液冷：当下算力中心规模快速增长，加之服务器机柜功耗提升。政策端能耗要求PUE 日趋严格，行业 端散热需求提升，液冷成主要方向。公司2022 年布局汽车水冷板产品，现已开启液冷板产能建设。展 望未来，公司积极把握人工智能的快速发展，凭借自身技术及客户关系优势，有望实现订单突破。 低空经济：低空经济稳步推进，2026 年市场空间有望达万亿。公司成立敏翼科技，总经理产业履历深 厚，未来有望成低空领域核心供应商。目前公司已与亿航智能于2025 年7 月签署战略合作协议，共同研 发和生产eVTOL 电动垂直起降飞行器的关键部件。 投资建议：汽车主业加速成长，新业务有望陆续落地公司汽车业务受益欧洲新能源提速，电池盒业务推 动主业加速增长。新业务方面，公司前瞻布局多元化业务赛道，机器人、液冷、低空等业务新进展不断 推进，打造全新增长曲线。同时，随着公司进入产能收获期，资本开支下降，现金流改善，未来分红率 有望提升，公司估值中枢有望持续回升至2024 年以前水平，看好公司后续迎来"戴维斯双击"。预计公 司2025-2027 年归母净利润分别为28.1、33.1、40.6 亿元，对应PE 分别为12.9X、11.0X、8.9X ...

Core Insights - ResMed reported revenue of $1.34 billion for the quarter ended September 2025, reflecting a 9.1% increase year-over-year and a surprise of +0.94% over the Zacks Consensus Estimate of $1.32 billion [1] - Earnings per share (EPS) for the quarter was $2.55, up from $2.20 in the same quarter last year, with an EPS surprise of +2.41% compared to the consensus estimate of $2.49 [1] Revenue Performance - U.S., Canada, and Latin America - Devices revenue was $413.4 million, exceeding the average estimate of $409.2 million, representing a year-over-year increase of +7.5% [4] - U.S., Canada, and Latin America - Masks and other revenue reached $361.3 million, surpassing the average estimate of $355.76 million, with a year-over-year change of +11.9% [4] - Combined Europe, Asia, and other markets - Total revenue was $394.7 million, above the average estimate of $385.76 million, reflecting a +9.5% change year-over-year [4] - Combined Europe, Asia, and other markets - Devices revenue was $266.9 million, exceeding the average estimate of $257.17 million, with a year-over-year increase of +10.6% [4] - Combined Europe, Asia, and other markets - Masks and other revenue was $127.8 million, slightly below the average estimate of $128.59 million, showing a +7.2% year-over-year change [4] - U.S., Canada, and Latin America - Total revenue was $774.8 million, exceeding the average estimate of $764.96 million, representing a +9.5% change year-over-year [4] - Global revenue for Total Sleep and Breathing Health was $1.17 billion, surpassing the average estimate of $1.15 billion, with a +9.5% year-over-year change [4] - Global revenue for Residential Care Software was $166.1 million, below the average estimate of $170.38 million, reflecting a +5.9% year-over-year change [4] - Global revenue for Total Devices was $680.3 million, exceeding the average estimate of $666.36 million, with a year-over-year increase of +8.7% [4] - Global revenue for Total Masks and other was $489.1 million, surpassing the average estimate of $484.35 million, showing a +10.7% year-over-year change [4] Stock Performance - ResMed's shares have returned -6.4% over the past month, while the Zacks S&P 500 composite has increased by +3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - ResMed reported $1.35 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 10.2% and an EPS of $2.55 compared to $2.08 a year ago, exceeding both revenue and EPS consensus estimates [1] Revenue Performance - U.S., Canada, and Latin America - Devices generated $432.8 million, a 6.6% year-over-year increase, slightly below the average estimate of $435.08 million [4] - U.S., Canada, and Latin America - Masks and other products brought in $359.2 million, an 11.8% year-over-year increase, surpassing the average estimate of $349.01 million [4] - Combined Europe, Asia, and other markets - Total revenue reached $389 million, a 13.1% year-over-year increase, exceeding the estimated $371.49 million [4] - Global revenue for Total Sleep and Breathing Health was $1.18 billion, reflecting a 10.2% year-over-year increase, above the estimated $1.16 billion [4] Stock Performance - ResMed shares have returned +8.4% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Core Insights - ResMed reported $1.29 billion in revenue for the quarter ended March 2025, a year-over-year increase of 7.9% and an EPS of $2.37 compared to $2.13 a year ago, exceeding the Zacks Consensus Estimate of $1.28 billion by 0.53% [1] Financial Performance - The company delivered an EPS surprise of 0.42%, with the consensus EPS estimate being $2.36 [1] - Shares of ResMed have returned -3.3% over the past month, while the Zacks S&P 500 composite changed by -6.6% [3] Regional Performance - U.S., Canada, and Latin America - Devices: $422.70 million, a change of +5.9% year over year, compared to the average estimate of $426.47 million [4] - U.S., Canada, and Latin America - Masks and other: $326.70 million, representing a +13.4% change year over year, exceeding the estimate of $318.76 million [4] - Combined Europe, Asia, and other markets - Total: $381.30 million, a +5.5% change year over year, compared to the estimate of $377.86 million [4] - Combined Europe, Asia, and other markets - Devices: $253.50 million, a +6.1% change year over year, exceeding the estimate of $249.75 million [4] - Combined Europe, Asia, and other markets - Masks and other: $127.70 million, a +4.2% change year over year, slightly below the estimate of $128.11 million [4] - U.S., Canada, and Latin America - Total: $749.30 million, a +9% change year over year, compared to the estimate of $745.22 million [4] Global Revenue Breakdown - Global revenue - Total Sleep and Breathing Health: $1.13 billion, a +7.8% change year over year, exceeding the estimate of $1.12 billion [4] - Global revenue - Residential Care Software: $161.20 million, a +8.9% change year over year, slightly above the estimate of $161.15 million [4] - Global revenue - Total Devices: $676.20 million, a +6% change year over year, in line with the estimate of $676.22 million [4] - Global revenue - Total Masks and other: $454.40 million, a +10.6% change year over year, exceeding the estimate of $446.86 million [4]