🐦 推特Wall St EngineCodex · 实盘不做把握 4/10
北京时间·🕒 发布 16:20:29时区推断·⟳ 抓取 16:20:43·⚡ 决策 07-14 17:12:32 +51m49s·105.0 天前
爱立信二季度业绩小幅好于预期但三季度网络业务利润率承压
二季度EPS和调整后EBITA略高于预期，但收入同比下滑且网络业务有机收入下降，核心增长并不强。
📄 原文Wall St Engine@wallstengine↗ 原文
ERICSSON $ERIC Q2’26 EARNINGS HIGHLIGHTS 🔹 Revenue: SEK52.7B; -6% reported, -1% organic 🔴 🔹 EPS: SEK1.22 (Est. SEK1.2)…
不做 爱立信（ERIC.US）
财报信息好坏混合，正向超预期不足以做多；负面主要是利润率压力和成本通胀，强度不够且未确认可借券，不裸开空，当前不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-14 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 二季度EPS和调整后EBITA略高于预期，但收入同比下滑且网络业务有机收入下降，核心增长并不强。
- 三季度网络业务毛利率指引低于二季度，并提示组件成本和交付量压力，事件方向偏负但不是足够强的做空催化。
- 这是正式财报类信息，市场通常围绕一致预期定价，单条社媒摘要不足以证明存在可追的新增预期差。
主要风险
- 若公司电话会进一步强调提价、成本缓解或订单恢复，偏负解读可能被修正。
- 未核实盘前真实反应和完整财报细节，因此不适合用该摘要直接开仓。
原文全文
展开原文 · 1,257 字
ERICSSON $ERIC Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: SEK52.7B; -6% reported, -1% organic 🔴
🔹 EPS: SEK1.22 (Est. SEK1.2) 🟢; -11% YoY
🔹 Adj. EBITA: SEK6.88B (Est. SEK6.8B) 🟢; -7% YoY
🔸 Q3 Networks profitability to face pressure from higher component costs & rollout volumes 🔴
🔹 Q2 Adj. Gross Margin: 48.4%
Q3 Guide:
🔹 Networks Sales Growth: Expected above 3-year average seasonality
🔹 Networks Adj. Gross Margin: 48%-50% 🔴 (below Q2's 50.4%)
🔹 Cloud Software and Services Sales Growth: Expected broadly similar to 3-year average seasonality
FY Guide:
🔹 Restructuring Charges: Expected to be at elevated levels 🔴
Segment Performance:
🔹 Networks Revenue: SEK33.0B; -4% organic
🔹 Networks Adj. Gross Margin: 50.4%
🔹 Cloud Software and Services Revenue: SEK14.7B; +5% organic
🔹 Cloud Software and Services Adj. EBITA Margin: 12.4%
🔹 Enterprise Revenue: SEK4.5B; +3% organic
Financials:
🔹 Net Income: SEK4.1B
🔹 FCF Before M&A: SEK0.4B
🔹 Net Cash: SEK59.8B
Capital Return:
🔹 Capital Returns: SEK8.2B in Q2, including SEK3.2B of share repurchases
Commentary:
🔸 “In Q2, we took action to mitigate component cost inflation. As the impact builds in the coming quarters, we will continue to pursue internal measures and pricing actions to help offset the effect.”
🔹 Revenue: SEK52.7B; -6% reported, -1% organic 🔴
🔹 EPS: SEK1.22 (Est. SEK1.2) 🟢; -11% YoY
🔹 Adj. EBITA: SEK6.88B (Est. SEK6.8B) 🟢; -7% YoY
🔸 Q3 Networks profitability to face pressure from higher component costs & rollout volumes 🔴
🔹 Q2 Adj. Gross Margin: 48.4%
Q3 Guide:
🔹 Networks Sales Growth: Expected above 3-year average seasonality
🔹 Networks Adj. Gross Margin: 48%-50% 🔴 (below Q2's 50.4%)
🔹 Cloud Software and Services Sales Growth: Expected broadly similar to 3-year average seasonality
FY Guide:
🔹 Restructuring Charges: Expected to be at elevated levels 🔴
Segment Performance:
🔹 Networks Revenue: SEK33.0B; -4% organic
🔹 Networks Adj. Gross Margin: 50.4%
🔹 Cloud Software and Services Revenue: SEK14.7B; +5% organic
🔹 Cloud Software and Services Adj. EBITA Margin: 12.4%
🔹 Enterprise Revenue: SEK4.5B; +3% organic
Financials:
🔹 Net Income: SEK4.1B
🔹 FCF Before M&A: SEK0.4B
🔹 Net Cash: SEK59.8B
Capital Return:
🔹 Capital Returns: SEK8.2B in Q2, including SEK3.2B of share repurchases
Commentary:
🔸 “In Q2, we took action to mitigate component cost inflation. As the impact builds in the coming quarters, we will continue to pursue internal measures and pricing actions to help offset the effect.”
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