AI & Infrastructure CapexAI 与基础设施资本开支
Sanmina Corporation
SANM 5.5Price and target zones价格与目标区间
Above fair value高于合理价值
What the company does公司做什么
Sanmina is a contract manufacturer of electronics. Other companies design a product and pay Sanmina to build it — circuit boards, cable assemblies, and complete complex systems. It builds; it does not design or brand.Sanmina 是一家电子产品代工制造商。别的公司设计出产品，然后付钱让 Sanmina 来制造——电路板、线缆组件，以及完整而复杂的整机系统。它只负责制造；不做设计，也不做品牌。
Earns from营收来源 manufacturing fees, mostly for complex, regulated products in defence, medical, and industrial markets.制造费用，主要来自国防、医疗和工业市场里那些复杂的、受监管的产品。
Read the full description查看完整介绍
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates through two businesses: Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engaging in the manufacture of components, subassemblies, and complete systems; and direct order fulfilment and logistics services. In addition, the company provides components, such as printed circuit boards, backplane fabrication and backplane assemblies, cable assemblies, fabricated metal parts, precision machined parts, and plastic injected molded parts; memory solutions; storage platforms; optical, radio frequency, and microelectronic solutions; defense and aerospace products, design, manufacturing, repair, and refurbishment services; and cloud-based manufacturing execution software. It offers its products and services primarily to original equipment manufacturers in the industrial, medical, defense and aerospace, automotive, communications networks, and cloud infrastructure industries. The company was formerly known as Sanmina-SCI Corp. Sanmina Corporation was incorporated in 1980 and is headquartered in San Jose, California.
Revenue breakdown营收构成 share of revenue营收占比
This is Sanmina's core build-to-order business: a customer sends a design and Sanmina assembles, tests, and ships the finished circuit boards and complete electronic systems. Most customers sit in defence, medical, and industrial markets, where products are complex and tightly regulated, so a customer rarely switches builder once qualified. That switching cost is the segment's main value, even though contract-manufacturing margins stay thin.这是三芯（Sanmina）的核心代工业务：客户提供设计，三芯负责组装、测试并交付成品电路板和完整电子系统。客户主要来自国防、医疗和工业市场，产品复杂且受严格监管，因此客户一旦通过认证，很少更换代工厂。这种转换成本是该部门的主要价值所在，尽管代工制造的利润率仍然很薄。
This segment makes the pieces that go into a build — circuit boards, backplanes, cable assemblies, machined metal parts, and manufacturing software that Sanmina designs and sells itself, rather than assembling to a customer's design. Owning these components gives Sanmina more control over cost and quality on complex jobs, and it carries higher margins than pure assembly work.该部门制造组装所需的零部件——电路板、背板、电缆组件、机加工金属零件，以及三芯自行设计和销售的制造软件，而不是按客户设计代工组装。掌握这些零部件让三芯在复杂项目上对成本和质量有更强的把控力，其利润率也高于纯组装业务。
Company facts公司资料
- Founded成立时间
- 1980
- Headquarters总部
- San Jose, California
- Employees员工人数
- 35,000
- Industry行业
- Electronic Components
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
✂️ Analyzed 8/27 — WATCH, first score. AI-server/cloud-infra exposure via the ZT Systems (AMD) deal; Q3 FY26 beat-and-raised (rev +69.7% YoY, non-GAAP EPS +116%, guide to $14.0-14.3B).
Watch
- But it's thin-margin EMS (ROIC ~8-10%, near cost of capital) riding one AMD-driven relationship — top-10 concentration jumped to ~65%, ZT's book ~100% AMD — and debt tripled ($300M→$2.17B) funding it. Cheap on current-year (16.8x FY26) because the trailing P/E lags the ramp. FV $170-220. Entry $150-175. Trim 38x ttm (~$212)
8/27 分析——WATCH，首次评分 [5.5]。 经由 ZT Systems（AMD）交易获得 AI 服务器/云基础设施敞口；Q3 FY26 超预期并上调（营收 +69.7% 同比、非 GAAP EPS +116%、指引至 $14.0-14.3B）。 ⚠️ 但这是薄利 EMS（ROIC 约 8-10%，接近资本成本），押注一个 AMD 驱动的单一关系——前十客户集中度跃升至约 65%，ZT 的订单约 100% 来自 AMD——且负债三倍增长（$300M→$2.17B）为其融资。 按当年（16.8x FY26）便宜，因为尾随 P/E 滞后于爬坡。 FV $170-220。 入场 $150-175，减持 38x ttm（约 $212）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 12%
- Revenue growth营收增长
- +70%
Competitors竞争对手
Why customers stay客户为什么留下
Scale, and a focus on complex, mission-critical products in regulated markets where a customer cannot switch builder easily. The weakness is structural: contract manufacturing runs on thin margins — an 8.5% gross margin in FY2024 — and is cyclical, so revenue fell about 15% that year.规模，加上专注于受监管市场里那些复杂的、关键任务级的产品——在这些领域客户没法轻易换掉代工厂。它的短板是结构性的：代工制造利润很薄——2024财年毛利率只有8.5%——而且有周期性，所以那一年收入下滑了约15%。
Related companies相关公司 🔴 AI capex — SELLERS into the buildout
Datacenter buildout pace. SOX −28.6% (peak 6/22 → 7/29), $3.3T of sector cap gone in 5 weeks — every name fell regardless of its own results.
Size the bucket, not the name. (ORCL's own analysis says this.)
Recent news近期新闻 last 7 days近7天
- Sanmina (SANM) Upgraded to Strong Buy: What Does It Mean for the Stock?Zacks
- Why Sanmina (SANM) Is Down 24.7% After Raising 2026 Revenue Outlook On AI Infrastructure DemandSimply Wall St.
- Is SANM Stock a Buy After Strong Earnings and Higher AI Demand?Zacks
- How SANM is Turning Revenue Growth Into Higher ProfitabilityZacks
- Can Sanmina Keep Winning in the AI Infrastructure Buildout?Zacks
- Sanmina Q3 Earnings Call Signals AI Infrastructure Growth StrategyZacks