AI hardware Q3 pre-announcements: profits start to land
Several China-listed AI hardware suppliers issued unaudited Q3 earnings pre-announcements: Amlogic guided to RMB 1.26–1.31bn net profit for the first three quarters (up 80.58%–87.74% YoY), while Kinwong expects Q3 net profit of RMB 912m–1.089bn (up 205.46%–264.74% YoY), citing faster volume shipments of high-performance PCBs for high-speed communications and AI data infrastructure. Server-leasing firm Xingyun Technology expects RMB 240m–290m net profit versus a RMB 72.3m loss a year earlier, attributing it to strong AI compute infrastructure demand and rental revenue starting in August. Guanghe Technology and Benchuan Intelligent also tied growth to compute PCB demand and richer product mixes, while Dongyue Silicon Material said its own huge percentage gain reflects an incomparable low base after a 2025 fire.
AI hardware demand is moving from order expectations to scrutiny of margins and cash flow, making delivery, capex and customer concentration the next tests.
10月8日至9日，三季报还没正式开闸，业绩预告先把AI硬件推到了台前。
行云科技预计前三季度归母净利润2.40亿元至2.90亿元，上年同期亏损7232.30万元。晶晨股份预计前三季度净利润12.60亿元至13.10亿元，同比增长80.58%至87.74%。
景旺电子预计第三季度净利润9.12亿元至10.89亿元，同比增长205.46%至264.74%。本川智能预计前三季度净利润9600万元至1.44亿元，同比增长190.24%至335.36%。
这组数字放在一起，含义很直接：AI硬件的叙事开始接受利润表检查。过去两年，市场先买预期，再买订单，现在开始看交付、毛利和现金流。
业绩预告还只是初步测算，未经审计，但它已经划出了一条线。能拿出收入、利润和订单结构的公司，开始把AI需求变成报表数字；只讲概念的公司，接下来会越来越难混进这一轮行情。
01、订单开始进入利润表
晶晨股份的预告比较有代表性。公司预计前三季度营业收入70.8亿元至71.8亿元，同比增长39.61%至41.59%；归母净利润12.60亿元至13.10亿元，同比增长80.58%至87.74%。
#Amlogic#Kinwong#Guanghe Technology#Benchuan Intelligent#Xingyun Technology#Dongyue Silicon Material