Core Viewpoint - Allied Group (TROO) experienced a stock price increase of 3.54% on August 8, closing at $0.77 per share, with a total market capitalization of $83.21 million [1] Financial Performance - For the fiscal year ending December 31, 2024, Allied Group reported total revenue of $10.073 million, representing a year-over-year growth of 182.24% [1] - The company recorded a net loss attributable to shareholders of $13.413 million, which is a significant increase in loss of 680.28% compared to the previous year [1] Company Background - Allied Group was renamed from "Shangwei Group" on December 4, 2020, and its predecessor was an offshore company [1] - The company operates through its mainland China headquarters, Shangwei (Shenzhen) Technology Co., Ltd., and specializes in the research and manufacturing of LCD display and network communication products [1] - Allied Group was listed on the NASDAQ stock exchange in December 2010 [1]

SANTA ANA, Calif., Aug. 08, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI), a leading global manufacturer of technology solutions including mission systems, radio frequency (“RF”) components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards (“PCB”s), today announced that it has been officially appraised at Final Cybersecurity Maturity Model Certification (“CMMC”) Level 2, demonstrating the company’s strong commitment to safeguarding C ...

Summary of Conference Call Notes Industry Overview - The focus is on the **Taiwan ABF (Ajinomoto Build-up Film) substrate market**, particularly in relation to **ASIC (Application-Specific Integrated Circuit) AI servers** and their suppliers, including **Unimicron**, **NYPCB**, and **Ibiden**. Key Points and Arguments Market Demand and Growth Projections - The **2026/27 AI server ABF Total Addressable Market (TAM)** has been raised by **35%/55%**, reflecting a strong demand outlook for ASIC AI servers, with projected shipments of **3.4 million** and **4.7 million** units in **2026E/27E** respectively, compared to **5.6 million** and **7.1 million** for GPU AI chips [1][8] - The **average selling price (ASP)** for ASIC AI substrates is expected to be **US$180/US$220** in **2026E/27E**, while GPU AI substrates are projected at **US$143/US$183** [1][8] - The combined market share for Taiwan's ASIC AI substrate suppliers (Unimicron and NYPCB) is estimated to be **71%/65%/59%** for **2025E/26E/27E**, significantly higher than the **10%/19%/21%** for GPU AI server market share [9] Supplier Performance and Projections - **Unimicron** and **NYPCB** are expected to benefit the most from the improving demand outlook, with revenue contributions from AI servers projected to reach **16%** and **20%** respectively by **2027E**, up from previous estimates of **13%** and **12%** [1][4] - **Ibiden** is also anticipated to gain market share in the ASIC AI server substrate market due to its technology leadership and plans for **40% capacity expansion** from **2025-27** [2] Pricing and Supply Chain Dynamics - Prolonged lead times for high-end ABF substrates are expected due to **T-glass material shortages**, which could lead to higher pricing despite a low equipment utilization rate (UTR) forecast of **75%** for **2H25-1H26E** [3][39] - Price hikes for ABF substrates are anticipated to occur in **late September/early October**, coinciding with quarterly contract negotiations, but may not significantly impact earnings outlook for suppliers in **2H26** [3][40] - The overall ABF substrate market is projected to grow at an **18% CAGR** from **2025-27E**, driven primarily by AI server applications [38] Earnings Revisions and Target Price Adjustments - **Unimicron**'s earnings estimates for **2025E/26E/27E** have been raised by **1%/3%/3%**, reflecting higher expected demand for ASIC AI server substrates [51] - The target price for **Unimicron** has been increased to **NT$116** from **NT$110** [4][55] - **NYPCB**'s earnings estimates have been revised upwards by **96%/67%/32%** for **2025E/26E/27E**, with a new target price of **NT$125** [57][62] Long-term Outlook and Risks - The long-term outlook for high-end ABF substrate suppliers remains positive, driven by the overall AI server demand uptrend, with an **81% CAGR** expected from **2024-27E** [10] - Key risks include slower-than-expected recovery in PC demand, delays in ABF substrate upgrades, and challenges in qualifying new high-end capacities [66] Additional Important Insights - The report emphasizes the potential conflict of interest due to Goldman Sachs' business relationships with the companies covered in the research [4] - The analysis suggests that while short-term oversupply may weigh on stock performance, the long-term demand growth for high-end substrates will support earnings [44]

Q2 2025 Financial Performance - Revenue reached $973 million[10], exceeding guidance due to increased demand in Semiconductor and Electronic & Packaging markets[11] - Non-GAAP net earnings per diluted share were $1.77[10], at the high end of guidance[11] - Adjusted EBITDA was $240 million[10] - Non-GAAP gross margin was 46.6%[10] Segment Performance - Semiconductor revenue was $432 million[12], a 17% year-over-year increase or 16% excluding FX impacts[12] - Electronics & Packaging revenue was $266 million[19], a 16% year-over-year increase excluding FX and Palladium impacts, or 14% year-over-year increase[19] - Specialty Industrial revenue was $275 million[26], a 5% year-over-year decrease excluding FX and Palladium impacts, or 6% year-over-year decrease[26] Q3 2025 Outlook - Revenue is projected to be $960 million, with a variance of plus or minus $40 million[40] - Semiconductor revenue is expected to be $405 million, with a variance of plus or minus $15 million[16, 43] - Electronics & Packaging revenue is expected to be $285 million, with a variance of plus or minus $10 million[23, 43] - Specialty Industrial revenue is expected to be $270 million, with a variance of plus or minus $15 million[30, 43]

Financial Data and Key Metrics Changes - Sales of continuing operations for Q1 increased by 2% year-on-year to JPY 2,621.6 billion, while operating income surged by 36% to JPY 340 billion, both record highs for the first quarter [3] - Net income rose by 23% to JPY 259 billion [4] - The full-year sales forecast remains unchanged at JPY 11,700 billion, but operating income and net income forecasts were revised upward by 4% to JPY 1,330 billion and JPY 970 billion, respectively [4] Business Segment Performance - **Gaming and Network Services (GN and S)**: Q1 sales increased by 8% year-on-year to JPY 936.5 billion, driven by higher third-party software sales. Operating income increased approximately 2.3 times year-on-year to JPY 148 billion [7][8] - **Music Segment**: Q1 sales rose by 5% year-on-year to JPY 465.3 billion, with operating income increasing by 8% to JPY 92.8 billion [11] - **Pictures Segment**: Q1 sales decreased by 3% year-on-year to JPY 327.1 billion, but operating income increased by 65% to JPY 18.7 billion [14] - **Electronics Segment (ET and S)**: Q1 sales fell by 11% year-on-year to JPY 534.3 billion, with operating income decreasing by 33% to JPY 43.1 billion [16] - **Imaging and Sensing Solutions (I and SS)**: Q1 sales increased by 15% year-on-year to JPY 408.2 billion, with operating income rising by 48% to JPY 54.3 billion [19] Market Data and Key Metrics Changes - Monthly active users for PlayStation increased by 6% year-on-year to 123 million [7] - Content and service revenue is expected to grow approximately 50% on a U.S. dollar basis compared to the previous fiscal year [10] - The smartphone market is gradually recovering, with mobile sensor sales growing steadily [20] Company Strategy and Industry Competition - The company plans to continue diversifying production locations to mitigate tariff impacts, with an estimated impact of JPY 70 billion on operating income due to tariffs [6] - A strategic partnership with Bandai Namco aims to enhance collaboration in anime and gaming, focusing on co-creating new IP and marketing [16][56] - The company is shifting from hardware-centric to community-based engagement in gaming, which is expected to stabilize profitability [40] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. economy is slightly decelerating but expects to avoid rapid deterioration, with personal consumption showing signs of recovery [51] - The company anticipates that uncertainties, such as additional tariffs, will have a greater impact from Q2 onwards, prompting a cautious approach to business operations [22][84] Other Important Information - The company plans to submit the final application for the listing of Sony Financial Group on the Tokyo Stock Exchange on August 8 [28] - The financial services segment reported an adjusted net income increase to JPY 23 billion, primarily due to improved loss ratios [24] Q&A Session Summary Question: Can you explain the decline in tariff outlook from JPY 100 billion to JPY 70 billion? - The decline is due to strategic inventory management and postponements, resulting in a lower impact than initially expected [32][33] Question: What is the risk of a 100% tariff on semiconductors? - The company relies on officially announced tariff rates and will evaluate the impact as the situation evolves [34] Question: How are the box office performances of Demon Slayer and National Treasure evaluated? - Both titles have exceeded expectations, but their overall impact on revenue is not significant [38] Question: What measures are in place to mitigate risks from U.S. semiconductor production shifts? - The company does not have semiconductor production facilities in the U.S. and will focus on maintaining product competitiveness [47][48] Question: How is the company addressing the Xperia smartphone defect? - The company has completed countermeasures and is committed to improving quality management [44] Question: What is the expected timeline for results from the partnership with Bandai Namco? - Immediate collaborations are expected within a year, with longer-term collaborations being assessed regularly [56]

东山精密（002384）布局加速高端PCB领域。 8月5日，东山精密(002384.SZ)发布公告，公司全资子公司拟通过现金、债转股等方式向其全资子公司 香港超毅或其子公司增资3.5亿美元，约合人民币24.98亿元。此次增资旨在支持香港超毅投资建设高端 印制电路板(PCB)项目等。 长江商报记者注意到，东山精密在加速高端PCB产能扩张之外，受益于AI对ICT基建和消费产品的需求 扩大，公司电子电路、精密组件等产品作为消费电子、新能源汽车行业的基础零部件，销量显著提升， 带动公司经营业绩的提升。 2025年第一季度，公司实现营业收入86.02亿元，同比增长11.07%；实现归母净利润4.56亿元，同比增 长57.55%。 二级市场上，近期，东山精密股价表现强劲，多次创下历史新高。截至8月6日收盘，公司股价达51.99 元/股，虽下滑0.86%，但年内涨幅近75%。 高端PCB领域布局加速 7月以来，东山精密在高端PCB领域动作不断。 香港超毅隶属于东山精密超毅事业部(Multek)，该事业部原为东山精密于2018年以2.93亿美元收购自伟 创力旗下的PCB企业。Multek提供高密度互连、刚性、柔性和刚柔结合印 ...

5 August 2025 | 11:08PM HKT Hon Hai (2317.TW): July revenues +7% YoY; AI Server and Smartphones support double digit % YoY growth in Aug-Oct ; Buy Hon Hai's July revenues increased +7% YoY or +14% MoM to NT$614bn, 6% higher than our estimates (report link). If measured by USD, July revenues went up by 17% YoY/ 15% MoM, per management, reflecting FX impact. On MoM, all four segments are in positive MoM, with PC is the strongest one, driven by major brand customers' promotion season (back to school), followed ...

Core Viewpoint - The PCB industry is entering a capital expenditure expansion cycle driven by global AI server demand, with a focus on investment opportunities in PCB equipment and consumables, particularly innovative equipment increments [2][4]. Group 1: Industry Overview - The demand for PCBs is primarily driven by innovation in downstream electronic products, which are closely tied to macroeconomic conditions [6]. - The previous cycle (2017-2023) was driven by 5G communication and new energy, with global PCB output increasing from $54.2 billion in 2016 to $81.7 billion in 2022, achieving a CAGR of 6.1% [8][15]. - The current cycle (2023 onwards) is characterized by AI server demand, with a projected 46% increase in global AI server shipments in 2024 [23][25]. Group 2: Capital Expenditure and Market Dynamics - The current PCB capital expenditure cycle began in Q4 2024 and is expected to last approximately two years, with potential for extension due to infrastructure demand [4][23]. - The PCB equipment market is experiencing a shift towards high-value products, with significant growth in demand for high-layer count, high-density, and high-speed PCBs [25][26]. - The global PCB equipment market is projected to reach $7.7 billion by 2025, with drilling, exposure, and plating accounting for 21%, 17%, and 7% of the market, respectively [5][44]. Group 3: Technological Innovations and Challenges - The MSAP process presents significant challenges in plating and drilling, leading to increased demand for advanced plating equipment [5][37]. - The introduction of new technologies such as CoWoP and mSAP is expected to enhance the value of PCB equipment, particularly in the drilling and plating segments [27][37]. - The PCB manufacturing process is evolving towards higher precision requirements, necessitating advancements in drilling and exposure technologies [38][39]. Group 4: Competitive Landscape - The PCB drilling and plating equipment market is characterized by oligopolistic competition, with domestic leaders capturing 50%-70% of the market share [4][35]. - Domestic manufacturers are increasingly able to compete with foreign counterparts, particularly in high-end PCB equipment, as foreign production capacity is limited [4][36]. - The global PCB drill bit market is projected to reach $940 million in 2024, with a CAGR of 4.4% from 2025 to 2031 [48][52].

Financial Data and Key Metrics Changes - In Q2 2025, Zebra Technologies reported sales of $1.3 billion, representing a greater than 6% increase compared to the prior year [6] - Adjusted EBITDA margin was 20.6%, reflecting a 10 basis point improvement year over year [6] - Non-GAAP diluted earnings per share were $3.61, a 14% increase from the previous year [6][11] Business Line Data and Key Metrics Changes - Strong growth was observed in mobile computing, scanning, and RFID, with double-digit growth in mobile computing and RFID in North America [6][10] - The services and software recurring revenue business grew slightly during the quarter [8] - Transportation logistics, retail, and e-commerce were the highest growth verticals, while healthcare and manufacturing continued to lag [6][10] Market Data and Key Metrics Changes - North America sales grew by 8%, while Asia Pacific sales increased by 20%, led by Australia, New Zealand, and India [10] - Latin America saw an 11% sales growth, while EMEA experienced a slight decline of 1% due to strong prior year comparisons [10] Company Strategy and Development Direction - The acquisition of Elo Touch Solutions is aimed at enhancing Zebra's market leadership and expanding its portfolio of customer-facing solutions [5][21] - The company is focused on digitizing and automating workflows across various industries, leveraging its innovative solutions [18][22] - Zebra plans to pursue attractive market and geographic expansion opportunities while delivering a comprehensive software-differentiated portfolio [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand resilience despite uncertainties in trade policy and macroeconomic conditions [7][34] - The recently passed U.S. tax legislation is expected to be beneficial for some customers, although its impact on demand is still uncertain [7][34] - The company raised its full-year sales growth guidance to between 5% and 7%, reflecting strong second-quarter results and a solid backlog [16][34] Other Important Information - Zebra generated $288 million of free cash flow year to date and repurchased $250 million of stock [12] - The company expects a $30 million gross profit impact from tariffs for the full year, which is favorable compared to previous expectations [16][14] Q&A Session Summary Question: How does the Elo acquisition technology tie in with Zebra's? - The acquisition expands Zebra's addressable market by approximately $8 billion, enhancing customer-facing solutions like point of sale and self-service kiosks [28][30] Question: How is customer budget release expected in the second half? - Demand has remained resilient, with customers generally maintaining capital spending levels despite some caution [32][34] Question: What is Elo's business cyclicality compared to Zebra's? - Elo's demand cycle is more balanced throughout the year, unlike Zebra's which sees significant year-end spending [39] Question: How are tariffs being monitored and managed? - Zebra is actively working with trade partners to understand tariff impacts and has a playbook for managing supply chain resilience [63][64] Question: What is the competitive landscape post-Elo acquisition? - The acquisition is expected to enhance Zebra's competitive position, leveraging strong customer relationships and expanding into new markets [66][68] Question: What are the trends in various verticals? - Retail and e-commerce continue to show strength, while manufacturing is slower compared to other sectors [71][94]

从行业角度看，高端PCB作为5G通信、AI服务器和汽车电子等新兴产业的核心组件，正迎来快速发展 期。东山精密此次大手笔增资，旨在抓住市场机遇，强化其在高端电子电路领域的竞争优势。分析人士 指出，随着全球电子产业链重构加速，具备技术优势和产能保障的企业将获得更大发展空间。 据悉，本次增资采用"债转股+现金"的组合方式实施，其中债转股部分主要涉及香港控股此前向香港超 毅提供的日常运营及收购相关往来借款（含利息），现金部分将用于补充运营资金。公司强调，增资完 成后香港超毅仍为全资子公司，不会改变合并报表范围。 东山精密称，此次增资方案具有双重意义：一方面通过债转股优化香港超毅的资产负债结构，降低财务 杠杆；另一方面通过现金注入为高端PCB项目提供资金保障。公告显示，相关债权不存在抵押、质押或 司法纠纷，增资不会对公司财务及经营状况产生重大影响。这一举措体现了东山精密在高端PCB领域的 持续投入决心，符合公司长远战略发展规划。 8月5日，东山精密发布公告称，公司将通过全资子公司香港控股向旗下香港超毅集团增资3.5亿美元 （约合人民币24.98亿元），以支持其高端印制电路板（PCB）项目建设。 ...