5 May 2026 | 6:12PM HKT Equity Research CHINA INDUSTRIAL TECH 1Q26 results wrap; now prefer FA with strong pricing power, top pick Inovance 1Q26 sector results were overall in-line with 4/21/8 companies delivering an earnings beat/inline/miss. Notable results beats include Han's Laser (solid PCB/electronics demand), Hongfa (strong pricing power) and Centre Testing (mild operation turnaround) while results misses worth highlighting were Sungrow (ESS competition/margins risk), Envicool (slow domestic data cen ...

公司业绩与财务指引 - 康明斯上调2026年全年营收增长预期至8%-11% 此前预期为增长3%-8% [1][2] - 公司第一季度营收同比增长2.7% 达到84亿美元 略高于分析师平均预期的83.5亿美元 [4] - 第一季度每股收益为4.71美元 其中包含与完成出售低压燃料电池业务相关的每股1.44美元费用 上年同期季度每股收益为5.96美元 [4] 业务部门表现 - 生产发电机的电力系统部门第一季度销售额跃升19% [3] - 分销部门销售额同比增长7% [3] - 北美卡车市场已开始从周期性低点改善 [2] 市场需求驱动因素 - 与人工智能驱动的数据中心扩张相关的需求持续支撑发电机销售 [2] - 北美公路车辆市场预期改善 支撑了公司前景 [1] - 此前北美卡车市场需求疲软 较低的货运量和利润率压力影响了车队投资和发动机订单 [3]