2025-06-10-花旗集团-北美硬件与存储_5月笔记本电脑原始设计制造商（ODM）出货量符合预期_6月可能继续提前拉动_10页_192kb

Summary of Citi Research Report: North America Hardware & Storage

• May ODM Shipments: Citi expects New Notebook ODM (NB ODM) build shipments in May 2025 to be +11% month-over-month, tracking inline with projections (+1% y/y due to higher annual comparison). Tariff factors remain a key growth driver. Citi Forecast suggests 2Q25 NB ODM unit growth at +7% quarter-over-quarter (higher than prior +6% projection), while initial data indicates Q325 shipments may be flat or slightly up versus seasonal norms, with approximately 3-6% year-over-year decline potentially affecting long-term outlook, revising down from low-single-digit CY25 growth prior assumptions.

• PC OEM Updates: During earnings, HP Inc. (HPQ) moderated its full-year 2025 PC market growth outlook to low single digits amid reduced momentum, while Dell reported sustained low-to-mid single-digit y/y revenue growth via commercial PC refresh activities, though consumer segment depression constrains performance. Citi's analysis highlights ongoing tariff pull-forward effects on supply chains.

• Citi Forecasts: Revised estimates for Citi PC unit growth in calendar year 2025 are now projected at +2% y/y.原文以中文撰写，如有需要，可参考前述内容。