中国科技硬件企业即将发布的财报面临挑战，此前该板块股票遭遇了残酷的抛售。
Chinese technology hardware firms face a challenge to impress investors with their upcoming earnings reports after a brutal selloff in sector stocks.
光模块制造商中际旭创和印制电路板公司胜宏科技的大陆上市股票较今年早些时候创下的历史高点均下跌超过50%。两家公司都将于周四发布财报。
Mainland-listed shares of optical components maker Zhongji Innolight Co. and printed circuit board company Victory Giant Technology Huizhou Co. are down more than 50% from record highs set earlier this year. Both are due to report Thursday.
中国股票在全球人工智能交易走弱中属于跌幅最大的群体之一，主要原因是市场担心其盈利潜力能否支撑高昂的估值。
Chinese stocks have been among the biggest losers of the faltering global AI trade, largely on concerns over whether the earnings potential justifies the lofty stock valuations.
中国科技股云集的科创50指数的利润预期上升速度慢于纳斯达克100指数。科创50的市盈率在短短几个月内已减半，但仍是美国科技股指数的约两倍。
Profit estimates for China’s tech-heavy Star 50 index have risen more slowly than those for the Nasdaq 100. The Star 50’s price-to-earnings ratio has halved in just a few months but is still about double that of the US tech gauge.
上海承周资产管理有限公司董事项小天表示，在中国科技股遭遇抛售后，“盈利可能不足以恢复市场信心”。“不过，如果盈利大幅增长而股价进一步下跌，估值将变得更具吸引力，可能有助于这些股票筑底。”中国科技股近期还因全球人工智能建设融资方面的担忧而承压。如果大型科技公司难以为其人工智能资本支出计划提供资金，这可能损害对科技硬件供应商的需求。
“Earnings may not be enough to restore market confidence” after a selloff in China tech, said Xiang Xiaotian, director at Shanghai Chengzhou Investment Management. “If earnings jump while share prices fall further, however, valuations would become more attractive, potentially helping the stocks find a bottom.”Chinese tech shares have also suffered recently from worries over financing for the global AI buildout. If major tech firms have trouble funding their AI capital spending plans, that could hurt demand for tech hardware suppliers.
不过，光大证券国际策略师伍礼贤认为，“盈利基本面基本上仍然完好”。“预计到2027年，人工智能需求将保持强劲增长势头，光通信、印制电路板和数据中心的订单仍然稳健，”他说。
Kenny Ng, a strategist at China Everbright Securities International, nevertheless believes “earnings fundamentals remain largely intact.”“AI demand is expected to remain on a strong growth trajectory in 2027, with orders still robust across optical communications, PCBs and data centers,” he said.
包括中际旭创和新易盛在内的光学企业上周在发布业绩报告前发布了业务更新，强调直到明年的需求前景乐观。
Optics firms including Innolight and Eoptolink Technology Inc. issued business updates last week ahead of their results statements, stressing a positive demand outlook into next year.
彭博行业研究分析师陈肖恩表示：“近期关于资本支出的争论或担忧，是针对中长期而言的。我认为近期资本支出不存在实质性风险。对光学元件制造商来说，订单能见度依然稳固。”在已公布业绩的公司中，处理器制造商寒武纪科技股份有限公司尽管因制造产能受限导致营收不及预期，但仍公布了强劲的盈利。存储芯片企业长鑫存储技术有限公司公布的初步利润则令人失望。
“The recent capex debate, or concern, is for the mid-to-long term,” said Bloomberg Intelligence analyst Sean Chen. “I don’t think there’s a material risk to near-term capex. For optical component makers, order visibility remains solid.”Among companies that have already reported, processor maker Cambricon Technologies Corp. posted strong earnings even as revenue missed expectations due to manufacturing constraints. Memory firm CXMT Corp. reported disappointing preliminary profit.
晨星分析师余景杰表示，长鑫存储的疲软主要归因于成本上升以及更先进产品利润率下降，尽管“价格增长也在放缓”。他预计“2028年将出现周期顶部，随后随着存储芯片供应大幅增加，2029年将进入急剧的下行周期”。对于芯片代工厂，晨星分析师李飞力表示：“毛利率呈上升趋势，因为企业寻求在2027年前提价，加之产能利用率提高降低了单位固定成本。”在中国的外包芯片制造商中，中芯国际集成电路制造有限公司和华虹宏力半导体有限公司将于下月公布业绩。
Weakness at CXMT was mainly due to higher costs and lower margins on more advanced products, although “pricing growth is also slowing down,” said Jing Jie Yu, an analyst at Morningstar. He expects “a 2028 cycle top followed by a sharp downcycle in 2029 as memory supply comes up meaningfully.”For chip foundries, “gross margins are on an uptrend as companies seek to raise prices into 2027, plus higher utilization reduces unit fixed costs,” said Morningstar analyst Phelix Lee. Among China’s outsourced chipmakers, Semiconductor Manufacturing International Corp. and Hua Hong Grace Semiconductor Ltd. are due to report results next month.