Sanmina: F3Q26 Review: Revenue Mix Supports Beat & Raise; Rev. & Vertical Integration Opt‘y Expands for ZT

研报英文原文证据摘录

Sanmina: F3Q26 Review: Revenue Mix Supports Beat & Raise; Rev. & Vertical Integration Opt‘y Expands for ZT

J P M O R G A N North America Equity Research

28 July 2026

Sanmina Neutral

SANM, SANM US

F3Q26 Review: Revenue Mix Supports Beat & Raise; Price (27 Jul 26):$208.90

Rev. & Vertical Integration Opty Expands for ZT ▼Price Target (Dec-27):$260.00 Prior (Dec-27):$275.00

Sanmina delivered robust earnings upside relative to consensus expectations for

both F3Q26 (Jun-end) results as well as guidance relative to F4Q26. However, the IT Hardware/ Telecom & Networking

Equipmentearnings print highlighted several moving pieces worth unpacking: 1) Legacy

business growth accelerated in F3Q (+17% y/y vs. 8% y/y in F2Q26), driven by Manmohanpreet Singh AC

broader Industrial acceleration as witnessed by other Industrial Technology (1-212) 622-4527

manmohanpreet.singh@jpmchase.com

companies, like TE Connectivity (see report here), as well as continued robust AI-

linked demand across legacy Communications Networks and Cloud Joseph Cardoso

(1-212) 622-9036

Infrastructure; 2) ZT Systems F4Q revenue guide (~$0.9 bn at mid-point) tracked joseph.cardoso@jpmchase.com

modestly below prior implied guide driven by limited next generation Helios

Marc Vitenzon

revenue embedded into the quarter - which is also driving us to modestly push out (1-212) 622-3342

our forecast for ramp for the ZT business; and 3) margin upside in 2H of FY26 is marc.vitenzon@jpmchase.com

driven by non-recurring engineering (NRE) revenues tracking much better than Akanksh Chauhan

typical (in F3Q), as well as lower than expected mix of the lower margin (1-212) 622-0045

accelerated compute business (both F3Q and F4Q). Looking beyond the near-term akanksh.chauhan@jpmorgan.com