CLS

🌍 主要经营地： 加拿大（EMS/ODM）

📊 生意模式： 电子制造服务：设计/制造/供应链/后端服务；近年受益于AI数据中心硬件需求。

🏰 护城河： ✅ 执行与客户关系（交付/良率/成本）。

⚠️ EMS护城河弱、竞争激烈；AI相关业务可能客户集中。

💰 估值水平： FCF/EV≈1.9%（Unlevered）；TEV/EBITDA≈27.41x；P/E≈41.30

📈 EV/Market Cap： 1.01x

💡 网络观点： ✅ 作者偏“价值+动量”框架：把其视为AI数据中心概念股，财报超预期但估值偏高、存在周期反转风险。

🤖 AI观点： 高预期定价（FCF/EV≈1.9%、P/E≈41）。核心判断：AI硬件需求结构性 vs 周期性。若客户集中且利润对单平台敏感，需要更高安全边际；更稳妥是等景气回落压估值后再评估。

✍️ 作者： Denis D.（Value & Momentum Portfolio，Substack作者）。

Celestica is an Electronics Manufacturing Services (EMS) and Original Design Manufacturer (ODM) serving two segments: CCS (67% of revenue) for hyperscalers and ATS (33%) for various industries. The company is experiencing a massive rally due to the AI data center boom, with its Hardware Platform Solutions (HPS) growing 63% in 2024. Key strengths include 13 consecutive earnings beats, strong positioning in the AI mega-trend, a robust balance sheet, and market-leading ODM capabilities. However, concerns include a stretched valuation (P/E of 53x), high customer concentration (2 customers = 39% of revenue), significant recent insider selling (~$150M+ in one week), and parabolic price action creating correction risk. The stock is considered a high-risk, high-reward momentum play.