search for his successor underway, expected to conclude by the end of 2025 [1][2][4] - Edman has been with the company since 2004, serving as President since 2013 and CEO since 2014, leading TTM through significant growth and operational improvements [2][3] - Under Edman's leadership, TTM has strengthened its capabilities in the Aerospace and Defense market and expanded its focus on Data Center Computing and Networking, particularly in support of generative AI [2][3] Company Performance - TTM is experiencing its strongest first half of any year in terms of revenue growth and margins, supported by a solid balance sheet for future growth [3] - The company has successfully integrated multiple acquisitions and diversified its end markets, enhancing its position as a global leader in advanced electronics solutions [3] Leadership Transition - Edman will remain as President and CEO until a successor is appointed and will continue to serve as a Director and member of the Government Security Committee post-transition [1][4] - The Board of Directors expressed gratitude for Edman's visionary leadership and commitment, noting his impact on the company's strategic direction [4]

Core Insights - TTM Technologies, Inc. reported strong financial results for the second quarter of 2025, with significant year-on-year growth in net sales and net income [2][3][4]. Financial Performance - Net sales for Q2 2025 were $730.6 million, a 21% increase from $605.1 million in Q2 2024 [2][8]. - GAAP operating income rose to $61.8 million in Q2 2025 from $39.0 million in Q2 2024 [2]. - GAAP net income for Q2 2025 was $41.5 million, or $0.40 per diluted share, compared to $26.4 million, or $0.25 per diluted share, in Q2 2024 [3][8]. - Non-GAAP net income for Q2 2025 was $60.8 million, or $0.58 per diluted share, up from $40.2 million, or $0.39 per diluted share, in Q2 2024 [4][22]. - Adjusted EBITDA for Q2 2025 was $109.7 million, representing 15.0% of sales, compared to $84.6 million, or 14.0% of sales, in Q2 2024 [4][22]. Market Demand and Growth Drivers - The revenue growth was attributed to strong demand in Aerospace and Defense, Medical, Industrial and Instrumentation, Data Center Computing, and Networking markets, with particular growth in Data Center Computing driven by generative AI requirements [5]. - Non-GAAP operating margins improved to 11.1%, an increase of 210 basis points year-on-year, marking the fourth consecutive quarter of double-digit margins [5]. Business Outlook - For Q3 2025, TTM estimates revenues to be between $690 million and $730 million, with non-GAAP net income projected to be between $0.57 and $0.63 per diluted share [6]. Operational Developments - The company announced the acquisition of a facility in Wisconsin and land rights in Penang to support regional diversification of PCB supply chains and future growth [5]. Segment Performance - Segment sales for Aerospace and Defense reached $327.6 million, up from $274.5 million in Q2 2024, while Commercial segment sales increased to $395.6 million from $323.3 million [21]. - The Aerospace and Defense segment accounted for 45% of total sales, while Data Center Computing also represented 21% [20]. Cash Flow and Financial Health - Cash flow from operations was reported at $97.8 million, or 13.4% of revenues, indicating strong operational efficiency [5][8]. - Total assets as of June 30, 2025, were $3.58 billion, with total stockholders' equity at $1.64 billion [19].

Core Viewpoint - Egide Group reported a slight revenue increase of 1% for the first half of 2025, reaching €15.6 million, with notable growth in specific segments and regions, particularly in thermal imaging and Europe [1][3][8]. Revenue Summary - Egide SA achieved €7.81 million in revenue, an 11% increase compared to €7.04 million in H1 2024 [2]. - Egide USA recorded €5.67 million, reflecting a 10% growth from €5.15 million in H1 2024 [2]. - Santier experienced a significant decline of 36%, with revenue dropping to €2.08 million from €3.24 million in H1 2024 [2]. Segment Performance - Thermal imaging revenue surged by 59%, reaching €6.80 million, up from €4.27 million in H1 2024, representing 44% of total revenue [7][9]. - Power segment revenue fell by 32%, down to €2.97 million from €4.35 million [7]. - RF/MW segment revenue decreased by 37%, dropping to €1.89 million from €3 million [7]. - New applications, including thermal batteries and firing systems, grew by 9%, now accounting for 14% of total revenue [10]. Geographical Breakdown - North America contributed €6.78 million, a 7% decline from €7.28 million in H1 2024, representing 44% of total revenue [11]. - Europe saw a 53% increase in revenue to €5.19 million from €3.4 million, now making up 33% of total revenue [11]. - Asia and the rest of the world experienced a 24% decline, with revenue falling to €3.61 million from €4.75 million [11][18]. Strategic Outlook - The company anticipates a slight revenue increase in H2 2025, indicating a gradual recovery compared to 2024, driven by a diversified customer base [12][13]. - Continued commercial investments are aimed at diversifying the customer portfolio and enhancing presence in strategic defense and aerospace markets [12][14].

Core Insights - Foxconn is acquiring a 10% stake in TECO Electric & Machinery Co. to enhance its position in the AI data center market [1][3] - The partnership aims to create a comprehensive solution for AI data center construction, leveraging both companies' expertise [4][6] - Foxconn is targeting a significant share of the projected $1 trillion spending on data centers in the coming years [2][6] Company Strategies - Foxconn plans to diversify its revenue streams beyond consumer electronics by focusing on AI server assembly and related services [5][6] - The collaboration with TECO will integrate the value chain from design to infrastructure construction, positioning Foxconn as a one-stop shop for data center needs [6][7] - The companies are targeting markets in Taiwan, Asia, the Middle East, and the U.S., with plans to expand American manufacturing [7] Market Context - The AI infrastructure boom is driving significant investments from tech giants, creating a lucrative market for data center components and services [6] - Foxconn's strategic move comes as companies like Microsoft and Google are planning substantial expenditures on data centers [6][7] - The partnership is expected to enhance Foxconn's business by capturing a larger share of overall data center capital expenditure [7]