Canalys最新数据显示，2025年第二季度，台式机、笔记本电脑和工作站的总出货量同比增长7.4%，达 到6760万台。其中，笔记本(包括移动工作站)出货量达5390万台，同比增长7%；台式机(包括台式工作 站)出货量增长9%，达到1370万台。 ...

1 July 2025 | 2:48AM HKT Taiwan ODM/Brands: 3-month Preview: ASIC AI servers rising trend; rack-level model transition in 2H25; tariff pull-in brings high base We preview 3-month revenues for 10 companies in AI servers / AI PCs supply chain and expect the avg. YoY growth of these 10 companies to come in at +37% / +27% / +18% in June / July / Aug 2025, driven by AI servers ramp up, more new product launches in 2H25 for consumer electronics; however, we also note: (1) rack-level AI servers entering model tran ...

Core Insights - The Canton Fair, established in 1957, is a significant biannual event that showcases the internationalization of China's trade [2][3] - The current edition has attracted nearly 43,000 exhibitors and around 250,000 visitors, covering an area of 1.55 million square meters [3][4] Global Reach and Promotion - The fair has expanded its international reach through promotional events in various cities, including Vienna, Budapest, and Amsterdam, as well as in African countries like Nigeria, Ethiopia, and Kenya [5] - The Canton Fair has been instrumental in helping Chinese brands, such as BYD, Huawei, Haier, and Lenovo, gain global recognition and market penetration [6] Opportunities for Businesses - The fair provides a platform for both large and small businesses to network and expand beyond major Chinese cities [8] - It accommodates a diverse range of sectors, with the spring fair focusing on electronics and home appliances, while the autumn fair emphasizes textiles and consumer goods [9] Changing Business Mindset - The participation of big companies aims to enhance international exposure and experience, reflecting a shift in the business mindset of Chinese exhibitors towards more proactive engagement in international trade [11][12] - The rise of Chinese fashion brands and designers illustrates the evolving outlook of Chinese enterprises in the global market [13] Cultural Appeal - The fair is complemented by the cultural attractions of Guangzhou, enhancing the overall experience for visitors [14] Future Prospects - The latest edition of the Canton Fair is expected to be larger and more impactful, aligning with the growing importance of international trading opportunities [15][16]

Core Insights - Dell Technologies (DELL) is well-positioned to capitalize on the strong demand for AI-capable PCs driven by the Windows 11 refresh cycle and enterprise upgrades [2][11] - The company is expanding its partnerships with major players like NVIDIA and Microsoft to enhance its AI capabilities and enterprise solutions [3][5][11] - Dell faces significant competition in the PC market from HP and Apple, which are also focusing on AI-enabled products [6][8] Group 1: AI and Market Demand - Dell's AI prospects are strong, with expansion from cloud service providers to enterprise deployments and edge computing [1] - The company reported CSG revenues of $12.50 billion in Q1 FY26, reflecting a 5% year-over-year increase, driven by strong demand in the commercial segment [2][11] - Dell's partnership with Lowe's aims to enhance customer experiences through advanced AI and PC technologies, optimizing inventory and streamlining operations [4] Group 2: Competitive Landscape - Dell faces stiff competition from HP, which is launching innovative AI PCs and expects 40-60% of all PCs to be AI-enabled within three years [6][7] - Apple's Mac business is thriving due to strong demand for its M4 chip products, further intensifying competition in the PC market [8] Group 3: Financial Performance and Valuation - DELL's stock has risen 1.1% year to date, underperforming the broader Zacks Computer & Technology sector's return of 1.6% [9] - The forward 12-month Price/Sales ratio for DELL is 0.77X, significantly lower than the sector's 6.36X, indicating a premium valuation [12] - The Zacks Consensus Estimate for Q2 FY26 earnings is $2.26 per share, reflecting an 11.5% increase in the past 30 days and a year-over-year growth of 19.58% [14]

11 June 2025 | 9:06AM HKT Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Xuan Zhang +852-2978-1478 | xuan.zhang@gs.com Goldman Sachs (Asia) L.L.C. Taiwan Technology: May review: ASIC AI servers & Components in strong growth; model transition in 3Q25 ASIC / baseboard-based AI servers, and components stay strong: (1) ASIC AI servers in strong growth: Wiwynn delivered +187% YoY of revenues growth in May, ...

Summary of HP Inc. (HPQ) Conference Call Company Overview - **Company**: HP Inc. (HPQ) - **Industry**: Personal Computers and Printing Key Financial Metrics - **F2Q25 EPS**: $0.71, missing Goldman Sachs (GS) estimate of $0.82 and consensus of $0.80 [2][3] - **Revenue**: $13.2 billion, in line with GS estimate of $13.2 billion but slightly below consensus of $13.1 billion [2][5] - **EBIT**: $961 million with a margin of 7.3%, missing GS estimate of $1.1 billion and consensus of $1.1 billion [2][9] - **Personal Systems Group Revenue**: $9.024 billion, above GS estimate of $9.019 billion [5] - **Printing Revenue**: $4.181 billion, below GS estimate of $4.221 billion [5] Guidance and Outlook - **F3Q25 EPS Guidance**: $0.68-$0.80, below consensus of $0.90 [6] - **F2025 EPS Guidance**: Lowered to $3.00-$3.30 from $3.45-$3.75, reflecting moderated demand and tariff impacts [2][7] - **Free Cash Flow Guidance**: Lowered to $2.6-$3.0 billion from $3.2-$3.6 billion [2][7] - **PC Industry Outlook**: Now expects low single-digit percentage (LSD%) unit growth year-over-year, down from mid-single-digit percentage (MSD%) [1][7] Performance Analysis - **PC Margins**: Weakness attributed to supply chain resiliency initiatives and competitive dynamics [1] - **Printing Margins**: Improved to 19.5%, above GS estimate of 19.0% [2][9] - **Cost of Revenue**: Increased to $10.481 billion, reflecting a 7% year-over-year increase [10] Risks and Challenges - **Demand Risks**: Slower-than-expected consumer demand and potential increases in hybrid work could negatively impact commercial PC demand [12] - **Pricing Pressure**: High levels of industry channel inventory and declining component costs may lead to lower margins [12] - **Market Competition**: Increased competition in both commercial and consumer printing markets [13] Strategic Initiatives - **Focus on Higher-Margin Products**: HPQ is shifting towards higher-margin hardware and ink subscription services to mitigate headwinds in the printing segment [13] - **Capital Allocation Policy**: HPQ aims to return 100% of free cash flow to shareholders through dividends and buybacks [14] Investment Thesis - **Neutral Rating**: Goldman Sachs maintains a neutral rating on HPQ with a 12-month price target of $27, indicating a downside potential of 4.7% from the current price of $28.34 [11][15] Conclusion HPQ's recent performance reflects challenges in the PC market due to macroeconomic factors and competitive pressures, leading to lowered guidance and expectations. The company's strategic focus on higher-margin products and commitment to returning capital to shareholders may provide some support in navigating these challenges.

Core Insights - Dell Technologies is set to report its first-quarter fiscal 2026 results on May 29, with expected revenues between $22.5 billion and $23.5 billion, indicating a 3% year-over-year growth at the midpoint of $23 billion [1] - The Zacks Consensus Estimate for revenues is $23.10 billion, suggesting a 3.86% growth from the previous year, while the consensus for earnings is $1.71 per share, reflecting a year-over-year growth of 34.65% [2] Financial Performance - Dell Technologies has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average earnings surprise of 5.13% [3] - The anticipated revenue growth for the combined Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) is 6% year-over-year at the midpoint, with ISG expected to grow in the low teens and CSG revenues expected to remain flat [5] Market Dynamics - The ISG revenues are estimated at $10.379 billion, indicating an 11.2% year-over-year growth, while CSG revenues are pegged at $12.237 billion, suggesting a 2.25% year-over-year growth [6] - The demand for AI-optimized servers is expected to have positively impacted Dell's fiscal first-quarter results, driven by digital transformation and interest in generative AI applications [4][7] Competitive Position - Dell Technologies' leadership in AI-optimized servers, including the PowerEdge 9680, has contributed to its growth, with a reported increase of $1.7 billion in AI server orders in the previous quarter [7] - The company's shares have underperformed the broader Zacks Computer & Technology sector year-to-date, losing 2.7% compared to the sector's 3.6% return, attributed to macroeconomic challenges and trade tensions [8] Valuation Metrics - Dell Technologies shares are considered undervalued, with a Value Score of B and a forward 12-month price-to-sales ratio of 0.75X, significantly lower than the sector's average of 6.12X [11] Strategic Partnerships - Dell's expanding partner base, including collaborations with NVIDIA, Microsoft, and Meta Platforms, is likely to have driven growth during the fiscal first quarter [13][14][15] - The partnership with NVIDIA aims to accelerate enterprise AI adoption, which is expected to reflect positively in the upcoming quarter's performance [14]

上能电气（ [Table_StockNameRptType] 300827） 公司深度 出海趋势明朗，海外订单助力业绩持续向好 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-09 | | [Table_BaseData] 收盘价（元） | 29.93 | | --- | --- | | 近 12 个月最高/最低（元） | 53.70/20.51 | | 总股本（百万股） | 360 | | 流通股本（百万股） | 266 | | 流通股比例（%） | 74.08 | | 总市值（亿元） | 108 | | 流通市值（亿元） | 80 | [公司价格与沪深 Table_Chart] 300 走势比较 -36% -4% 29% 62% 94% 5/24 8/24 11/24 2/25 上能电气 沪深300 ⚫ 光伏逆变器：国内外需求稳健增长，产品结构优化促进盈利提升 [Table_Author] 分析师：张志邦 | 执业证书号：S0010523120004 | | --- | | 邮箱： zhangzhibang@hazq.com | [Table_Co ...

We initiate on DELL with a Strong Buy and $135 PT. Dell Technologies is a global leader in IT infrastructure, commercial PCs, and cloud solutions across Infrastructure Solutions Group, Client Solutions Group, and VMware. Our conviction is based on two compounding catalysts:Moretus Research delivers state-of-the-art, buy-side quality equity research for serious investors seeking clarity, conviction, and alpha. Focused on U.S. public markets, Moretus applies a structured, repeatable framework to identify comp ...