#EMS

Inventec: An AI-Server Manufacturer Still Earning Assembly Margins

Inventec is a Taiwan ODM/EMS maker that has shifted from a notebook-led business to a server-led one, with servers above half of sales on the AI build-out. Q1 2026 revenue rose 28% to NT$200.3 billion, yet gross margin slipped to 5.1% and operating cash flow has converted only about 0.8x of net income over 2021-2025, so AI growth is still monetized through thin, working-capital-heavy assembly economics. Rating Hold: a better business than its old notebook-ODM image, but at NT$67.7 the stock already prices in much of the transition, with a wide margin of safety only opening in the low-to-mid NT$40s.

天弘科技 Celestica 深度研究

天弘科技（Celestica）是为超大规模云厂商制造高带宽交换机与 AI 数据中心平台的加拿大电子制造商，CCS 与 ATS 两翼并行。Q1 2026 营收同比增 52.8% 至 40.47 亿美元、全年指引上调至约 190 亿美元，但全年自由现金流指引仅约 5 亿美元、对应收益率约 1.2%。研报评级持有：业务重塑已兑现，当前股价在为未来两年的继续完美提前付费。

Jabil Inc. 深度价值投资分析

全球 EMS 龙头乘 AI/云基建景气，FY2026 Cloud & Data Center 同比 +41%；当前 380.25 美元对应 51 倍 PE、Owner Earnings yield 3.0-3.6% 低于 10Y 国债，安全边际无。