证 券 研 究 报 告 赞宇科技（002637）深度研究报告 推荐（首次） 棕榈油周期红利释放，盈利弹性与成长性凸显 （1）供给端：本轮涨价核心驱动因素为主产国树龄老化、印尼环保政策进一 步收紧、马来种植面积缩减与外劳短缺。 （2）需求端：印尼未来可能推行 B50 生物柴油掺混政策，若 B50 全部达成预 计策带来额外新增需求年化约 400 万吨左右。若棕榈油叠加气候异常等因素 导致产量波动时，国内消费将透支其库存，出口配额或会进一步收紧。 （3）生物柴油消费需求驱动未来油脂价格进一步上涨。美国生物质柴油掺混 目标提升将大幅拉动植物油需求。2026 年美国生物质柴油掺混提案：生物质 柴油（D4）掺混量拟达 56.1 亿加仑（比 2025 年的 33.5 亿加仑增长 67%），这 将大幅拉动植物油需求。 （4）政策端：印尼 2026 年 3 月将棕榈油出口 Levy 由 10%提升至 12.5%，抬 高全球棕榈油价格中枢。 油脂化工业务：乘棕榈油行业东风，享基地产能红利。杜库达作为赞宇科技在 印尼设立的油脂化工生产基地，拥有原材料主产国保税区区位优势，其核心业 务为在当地对毛棕榈油采购后进行深加工、将加工后的化 ...

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $1.16 billion, a 4.1% increase year-over-year and 3.5% in constant currency, slightly above guidance [4][24] - Non-GAAP diluted earnings per share was $1.81, exceeding guidance due to a lower-than-expected tax rate [4][26] - The 12-month backlog increased to $4.25 billion, up $60 million sequentially and 2.7% from a year ago [5][31] Business Line Data and Key Metrics Changes - Managed services revenue was $746 million, up 2.3% year-over-year, accounting for approximately 65% of total revenue [26] - The acquisition of MATRIXX Software contributed immaterial revenue in Q1 as the deal closed late in the quarter [24] Market Data and Key Metrics Changes - North America revenue increased nearly 4% year-over-year, while Europe saw a 17% increase driven by organic growth and the acquisition of Profinit [24] - The rest of the world experienced a decline year-over-year but showed slight improvement sequentially [24] Company Strategy and Development Direction - The company aims to position itself as a market leader in the GenAI era, focusing on generative AI and data services [4][8] - A new multi-year agreement with T-Mobile was signed, which includes managed services, software development, and AI innovation [5][6] - The acquisition of MATRIXX Software for $197 million is expected to enhance the company's capabilities in billing and monetization solutions [7] Management's Comments on Operating Environment and Future Outlook - Management expects revenue decline with T-Mobile in fiscal 2026 due to lower spending [6][41] - The company is closely monitoring customer demand and spending behavior amid a challenging macroeconomic environment [16] - Guidance for fiscal 2026 remains at a revenue growth of 1% to 5% in constant currency [17][32] Other Important Information - The company announced the retirement of CEO Shuky Sheffer, with Shimie Hortig set to succeed him [17][19] - Free cash flow for Q1 was $237 million, equating to approximately 33% of the full-year target [28][30] Q&A Session Summary Question: Details on T-Mobile agreement - The new agreement with T-Mobile is a five-year contract covering managed services, development services, and AI-related activities, but revenue is expected to decline in 2026 due to lower spending [38][41] Question: MATRIXX acquisition strategy - The acquisition adds a new charging engine and customer base, enhancing the company's market position in billing and monetization [44][45] Question: Unique aspects of the new agentic operating system (AOS) - AOS is a next-generation platform for GenAI that can operate on any BSS/OSS infrastructure, expected to serve as a new growth engine [53][55] Question: Telcos' AI journey and pipeline opportunities - The company is actively working with customers to develop use cases for AI, transitioning from opportunistic to strategic implementations [58][60] Question: Revenue guidance and T-Mobile milestones - The slight revenue beat was not due to a specific customer but reflects overall performance, with multiple ongoing activities for T-Mobile rather than singular milestones [63][65]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $1.16 billion, a 4.1% increase year-over-year and 3.5% in constant currency, slightly above guidance [4][24] - Non-GAAP diluted earnings per share was $1.81, exceeding guidance due to a lower-than-expected tax rate [4][26] - Non-GAAP operating margin improved by 40 basis points year-over-year to 21.6% [24][26] - The 12-month backlog increased to $4.25 billion, up $60 million sequentially and 2.7% from a year ago [5][31] Business Line Data and Key Metrics Changes - Managed services revenue was $746 million, up 2.3% year-over-year, accounting for approximately 65% of total revenue [26] - The acquisition of MATRIXX Software contributed immaterial revenue in Q1 as the deal closed late in the quarter [24][26] Market Data and Key Metrics Changes - North America revenue increased nearly 4% year-over-year, marking the fourth consecutive quarter of sequential growth [24] - Europe saw a 17% year-over-year increase, driven by organic growth and the acquisition of Profinit [24] - The rest of the world experienced a decline year-over-year but showed slight improvement sequentially [24] Company Strategy and Development Direction - The company aims to position itself as a market leader in the GenAI era, focusing on generative AI and data services [4][8] - A new multi-year agreement with T-Mobile includes managed services, software development, and AI innovation [5][6] - The acquisition of MATRIXX Software for $197 million is seen as a strategic move to enhance billing and monetization solutions [7][8] - The company is focused on expanding its global customer footprint and diversifying its market presence [6][16] Management's Comments on Operating Environment and Future Outlook - Management expects revenue growth of 1% to 5% in constant currency for fiscal 2026, reiterating guidance despite macroeconomic uncertainties [17][32] - The company is closely monitoring customer demand and spending behavior in the current economic environment [16][32] - Management expressed confidence in the long-term strategy and leadership team, with a planned transition in executive leadership [18][19] Other Important Information - The company repurchased $146 million of its shares during the quarter, with $840 million remaining in repurchase authority [30] - Free cash flow before restructuring payments was $237 million, equating to approximately 33% of the full-year target [28][30] Q&A Session Summary Question: Details on T-Mobile agreement and revenue trajectory - The new agreement with T-Mobile is a five-year contract covering managed services and AI-related activities, but revenue is expected to decline in 2026 due to lower spending [38][41] Question: Strategic value of MATRIXX acquisition - The acquisition adds a tier-two charging engine and a strong customer base, enhancing the company's capabilities in billing and monetization [44][45] Question: Unique aspects of the new agentic operating system (AOS) - AOS is a next-generation platform for GenAI that can operate on any BSS/OSS infrastructure, expected to serve as a new growth engine [53][55] Question: Progress of telcos in AI initiatives - The company is working with customers to develop various use cases, transitioning from opportunistic to strategic AI implementations [58][60] Question: Revenue guidance and T-Mobile milestones - The slight revenue beat was not due to any specific customer, and the T-Mobile agreement involves multiple ongoing activities rather than singular milestones [63][65]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $1.16 billion, a 4.1% increase year-over-year and 3.5% in constant currency, slightly above guidance [4][26] - Non-GAAP diluted earnings per share (EPS) was $1.81, exceeding guidance due to a lower-than-expected tax rate [4][28] - Non-GAAP operating margin improved by 40 basis points year-over-year to 21.6% [28] Business Line Data and Key Metrics Changes - Managed services revenue was $746 million, up 2.3% year-over-year, accounting for approximately 65% of total revenue [28] - The 12-month backlog increased to $4.25 billion, up $60 million sequentially and 2.7% from a year ago [5][31] Market Data and Key Metrics Changes - North America revenue increased nearly 4% year-over-year, while Europe saw a 17% increase driven by organic growth and the acquisition of Profinit [26] - The rest of the world experienced a decline year-over-year but showed slight improvement sequentially [26] Company Strategy and Development Direction - Amdocs aims to position itself as a market leader in the GenAI era, focusing on generative AI and data services [4] - The company announced a multi-year agreement with T-Mobile, which includes software development and AI innovation [5][6] - Amdocs is expanding its global customer footprint and diversifying internationally through organic and inorganic growth [7][8] Management's Comments on Operating Environment and Future Outlook - Management expects revenue growth of 1% to 5% in constant currency for fiscal 2026, reiterating guidance despite macroeconomic uncertainties [18][32] - The company is closely monitoring customer demand and spending behavior in the current economic environment [17] Other Important Information - Amdocs completed the acquisition of MATRIXX Software for $197 million, enhancing its capabilities in billing and monetization solutions [8] - The company is developing a next-generation AI platform, AOS, which is expected to be showcased at Mobile World Congress [11][56] Q&A Session Summary Question: Details on the T-Mobile agreement - The agreement is a five-year contract covering managed services, development services, and AI-related activities, but revenue is expected to decline in 2026 due to T-Mobile's lower spending [39][42] Question: Strategic value of the MATRIXX acquisition - The acquisition consolidates a competitor and adds a charging engine for tier-two customers, enhancing Amdocs' market position [45][47] Question: Unique aspects of the new agentic operating system (AOS) - AOS is a next-generation platform that integrates with existing BSS/OSS infrastructures, expected to serve as a growth engine for Amdocs [56][58] Question: Progress of telcos in AI initiatives - Telcos are moving from opportunistic to strategic use of AI, with AOS providing a holistic solution to leverage this technology [60][62]