{
  "preparedAt": "2026-10-30",
  "evidenceVerifiedThrough": "2026-10-30",
  "scope": "Eight interconnect/electronics suppliers plus one explicitly adjacent European market context company. No representative market composite.",
  "retrievalStatus": "Direct primary-source retrieval verified five additional Asian issuers, HUBER+SUHNER and TKH on October 30. US sources retain October 29 verification. Radiall and several other European sources remain unresolved. Newest possible filings have not been comprehensively verified.",
  "records": [
    {
      "id": "amphenol",
      "company": "Amphenol",
      "period": "Q3 2026",
      "periodEnd": "2026-09-30",
      "releasedAt": "2026-10-28",
      "verifiedAt": "2026-10-29",
      "revenue": "$10.2bn",
      "reportedGrowth": 65,
      "organicGrowth": 37,
      "orders": "$12.2bn",
      "orderGrowth": null,
      "bookToBill": 1.19,
      "bookToBillKind": "Company reported",
      "backlog": null,
      "nextPeriod": "Q4 2026",
      "guidance": "$10.3–10.5bn sales; approximately 60% reported year-over-year growth",
      "sequential": "About +2% at the midpoint versus rounded Q3 sales",
      "interpretation": "Strong demand entering Q4; acquisition contributions and exposure to IT datacom make total-company growth unsuitable as a market growth rate.",
      "source": "https://investors.amphenol.com/news-and-events/news-details/2026/Amphenol-Reports-Record-Third-Quarter-2026-Results-and-Announces-Dividend-Increase-and-New-Stock-Repurchase-Program/default.aspx"
    },
    {
      "id": "te",
      "company": "TE Connectivity",
      "period": "Q4 FY2026",
      "periodEnd": "2026-09-25",
      "releasedAt": "2026-10-28",
      "verifiedAt": "2026-10-29",
      "revenue": "$5.3bn",
      "reportedGrowth": 12,
      "organicGrowth": 13,
      "orders": "$6.1bn",
      "orderGrowth": 29,
      "bookToBill": 1.15,
      "bookToBillKind": "Calculated from rounded orders ÷ sales",
      "backlog": null,
      "nextPeriod": "Q1 FY2027",
      "guidance": "Approximately $5.35bn sales; 15% reported and organic year-over-year growth",
      "sequential": "About +1% versus rounded Q4 sales",
      "interpretation": "Orders grew faster than sales and guidance supports continued growth. Full-year FY2027 organic growth is expected to be similar to FY2026’s 12%; this is separate from next-quarter guidance.",
      "source": "https://investors.te.com/news-releases/press-release-details/2026/TE-Connectivity-delivers-12-sales-increase-and-over-20-EPS-growth-in-fiscal-fourth-quarter/"
    },
    {
      "id": "jae",
      "company": "Japan Aviation Electronics",
      "period": "H1 FY2026 · Apr–Sep 2026",
      "periodEnd": "2026-09-30",
      "releasedAt": "2026-10-28",
      "revenue": "JPY 123.6bn",
      "reportedGrowth": 12,
      "organicGrowth": null,
      "orders": null,
      "bookToBill": null,
      "guidance": "H2 FY2026 sales JPY 131.4bn; full year JPY 255.0bn, raised from JPY 240.0bn. Half-year / annual guidance, not next-quarter guidance.",
      "interpretation": "H1 connector sales grew approximately 11%. Automotive +17% and industrial/infrastructure +51% contrasted with mobile devices −14%. Q2 total sales JPY 65.3bn versus Q1 JPY 58.3bn. Demand is broadening selectively; reported JPY growth also reflects currency.",
      "source": "https://contents.xj-storage.jp/xcontents/AS06160/f6ffc7ae/fa1e/4273/af07/35be25414cf2/20261028160935297s.pdf",
      "sourcePages": "4–8, 12–13, 21",
      "sourceFile": "jae-h1.pdf",
      "extraSources": [
        {
          "url": "https://contents.xj-storage.jp/xcontents/AS06160/6d488d45/dbeb/4f5b/8b2c/54aa1f212dab/20260729154423468s.pdf",
          "title": "Q1 FY2026 presentation · July 29, 2026",
          "file": "jae-q1.pdf",
          "sha256": "c73a5264f0070f7e34c3a52bc8b668a12b66e1b41dc7b618881a8b33a257edd7"
        }
      ],
      "verifiedAt": "2026-10-30",
      "backlog": null,
      "orderGrowth": null
    },
    {
      "id": "hirose",
      "company": "Hirose Electric",
      "period": "Q1 · year ending Mar 2027",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08-04",
      "revenue": "JPY 62.085bn",
      "reportedGrowth": 26.8,
      "organicGrowth": null,
      "orders": "JPY 71.06bn (+36.6% YoY)",
      "bookToBill": 1.14,
      "bookToBillKind": "Calculated from orders ÷ revenue",
      "guidance": "At the August release: H1 revenue JPY 125bn (+22.5%); full year JPY 250bn (+18.3%), forecast revised. No standalone next-quarter range extracted.",
      "interpretation": "The deck reports growth across markets, strong factory automation demand and orders ahead of sales. Q1 revenue rose 13.5% sequentially. This June-quarter evidence is older than the October releases; a newer half-year report has not been verified here.",
      "source": "https://pdf.irpocket.com/C6806/xoA3/MuFf/K8C0/k7Rm.pdf",
      "sourcePages": "1–2",
      "sourceFile": "hirose-q1.pdf",
      "extraSources": [
        {
          "url": "https://pdf.irpocket.com/C6806/xoA3/MuFf/K8C0/nT60.pdf",
          "title": "Q1 FY2026 presentation · August 5, 2026",
          "file": "hirose-q1-deck.pdf",
          "sha256": "a58548ca0ec16c446fb2b271e127f92b5b793aac76e1be8986af23745dd125ea"
        }
      ],
      "verifiedAt": "2026-10-30",
      "backlog": null,
      "orderGrowth": 36.6
    },
    {
      "id": "smk",
      "company": "SMK",
      "period": "H1 · year ending Mar 2027",
      "periodEnd": "2026-09-30",
      "releasedAt": "2026-10-30",
      "revenue": "JPY 24.793bn",
      "reportedGrowth": 7.1,
      "organicGrowth": null,
      "orders": null,
      "bookToBill": null,
      "guidance": "Full-year sales JPY 49.0bn (+1.7%), unchanged. Annual guidance only; no next-quarter sales range extracted.",
      "interpretation": "Connection Systems H1 sales JPY 12.5bn (+12.7%); mobility and industrial applications improved. Total Q2 sales JPY 13.321bn versus Q1 JPY 11.472bn. Currency helped reported growth; the annual plan implies a softer H2 than H1, not a uniform acceleration.",
      "source": "https://www.smk.co.jp/system/files/media/doc/kessan-FY2026-2Q.pdf",
      "sourcePages": "1",
      "sourceFile": "smk-h1.pdf",
      "extraSources": [
        {
          "url": "https://www.smk.co.jp/system/files/media/doc/setsumei-FY2026-2Q.pdf",
          "title": "H1 presentation · October 30, 2026 (Japanese)",
          "file": "smk-h1-deck.pdf",
          "sha256": "1609a44ec7bc8cafd8af169a799cee449bd7a3b796aefcf11338f7ddaa53d63c"
        }
      ],
      "verifiedAt": "2026-10-30",
      "backlog": null,
      "orderGrowth": null
    },
    {
      "id": "hosiden",
      "company": "Hosiden",
      "period": "Q1 · year ending Mar 2027",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08-07",
      "revenue": "JPY 98.130bn",
      "reportedGrowth": -15.7,
      "organicGrowth": null,
      "orders": null,
      "bookToBill": null,
      "guidance": "At the August release: H1 sales JPY 238bn (−3.0%); full year JPY 436bn (−2.7%), unchanged. Half-year / annual guidance, not next-quarter guidance.",
      "interpretation": "Automotive improved while amusement-market production adjustments reduced total sales. Broad electronics exposure limits its use as a connector proxy. This June-quarter report should not be read as current October-quarter trading evidence.",
      "source": "https://www.hosiden.com/dcms_media/other/en_gyouseki_260807.pdf",
      "sourcePages": "1–2",
      "sourceFile": "hosiden-q1.pdf",
      "extraSources": [
        {
          "url": "https://www.hosiden.com/dcms_media/other/en_gyousekihosoku_260807.pdf",
          "title": "Q1 supplementary results · August 7, 2026",
          "file": "hosiden-q1-deck.pdf",
          "sha256": "ffa953f64c6effcac843c03902371404551fb96189c75708522eeb703caef1b0"
        }
      ],
      "verifiedAt": "2026-10-30",
      "backlog": null,
      "orderGrowth": null
    },
    {
      "id": "bizlink",
      "company": "BizLink",
      "period": "Q2 calendar 2026",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08",
      "revenue": "NTD 23.28bn",
      "reportedGrowth": null,
      "organicGrowth": null,
      "orders": null,
      "bookToBill": null,
      "guidance": "Qualitative: AI infrastructure deployment, increasing power/data complexity and platform transitions. No numerical next-quarter sales range extracted from the reviewed decks.",
      "interpretation": "Q2 revenue rose approximately 11.6% from Q1’s NTD 20.86bn (calculated from rounded figures). Management described recovery across HPC and semiconductor equipment, while warning that deployment timing creates variability. Cable assemblies and integrated systems broaden its scope beyond connectors.",
      "source": "https://drive.google.com/file/d/1B1GriAMAJoEPznGT8omvwLd-FeZguiql/view?usp=drive_link",
      "sourcePages": "3–7",
      "sourceFile": "bizlink-q2.pdf",
      "extraSources": [
        {
          "url": "https://drive.google.com/file/d/1XD8BC4wSFdYTUFBYpZx0e6mbukwPWrB0/view?usp=drive_link",
          "title": "Q1 2026 presentation · May 2026",
          "file": "bizlink-q1.pdf",
          "sha256": "c46c3c3f7a9113597ac3ecf10a890252de939c77d703af1f062d51d88c401aab"
        }
      ],
      "verifiedAt": "2026-10-30",
      "backlog": null,
      "orderGrowth": null
    },
    {
      "id": "hubersuhner",
      "company": "HUBER+SUHNER",
      "region": "Europe · Switzerland",
      "scope": "Direct interconnect supplier",
      "period": "H1 calendar 2026",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026 half-year report; exact release date not extracted",
      "verifiedAt": "2026-10-30",
      "revenue": "CHF 457.4m",
      "reportedGrowth": 2.6,
      "organicGrowth": null,
      "adjustedSalesGrowth": 6.0,
      "adjustmentDefinition": "Currency, copper-price and portfolio effects excluded",
      "orders": "CHF 542.8m (+5.1% YoY)",
      "bookToBill": 1.19,
      "bookToBillKind": "Company reported",
      "backlog": "CHF 516.7m at June 30 (+51.0% YoY)",
      "guidance": "Report outlook: at least 10% organic sales growth in 2026 and EBIT margin 10.5–12.0%; assumes a significantly better second half. Annual guidance, not next-quarter guidance.",
      "interpretation": "Industry sales +22.1% and orders +41.7%; Communication sales −14.1% and orders −30.0%; Transportation sales −0.9%. Test & Measurement and Aerospace & Defense supported Industry. High backlog supports H2, but segment divergence is pronounced. A later nine-month update has not been verified.",
      "source": "https://reports.hubersuhner.com/2026/hyr/key-figures",
      "narrativeSource": "https://reports.hubersuhner.com/2026/hyr/letter-to-shareholders",
      "documentGroup": "HUBER+SUHNER Half-year Report 2026"
    },
    {
      "id": "tkh",
      "company": "TKH Group",
      "region": "Europe · Netherlands",
      "scope": "Adjacent market context: automation, energy cables, specialty cables and connectivity",
      "period": "H1 calendar 2026",
      "periodEnd": "2026-06-30",
      "releasedAt": "2026-08-11",
      "verifiedAt": "2026-10-30",
      "revenue": "EUR 955.9m",
      "reportedGrowth": null,
      "organicGrowth": 14.0,
      "orders": "EUR 959.3m",
      "bookToBill": 1.0,
      "bookToBillKind": "Calculated; H1 orders ÷ turnover",
      "backlog": "EUR 1,031.2m at June 30; EUR 1,027.8m at December 31, 2025",
      "guidance": "Full-year 2026 organic growth in turnover and adjusted EBITA reiterated; no numerical next-quarter revenue range.",
      "interpretation": "Automation organic sales +3.4%, Electrification +33.3%. Specialty cables/custom connectivity sales increased slightly despite a weak German economy. Much of group growth comes from energy infrastructure and automation; do not use the group rate as connector growth.",
      "source": "https://www.tkhgroup.com/news/h1-2026-results",
      "documentGroup": "TKH H1 2026 results release"
    }
  ],
  "coverageQueue": [
    {
      "company": "Belden",
      "status": "Report retrieval or verification incomplete; excluded from numeric analysis"
    },
    {
      "company": "RF Industries",
      "status": "Report retrieval or verification incomplete; excluded from numeric analysis"
    },
    {
      "company": "FIT Hon Teng",
      "status": "Report retrieval or verification incomplete; excluded from numeric analysis"
    },
    {
      "company": "Luxshare Precision",
      "status": "Report retrieval or verification incomplete; excluded from numeric analysis"
    },
    {
      "company": "Radiall",
      "status": "Priority; source retrieval unresolved, not in numeric coverage"
    }
  ],
  "forecastDecision": "Retain 9%, 8%, 7%, 6%; Asian and European evidence supports selective growth and sector divergence, without validating exact global growth rates.",
  "companyCount": 9,
  "documentCount": 14,
  "history": [
    {
      "company": "JAE",
      "currency": "JPY",
      "unit": "billions",
      "series": [
        {
          "period": "Q1 Apr–Jun 2026",
          "sales": 58.3
        },
        {
          "period": "Q2 Jul–Sep 2026",
          "sales": 65.3
        }
      ],
      "source": "https://contents.xj-storage.jp/xcontents/AS06160/f6ffc7ae/fa1e/4273/af07/35be25414cf2/20261028160935297s.pdf"
    },
    {
      "company": "SMK",
      "currency": "JPY",
      "unit": "billions",
      "series": [
        {
          "period": "Q1 Apr–Jun 2026",
          "sales": 11.472
        },
        {
          "period": "Q2 Jul–Sep 2026",
          "sales": 13.321
        }
      ],
      "source": "https://www.smk.co.jp/system/files/media/doc/setsumei-FY2026-2Q.pdf"
    },
    {
      "company": "BizLink",
      "currency": "NTD",
      "unit": "billions",
      "series": [
        {
          "period": "Q1 Jan–Mar 2026",
          "sales": 20.86
        },
        {
          "period": "Q2 Apr–Jun 2026",
          "sales": 23.28
        }
      ],
      "source": "https://drive.google.com/file/d/1B1GriAMAJoEPznGT8omvwLd-FeZguiql/view?usp=drive_link"
    },
    {
      "company": "Hirose",
      "currency": "JPY",
      "unit": "billions",
      "series": [
        {
          "period": "Q4 Jan–Mar 2026",
          "sales": 54.72
        },
        {
          "period": "Q1 Apr–Jun 2026",
          "sales": 62.085
        }
      ],
      "source": "https://pdf.irpocket.com/C6806/xoA3/MuFf/K8C0/nT60.pdf"
    }
  ],
  "coreSupplierCount": 8,
  "contextSupplierCount": 1,
  "europeanCoverage": {
    "verified": [
      "HUBER+SUHNER",
      "TKH Group (adjacent context)"
    ],
    "pending": [
      {
        "company": "Radiall",
        "status": "Unresolved: official website returned HTTP 500 for homepage and about page; no current public financial report verified. No sales or guidance inferred.",
        "attemptedSources": [
          "https://www.radiall.com/",
          "https://www.radiall.com/about"
        ],
        "checkedAt": "2026-10-30"
      },
      {
        "company": "Nexans",
        "status": "Official site redirect loop; excluded."
      },
      {
        "company": "Prysmian",
        "status": "Official investor page returned HTTP 403; excluded."
      },
      {
        "company": "HARTING",
        "status": "Official company news page returned HTTP 403; excluded."
      }
    ]
  },
  "regionalOutlook": {
    "updatedAt": "2026-10-30",
    "basis": "Editorial regional lenses on selected supplier reports, not regional customer-sales estimates. Supplier operating location does not establish customer demand location.",
    "regions": [
      {
        "id": "north-america",
        "name": "North America",
        "signal": "Strong supplier momentum; local demand still needs isolation.",
        "text": "US-based Amphenol reports strong organic growth and orders above sales, with modest sequential sales growth implied by its next-quarter range. Its global customer mix prevents treating this as a North American market growth rate.",
        "watch": "Separate North American customer sales and orders from global AI/datacom demand, acquisitions and supplier share gains.",
        "sources": [
          "amphenol"
        ],
        "coverage": "One US-based supplier; limited regional breadth."
      },
      {
        "id": "europe",
        "name": "Europe",
        "signal": "Industrial strength alongside telecom and machinery weakness.",
        "text": "HUBER+SUHNER’s Industry segment grew while Communication contracted. TKH describes weak German conditions for specialty cables and connectivity despite growth elsewhere. European evidence supports selective growth rather than a uniform recovery.",
        "watch": "Industrial order breadth, telecom demand, German machinery spending and conversion of backlog into shipments.",
        "sources": [
          "hubersuhner",
          "tkh"
        ],
        "coverage": "One direct interconnect supplier plus one adjacent group; half-year evidence. Radiall remains unresolved."
      },
      {
        "id": "asia",
        "name": "Asia",
        "signal": "Japan and Taiwan show varied demand; China is a major gap.",
        "text": "JAE and SMK show automotive/industrial strength; Hirose reports strong orders. Hosiden’s decline shows consumer-market weakness can coexist with that growth. BizLink’s sequential recovery adds Taiwanese evidence, but does not establish regional demand.",
        "watch": "Chinese and Taiwanese supplier filings, monthly revenue trends, export exposure and demand outside AI infrastructure.",
        "sources": [
          "jae",
          "smk",
          "hirose",
          "hosiden",
          "bizlink"
        ],
        "coverage": "Four Japanese suppliers and BizLink. ECT, LOTES, Foxlink, FIT, Luxshare and ACES are not yet in the verified financial sample."
      }
    ],
    "globalComparator": "TE Connectivity is treated as a global comparator; its consolidated results are not assigned to North American demand or European demand.",
    "uncoveredRegions": [
      "Latin America",
      "Middle East",
      "Africa",
      "Other Asia-Pacific markets"
    ],
    "regionalGrowthForecasts": null,
    "forecastNote": "Only the global 2027–2030 scenario has numerical growth rates; no regional growth percentages are inferred."
  },
  "distributorContext": {
    "source": "/distributor-signals.json",
    "reportingGroupCount": 5,
    "includedInManufacturerCounts": false,
    "note": "Compare each issuer with itself, preserve original periods/currencies, distinguish actual sales from management guidance and analyst consensus, and distinguish full financial releases from unaudited sales updates. Never add distributor resale revenue to manufacturer sales or aggregate subsidiaries with their parent."
  }
}