-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：SANM第二季業績表現卓越，營收達40.1億美元（年增102%），非GAAP每股收益為3.16美元（年成長124%），遠超過先前2.55美元至2.85美元的預期。 ZT Systems憑藉著加速的計算設備出貨量，業績顯著超出預期，而核心業務Sanmina也實現了7.3%的獨立成長。非GAAP營業利潤率從去年同期的5.6%提升至6.4%，驗證了我們關於ZT能夠在整合過程中維持營運紀律的同時，實現即時成長的論點。基於強勁的業績表現和人工智慧基礎設施積壓訂單的可見性，管理層將2026財年營收預期上調至137億美元至143億美元。我們認為，此次合併將使SANM在人工智慧基礎設施策略的持續推進方面佔據有利地位，其穩健的資產負債表（擁有15.8億美元現金和新增的6億美元股票回購授權）為其提供了有力支撐。然而，儘管第二季強勁的3.42億美元自由現金流足以輕鬆滿足償債需求，但21.7億美元的總債務仍需密切關注其槓桿水平。
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