大族数控公告，1月29日，公司按照有关规定在香港联交所网站刊登H股招股说明书。公司本次全球发 售H股基础发行股数为5045.18万股。在超额配售权悉数行使的情况下，公司本次全球发售H股的最大发 行股数为5801.95万股。公司本次H股发行的价格最高不超过每股95.8港元，公司H股香港公开发售于1月 29日开始，预计于2月3日结束，并预计于2月5日前（含当日）公布发行价格。 ...

Core Insights - Celestica Inc. reported strong financial results for Q4 2025, with revenue of $3.65 billion and adjusted EPS of $1.89, both exceeding guidance [3][11][16] - The company raised its annual outlook for 2026, expecting revenue of $17.0 billion and adjusted EPS of $8.75, driven by strong demand for AI-related data center technologies [4][13] - Celestica plans to increase capital investments to $1 billion in 2026 to support anticipated growth, which will be funded organically through operating cash flow [4][24][27] Q4 2025 Highlights - Revenue for Q4 2025 was $3.65 billion, a 44% increase compared to Q4 2024's $2.55 billion [6][11] - Adjusted operating margin for Q4 2025 was 7.7%, up from 6.8% in Q4 2024 [6][11] - The Connectivity & Cloud Solutions (CCS) segment revenue reached $2.86 billion, a 64% increase year-over-year [11][12] 2025 Full Year Results - Total revenue for 2025 was $12.4 billion, a 28% increase from $9.65 billion in 2024 [3][18] - Adjusted EPS for 2025 was $6.05, compared to $3.88 in 2024 [18][19] - Three customers represented over 10% of total revenue, contributing 32%, 14%, and 12% respectively [18] Q1 2026 Guidance - For Q1 2026, Celestica expects revenue between $3.85 billion and $4.15 billion, with an adjusted operating margin of 7.8% at the mid-point [6][8] - The guidance assumes an adjusted effective tax rate of approximately 21% [7][8] Business Updates - Celestica is expanding its manufacturing capacity in the U.S. to support Google's production of TPU systems, with completion expected in 2027 [20][21] - The company is also investing in its manufacturing capacity in Southeast Asia to support Google's TPU platform and networking technologies [21][22] - A new program for the design and manufacturing of a 1.6 terabyte switching platform has been awarded to Celestica by a hyperscaler customer, with production expected to ramp up in 2027 [28]

​Flex Ltd. (NASDAQ:FLEX) is one of the High-Flying Tech Stocks to Buy. Wall Street has a positive outlook on the stock. Recently, on January 14, Melissa Fairbanks from Raymond James upgraded the stock from Hold to Buy with a $75 price target. Earlier on January 13, Tim Long from Barclays reiterated a Buy rating on Flex Ltd. (NASDAQ:FLEX) but lowered the price target from $78 to $71. ​Melissa from Raymond James noted that her positive outlook is based on the strong position of Flex in the cloud and AI inf ...

​Celestica Inc. (NYSE:CLS) is one of the High-Flying Tech Stocks to Buy. On January 23, RBC Capital reiterated an Outperform rating on the stock with a $400 price target. Earlier, on January 20, Aletheia Capital also reiterated a Buy rating on Celestica Inc. (NYSE:CLS) and raised the price target from $330 to $410. ​Recently, on January 22, DigiTimes report stated that Inventec, one of the competitors of Celestica Inc., is expected to expand its role in Google Tensor Processing Unit manufacturing and ramp ...

Core Insights - Amphenol reported $6.44 billion in revenue for Q4 2025, a year-over-year increase of 49.1% and a surprise of +5.29% over the Zacks Consensus Estimate of $6.12 billion [1] - The EPS for the same period was $0.97, compared to $0.55 a year ago, resulting in an EPS surprise of +4.67% over the consensus estimate of $0.93 [1] Financial Performance Metrics - Net Sales for Harsh Environment Solutions reached $1.65 billion, exceeding the estimated $1.51 billion, representing a +31% change year-over-year [4] - Net Sales for Communications Solutions were $3.42 billion, surpassing the estimated $3.25 billion, with a significant year-over-year increase of +77.5% [4] - Net Sales for Interconnect and Sensor Systems amounted to $1.36 billion, slightly above the estimated $1.35 billion, reflecting a +20.9% change year-over-year [4] - Operating Income for Harsh Environment Solutions was $455.6 million, exceeding the average estimate of $363.66 million [4] - Operating Income for Interconnect and Sensor Systems was $273.9 million, below the estimated $406.22 million [4] - Operating Income for Communications Solutions reached $1.11 billion, compared to the average estimate of $934.68 million [4] Stock Performance - Amphenol's shares have returned +22.1% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.8% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Core Insights - Celestica Inc. is a key player in the electronics manufacturing services sector, providing design, manufacturing, and supply chain solutions across various industries, with a quarterly earnings report expected on January 28, 2026, projecting earnings per share of $1.73 and revenue of approximately $3.49 billion [1][6] Financial Performance - Analysts project Celestica's earnings per share to be $1.73 and revenue around $3.49 billion for the upcoming quarter [1][6] - The company's stock price experienced a decline of $18.83 per share, or 6.08%, closing at $290.92, following news that Google may shift assembly work to other suppliers [2][6] Valuation Metrics - Celestica's current price-to-earnings (P/E) ratio is approximately 54.97, indicating a high valuation as investors are willing to pay a premium for earnings [3][6] - The price-to-sales ratio stands at about 3.41, and the enterprise value to sales ratio is around 3.46, suggesting a strong market valuation relative to sales [3] Financial Health - The company's debt-to-equity ratio is 0.45, reflecting a moderate level of debt compared to equity [4] - Celestica's current ratio is approximately 1.47, indicating a solid ability to cover short-term liabilities with short-term assets [4] Market Sentiment - Despite the recent stock price dip, Celestica has been upgraded to a "Buy" rating, driven by strong demand for AI infrastructure and anticipated growth in hyperscale data centers [4] - The upcoming earnings report is considered significant, with implications for market expectations based on options trading, particularly in the context of infrastructure themes [5]

Summary of Company and Industry Insights Company Overview - The company, referred to as "Company," has signed a contract worth approximately 38 million RMB with a leading Nasdaq-listed company in Israel, referred to as "Company E" [1] - The total value of daily operational contracts signed from September 24, 2025, to January 26, 2026, amounts to approximately 9.22 million USD, which represents over 5.79% of the company's audited revenue for the fiscal year 2024 [1] Key Points and Arguments 1. **Contract Details** - The order signed on January 26, 2026, is valued at approximately 5.47 million USD (excluding tax), translating to over 38 million RMB [1] 2. **Market Demand and Client Relationships** - The company has received additional orders from a leading Swiss client, confirming the initiation of market demand and highlighting the importance of the company's equipment [2] - The ongoing collaboration with key clients indicates a deepening relationship and growing demand for OCS and silicon photonics technologies [2] 3. **Technological Leadership** - The company is recognized for its global scarcity in providing fully automated packaging and coupling equipment for silicon photonics and CPO optical modules exceeding 800G [1] - The company has also developed a 300mm dual-side wafer testing platform in collaboration with a leading testing company, which has successfully completed reliability testing [3] 4. **Positive Outlook** - The company is strongly recommended for investment due to the high growth in AI demand, increased orders from key clients, and the scarcity of its fully automated packaging equipment [4] - Potential risks include lower-than-expected penetration rates for silicon photonics, CPO/OCS, slower growth in the photovoltaic industry, and goodwill impairment risks [4] Additional Important Insights - The company is positioned in the high-speed optical communication sector, which is expected to see significant growth due to advancements in technology and increasing demand from the industry [3] - The strategic partnerships and technological advancements are likely to enhance the company's competitive edge in the market [2][3]

Core Viewpoint - Celestica Inc. is under investigation for potential securities fraud or unlawful business practices following a significant drop in its stock price due to news regarding a shift in assembly work for Google's AI servers [1][3]. Group 1: Investigation Details - Pomerantz LLP is investigating claims on behalf of investors of Celestica, focusing on whether the company and its officers/directors engaged in securities fraud or other unlawful practices [1]. - Investors are encouraged to contact Pomerantz LLP for more information regarding the investigation [1]. Group 2: Stock Performance - On January 22, 2026, news from Digitimes indicated that Google may shift assembly work for its tensor processing units to other suppliers, which could reduce Celestica's role in assembling Google's AI servers [3]. - Following this news, Celestica's stock price fell by $18.83 per share, representing a decline of 6.08%, closing at $290.92 per share [3].

Financial Data and Key Metrics Changes - Revenue for Q1 Fiscal 2026 was $3.19 billion, representing a 59% increase compared to the same period a year ago [12][13] - Non-GAAP operating margin was 6.0%, up 40 basis points year-over-year [14] - Non-GAAP diluted earnings per share reached $2.38, a 66.1% increase compared to the same period last year [14] Business Line Data and Key Metrics Changes - IMS revenue was $2.79 billion, up 72% year-over-year, driven by growth in communications networks and cloud and AI infrastructure [15][16] - CPS revenue was $434 million, a 4.3% increase year-over-year, with a non-GAAP gross margin of 12.9%, which is lower than recent performance due to investments for new programs [17] Market Data and Key Metrics Changes - Communication networks and cloud infrastructure accounted for approximately 62% of total revenue, with core business growth of about 20% year-over-year [28] - Industrial, energy, medical, defense, aerospace, automotive, and transportation contributed 38% of revenue, slightly down by 3% year-over-year, but expected to stabilize [28] Company Strategy and Development Direction - The company aims to double revenue in the next two years, targeting $16 billion by calendar year 2027, with a strong focus on AI opportunities [34] - Strategic investments are planned in technologies and capabilities to support growth, particularly in AI data centers and energy solutions [21][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for fiscal 2026, with expectations for continued strong demand in AI hardware and core business growth in high single digits [24][38] - The company is focused on maintaining a healthy balance sheet while investing in future growth opportunities [20][36] Other Important Information - Cash flow from operations was $179 million, with capital expenditures of $87 million for the quarter [20] - The company has a strong balance sheet with cash and cash equivalents of $1.42 billion and no outstanding borrowings on its $1.5 billion revolver [18] Q&A Session Summary Question: Can you help parse through the sequential revenue guidance for the March quarter? - Management indicated that the business is improving and that they are guiding one quarter at a time, with expectations for strong performance in both core Sanmina and ZT Systems [42][44] Question: How do you see the transition occurring with ZT Systems? - Management confirmed that the transition is on track and that they are focused on future opportunities, emphasizing the importance of execution and customer relationships [45][49] Question: What is the outlook for the communications market? - Management reported strong demand in the communications market, expecting continued strength in the March quarter and throughout the year [55]

Financial Data and Key Metrics Changes - Revenue for the first quarter of Fiscal 2026 was $3.19 billion, representing a 59% increase compared to the same period a year ago [13][14] - Non-GAAP operating margin was 6%, consistent with the previous quarter and up 40 basis points year-over-year [14][19] - Non-GAAP diluted earnings per share reached $2.38, a 66.1% increase compared to the same period last year [14][19] Business Line Data and Key Metrics Changes - IMS revenue was $2.79 billion, up 72% year-over-year, driven by growth in communications networks and cloud and AI infrastructure [15][16] - CPS revenue was $434 million, a 4.3% increase year-over-year, with a non-GAAP gross margin of 12.9%, which is lower than recent performance due to investments in new programs [17][18] Market Data and Key Metrics Changes - The core Sanmina business in communication networks and cloud infrastructure grew approximately 20% year-over-year, contributing to 62% of total revenue [28] - Industrial, energy, medical, defense, aerospace, automotive, and transportation segments accounted for 38% of revenue, slightly down 3% year-over-year, but expected to stabilize and grow in the future [28][32] Company Strategy and Development Direction - The company aims to double revenue to $16 billion by 2027, focusing on AI opportunities and vertical integration in the AI data center market [34][36] - Strategic investments are being made in technologies and capabilities to support growth, particularly in the U.S., India, and Mexico [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for Fiscal 2026, with expectations for strong demand in AI hardware and core business growth in high single digits [24][38] - The company is focused on maintaining a healthy balance sheet while investing in future growth opportunities [20][22] Other Important Information - Cash flow from operations was $179 million, with capital expenditures of $87 million for the quarter [20][21] - The company has a strong balance sheet with cash and cash equivalents of $1.42 billion and no outstanding borrowings on its $1.5 billion revolver [19][20] Q&A Session Summary Question: Can you help parse through the sequential revenue guidance for the March quarter? - Management indicated that the business is improving and that guidance is based on one quarter at a time, with expectations for strong performance from both core Sanmina and ZT Systems [41][44] Question: Can you clarify the revenue contributions from different parts of the ZT business? - Management confirmed that the transition is ongoing, and they are focused on future business opportunities while maintaining strong relationships with existing customers [46][49] Question: How do you see the communications market recovering? - Management noted strong demand in the communications market, with expectations for continued strength in the upcoming quarters [54][55] Question: What are the expectations for the industrial, medical, and automotive segments? - Management acknowledged some recent weakness in automotive but expects stabilization and growth in the second half of Fiscal 2026 [81][83]