人工智能结构升级推动盈利质量提升

25 June 2026 What’s Hot Today: ►Karrie International Holdings (1050 HK, HK$2.59, HK$5.4bn)AI Structural Upgrade Drives Earnings Quality KarriedeliveredasolidFY26withrevenueup7%YoYtoHK$3.47bn.DrivenbytherisingmixofAI-relatedproducts,netprofitincreased32%YoYtoHK$271mn.Afinaldividendof4.5HKcentsisdeclaredforafull-yearDPSof6.0HKcents,up9%YoY.Lookingahead,ASIC-relatedserverproductsbeganvolumedeliveryin2H26anditisexpectedtodrivefuturegrowthwhileboostingearningsquality. AI-related products drive growth in server enclosures:Server enclosurescontributedto about 57%of total revenue at HK$1.97bn,up 7.1%YoY.ProportionofAI-relatedproductsincreasedfrom3%to12%ofthesegment’srevenue,asASIC-relatedserverproductsbeganvolumedeliveryin2H26.Drivenbythe higher mix of AI-related products,segment GP rose 24.6%YoY to Demandfor EV Enclosures Remains Solid:Revenue from EV enclosuresincreased23%YoYtoHK$234mn,accountingfor6.7%oftotalrevenue.However,segment’sGPMdeclinedto20.3%fromlastyear’s23.4%,mainlyduetochangesinproductmixanddeliveryscheduleofcertainproducts.Althoughnear-term marginwill likely be soft,demand from new energy infrastructure remains StorageProductsProvideStableCashFlow:thissegmentrevenueclimbed5.3%YoYtoHK$1.27bn,accountingfor36.6%oftotalrevenue.GPMwasbroadlystableat3.3%.Whileprofitabilityremainsmodest,thesegmentoperatesunderacost-plusmodelandhasmaintainedover20yearsofrelationshipwithkey AI-relatedproductsareexpectedtodriveoverallprofitability:BlendedGPMimprovedto16.4%from14.6%inFY25,thankstothehighermixofAI/ASIC-relatedproducts.However,coreoperatingprofitincreasedonly16.2%YoYtoHK$382mn,asbusinessexpansionandcapexatThailand’splantpushedupSG&Aexpensesby29.6%YoY,partiallyoffsettingtheoperatingleverageandGPM MorningSnapshot HongKong&ChinaMarketDaily 25 June 2026 Ourviews:Karrie’sFY26resultswerebroadlyinlinewithexpectations.TherapidincreaseinAI-relatedproductmixhasconvertedintoavisibleimprovementinearningsquality.ThecompanyalsomadefurtherprogressinNVIDIA-relatedsupplychains,withprojectsadvancingthroughvendoronboarding,productdevelopment, ItisalsoexpandingfromserverenclosuresintoAIracks,MGX/ORVarchitectures,liquid-coolingCDUs,powermanagement,powerdistributionandcablemanagement-relatedrack-levelstructuralcomponents.Thescalingoftheseproductsshouldfurtherincreasevalueperrack.Moreover,theThailandfacilityramp-upshouldalso So urce: B lo o mberg AnalystHoward WongAlan LiAmelia Deng Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbe ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofany KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorother Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre, Guangdong 廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,