SANM 通过与 AMD 合作转向 AI 制造，推动显著增长，使其成为重点观察名单中的候选标的。
逐段跳播
这实际上引出了今天视频的最后一个选择，即Sanmina，代码SANM。这个名字对普通大众来说肯定不为人知。然而，这是一只过去十二个月上涨约60%、自年初以来上涨约20%的股票，略高于更广泛的标普500指数的表现。
一如既往，这也是我们一直在谈论的，单凭一只股票的表现并不能告诉你它的成长故事，也不能告诉你这家企业的质量。但这是一家非常有意思的公司，我认为它配得上我们所看到的这一涨幅。
This actually leads me to the last choice for today's video, which is Sanmina, codenamed SANM. This name is certainly not known to the general public. However, it is a stock that has risen by about 60% over the past twelve months, and by about 20% since the beginning of the year, slightly above the performance of the broader S&P 500 index.
As always, and this is something we talk about all the time, a stock's performance alone doesn't tell you its growth story, nor does it tell you the quality of the business. But this is a really interesting company , and I think it deserves a lot of the growth we've seen.
但这是一家非常有意思的公司，我认为它配得上我们所看到的这一涨幅。Sanmina是一家有46年历史的电子代工制造商，1980年成立于圣何塞。在其历史的大部分时间里，Sanmina本质上一直是那种完全在幕后运营的公司之一。
这是因为该公司生产的是其他公司贴上自己品牌的电路板、线缆组件和完整电子系统。因此，它服务于国防、航空航天、工业、医疗器械和通信设备领域的客户。所以，Sanmina并不设计最终产品。
正是这种后端制造和供应链模式，让这些其他公司能够大规模制造设备，而无需拥有自己的工厂。几十年来，这就是Sanmina为人所知的稳定、利润率相对较低、个位数增长的单一业务。
But this is a really interesting company, and I think it deserves a lot of the growth we've seen. Sanmina is a 46-year-old contract electronics manufacturer, founded in 1980 in San Jose.
Throughout most of its history, Sanmina has essentially been one of those companies that operates entirely behind the scenes. This is because this company builds circuit boards, cable assemblies, and complete electronic systems that other companies put their names on.
Therefore, it serves customers in the fields of defense, aerospace, industry, medical devices and communications equipment. Therefore, Sanmina does not design the final product.
It is really that back-end manufacturing and supply chain model that allows these other companies to build devices on a large scale without owning their own factories. For decades, this was the stable, relatively low-margin, single-digit business that Sanmina was known for.
结果，那个合作伙伴就是Sanmina。关于这一安排还有一点值得注意，Sanmina还成为了AMD未来新AI服务器设计的首选制造合作伙伴。
Well, it turns out that partner is Sanmina. Another thing to note as part of that arrangement is that Sanmina has also become AMD’s preferred manufacturing partner for future new AI server designs.
因此，他们正在制造大量采用AMD技术、面向主要云客户的AI服务器单元。因此，这对Sanmina来说从根本上具有关键意义。
Therefore, they are building a lot of AI server units powered by AMD technologies and geared towards major cloud customers. Therefore, this was fundamentally pivotal for Sanmina.
他们已从一家普通的代工制造商，转变为与主导人工智能芯片行业的两家最大公司之一建立了直接制造关系。
They have gone from being a general contract manufacturer to having a direct manufacturing relationship with one of the two largest companies that dominate the artificial intelligence chip industry.
我们来稍微谈谈财务方面。他们最近一个季度是2026财年第三季度，营收为35亿美元。同比增长70%，现金流动性约为20亿美元。
Let's talk a little about the financial aspects. Their most recent quarter was the third quarter of their fiscal year 2026, with revenues of $3.5 billion. With an increase of 70% year-on-year, and cash liquidity of approximately $2 billion.
他们已上调了全年预期。得益于ZT Systems业务的扩张，他们力争在2027财年实现超过160亿美元的营收。
They have raised their expectations for the entire year. They are looking to generate revenues exceeding $16 billion by fiscal year 2027 thanks to the expansion of ZT Systems' operations.
所以，这是一个堪称典范的转型故事。再说一次，这曾是一门稳定而稳健的业务，不是吗？但他们已从那种依靠缓慢、稳定合同的制造商，通过这笔非常重要的收购，转变为AI基础设施领域的直接参与者。
So, this is a transformation story par excellence. Again, this was a stable and solid business, wasn't it? But they have moved from that type of manufacturer under slow, stable contracts to a direct player in AI infrastructure through this very important acquisition.
我们看到营收和利润两方面都有大量令人印象深刻的增长。
We are seeing a lot of impressive growth in both revenue and profits.
我认为这家公司至少绝对值得你把它列入关注名单。这无疑是一个例子，说明一家较为普通的制造商通过自我重塑，成为AI供应链中的成功故事。
I think this company definitely deserves at least to be put on your radar. It is certainly an example of one of the more mundane manufacturers that reinvented itself to become a success story in the AI supply chain.
因此，如果你在寻找一家与AMD等公司拥有重要合作关系、同时自身业务也在增长的公司，Sanmina是一家值得关注的有趣公司。
Therefore, Sanmina is an interesting company to follow if you are looking for a company that has key relationships with the likes of AMD but is also growing its own business.
是的，Rachel，你知道，这家公司，你一提到AMD，我就仔细听，想听到更多。我的意思是，你提到该公司预计全年营收约为140亿。我刚才在看他们对2027财年的指引。他们预测营收将增长至160亿。
Yes, Rachel, you know that this company, as soon as you mentioned AMD, I listened intently and wanted to hear more. I mean, you mentioned that the company expects to generate revenues of around 14 billion for the entire year.
I was just looking at their guidance for fiscal year 2027. They are forecasting revenue growth to 16 billion.
他们还表示，增长预计主要集中在今年下半年，并延续到2028财年。这家公司，在录制本内容时，也位于……让我快速再查一下数据。其市值在100亿至110亿美元之间。
They also stated that growth is expected to be concentrated mainly in the second half of the year and extend into fiscal year 2028. This company, at the time of this recording, is also located in...
Let me quickly check the data again. Its market value ranges between $10 and $11 billion.
真正让我兴奋的是与AMD的那项合作。这可能转化为与Sanmina的一项出色合作，更重要的是与CT System的合作，因为他们现在拥有它，不是吗？
What really excites me is that partnership with AMD. This could translate into a great partnership with Sanmina, and more importantly with CT System, because they have it now, don't they?
正如你提到的，他们把该团队的一部分卖给了“Sanmina”。他们保留了团队的一部分用于设计流程。这意味着这两方之间将会有大量的整合。
As you mentioned, they sold part of that team to "Sanmina". They retained part of the team for the design process. This means there will be a lot of integration between these two parties.
这确实令人兴奋。这家公司立刻跃居我关注列表的首位。
This is truly exciting. This company immediately jumped to the top of my watch list.
这个频道对 $SANM 的历次判断
The Motley Fool 在这只股票上只有这一条判断。