Plexus (NasdaqGS:PLXS) FY Conference March 02, 2026 10:25 AM ET Company ParticipantsDavid Abuhl - SVP of FinanceMelissa Fairbanks - VP of Equity ResearchShawn M. Harrison - VP of Investor RelationsTodd Kelsey - President and CEOMelissa FairbanksAll right, I think we're live. Good morning, everyone. Welcome to the conference. I am Melissa Fairbanks. I cover analog semis and IT supply chain, including the EMS guys with our guest this morning, Plexus. Today from Plexus, we've got Chief Executive Officer Todd K ...

鸿海（2317.TW）：董事长调研反馈 ——AI 服务器强劲爬坡；研发实力与全球布局巩固领先市场地位；买入评级 核心观点 我们于 2 月 25 日在台湾接待了鸿海董事长。 管理层对 AI 服务器业务爬坡、电动汽车机会增长以及智能手机 EMS 业务的领先市场地位持积极态度。 我们看好鸿海在 AI 服务器领域的领先市场地位，智能手机业务将受益于形态变化，推动公司增长。 鸿海（2317.TW）：董事长调研反馈 ——AI 服务器强劲爬坡；研发实力与全球布局巩固领先市场地位；买入评级 核心观点 我们于 2 月 25 日在台湾接待了鸿海董事长。 管理层对 AI 服务器业务爬坡、电动汽车机会增长以及智能手机 EMS 业务的领先市场地位持积极态度。 我们看好鸿海在 AI 服务器领域的领先市场地位，智能手机业务将受益于形态变化，推动公司增长。 正如我们在鸿海深度报告中强调的，我们对鸿海 / 富士康持积极态度，基于以下三点： 1/ 强劲的研发实力、全球生产布局和规模效应，巩固其在 AI 服务器领域的领先源头 信息加微ss62897市场地位； 2/ 智能手机形态因素变化驱动终端需求，鸿海 / 富士康的份额和美元价值提升； 3/ 未 ...

经济观察网新美亚电子(SANM.us)近期未披露具体即将发生的重大事件，如财报发布或股东大会等。近 期股价出现波动，2025年12月19日盘中拉升5.16%，报收152.47美元/股。根据最新财报数据，公司营收 为81.28亿美元，净利润2.46亿美元。截至2025年12月，参与评级的机构中，60%给予买入建议，40%给 予持有建议。公司主要为通信网络、工业、国防及航空航天领域提供集成制造解决方案和组件服务。 股票近期走势 2025年12月19日，新美亚电子股价出现波动，当日盘中拉升5.16%，报收152.47美元/股，成交量7.9405 万股，振幅4.96%。 业绩经营情况 公司业务状况 新美亚电子主要为通信网络、工业、国防及航空航天领域提供集成制造解决方案和组件服务，业务分为 集成制造解决方案(占收入大部分)和组件、产品与服务两大部门。 以上内容基于公开资料整理，不构成投资建议。 根据最新财报数据，公司营收为81.28亿美元，净利润2.46亿美元，每股收益4.56美元，市盈率34.08倍。 机构观点 截至2025年12月，参与评级的机构中，60%给予买入建议，40%给予持有建议，无卖出建议。 ...

Core Viewpoint - Flex (伟创力) has raised its full-year performance guidance driven by demand from artificial intelligence data centers [1] Financial Performance - For Q3 of fiscal year 2026, Flex reported revenue of $20.437 billion, a year-over-year increase of 5.26%, and a net profit of $630 million, up 2.27%. The quarterly net sales reached $7.058 billion, reflecting an 8% year-over-year growth, exceeding company expectations [2] Institutional Perspectives - Following the earnings report, several institutions updated their ratings. Barclays maintained an "Overweight" rating and raised the target price from $71 to $72. Stifel and Bank of America also retained their "Buy" ratings, with target prices set at $75 [3] Strategic Focus - The company plans to concentrate more on high-growth areas such as artificial intelligence data centers and reliability solutions. Additionally, the sale of the Zhuhai plant assets to Lingyi iTech in December 2025 allows Flex to focus more on its northern plant operations, which may lead to ongoing operational changes [4]

Group 1 - The company, Guanghong Technology (300735.SZ), is a professional EMS (Electronic Manufacturing Services) provider [1] - The company is currently not engaged in chip packaging related business [1]

机构观点 机构评级方面，60%的券商给予买入建议，40%给予持有建议。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 公司最新财报数据显示，营收为81.28亿美元，净利润2.46亿美元，市盈率34.08倍。 经济观察网新美亚电子(SANM.us)是一家在美国纳斯达克上市的电子制造服务公司，主要为通信网络、 工业、国防和航空航天领域提供集成制造解决方案。根据公开信息，截至2026年2月，该公司近期未披 露明确的未来重大事件，如财报发布或股东大会等。 股票近期走势 近期值得关注的历史事件包括：2025年12月19日，新美亚电子股价出现波动，当日上涨5.16%，报收 152.47美元/股；2025年11月21日，股价曾跳水5.40%。 ...

Group 1 - The enthusiasm for institutional research on listed companies remains high, particularly in the machinery, electronics, power equipment, and basic chemicals sectors [1] - Over 700 companies have been researched by institutions this year, with Daikin Heavy Industries receiving the highest number of institutional inquiries at 318 [2][4] - This week, both Naipu Mining and Huanxu Electronics were the most researched companies, each receiving inquiries from 113 institutions [2][6] Group 2 - The top ten A-share listed companies by the number of institutional inquiries this year include Daikin Heavy Industries, Naipu Mining, and Xiangyu Medical, with 318, 211, and 208 inquiries respectively [4] - Naipu Mining's research focused on its competitive barriers in forged composite liners and future investments in mineral resources, indicating a dual development strategy [7] - Huanxu Electronics received significant attention from multiple fund companies, with 113 institutional inquiries, including 33 from securities firms and 32 from fund companies [11][12] Group 3 - Huanxu Electronics is focusing on three business lines: computing power boards, optical communication, and server power supply, which align with its parent company's future advanced packaging technology layout [14] - The company aims to enhance its service to top clients in the computing power board sector by integrating with its parent company's chip packaging [14] - In the optical communication sector, Huanxu Electronics is targeting business opportunities in optical components, while also considering partnerships for server power supply to better serve North American clients [14][15]

Core Viewpoint - Institutional interest in listed companies remains high, particularly in the machinery, electronics, power equipment, and basic chemicals sectors, with notable frequency of research in the electronics and power equipment industries [1]. Group 1: Institutional Research Activity - Over 700 companies have been researched by institutions this year, with Daikin Heavy Industries receiving the highest number of institutional inquiries at 318 [3]. - This week, both Naipu Mining and Huanxu Electronics were the most researched companies, each receiving 113 institutional inquiries [2][4]. Group 2: Top Companies by Institutional Research - The top ten A-share companies by the number of institutional inquiries this week include: 1. Naipu Mining (113 inquiries) - Industrial Machinery 2. Huanxu Electronics (113 inquiries) - Electronic Manufacturing Services 3. Daikin Heavy Industries (109 inquiries) - Heavy Electrical Equipment 4. Aobi Zhongguang (76 inquiries) - Electronic Equipment and Instruments 5. BGI Genomics (73 inquiries) - Life Science Tools and Services 6. Guoneng Rixin (72 inquiries) - Application Software 7. Ruiming Technology (67 inquiries) - Electronic Equipment and Instruments 8. Huatong Cable (48 inquiries) - Electrical Components and Equipment 9. Hebei Steel Resources (41 inquiries) - Non-metallic Metals 10. Huarui Precision (39 inquiries) - Industrial Machinery [4]. Group 3: Focus Areas of Institutional Research - During the research on Naipu Mining, institutions showed interest in the competitive barriers of the company's forged composite liners, future investments in mineral resources, and the reasons for terminating the investment in the Colombian mining project [5]. - For Huanxu Electronics, institutions focused on the company's future business synergies and how the group plans to build core competitiveness, as well as which businesses Huanxu Electronics and its subsidiary Guangchuang will focus on [6][8]. Group 4: Business Strategies and Developments - Huanxu Electronics is focusing on three business lines in the AIDC sector: computing power boards, optical communication, and server power supply, all of which are related to the parent company’s future layout in advanced packaging technology [8]. - The company aims to leverage its computing power board business to better serve top clients by aligning with the parent company's plans for computing chip packaging [8]. - In the optical communication sector, Huanxu Electronics is starting with optical modules and aims to explore business opportunities in optical components within optical-electrical co-packaging [8][9].

Financial Data and Key Metrics Changes - For Q2 FY 2026, total revenue was $96.3 million, down from $113.9 million in the same period of FY 2025, primarily due to reduced demand from a longstanding customer and the transition of an End-of-Life program [3][4] - The net loss for Q2 FY 2026 was $8.6 million or $0.79 per share, compared to a net loss of $4.9 million or $0.46 per share in Q2 FY 2025 [7] - Adjusted gross margin for Q2 FY 2026 was 7.9%, while gross margin was 0.6%, down from 6.8% in the same period of FY 2025 [5][6] Business Line Data and Key Metrics Changes - The company initiated a wind down of manufacturing operations at its China facility, which is expected to save approximately $1.2 million per quarter once completed [5] - The company is also reducing its workforce in Mexico, anticipating savings of approximately $1.5 million per quarter [5] Market Data and Key Metrics Changes - Inventory decreased by $12.3 million or 12% year-over-year, while accounts receivable days sales outstanding (DSOs) improved to 77 days from 99 days a year ago, indicating stronger collection on receivables [8] Company Strategy and Development Direction - The company is focusing on nearshoring and tariff mitigation strategies to reduce costs while maintaining operational flexibility [4] - Investments in U.S. and Vietnam facilities are aimed at enhancing production capabilities and meeting evolving customer demands [11][15] - The company expects approximately half of its manufacturing to occur in the U.S. and Vietnam by the end of FY 2026 [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing global economic uncertainties and volatile trade policies but expressed optimism about new program ramps and cost efficiency improvements [9][10] - The company is not providing forward-looking guidance for Q3 FY 2026 due to uncertainties in new product launches [10] Other Important Information - The company reported a total cash flow from operations of approximately $6.3 million for Q2 FY 2026, compared to $1.3 million in the same period of FY 2025 [8] - Capital expenditures for FY 2026 are expected to be around $8-$10 million, focusing on new production equipment and automation [9] Q&A Session Summary Question: Can you provide more details on the increased demand from existing customers? - Management indicated that the increased demand is primarily from two longstanding customers, with a significant revenue impact from product maturation and an End-of-Life program [22][23] Question: What is the size and timing of the new programs won? - The automotive program is expected to generate up to $5 million, while pest control and industrial equipment programs could generate $2-$5 million each, with manufacturing taking place in Mexico and the U.S. [24] Question: Can you elaborate on tariff mitigation strategies? - The company is focusing on offering production options in Vietnam and Mexico to mitigate tariffs, leveraging the USMCA agreement for cost advantages [25][26] Question: What are the expectations for gross margin and revenue growth? - Management anticipates achieving breakeven by the end of the fiscal year, with expectations for revenue growth and margin expansion driven by the consignment program [39][40] Question: What is the impact of the wind down of China operations on costs? - The $1.2 million savings from the wind down will impact both cost of goods sold and operating expenses, contributing to overall cost reductions [44][45]

Financial Data and Key Metrics Changes - For Q2 FY 2026, total revenue was $96.3 million, down from $113.9 million in Q2 FY 2025, primarily due to reduced demand from a longstanding customer and the transition of an End-of-Life program [3][4] - The net loss for Q2 FY 2026 was $8.6 million or $0.79 per share, compared to a net loss of $4.9 million or $0.46 per share in Q2 FY 2025 [7] - Adjusted gross margin for Q2 FY 2026 was 7.9%, down from 6.8% in the same period last year, while operating margin was -10.7% compared to -1.0% in Q2 FY 2025 [5][6] Business Line Data and Key Metrics Changes - The company initiated a wind down of manufacturing operations in China, which is expected to save approximately $1.2 million per quarter once completed [5] - The company is also reducing its workforce in Mexico, anticipating savings of approximately $1.5 million per quarter [5] - The consigned materials program is ramping up, which is expected to significantly improve profitability in future quarters [16] Market Data and Key Metrics Changes - Inventory decreased by $12.3 million or 12% year-over-year, while accounts receivable days sales outstanding (DSOs) improved to 77 days from 99 days a year ago [8] - The company continues to face uncertainties in the global economy and volatile trade policies, impacting demand from longstanding customers [4][9] Company Strategy and Development Direction - The company is focusing on nearshoring and tariff mitigation strategies to reduce costs while maintaining operational flexibility [4] - Investments in U.S. and Vietnam facilities are aimed at enhancing production capabilities and meeting evolving customer demands [11][15] - The company anticipates that by the end of FY 2026, approximately half of its manufacturing will occur in the U.S. and Vietnam [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for profitable long-term growth despite ongoing geopolitical tensions and tariff uncertainties [12][19] - The company is not providing forward-looking guidance for Q3 FY 2026 due to uncertainties in the timing of new product ramps [10] - Management believes that the combination of a flexible global footprint and expansive design capabilities will capture new business opportunities [17][18] Other Important Information - The company has reduced its total headcount by approximately 40% in Mexico over the past 18 months to enhance competitiveness [13] - The consigned material model is expected to grow to over $25 million in annual revenue, equivalent to a $100 million turnkey program [16] Q&A Session Summary Question: Can you provide more details on the increased demand from existing customers? - Management indicated that the increased demand is primarily from two longstanding customers, with a significant revenue impact from product maturation and an End-of-Life program [22][23] Question: What is the size and timing of the new programs won? - The automotive program is expected to generate up to $5 million, while pest control and industrial equipment programs could generate $2-$5 million each, with manufacturing in Mexico and the U.S. [24] Question: What are the tariff mitigation strategies being implemented? - The company is focusing on lower-cost Asian facilities to replace China operations and offers production options in the U.S. and Mexico to mitigate tariffs [25][26] Question: What is the expectation for gross margin and revenue growth? - Management anticipates achieving breakeven by the end of the fiscal year, with expectations for revenue growth and margin expansion from the consignment program [39][40] Question: How is the restructuring in Mexico expected to impact future growth? - Management believes that recent efficiency improvements and automation investments will make the Mexico facility more competitive, with expectations for growth moving forward [42][43]