涉及的公司与行业 * 公司为立讯精密工业股份有限公司（Luxshare Precision Industry Co, Ltd，股票代码 002475 SZ）[1][5] * 行业为摩根士丹利定义的"大中华区科技硬件"（Greater China Technology Hardware）[5][67] 核心财务表现与业绩指引 * 2025年第三季度营收为964 11亿人民币，同比增长31%，环比增长54%，超出摩根士丹利和市场的预期[7][10] * 第三季度净利润为48 74亿人民币，同比增长32%，环比增长35%，每股收益为0 67人民币，超出摩根士丹利预期6%[7][10] * 盈利能力提升，第三季度毛利率为12 8%，环比提升0 8个百分点，营业利润率为5 2%，环比提升0 2个百分点[7][10] * 公司给出2025年全年净利润指引为165亿至172亿人民币，同比增长23 59%至28 59%[7] * 基于此指引，第四季度净利润预计为50亿至56 68亿人民币，同比增长17%至32%[7] * 摩根士丹利对公司2025年每股收益的预测为2 24人民币，2026年预测为2 72人民币[5] 业务发展战略与未来重点 * 公司致力于加速业务多元化战略，扩大在AI智能终端设备、光电、高速连接、热管理、智能汽车和机器人等领域的投入和市场渗透[3] * 董事会批准了现金分红方案，每10股派发1 6人民币股息[3] * 摩根士丹利将在11月1日的第三季度财报电话会议上重点关注管理层对2026年初步展望、全球产能扩张计划以及数据通信和汽车业务发展进展的评论[3][8] 投资观点与风险 * 摩根士丹利给予立讯精密"增持"评级，目标股价为55 00人民币，但当前股价为65 04人民币，相对目标价存在15%的下行空间[5] * 摩根士丹利看好公司业务多元化的快速进展[3] * 上行风险包括：AirPods需求改善且盈利能力提升、5G部署推动通信和汽车电子业务增长快于预期、成本控制优于预期[13] * 下行风险包括：iPhone或AirPods销售不及预期、竞争加剧导致利润率承压、新产品份额增长有限[13] * 估值方法采用剩余收益模型，假设股权成本为11 1%，中期增长率为14%，永续增长率为5%[11]

涉及的行业与公司 * 行业：大中华区科技硬件[4] * 公司：富士康工业互联网股份有限公司[1][4] 核心观点与论据 财务业绩表现 * 公司第三季度营收为2431.72亿元人民币，较摩根士丹利预期低14%[2][8] * 第三季度营业利润为127.35亿元人民币，超出摩根士丹利预期12%，环比增长52%，同比增长57%[6][8] * 第三季度营业利润率环比提升1个百分点，同比提升0.4个百分点，达到5.2%[2][8] * 第三季度净利润为103.73亿元人民币，每股收益为0.52元人民币，符合摩根士丹利预期[2][8] * 第三季度毛利率为6.9%，高于预期的6.0%和去年同期的4.4%[8] 各业务板块增长动力 * 云设备业务收入同比增长超过75%，其中来自云服务提供商客户的收入同比增长超过2.1倍，AI GPU服务器收入环比增长超过90%[6] * 电信与网络设备业务随AI发展趋势增长，第三季度800G网络交换机收入同比增长超过27倍[6] * 精密组件业务稳步增长，得益于某大客户新款AI智能手机产品的发布需求[6] 资产负债表与现金流状况 * 第三季度库存达到1647亿元人民币，环比增长34%，同比增长82%[6] * 库存周转天数保持在58天，与第二季度持平，但高于去年同期的49天[6] * 第三季度营运现金流转为流出55亿元人民币[6] * 现金转换周期改善至37天，优于第二季度的43天和去年同期的53天[6] 未来展望与估值 * 摩根士丹利预计AI服务器机柜出货将在2026-2027年推动显著的利润增长[6] * 对公司评级为“增持”，目标股价52.50元人民币，相较当前80.80元的股价有35%的下行空间[4] * 估值基于多阶段剩余收益模型，关键假设包括10%的股权成本、16%的中期增长率以及5%的永续增长率[9][10] * 2025年预期每股收益为1.68元人民币，2026年预期为2.50元人民币[4] 其他重要内容 上行与下行风险 * 上行风险包括工业物联网解决方案项目获取进度加快、制造业业务竞争减弱、5G和数据中心需求超预期以及宏观经济前景更强[10] * 下行风险包括工业物联网解决方案项目获取进度缓慢、制造业业务竞争加剧、5G和数据中心需求低于预期以及宏观经济前景疲弱[10] 投资评级分布 * 摩根士丹利覆盖的3698家公司中，41%为“增持/买入”评级，44%为“持股/持有”评级，16%为“减持/卖出”评级[28]

Key Points Celestica's Q3 results came in well above Wall Street's expectations. The company hiked performance targets for 2025 and issued strong 2026 guidance. Celestica is benefiting from demand tailwinds connected to artificial intelligence (AI) data center buildouts. 10 stocks we like better than Celestica › Celestica (NYSE: CLS) stock is roaring higher in Tuesday's trading. The company's share price was up 7.8% as of 1:30 p.m. ET. The technology hardware specialist's stock had been up as much ...

Zebra Technologies on Tuesday forecast fourth-quarter profit and revenue growth above analysts' estimates, signaling steady demand for its barcode scanners and mobile computers as businesses accelerate efforts to digitize operations. ...

US stock futures perked up on Tuesday, eyeing fresh record highs as investors fielded the latest rush of earnings and looked to the Federal Reserve meeting to confirm interest-rate cuts are on the way. Dow Jones Industrial Average futures (YM=F) moved up 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%. Contracts on the S&P 500 (ES=F) were little changed after the benchmark ended above 6,800 for the first time. Stocks closed at all-time peaks on Monday amid rising hopes for a US-China ...

Welcome back. A a check on a few big stories that we're following this morning. We're starting with Apple announcing it has begun shipping Americanmade AI servers out of Texas.The servers are a part of Apple's commitment to spend $600 billion in the US. Head of Microsoft's AI unit says the company will not build chat bots for erotica. The company's come a week after OpenAI CEO Sam Alman said this company plans to allow verified adults to use chat GPT for that type of content.Disney is warning ESPN and other ...

Amazon announced on Wednesday that it’s developing AI-powered smart glasses for its delivery drivers. The idea behind the glasses is to give delivery drivers a hand-free experience that reduces the need to keep looking between their phone, the package they’re delivering, and their surroundings.The e-commerce giant says the glasses will allow delivery drivers to scan packages, follow turn-by-turn walking directions, and capture proof of delivery, all without using their phones. The glasses use AI-powered sen ...

In the current market session, Pure Storage Inc. (NYSE:PSTG) stock price is at $90.86, after a 0.14% drop. However, over the past month, the company's stock spiked by 2.91%, and in the past year, by 73.46%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. Evaluating Pure Storage P/E in Comparison to Its PeersThe P/E ratio is used by long-term shareholders to assess the company's market performance against agg ...

财务业绩 - 前三季度营业收入为29.73亿元，同比增长6.89% [1] - 前三季度归属于上市公司股东的净利润为1.31亿元，同比增长59.30% [1] 战略调整 - 公司正积极推动新旧增长动能的切换以谋求长期发展优势 [1] - 公司主动对现有产品线进行升级，并将资源更多地聚焦于核心赛道的创新产品孵化 [1] - 前瞻性的投入与调整在短期内对业绩形成一定压力，但为构建更健康、更具竞争力的业务组合奠定基础 [1] 未来规划 - 公司下一步工作重心将全面转向提升高价值业务的贡献度 [1] - 公司将全面拥抱AI+，主攻云、边、端三大方向进行产品规划 [1]

公司动态 - 戴尔科技发布AI数据平台新进展 旨在帮助企业将分布式、孤立的数据转化为更快速可靠的AI成果 [1]