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北京时间·🕒 发布 22:56:38时区推断·⟳ 抓取 23:01:44·⚡ 决策 07-28 23:04:00 +2m16s·91.0 天前
Sanmina三季度业绩超预期并上调全年指引，但股价因ZT Systems近季收入节奏担忧盘中重挫
三季度收入34.6亿美元、Non-GAAP EPS 3.31美元均高于预期，全年EPS指引上调至11.90-12.20美元，基本面表面偏正面。
📄 原文Seeking Alpha↗ 原文
Sanmina slides 20% despite Q3 earnings beat, raised FY26 outlook
Sanmina (SANM) shares fell more than 20% despite the electronics manufacturing services company reported strong third-q…
不做 Sanmina（SANM.US）
财报beat和全年指引上调被ZT Systems近端收入节奏与四季度收入中点偏弱抵消，股价盘中已跌20%说明市场正在负面重定价；利空不反手做多，且未满足强空催化+可借券条件，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 公司盘后发布三季度财报、四季度指引和上调后的2026财年指引，是本事件一手来源。市场反应:盘后最初仅小幅下跌。
- 转录与解读指出股价盘后承压，市场关注近端指引与现金流，其中ZT Systems四季度收入低于上季隐含预期。市场反应:文中称盘后跌约1.09%。
- Seeking Alpha盘中报道Sanmina虽业绩超预期并上调全年指引但股价跌超20%，说明市场已在交易负面解读。市场反应:SANM.US盘中跌幅约20%。
关键理由
- 三季度收入34.6亿美元、Non-GAAP EPS 3.31美元均高于预期，全年EPS指引上调至11.90-12.20美元，基本面表面偏正面。
- 反向信息是四季度收入指引中点约34.5亿美元略低于35.2亿美元共识，且ZT Systems四季度收入0.8-1.0亿美元低于上季隐含预期，下一代加速计算收入要到2027财年一季度才开始贡献。
- 现价166.00美元较前收208.90美元跌20.54%，市场正在对AI/云基础设施节奏重新定价，不能把跌幅当抄底催化。
主要风险
- 若下一代加速计算项目在2027财年顺利放量，盘中20%下跌可能存在过度反应，但当前信号本身不是做多触发。
- 财报类事件已进入盘中交易且价格剧烈反向，追多或反手抄底都不符合事件方向一致纪律。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-07-27 · 影响 weakens
内部库命中财报会纪要，反向信息集中在ZT Systems四季度收入低于隐含预期、下一代加速计算收入递延到2027财年。
检索:Sanmina Q3 2026 earnings raised guidance shares fell 20 reason SANM 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-27 · 影响 weakens
外部转录确认四季度ZT Systems收入指引偏弱，足以解释盘中反向重定价，削弱财报beat追多逻辑。
检索:Sanmina Q3 2026 earnings transcript ZT Systems revenue guidance July 2026 原文 ↗ - 做空前查反向 · 来源 stock_quote · 日期 2026-07-28 · 影响 none
行情显示SANM.US盘中跌20.54%，但当前事件正负并存且未取得Futu可借券库存回执，不满足开空红线。
检索:SANM.US full quote borrow after earnings drop
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原文全文
展开原文 · 999 字
Sanmina (SANM) shares fell more than 20% despite the electronics manufacturing services company reported strong third-quarter results and issued rise in annual revenue guidance.
For the quarter ended June 27, 2026, revenue rose 69.6% year over year to $3.46B, topping the $3.40B consensus. Non-GAAP EPS came in at $3.31, beating estimates by $0.52, while non-GAAP operating margin reached 8.0%.
The company also raised its fiscal 2026 outlook, projecting revenue of $14B-$14.3B, up from the prior $13.7B-$14.3B range. It increased its non-GAAP operating margin forecast to 6.85%-7.25% and lifted expected non-GAAP EPS to $11.90-$12.20 from $10.75-$11.35, above the $11.20 consensus.
For the fiscal fourth quarter, Sanmina expects revenue of $3.3B to $3.6B versus the $3.52B consensus. It forecast non-GAAP EPS of $3.05 to $3.35, above the $2.90 consensus.
CEO Jure Sola said Sanmina secured additional customer orders, expanded capacity, and continues to see strong demand into fiscal 2027 and 2028.
For the quarter ended June 27, 2026, revenue rose 69.6% year over year to $3.46B, topping the $3.40B consensus. Non-GAAP EPS came in at $3.31, beating estimates by $0.52, while non-GAAP operating margin reached 8.0%.
The company also raised its fiscal 2026 outlook, projecting revenue of $14B-$14.3B, up from the prior $13.7B-$14.3B range. It increased its non-GAAP operating margin forecast to 6.85%-7.25% and lifted expected non-GAAP EPS to $11.90-$12.20 from $10.75-$11.35, above the $11.20 consensus.
For the fiscal fourth quarter, Sanmina expects revenue of $3.3B to $3.6B versus the $3.52B consensus. It forecast non-GAAP EPS of $3.05 to $3.35, above the $2.90 consensus.
CEO Jure Sola said Sanmina secured additional customer orders, expanded capacity, and continues to see strong demand into fiscal 2027 and 2028.
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