以下文章来源于科创板日报 ，作者史正丞 科创板日报 . 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 一直出现在传闻中的三星三折叠手机，终于获得了官方确认。 在本周纽约新品发布会期间，三星移动业务负责人卢泰文（TM Roh）宣布， 三星计划在今年年底前推出一款三折叠智能手机 ，并强调AI 在公司战略中的核心地位。 （卢泰文在新品发布会后出席新闻发布会） 针对此前有关新手机会被命名为Galaxy G Fold的传闻，卢泰文表示："我们正在努力开发一款三折屏智能手机，目标是在今年年底推出。目 前专注于完善产品及其可用性，但尚未决定其名称。随着产品接近完成，我们计划很快做出最终决定。" 而对于三折叠手机的实用性，他也表示，公司在2019年首次推出折叠屏手机时，智能手机行业也曾报以怀疑的态度，但现在折叠屏已经成 为了一个重要的细分市场。 据财联社此前报道，三星在周三的发布会上发布了三款折叠屏新机，分别为Galaxy Z Fold 7、Z Flip 7和首款廉价版Z Flip7 FE。核心卖点 包括减薄机身厚度提升手感，Fold 7折叠时的厚度为8.9毫米，展开时的厚度为4.2毫米。 卢泰文表示 ...

July 10, 2025 12:15 PM GMT Investor Presentation | Asia Pacific Asia Summer School: Greater China Tech Hardware – AI vs. Non-AI M Foundation Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.com +8 ...

China Equity Strategy | Asia Pacific A-Share Sentiment Improves with Anti-involution Message Sentiment improved with the government's clearer message on anti-involution, aimed at reining in the escalation of excess competition and potential overcapacity. We still expect near- term volatility to rise and range-bound index moves in the offshore market. We prefer A-shares over offshore for now. A-share investor sentiment improved vs. previous cycle: Weighted MSASI and simple MSASI improved 7ppt and 8ppt, to 78 ...

点击 关注我们 报告发布日期：2025年7月8日 报告名称: 《 电子行业周报--算力与端侧创新呈现共振行情，业绩期内电子有望延续强势 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信电子团队 胡剑： 电子行业首席分析师，复旦大学电子系学士，复旦大学世界经济系硕士，法国EDHEC商学院交换生。2021年8月加入国信研究 所，之前任华泰研究所消费电子行业首席，2018年第一财经最佳分析师电子行业第3名，2019年证券时报金翼奖分析师电子行业第2名， 2019年II China科技行业入围，2019年新浪财经金麒麟新锐分析师电子行业第1名，2020年II China科技行业第2名，2023年Wind金牌分析师 电子行业第3名，2023年新浪财经金麒麟菁英分析师半导体行业第2名、消费电子行业第3名，2024年Wind金牌分析师电子行业第1名， 2024年证券业分析师金牛奖最佳 ...

Investment Rating - The report maintains a "Buy" rating for Foxconn Industrial Internet (FII) with a revised target price of Rmb31.11, reflecting an upside potential of 17.9% from the current price of Rmb26.38 [16][17]. Core Insights - FII's 2Q25 net income guidance is between Rmb6.7 billion and Rmb6.9 billion, with a midpoint of Rmb6.8 billion, representing a 31% quarter-over-quarter increase and a 50% year-over-year increase [1]. - The company is experiencing significant growth in cloud computing revenues, projected to exceed 50% year-over-year, and AI server revenues are expected to grow over 60% year-over-year [1]. - FII's revenues from cloud service providers (CSPs) increased by over 150% year-over-year in 2Q25, and revenues from 800G switches are projected to be three times higher than in 2024 [1]. - The report anticipates a compound annual growth rate (CAGR) of 29% for net income from 2025 to 2027, with AI server revenues expected to rise from 29% in 2024 to 68% by 2027 [1]. Financial Projections - The report revises net income estimates upward by 3%, 4%, and 6% for 2025, 2026, and 2027 respectively, due to higher revenue expectations [5]. - FII's revenue projections for 2025E, 2026E, and 2027E are Rmb850.1 billion, Rmb1,130.6 billion, and Rmb1,274.5 billion respectively, reflecting increases of 5%, 10%, and 9% from previous estimates [8]. - The gross profit (GP) for 2025E is revised to Rmb49.9 billion, with operating profit (OP) at Rmb31.4 billion and net income at Rmb27.6 billion [8]. Market Position and Competitive Analysis - FII is positioned as a leading supplier in the AI server market, particularly in rack-level AI servers, supported by a comprehensive supply chain and global production capabilities [5][9]. - The target price is based on a price-to-earnings (P/E) multiple of 16x for 2026E, reflecting a market re-rating on AI servers [10][15].

Investment Rating - The investment rating for HG Tech is "Buy" with an updated 12-month target price of Rmb56, revised from Rmb53, based on a 22x 2026E P/E [1][2][14]. Core Insights - HG Tech pre-announced its 2Q net profit range of Rmb480 million to Rmb540 million, with a mid-point of Rmb510 million, representing a 52% year-over-year increase and exceeding expectations [1]. - The strong profit performance is expected to alleviate investor concerns regarding the profitability of optical transceivers, with key catalysts anticipated in the second half of 2025, including progress in penetrating US markets and domestic demand outlook [1][14]. - The company is positioned for robust long-term growth driven by the AI infrastructure cycle, overseas expansion, and new market penetration [1]. Revenue and Profit Estimates - Revenue estimates for 2025-2026 have been revised upward by 3% to 4.6%, leading to a net profit estimate increase of 4% to 8% [2]. - New revenue projections for 2025, 2026, and 2027 are Rmb15,815 million, Rmb19,233 million, and Rmb22,971 million respectively, reflecting a 4.6% increase for 2025 and 2026, and a 3.0% increase for 2027 compared to previous estimates [6]. - Net income estimates for 2025, 2026, and 2027 are Rmb1,830 million, Rmb2,579 million, and Rmb3,130 million respectively, with increases of 8%, 6%, and 4% compared to prior estimates [6]. Business Segments and Growth Drivers - HG Tech's business segments include optical transceivers, sensors, telecom equipment, and laser tools, with a focus on high-end optical transceivers (800G and 400G modules) expected to drive margin improvement and net profit growth [14]. - The revenue mix for 2024 is projected to be 34% from laser tools, 3% from networking, and 63% from sensors, with shifts expected in 2025 and 2026 [13][11]. - The company is expected to benefit from the increasing attach ratio of optical transceivers, supporting better growth sustainability [1].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Apple Inc. securities between June 10, 2024, and June 9, 2025, about the upcoming lead plaintiff deadline on August 19, 2025, for a class action lawsuit [1]. Group 1: Class Action Details - Investors who bought Apple securities during the specified Class Period may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A class action lawsuit has already been filed, and those wishing to serve as lead plaintiff must act by August 19, 2025 [2]. - The lawsuit alleges that Apple made false and misleading statements regarding the integration of advanced AI-based Siri features, which impacted the expected sales of the iPhone 16 [4]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [3]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [3]. - Rosen Law Firm has been recognized for its performance in securities class action settlements, being ranked No. 1 in 2017 and consistently in the top 4 since 2013 [3].

据知情人士透露，这一产品线将于明年春季面世，涵盖入门级iPad、iPad Air的更新版本以及外接式Mac 显示器。其中被命名为iPhone 17e的平价手机将是苹果今年早些时候推出的599美元机型的后续产品。 知情人士表示，苹果同时正在开发升级版MacBook Pro和MacBook Air。他们透露，虽然这些电脑原定 于2025年发布，但苹果正考虑将其推迟至2026年。 智通财经APP获悉，苹果(AAPL.US)正规划在2026年上半年发布一系列雄心勃勃的新产品，包括新款低 端iPhone、多款iPad及升级版Mac电脑。 iPhone 17e外观与16e相似，但配备与今年iPhone 17系列相同的A19处理器(现款为A18)。这款代号V159 的设备预计明年初上市，现款发布于今年2月。从16e到17e的快速迭代显示苹果正将入门级iPhone调整 为年度更新节奏，这与之前的战略有所不同。此前的SE系列自2016年推出后仅更新两次。 苹果原计划今年晚些时候发布搭载M5芯片的14/16英寸MacBook Pro(代号J714/J716)，现内部目标调整为 明年初发布，这意味着现款销售周期将略长于往常。具体时 ...

前不久，深圳证监局发布的一则备案公告，让手机行业的目光再度聚焦到荣耀身上。 6月26日，荣耀终端股份有限公司正式提交IPO辅导备案，中信证券担任辅导机构。这意味着荣耀正式 迈出A股IPO的关键一步。 荣耀CFO彭求恩在采访中透露："IPO有六个阶段，现已完成第一阶段，启动了第二阶段。上市辅导至少 需要三个月，目前进展顺利"。 2020年刚刚脱离华为时，渠道归零、供应链断裂、技术平台推倒重来，时任CEO赵明称之为"市场归 零"的至暗时刻。 然而凭借华为基因的传承和中端市场的精准定位，荣耀上演了"王者归来"的戏码。IDC数据显示，2023 年三季度荣耀以19.3%的市场份额重回国内手机市场第一的位置。 好景不长，华为突然的强势回归，让荣耀的剧本陡然反转。 2023年8月，华为Mate 60 Pro携自研芯片与鸿蒙系统重返战场，年底又密集推出覆盖中高端市场的nova 12系列，再加上当年5月份推出的定位中低端的畅想70，华为系列实现了对市场的全面覆盖。 华为的"回马枪"，无情斩断了荣耀的"替身红利"。 这家从华为独立五年的手机品牌，终于站到了资本市场的门口。然而光鲜的上市进程背后，荣耀的市场 根基却在松动。 IDC ...

Financial Data and Key Metrics Changes - For the fiscal year ended April 30, 2025, consolidated revenue was $69.8 million, up from $55.3 million in the prior fiscal year, representing a significant increase [8][10] - Gross profit increased due to higher revenue and improved gross margin, with operating income rising to $11.7 million from $5 million in the previous fiscal year [13][14] - Consolidated net income for the year was $23.7 million or $2.46 per share, compared to $5.6 million or $0.59 per share in the previous fiscal year [14] - The company's balance sheet reflects a strong working capital position of approximately $30 million and a current ratio of about 2.3:1, with no debt [15] Business Line Data and Key Metrics Changes - Revenue from commercial and U.S. Government satellite programs was approximately $40.9 million, accounting for 59% of total revenue, compared to $23.2 million or 42% in the prior fiscal year [9] - Revenue from non-space U.S. Government and DoD customers decreased to $26.5 million from $29 million, representing 38% of consolidated revenue compared to 52% previously [9] Market Data and Key Metrics Changes - The company is expanding its customer base beyond traditional prime contractors and is actively submitting bids alongside next-generation defense companies [5] - The company anticipates meaningful growth with traditional primes and is well-positioned to benefit from industry trends over the next five to ten years [5] Company Strategy and Development Direction - The company is focusing on several growth opportunities, including quantum sensing and alternative navigation technologies, which are expected to drive future growth [6][10] - The company is committed to maintaining technical excellence through increased R&D spending, which rose to $6.1 million from $3.4 million [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth driven by new legislation supporting space and defense programs, although they cautioned about variability in contract timing due to changes in administration [4][30] - The company expects to see additional revenue from contract awards flowing in over the coming quarters and years [4] Other Important Information - The company recorded a decrease in valuation allowance of approximately $13.9 million, primarily related to deferred tax assets [14] - Cash decreased by approximately $13.6 million, with dividends accounting for about $9.6 million of this decrease [15] Q&A Session Summary Question: Allocation of resources to growth opportunities - Management is actively pursuing proposals in various growth areas, with quantum sensors appearing particularly promising due to the vulnerability of GPS [21][22] Question: Adequacy of cash for increased R&D spending - Management is confident in their ability to fund increased R&D through internal funds and is exploring external funding options [24][25] Question: Short-term uncertainty and backlog variability - Management clarified that while there may be variability in future contracts, the current backlog of $70 million is solid [33][34] Question: Gross margin outlook - Management aims to maintain gross margins in the low to mid-40% range for the upcoming fiscal year [68] Question: Revenue opportunities from quantum sensing - Quantum sensing is expected to contribute less than 1% of overall revenue in the next fiscal year, with product revenue anticipated in about five years [70] Question: SG&A and R&D targets for 2026 - SG&A is expected to remain around 18% of revenue, while R&D is projected to be in the 6% to 9% range [79]