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SG Visual Research 图解研报
来自新加坡的华文创作号，用中文整理与解读英文研报和企业信息。
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SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-02
可能是上半年最被低估的新交所上市公司
$LMS Compliance(LMS.SI)$
合规是刚需，不是景气品。 这篇研报最有意思的点在于： 检测是底盘：客户重复率高（85%+），收入以实验室检测为主（FY24：93.6%） ESG 是增量：新加坡 FY2025 起强制披露 Scope 1/2，马来西亚也在分阶段推进——第三方鉴证需求只会越来越多 财务质量很硬：FY24 净利率 20.5%，EBITDA margin 36%，还带净现金（RM 9.8m） 研报给的锚点也很直接：目标价 S$0.44（较 S$0.35 约 +26%）。 这不是爆发型故事，更像是监管推着走的“确定性生意”，市场现在还没认真按平台去定价。 [财迷] 留言告诉我星股你看好哪支？我来解读研报
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可能是上半年最被低估的新交所上市公司
SG Visual Research 图解研报
SG Visual Research 图解研报
·
10:40
Salesforce财报出炉
$赛富时(CRM)$
收入增速还是 10% 出头， 估值也被 SaaS 板块整体压着。 真正值得看的，是 AgentForce。 ARR 增长接近 170%， 订单在生态里开始扩散。
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Salesforce财报出炉
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-12
中国地产复苏了么？看看贝壳吧
$贝壳(BEKE)$
很多人想知道地产有没有回暖。 贝壳的收入还在同比下滑， 行业 GTV 也只是止跌，没有反弹。
看
1,061
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1
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中国地产复苏了么？看看贝壳吧
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-11
Amazon AWS 又站回中枢
$亚马逊(AMZN)$
这季 Amazon 的看点不在零售。 AWS 增速回到 23%+， 订单积压同步抬升， 云业务重新承担“拉动全公司”的角色。 零售在稳利润， 但增长的油门，还是 AWS 在踩。
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1,101
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1
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Amazon AWS 又站回中枢
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-10
GOOGLE正在改掉“搜索赚钱”
$谷歌(GOOG)$
这季 Google 的重点不在超预期。 AI 让搜索从“一问一答”， 变成更长、更接近决策的对话。 真正的变化是： 每一次搜索的商业价值在变大。
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GOOGLE正在改掉“搜索赚钱”
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-09
新交所估值洼地？深度拆解LMS Compliance (SGX: LMS) 的首评研报
$LMS Compliance(LMS.SI)$
针对 LMS Compliance (LMS.SI) 发出的首评研报，逻辑很硬。 作为一家深耕马来西亚的检测合规龙头，几个数据值得关注： 护城河： 85% 以上的经常性收入，现金流极强。 增长引擎： 2025 年新马两地强制性 ESG 披露的最大受益者。 估值： 目前 SGX 整体估值偏低，这类高增长、高派息潜力的标的值得复盘。
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2
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新交所估值洼地？深度拆解LMS Compliance (SGX: LMS) 的首评研报
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-05
还在等广告复苏？Meta 已经换引擎了
$Meta Platforms, Inc.(META)$
这季 Meta 的看点不在“宏观好没好”。 广告量、价格都在涨，但更关键的是： AI 在同时拉参与度、提转化、扩产品层级。 不是广告回来了， 是广告系统本身被重写了。
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1
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还在等广告复苏？Meta 已经换引擎了
SG Visual Research 图解研报
SG Visual Research 图解研报
·
02-03
微软这次目标价被下调了，但研报反而更“安心”
$微软(MSFT)$
这季微软不是靠“惊喜”撑场面。 Azure、Copilot 都在跑，需求不是问题，反而是算力不够用。 目标价被下调，其实就一个原因： AI capex 花得比想象中多。 但研报的结论很直白——
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微软这次目标价被下调了，但研报反而更“安心”
SG Visual Research 图解研报
SG Visual Research 图解研报
·
01-28
年初调仓最大难题：高息股真香？还是押注成长反弹？ 最近在调仓的时候真有点纠结。 一边是高息股，比如公用事业、REITs、烟草股，股价不性感但分红稳，拿着心态稳；另一边是美股科技股、AI成长类，虽然跌得猛，但弹起来也猛，可能一波就吃一年的收益。 问题是——现在这个点位，到底该偏防守还是博反弹？ 我自己目前是 6 成偏防守，4 成留给高波动机会。但也感觉有点保守，怕市场突然疯拉。
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SG Visual Research 图解研报
SG Visual Research 图解研报
·
01-27
快手去年那波事之后…
这份研报有点反常， 基本不复盘那段剧情， 而是一直在算一件更冷的事： 可灵这条 AI 视频线，到底是不是在真收钱。
$快手-W(01024)$
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快手去年那波事之后…
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订单在生态里开始扩散。","images":[{"img":"https://static.tigerbbs.com/4ba25fe6b2d423c4bfa0b7b64a00f10d","width":"1080","height":"5066"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/538207533368000","isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"9000000000000530","authorId":"9000000000000530","name":"JoyceTobias","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000530","idStr":"9000000000000530"},"content":"AgentForce增速太猛了，绝对值得追！","text":"AgentForce增速太猛了，绝对值得追！","html":"AgentForce增速太猛了，绝对值得追！"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":531828685689144,"gmtCreate":1770861872263,"gmtModify":1770861876908,"author":{"id":"3558404604264882","authorId":"3558404604264882","name":"SG Visual Research 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也只是止跌，没有反弹。","images":[{"img":"https://static.tigerbbs.com/2751a5c9b723b0637d938e11d50af4b0","width":"1080","height":"5248"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531828685689144","isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":531485083534256,"gmtCreate":1770777987113,"gmtModify":1770778603410,"author":{"id":"3558404604264882","authorId":"3558404604264882","name":"SG Visual Research 图解研报","avatar":"https://static.tigerbbs.com/a6e90d8e86d025ca79fd03dfd73d1fa0","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3558404604264882","idStr":"3558404604264882"},"themes":[],"title":"Amazon AWS 又站回中枢","htmlText":"<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$ </a> 这季 Amazon 的看点不在零售。 AWS 增速回到 23%+， 订单积压同步抬升， 云业务重新承担“拉动全公司”的角色。 零售在稳利润， 但增长的油门，还是 AWS 在踩。","listText":"<a 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但研报的结论很直白——","images":[{"img":"https://static.tigerbbs.com/660a4375ed0487965418e9e7ac14c7ed","width":"1080","height":"6218"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/528605865038440","isVote":1,"tweetType":1,"viewCount":2748,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3531381548326552","authorId":"3531381548326552","name":"xiasg","avatar":"https://static.tigerbbs.com/8dbe96ecb771ba248051ce7f5f2ff491","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3531381548326552","idStr":"3531381548326552"},"content":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说","text":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说","html":"微软没有这样乐观，openAI这个到底是雷还是实打实的赚钱还真不好说"},{"author":{"id":"9000000000000674","authorId":"9000000000000674","name":"BonnieHoyle","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"9000000000000674","idStr":"9000000000000674"},"content":"下调目标价虚惊一场，需求旺得很！","text":"下调目标价虚惊一场，需求旺得很！","html":"下调目标价虚惊一场，需求旺得很！"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":526520911324424,"gmtCreate":1769572923770,"gmtModify":1769572928083,"author":{"id":"3558404604264882","authorId":"3558404604264882","name":"SG 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