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superchance
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superchance
superchance
·
09-12
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superchance
superchance
·
09-06
你疯了吧
禾赛科技:香港发售价格最高为每股228.00港元或29.04美元
以2525为代码在香港作双重主要上市。
禾赛科技:香港发售价格最高为每股228.00港元或29.04美元
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superchance
superchance
·
09-02
一年亏损一百多亿还不倒闭真牛逼
蔚来二季度总营收190.09亿元人民币,同比增长9%
9月2日,蔚来绩后一度暴跌17%,现跌8%,Q2净亏损51.41亿元,上年同期净亏损51.26亿元
蔚来二季度总营收190.09亿元人民币,同比增长9%
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superchance
superchance
·
08-30
财报前大跌,mad
财报前瞻 | 博通营收预计158亿美元,AI定制芯片与高速网络驱动业绩爆发
此前公司指引显示,第三季度营收约158亿美元,同比增长约21%,EBITDA利润率预计至少维持66%。上季度回顾博通2025财年第二季度营收150亿美元,同比增长20%,略超预期;调整后每股收益1.58美元,增长43.6%;净利润达77.87亿美元,增长44%。数据中心及网络半导体业务营收84.1亿美元,增长16.7%。预计AI需求带动XPU与高性能网络增长,VMware保持增长动力。ASIC动能超预期,AI芯片量价结构改善。
财报前瞻 | 博通营收预计158亿美元,AI定制芯片与高速网络驱动业绩爆发
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superchance
superchance
·
08-13
以前每次减仓都暴跌,最近一个月无惧股东减仓,说明就是被主力控制了
Form 144 | Astera Labs高管Michael Tate拟减持10万股,总价约1912万美元
Astera Labs高管Michael Tate拟于美东时间2025年8月12日出售10万股Astera Labs普通股票,总市值约1912万美元。过去3个月内,Michael Tate已累计减持70.7万股,共获得约6200万美元。
Form 144 | Astera Labs高管Michael Tate拟减持10万股,总价约1912万美元
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superchance
superchance
·
08-06
120
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superchance
superchance
·
07-31
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superchance
superchance
·
07-16
跌6%就算大跌了?这么个垃圾一年涨10倍你咋不说泡沫,都还没有跌50%啊,太少了.
泡泡玛特“炸裂季报”!摩根大通警告获利了结风险,后续关注五大连续催化剂
泡泡玛特上半年净利润增长超350%,意味着净利润达到45亿元人民币。摩根大通称,这一业绩表现超出卖方一致预期的50%,但接近买方预期的45-55亿元人民币区间下限。由于股价3个月已涨60%,摩根大通预计将面临获利了结压力。未来五大催化剂值得关注:新POPOP珠宝店开业、Labubu动画首播、与优衣库联名、Labubu 4.0发布及AI互动玩具推出。
泡泡玛特“炸裂季报”!摩根大通警告获利了结风险,后续关注五大连续催化剂
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superchance
superchance
·
04-18
别跌啦再跌就亏钱了
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superchance
superchance
·
04-16
赶上利空了,不破发不错了
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href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/49c13b5a60cb9a42e372cac54c29da34","relate_stocks":{"02525":"禾赛-W","HSAI":"禾赛"},"source_url":"https://www.zhitongcaijing.com/immediately.html?type=usstock","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2565929845","content_text":"禾赛 :启动170万股B类股份的全球发售,以2525为代码在香港联合交易所作双重主要上市。香港发售价格最高为每股228.00港元或29.04美元。公司已与HHLRAdvisors(高瓴集团旗下机构)、泰康人寿、WT资产管理、Grab、宏达集团及Commando Global Fund签署基石投资协议。","news_type":1,"symbols_score_info":{"02525":1,"HSAI":1}},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":474474963661024,"gmtCreate":1756808544120,"gmtModify":1756809019352,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"一年亏损一百多亿还不倒闭真牛逼","listText":"一年亏损一百多亿还不倒闭真牛逼","text":"一年亏损一百多亿还不倒闭真牛逼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/474474963661024","repostId":"1148640733","repostType":2,"repost":{"id":"1148640733","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1756805846,"share":"https://www.laohu8.com/m/news/1148640733?lang=&edition=full","pubTime":"2025-09-02 17:37","market":"sg","language":"zh","title":"蔚来二季度总营收190.09亿元人民币,同比增长9%","url":"https://stock-news.laohu8.com/highlight/detail?id=1148640733","media":"老虎资讯综合","summary":"9月2日,蔚来绩后一度暴跌17%,现跌8%,Q2净亏损51.41亿元,上年同期净亏损51.26亿元","content":"<html><head></head><body><p>蔚来二季度总营收190.09亿元人民币,同比增长9.0%;毛利18.98亿元,同比增长12.4%。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。</p><p>未来盘前股价一度大跌17%,现已转涨。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01e3ffbd33a04c8db0d04175ac87bb07\" tg-width=\"1030\" tg-height=\"411\"/></p><p>消息方面:<br/>蔚来(NIO Inc.)于2025年9月2日披露截至2025年6月30日的第二季度未经审计财报。</p><ul style=\"list-style-type: disc;\"><li><p>收入与利润:二季度总营收190.09亿元人民币(RMB19,008.7百万元),同比增长9.0%;毛利18.98亿元,同比增长12.4%;毛利率10.0%,同比提升0.3个百分点。GAAP口径每股亏损(EPS)为2.31元,较上年同期的2.50元收窄;非GAAP每股亏损为1.85元,较上年同期的2.21元收窄。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。</p></li><li><p>分业务:整车销售收入161.36亿元,同比增长2.9%;其他销售收入28.73亿元,同比增长62.6%。车辆毛利率为10.3%,同比下降1.9个百分点。</p></li><li><p>运营表现:二季度交付72,056辆,同比增加25.6%;其中NIO品牌47,132辆,ONVO品牌17,081辆,FIREFLY品牌7,843辆。期末现金及现金等价物、受限现金、短期投资与长期定期存款合计272亿元。</p></li></ul><p style=\"text-align: start;\">下季度展望:<br/>公司预计2025年第三季度交付87,000至91,000辆,同比增长40.7%至47.1%;预计总营收为218.12亿至228.76亿元人民币(RMB21,812–22,876百万元),同比增长16.8%至22.5%。</p><p style=\"text-align: start;\">高管语录:</p><ul style=\"list-style-type: disc;\"><li><p>William Bin Li(创始人、董事长兼CEO)表示,二季度交付同比增长25.6%,ONVO L90与全新ES8的市场反响强化了销售动能;基于需求表现,公司预计三季度交付将达8.7万至9.1万,创历史新高。其观点指向新品放量与多品牌覆盖带来的增量需求。</p></li><li><p>William Bin Li还指出,ONVO L90与全新ES8的产品体验获得用户认可,叠加电池换电与充换电网络的长期战略优势以及多品牌战略,有望在大型三排SUV细分市场重塑竞争格局,推动BEV渗透。该表述与二季度交付结构中多品牌贡献及毛利率环比改善相呼应。</p></li><li><p>Stanley Yu Qu(首席财务官)表示,自二季度起的降本增效举措已见成效,剔除组织优化费用后,非GAAP经营亏损环比改善逾30%。其强调公司正接近财务结构的拐点,运营表现呈现正向动能。该判断与二季度非GAAP经营亏损环比收窄32.1%的数据一致。</p></li></ul></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>蔚来二季度总营收190.09亿元人民币,同比增长9%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n蔚来二季度总营收190.09亿元人民币,同比增长9%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-09-02 17:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>蔚来二季度总营收190.09亿元人民币,同比增长9.0%;毛利18.98亿元,同比增长12.4%。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。</p><p>未来盘前股价一度大跌17%,现已转涨。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01e3ffbd33a04c8db0d04175ac87bb07\" tg-width=\"1030\" tg-height=\"411\"/></p><p>消息方面:<br/>蔚来(NIO Inc.)于2025年9月2日披露截至2025年6月30日的第二季度未经审计财报。</p><ul style=\"list-style-type: disc;\"><li><p>收入与利润:二季度总营收190.09亿元人民币(RMB19,008.7百万元),同比增长9.0%;毛利18.98亿元,同比增长12.4%;毛利率10.0%,同比提升0.3个百分点。GAAP口径每股亏损(EPS)为2.31元,较上年同期的2.50元收窄;非GAAP每股亏损为1.85元,较上年同期的2.21元收窄。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。</p></li><li><p>分业务:整车销售收入161.36亿元,同比增长2.9%;其他销售收入28.73亿元,同比增长62.6%。车辆毛利率为10.3%,同比下降1.9个百分点。</p></li><li><p>运营表现:二季度交付72,056辆,同比增加25.6%;其中NIO品牌47,132辆,ONVO品牌17,081辆,FIREFLY品牌7,843辆。期末现金及现金等价物、受限现金、短期投资与长期定期存款合计272亿元。</p></li></ul><p style=\"text-align: start;\">下季度展望:<br/>公司预计2025年第三季度交付87,000至91,000辆,同比增长40.7%至47.1%;预计总营收为218.12亿至228.76亿元人民币(RMB21,812–22,876百万元),同比增长16.8%至22.5%。</p><p style=\"text-align: start;\">高管语录:</p><ul style=\"list-style-type: disc;\"><li><p>William Bin Li(创始人、董事长兼CEO)表示,二季度交付同比增长25.6%,ONVO L90与全新ES8的市场反响强化了销售动能;基于需求表现,公司预计三季度交付将达8.7万至9.1万,创历史新高。其观点指向新品放量与多品牌覆盖带来的增量需求。</p></li><li><p>William Bin Li还指出,ONVO L90与全新ES8的产品体验获得用户认可,叠加电池换电与充换电网络的长期战略优势以及多品牌战略,有望在大型三排SUV细分市场重塑竞争格局,推动BEV渗透。该表述与二季度交付结构中多品牌贡献及毛利率环比改善相呼应。</p></li><li><p>Stanley Yu Qu(首席财务官)表示,自二季度起的降本增效举措已见成效,剔除组织优化费用后,非GAAP经营亏损环比改善逾30%。其强调公司正接近财务结构的拐点,运营表现呈现正向动能。该判断与二季度非GAAP经营亏损环比收窄32.1%的数据一致。</p></li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a3b92523152bd36c422721756606e549","relate_stocks":{"NIO":"蔚来"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148640733","content_text":"蔚来二季度总营收190.09亿元人民币,同比增长9.0%;毛利18.98亿元,同比增长12.4%。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。未来盘前股价一度大跌17%,现已转涨。消息方面:蔚来(NIO Inc.)于2025年9月2日披露截至2025年6月30日的第二季度未经审计财报。收入与利润:二季度总营收190.09亿元人民币(RMB19,008.7百万元),同比增长9.0%;毛利18.98亿元,同比增长12.4%;毛利率10.0%,同比提升0.3个百分点。GAAP口径每股亏损(EPS)为2.31元,较上年同期的2.50元收窄;非GAAP每股亏损为1.85元,较上年同期的2.21元收窄。二季度净亏损49.95亿元,同比减少1.0%;非GAAP净亏损41.27亿元,同比减少9.0%。分业务:整车销售收入161.36亿元,同比增长2.9%;其他销售收入28.73亿元,同比增长62.6%。车辆毛利率为10.3%,同比下降1.9个百分点。运营表现:二季度交付72,056辆,同比增加25.6%;其中NIO品牌47,132辆,ONVO品牌17,081辆,FIREFLY品牌7,843辆。期末现金及现金等价物、受限现金、短期投资与长期定期存款合计272亿元。下季度展望:公司预计2025年第三季度交付87,000至91,000辆,同比增长40.7%至47.1%;预计总营收为218.12亿至228.76亿元人民币(RMB21,812–22,876百万元),同比增长16.8%至22.5%。高管语录:William Bin Li(创始人、董事长兼CEO)表示,二季度交付同比增长25.6%,ONVO L90与全新ES8的市场反响强化了销售动能;基于需求表现,公司预计三季度交付将达8.7万至9.1万,创历史新高。其观点指向新品放量与多品牌覆盖带来的增量需求。William Bin Li还指出,ONVO L90与全新ES8的产品体验获得用户认可,叠加电池换电与充换电网络的长期战略优势以及多品牌战略,有望在大型三排SUV细分市场重塑竞争格局,推动BEV渗透。该表述与二季度交付结构中多品牌贡献及毛利率环比改善相呼应。Stanley Yu Qu(首席财务官)表示,自二季度起的降本增效举措已见成效,剔除组织优化费用后,非GAAP经营亏损环比改善逾30%。其强调公司正接近财务结构的拐点,运营表现呈现正向动能。该判断与二季度非GAAP经营亏损环比收窄32.1%的数据一致。","news_type":1,"symbols_score_info":{"NIO":1.1}},"isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":473201884741912,"gmtCreate":1756559558475,"gmtModify":1756559560232,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"财报前大跌,mad","listText":"财报前大跌,mad","text":"财报前大跌,mad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/473201884741912","repostId":"1177228929","repostType":2,"repost":{"id":"1177228929","kind":"news","weMediaInfo":{"introduction":"专注财报前瞻、财报解析的大模型Agent","home_visible":1,"media_name":"财报Agent","id":"1017018787","head_image":"https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f"},"pubTimestamp":1756284958,"share":"https://www.laohu8.com/m/news/1177228929?lang=&edition=full","pubTime":"2025-08-27 16:55","market":"us","language":"zh","title":"财报前瞻 | 博通营收预计158亿美元,AI定制芯片与高速网络驱动业绩爆发","url":"https://stock-news.laohu8.com/highlight/detail?id=1177228929","media":"财报Agent","summary":"此前公司指引显示,第三季度营收约158亿美元,同比增长约21%,EBITDA利润率预计至少维持66%。上季度回顾博通2025财年第二季度营收150亿美元,同比增长20%,略超预期;调整后每股收益1.58美元,增长43.6%;净利润达77.87亿美元,增长44%。数据中心及网络半导体业务营收84.1亿美元,增长16.7%。预计AI需求带动XPU与高性能网络增长,VMware保持增长动力。ASIC动能超预期,AI芯片量价结构改善。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/AVGO\">博通</a>将于美东时间2025年9月4日盘后公布2025财年第三季度财报。根据彭博社一致预期,公司本季度营收预计达到158.27亿美元,同比增长21.07%;调整后每股收益预计为1.67美元,同比增长34%。</p><p>此前公司指引显示,第三季度营收约158亿美元,同比增长约21%,EBITDA利润率预计至少维持66%。在AI业务方面,<a href=\"https://laohu8.com/S/600455\">博通</a>预计本季度AI半导体营收将达到51亿美元,实现连续第十个季度增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/762a1cad5d961c0750db26f4017374bd\" tg-width=\"1157\" tg-height=\"395\"/></p><h2 id=\"id_3364547592\">上季度回顾</h2><p>博通2025财年第二季度营收150亿美元,同比增长20%,略超预期;调整后每股收益1.58美元,增长43.6%;净利润达77.87亿美元,增长44%。EBITDA为100.01亿美元,占营收比66.7%,同比增长34.6%。数据中心及网络半导体业务营收84.1亿美元,增长16.7%。</p><p>AI芯片收入同比增长46%,达到44亿美元,但增速较上一季度的77%有所放缓。CEO陈福阳表示,营收创新高主要受半导体解决方案和云计算公司VMware业务驱动。</p><h2 id=\"id_27036111\">本季度看点</h2><h3 id=\"id_2179892727\">1. 定制AI加速器(XPU)业务持续高速增长</h3><p>依托<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>TPUv6p等领先客户,定制XPU出货稳步提升,预计2025财年AI收入同比增约60%。投资者关注TPUv6p出货趋势及订单转化,尤其是单价能否持续提升。定制XPU的高算力与能效优势助力超大规模数据中心应用。</p><h3 id=\"id_238079772\">2. 以太网交换芯片需求强劲,推动网络业务增长</h3><p>Tomahawk 6等新一代交换芯片已开始出货,支持102.4Tbps交换能力,提升数据中心网络吞吐及能效。1.6T光模块升级增强集群扩展性和性价比,巩固高端交换/路由市场领先地位。重点关注产品交付节奏及客户验收。</p><h3 id=\"id_4032867582\">3. VMware整合带来稳定现金流与软件业务协同</h3><p>收购VMware增强软件业务板块,2025财年二季度VMware营收66亿美元,毛利率提升,续约率和跨售稳步加强。订阅制业务提升现金流可见度,降低业绩波动风险。关注续约节奏、订阅迁移及企业级AI和云基础设施创新。</p><h3 id=\"id_3581728341\">4. 财务表现稳健,股东回报力度加大</h3><p>第二季度营收利润双增长,EBITDA利润率超66%,自由现金流创历史新高。公司持续加大股息回报。第三季度将检验增长势头在宏观不确定环境下的持续性。</p><h3 id=\"id_2889162001\">5. 先进制程与封装技术对产能影响</h3><p>2nm制程与3.5D封装技术带来良率及产能节奏挑战,供应链稳定性和产线稼动率将影响芯片出货速度和利润率。投资者需关注管理层风险管控。</p><h3 id=\"id_3808221494\">6. 市场竞争与客户项目节奏带来的短期波动</h3><p>代际产品转换和客户侧产品迭代可能引发收入和毛利波动,单一大客户订单节奏对短期业绩影响明显。关注管理层应对策略及指引。</p><h2 id=\"id_34158634\">分析师观点</h2><ul style=\"\"><li><p><strong><a href=\"https://laohu8.com/S/UBS\">瑞银</a></strong>:维持买入,目标价345美元。看好<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>TPUv6p出货趋势及定制芯片中长期市场潜力。</p></li><li><p><strong><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></strong>:维持增持,目标价325美元。预计AI需求带动XPU与高性能网络增长,VMware保持增长动力。</p></li><li><p><strong><a href=\"https://laohu8.com/S/HSBC\">汇丰</a></strong>:评级上调至买入,目标价400美元。ASIC动能超预期,AI芯片量价结构改善。</p></li><li><p><strong>美银证券</strong>:维持买入,目标价300美元。强调现金流和股息提升空间。</p></li><li><p><strong>瑞穗证券</strong>:维持买入,目标价315美元。看好AI网络与VMware双引擎带来的确定性。</p></li></ul><h2 id=\"id_2807104868\">总结</h2><p>博通凭借定制AI加速器和高速以太网芯片的双轮驱动,加上VMware软件业务稳定现金流,展现强劲增长韧性。市场普遍看好其第三季度业绩及未来指引,认为硬件订单交付顺畅及软件续约稳健将推动持续增长。投资者应关注9月4日财报及管理层指引,评估公司中长期增长潜力。</p><p><em>此内容基于tiger AI及彭博数据生成,内容仅供参考。</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n财报前瞻 | 博通营收预计158亿美元,AI定制芯片与高速网络驱动业绩爆发\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2025-08-27 16:55</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/AVGO\">博通</a>将于美东时间2025年9月4日盘后公布2025财年第三季度财报。根据彭博社一致预期,公司本季度营收预计达到158.27亿美元,同比增长21.07%;调整后每股收益预计为1.67美元,同比增长34%。</p><p>此前公司指引显示,第三季度营收约158亿美元,同比增长约21%,EBITDA利润率预计至少维持66%。在AI业务方面,<a href=\"https://laohu8.com/S/600455\">博通</a>预计本季度AI半导体营收将达到51亿美元,实现连续第十个季度增长。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/762a1cad5d961c0750db26f4017374bd\" tg-width=\"1157\" tg-height=\"395\"/></p><h2 id=\"id_3364547592\">上季度回顾</h2><p>博通2025财年第二季度营收150亿美元,同比增长20%,略超预期;调整后每股收益1.58美元,增长43.6%;净利润达77.87亿美元,增长44%。EBITDA为100.01亿美元,占营收比66.7%,同比增长34.6%。数据中心及网络半导体业务营收84.1亿美元,增长16.7%。</p><p>AI芯片收入同比增长46%,达到44亿美元,但增速较上一季度的77%有所放缓。CEO陈福阳表示,营收创新高主要受半导体解决方案和云计算公司VMware业务驱动。</p><h2 id=\"id_27036111\">本季度看点</h2><h3 id=\"id_2179892727\">1. 定制AI加速器(XPU)业务持续高速增长</h3><p>依托<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>TPUv6p等领先客户,定制XPU出货稳步提升,预计2025财年AI收入同比增约60%。投资者关注TPUv6p出货趋势及订单转化,尤其是单价能否持续提升。定制XPU的高算力与能效优势助力超大规模数据中心应用。</p><h3 id=\"id_238079772\">2. 以太网交换芯片需求强劲,推动网络业务增长</h3><p>Tomahawk 6等新一代交换芯片已开始出货,支持102.4Tbps交换能力,提升数据中心网络吞吐及能效。1.6T光模块升级增强集群扩展性和性价比,巩固高端交换/路由市场领先地位。重点关注产品交付节奏及客户验收。</p><h3 id=\"id_4032867582\">3. VMware整合带来稳定现金流与软件业务协同</h3><p>收购VMware增强软件业务板块,2025财年二季度VMware营收66亿美元,毛利率提升,续约率和跨售稳步加强。订阅制业务提升现金流可见度,降低业绩波动风险。关注续约节奏、订阅迁移及企业级AI和云基础设施创新。</p><h3 id=\"id_3581728341\">4. 财务表现稳健,股东回报力度加大</h3><p>第二季度营收利润双增长,EBITDA利润率超66%,自由现金流创历史新高。公司持续加大股息回报。第三季度将检验增长势头在宏观不确定环境下的持续性。</p><h3 id=\"id_2889162001\">5. 先进制程与封装技术对产能影响</h3><p>2nm制程与3.5D封装技术带来良率及产能节奏挑战,供应链稳定性和产线稼动率将影响芯片出货速度和利润率。投资者需关注管理层风险管控。</p><h3 id=\"id_3808221494\">6. 市场竞争与客户项目节奏带来的短期波动</h3><p>代际产品转换和客户侧产品迭代可能引发收入和毛利波动,单一大客户订单节奏对短期业绩影响明显。关注管理层应对策略及指引。</p><h2 id=\"id_34158634\">分析师观点</h2><ul style=\"\"><li><p><strong><a href=\"https://laohu8.com/S/UBS\">瑞银</a></strong>:维持买入,目标价345美元。看好<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>TPUv6p出货趋势及定制芯片中长期市场潜力。</p></li><li><p><strong><a href=\"https://laohu8.com/S/JPM\">摩根大通</a></strong>:维持增持,目标价325美元。预计AI需求带动XPU与高性能网络增长,VMware保持增长动力。</p></li><li><p><strong><a href=\"https://laohu8.com/S/HSBC\">汇丰</a></strong>:评级上调至买入,目标价400美元。ASIC动能超预期,AI芯片量价结构改善。</p></li><li><p><strong>美银证券</strong>:维持买入,目标价300美元。强调现金流和股息提升空间。</p></li><li><p><strong>瑞穗证券</strong>:维持买入,目标价315美元。看好AI网络与VMware双引擎带来的确定性。</p></li></ul><h2 id=\"id_2807104868\">总结</h2><p>博通凭借定制AI加速器和高速以太网芯片的双轮驱动,加上VMware软件业务稳定现金流,展现强劲增长韧性。市场普遍看好其第三季度业绩及未来指引,认为硬件订单交付顺畅及软件续约稳健将推动持续增长。投资者应关注9月4日财报及管理层指引,评估公司中长期增长潜力。</p><p><em>此内容基于tiger AI及彭博数据生成,内容仅供参考。</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/52494a0148c812202dfea33f1ee9a9b0","relate_stocks":{"AVGO":"博通"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177228929","content_text":"博通将于美东时间2025年9月4日盘后公布2025财年第三季度财报。根据彭博社一致预期,公司本季度营收预计达到158.27亿美元,同比增长21.07%;调整后每股收益预计为1.67美元,同比增长34%。此前公司指引显示,第三季度营收约158亿美元,同比增长约21%,EBITDA利润率预计至少维持66%。在AI业务方面,博通预计本季度AI半导体营收将达到51亿美元,实现连续第十个季度增长。上季度回顾博通2025财年第二季度营收150亿美元,同比增长20%,略超预期;调整后每股收益1.58美元,增长43.6%;净利润达77.87亿美元,增长44%。EBITDA为100.01亿美元,占营收比66.7%,同比增长34.6%。数据中心及网络半导体业务营收84.1亿美元,增长16.7%。AI芯片收入同比增长46%,达到44亿美元,但增速较上一季度的77%有所放缓。CEO陈福阳表示,营收创新高主要受半导体解决方案和云计算公司VMware业务驱动。本季度看点1. 定制AI加速器(XPU)业务持续高速增长依托谷歌TPUv6p等领先客户,定制XPU出货稳步提升,预计2025财年AI收入同比增约60%。投资者关注TPUv6p出货趋势及订单转化,尤其是单价能否持续提升。定制XPU的高算力与能效优势助力超大规模数据中心应用。2. 以太网交换芯片需求强劲,推动网络业务增长Tomahawk 6等新一代交换芯片已开始出货,支持102.4Tbps交换能力,提升数据中心网络吞吐及能效。1.6T光模块升级增强集群扩展性和性价比,巩固高端交换/路由市场领先地位。重点关注产品交付节奏及客户验收。3. VMware整合带来稳定现金流与软件业务协同收购VMware增强软件业务板块,2025财年二季度VMware营收66亿美元,毛利率提升,续约率和跨售稳步加强。订阅制业务提升现金流可见度,降低业绩波动风险。关注续约节奏、订阅迁移及企业级AI和云基础设施创新。4. 财务表现稳健,股东回报力度加大第二季度营收利润双增长,EBITDA利润率超66%,自由现金流创历史新高。公司持续加大股息回报。第三季度将检验增长势头在宏观不确定环境下的持续性。5. 先进制程与封装技术对产能影响2nm制程与3.5D封装技术带来良率及产能节奏挑战,供应链稳定性和产线稼动率将影响芯片出货速度和利润率。投资者需关注管理层风险管控。6. 市场竞争与客户项目节奏带来的短期波动代际产品转换和客户侧产品迭代可能引发收入和毛利波动,单一大客户订单节奏对短期业绩影响明显。关注管理层应对策略及指引。分析师观点瑞银:维持买入,目标价345美元。看好谷歌TPUv6p出货趋势及定制芯片中长期市场潜力。摩根大通:维持增持,目标价325美元。预计AI需求带动XPU与高性能网络增长,VMware保持增长动力。汇丰:评级上调至买入,目标价400美元。ASIC动能超预期,AI芯片量价结构改善。美银证券:维持买入,目标价300美元。强调现金流和股息提升空间。瑞穗证券:维持买入,目标价315美元。看好AI网络与VMware双引擎带来的确定性。总结博通凭借定制AI加速器和高速以太网芯片的双轮驱动,加上VMware软件业务稳定现金流,展现强劲增长韧性。市场普遍看好其第三季度业绩及未来指引,认为硬件订单交付顺畅及软件续约稳健将推动持续增长。投资者应关注9月4日财报及管理层指引,评估公司中长期增长潜力。此内容基于tiger AI及彭博数据生成,内容仅供参考。","news_type":1,"symbols_score_info":{"AVGO":1.1}},"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":467055524512152,"gmtCreate":1755044032244,"gmtModify":1755044034146,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"以前每次减仓都暴跌,最近一个月无惧股东减仓,说明就是被主力控制了","listText":"以前每次减仓都暴跌,最近一个月无惧股东减仓,说明就是被主力控制了","text":"以前每次减仓都暴跌,最近一个月无惧股东减仓,说明就是被主力控制了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/467055524512152","repostId":"1130672856","repostType":2,"repost":{"id":"1130672856","kind":"news","weMediaInfo":{"introduction":"重大公告快速掌握","home_visible":1,"media_name":"老虎公告助手","id":"1094185691","head_image":"https://static.tigerbbs.com/f241068b466f5f9316243a75366834d5"},"pubTimestamp":1755030025,"share":"https://www.laohu8.com/m/news/1130672856?lang=&edition=full","pubTime":"2025-08-13 04:20","market":"us","language":"zh","title":"Form 144 | Astera Labs高管Michael Tate拟减持10万股,总价约1912万美元","url":"https://stock-news.laohu8.com/highlight/detail?id=1130672856","media":"老虎公告助手","summary":"Astera Labs高管Michael Tate拟于美东时间2025年8月12日出售10万股Astera Labs普通股票,总市值约1912万美元。过去3个月内,Michael Tate已累计减持70.7万股,共获得约6200万美元。","content":"Astera Labs高管Michael Tate拟于美东时间2025年8月12日出售10万股Astera Labs普通股票,总市值约1912万美元。过去3个月内,Michael Tate已累计减持70.7万股,共获得约6200万美元。","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Form 144 | Astera Labs高管Michael Tate拟减持10万股,总价约1912万美元</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForm 144 | Astera Labs高管Michael Tate拟减持10万股,总价约1912万美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1094185691\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f241068b466f5f9316243a75366834d5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎公告助手 </p>\n<p class=\"h-time\">2025-08-13 04:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nAstera Labs高管Michael Tate拟于美东时间2025年8月12日出售10万股Astera Labs普通股票,总市值约1912万美元。过去3个月内,Michael Tate已累计减持70.7万股,共获得约6200万美元。\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ALAB":"Astera Labs, Inc."},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130672856","content_text":"Astera Labs高管Michael Tate拟于美东时间2025年8月12日出售10万股Astera Labs普通股票,总市值约1912万美元。过去3个月内,Michael Tate已累计减持70.7万股,共获得约6200万美元。","news_type":1,"symbols_score_info":{"ALAB":1}},"isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":464686934274432,"gmtCreate":1754474558329,"gmtModify":1754474559920,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"120","listText":"120","text":"120","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/464686934274432","isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":462561225667008,"gmtCreate":1753935636706,"gmtModify":1753935638422,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"100","listText":"100","text":"100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/462561225667008","isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":457190128468504,"gmtCreate":1752655369679,"gmtModify":1752657300429,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"跌6%就算大跌了?这么个垃圾一年涨10倍你咋不说泡沫,都还没有跌50%啊,太少了.","listText":"跌6%就算大跌了?这么个垃圾一年涨10倍你咋不说泡沫,都还没有跌50%啊,太少了.","text":"跌6%就算大跌了?这么个垃圾一年涨10倍你咋不说泡沫,都还没有跌50%啊,太少了.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/457190128468504","repostId":"2551132411","repostType":2,"repost":{"id":"2551132411","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1752629433,"share":"https://www.laohu8.com/m/news/2551132411?lang=&edition=full","pubTime":"2025-07-16 09:30","market":"sh","language":"zh","title":"泡泡玛特“炸裂季报”!摩根大通警告获利了结风险,后续关注五大连续催化剂","url":"https://stock-news.laohu8.com/highlight/detail?id=2551132411","media":"华尔街见闻","summary":"泡泡玛特上半年净利润增长超350%,意味着净利润达到45亿元人民币。摩根大通称,这一业绩表现超出卖方一致预期的50%,但接近买方预期的45-55亿元人民币区间下限。由于股价3个月已涨60%,摩根大通预计将面临获利了结压力。未来五大催化剂值得关注:新POPOP珠宝店开业、Labubu动画首播、与优衣库联名、Labubu 4.0发布及AI互动玩具推出。","content":"<html><head></head><body><blockquote><p>泡泡玛特上半年净利润增长超350%,意味着净利润达到45亿元人民币。摩根大通称,这一业绩表现超出卖方一致预期的50%,但接近买方预期的45-55亿元人民币区间下限。由于股价3个月已涨60%,摩根大通预计将面临获利了结压力。未来五大催化剂值得关注:新POPOP珠宝店开业、Labubu动画首播、与优衣库联名、Labubu 4.0发布及AI互动玩具推出。</p></blockquote><p style=\"text-align: left;\">泡泡玛特发布了强劲的半年报预警,收入增长超200%,净利润增长超350%,但华尔街大行认为业绩"只是大致符合买方高预期"。在股价过去3个月上涨60%后,摩根大通预计,将面临获利了结压力,接下来还有五大连续催化剂值得关注。</p><p style=\"text-align: left;\">据见闻此前文章,泡泡玛特7月15日发布盈利预警显示,预期集团截至2025年6月30日止六个月之收入可能较截至2024年6月30日止六个月之收入增长不低于200%;预期本期间集团溢利(不包括未完成统计的金融工具的公允价值变动损益)较本集团去年同期溢利可能录得增长不低于350%。</p><p style=\"text-align: left;\">7月16日,据追风交易台消息,<strong>高盛在最新研报中称,尽管业绩超出卖方分析师和市场共识,但基本符合买方机构的高预期。与此同时,摩根大通也指出,这一表现虽然超出卖方预期50%,但仅处于买方预期45-55亿元区间的低端。</strong></p><p style=\"text-align: left;\">考虑到股价过去3个月已上涨60%,12个月暴涨588%,摩根大通预计,<strong>短期面临获利了结压力,建议逢低买入</strong>。该行分析师将目标价上调至340港元,并列出五大连续催化剂值得关注。</p><p style=\"text-align: left;\">另外,基于盈利预警,高盛将上调了泡泡玛特2025-2027年的盈利预测,且将目标价从227港元上调至260港元,维持中性评级。高盛认为,未来盈利上涨仍是股价上涨的关键,主要取决于将受欢迎程度扩展到非Labubu IP、品类扩张等因素。</p><h2 id=\"id_3964506984\" style=\"text-align: left;\">泡泡玛特业绩表现“炸裂”?华尔街:“只是大致符合买方高预期”!</h2><p style=\"text-align: left;\">泡泡玛特公告显示,2025年上半年收入同比增长不少于200%,意味着收入不少于137亿元人民币,<strong>超出高盛预期的187%同比增长</strong>,且相比一季度165%-170%的增长进一步加速。</p><p style=\"text-align: left;\">集团利润方面,扣除金融工具公允价值变化后,净利润同比增长不少于350%,<strong>意味着2025年上半年净利润达到45亿元人民币,超出高盛预期的38亿元人民币</strong>。扣除少数股东权益后,净利润率已达到约30%,相比2024年上半年的20%和下半年的26%实现显著提升。</p><p style=\"text-align: left;\">摩根大通在研报中称,<strong>这一业绩表现超出卖方一致预期的50%,比摩根大通预期高出24%</strong>。然而,值得注意的是,<strong>但接近买方预期的45-55亿元人民币区间下限。</strong></p><p style=\"text-align: left;\">正如高盛所说的那样:</p><blockquote><p style=\"text-align: justify;\">虽然业绩强劲,体现了中国大陆和海外市场的加速增长势头以及地理结构和运营杠杆带来的稳健利润率扩张,但<strong>买方预期已经上升,业绩结果大致符合乐观买方的预期。</strong></p></blockquote><h2 id=\"id_1358319388\" style=\"text-align: left;\">摩根大通警告获利了结风险,后续关注五大连续催化剂</h2><p style=\"text-align: left;\">尽管业绩亮眼,摩根大通对短期股价走势保持谨慎。数据显示,泡泡玛特股价过去3个月上涨60%,12个月暴涨588%,远超恒生指数同期15%和39%的涨幅。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba548b0cba309cf7f8d4b9be3e688da\" tg-width=\"560\" tg-height=\"240\"/></p><p style=\"text-align: left;\">摩根大通预计,在如此大幅上涨后,<strong>部分投资者可能会选择获利了结</strong>,从而对股价形成短期压力。</p><p style=\"text-align: left;\">不过,该行分析师仍然看好公司长期投资逻辑,包括<strong>强大的IP运营能力(全球超级IP、动画、主题公园和授权)以及IP货币化能力(地域和品类扩张),建议投资者逢低买入</strong>。</p><p style=\"text-align: left;\">更重要的是,摩根大通列出了五个连续催化剂值得关注:</p><blockquote><p style=\"text-align: left;\">两家新开业的"POPOP"珠宝店将销售更多Labubu产品,同时还有SkullPanda、Molly和Dimoo;</p><p style=\"text-align: left;\">《Labubu & Friends》动画第一季将在夏季首播,包含20集2分钟视频在社交网络传播,有望配合新产品发布;</p><p style=\"text-align: justify;\">Labubu x Uniqlo T恤将在8月推出;</p><p style=\"text-align: justify;\">Labubu 4.0预告/发布预计在圣诞节/春节假期前推出;</p><p style=\"text-align: justify;\">互动/AI玩具的可能推出;</p></blockquote><h2 id=\"id_1963897746\" style=\"text-align: left;\">高盛、摩根大通纷纷上调盈利预测</h2><p style=\"text-align: left;\">基于泡泡玛特强劲的上半年表现,高盛、摩根大通纷纷上调该公司的盈利预测。</p><p style=\"text-align: left;\">高盛在报告中称,强劲的上半年表现证明了泡泡玛特将IP受欢迎程度(尤其是Labubu IP)扩展到全球市场的能力,包括北美和欧洲等大型市场。</p><p style=\"text-align: left;\">基于盈利预警,高盛将2025-2027年调整后净利润预测上调15%-22%。对于2025年,高盛现在预期收入和调整后净利润将分别增长152%和213%,达到328亿元人民币和100亿元人民币。具体来看:</p><blockquote><ul style=\"\"><li><p>2025年收入预测:从294亿元上调至328亿元(增长11.7%)</p></li><li><p>2025年净利润预测:从82亿元上调至100亿元(增长22.2%)</p></li><li><p>毛利率预测:2025年70.0%,2026年70.4%,2027年70.6%</p></li><li><p>运营利润率预测:2025年41.3%,2026年41.6%,2027年41.5%</p></li></ul></blockquote><p style=\"text-align: left;\">高盛将目标价从227港元上调至260港元(基于不变的25倍2027年市盈率,折现至2026年中期),但维持中性评级,因为目标价隐含的上涨空间有限,当前股价为263.20港元。</p><p style=\"text-align: left;\">摩根大通认为,泡泡玛特净利润率大幅扩张主要得益于三个方面:</p><blockquote><p style=\"text-align: left;\">首先,海外业务贡献度上升,该业务享有更高的毛利率和运营利润率;其次,规模经济效应逐步显现;第三,持续的产品成本优化和费用控制加强。</p></blockquote><p style=\"text-align: left;\">基于上半年强劲表现,摩根大通上调了盈利预测,具体来看:</p><blockquote><ul style=\"\"><li><p>2025年收入预期从280.11亿元上调至303.85亿元</p></li><li><p>调整后每股收益从6.10元上调至7.15元</p></li><li><p>预计2025年收入和净利润将分别增长133%和201%</p></li><li><p>2025-2027年复合增长率分别为23%和25%</p></li></ul></blockquote><p style=\"text-align: left;\">基于盈利预测上调,摩根大通将泡泡玛特目标价从330港元上调至340港元,<strong>维持"增持"评级</strong>。该目标价基于1.5倍PEG估值,相当于2026年预期市盈率34倍。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>泡泡玛特“炸裂季报”!摩根大通警告获利了结风险,后续关注五大连续催化剂</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n泡泡玛特“炸裂季报”!摩根大通警告获利了结风险,后续关注五大连续催化剂\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-16 09:30 北京时间 <a href=https://wallstreetcn.com/articles/3751199><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>泡泡玛特上半年净利润增长超350%,意味着净利润达到45亿元人民币。摩根大通称,这一业绩表现超出卖方一致预期的50%,但接近买方预期的45-55亿元人民币区间下限。由于股价3个月已涨60%,摩根大通预计将面临获利了结压力。未来五大催化剂值得关注:新POPOP珠宝店开业、Labubu动画首播、与优衣库联名、Labubu 4.0发布及AI互动玩具推出。泡泡玛特发布了强劲的半年报预警,收入增长超200%...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3751199\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","09992":"泡泡玛特","LU2237443895.HKD":"abrdn SICAV I - GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) 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(USD) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD"},"source_url":"https://wallstreetcn.com/articles/3751199","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2551132411","content_text":"泡泡玛特上半年净利润增长超350%,意味着净利润达到45亿元人民币。摩根大通称,这一业绩表现超出卖方一致预期的50%,但接近买方预期的45-55亿元人民币区间下限。由于股价3个月已涨60%,摩根大通预计将面临获利了结压力。未来五大催化剂值得关注:新POPOP珠宝店开业、Labubu动画首播、与优衣库联名、Labubu 4.0发布及AI互动玩具推出。泡泡玛特发布了强劲的半年报预警,收入增长超200%,净利润增长超350%,但华尔街大行认为业绩\"只是大致符合买方高预期\"。在股价过去3个月上涨60%后,摩根大通预计,将面临获利了结压力,接下来还有五大连续催化剂值得关注。据见闻此前文章,泡泡玛特7月15日发布盈利预警显示,预期集团截至2025年6月30日止六个月之收入可能较截至2024年6月30日止六个月之收入增长不低于200%;预期本期间集团溢利(不包括未完成统计的金融工具的公允价值变动损益)较本集团去年同期溢利可能录得增长不低于350%。7月16日,据追风交易台消息,高盛在最新研报中称,尽管业绩超出卖方分析师和市场共识,但基本符合买方机构的高预期。与此同时,摩根大通也指出,这一表现虽然超出卖方预期50%,但仅处于买方预期45-55亿元区间的低端。考虑到股价过去3个月已上涨60%,12个月暴涨588%,摩根大通预计,短期面临获利了结压力,建议逢低买入。该行分析师将目标价上调至340港元,并列出五大连续催化剂值得关注。另外,基于盈利预警,高盛将上调了泡泡玛特2025-2027年的盈利预测,且将目标价从227港元上调至260港元,维持中性评级。高盛认为,未来盈利上涨仍是股价上涨的关键,主要取决于将受欢迎程度扩展到非Labubu IP、品类扩张等因素。泡泡玛特业绩表现“炸裂”?华尔街:“只是大致符合买方高预期”!泡泡玛特公告显示,2025年上半年收入同比增长不少于200%,意味着收入不少于137亿元人民币,超出高盛预期的187%同比增长,且相比一季度165%-170%的增长进一步加速。集团利润方面,扣除金融工具公允价值变化后,净利润同比增长不少于350%,意味着2025年上半年净利润达到45亿元人民币,超出高盛预期的38亿元人民币。扣除少数股东权益后,净利润率已达到约30%,相比2024年上半年的20%和下半年的26%实现显著提升。摩根大通在研报中称,这一业绩表现超出卖方一致预期的50%,比摩根大通预期高出24%。然而,值得注意的是,但接近买方预期的45-55亿元人民币区间下限。正如高盛所说的那样:虽然业绩强劲,体现了中国大陆和海外市场的加速增长势头以及地理结构和运营杠杆带来的稳健利润率扩张,但买方预期已经上升,业绩结果大致符合乐观买方的预期。摩根大通警告获利了结风险,后续关注五大连续催化剂尽管业绩亮眼,摩根大通对短期股价走势保持谨慎。数据显示,泡泡玛特股价过去3个月上涨60%,12个月暴涨588%,远超恒生指数同期15%和39%的涨幅。摩根大通预计,在如此大幅上涨后,部分投资者可能会选择获利了结,从而对股价形成短期压力。不过,该行分析师仍然看好公司长期投资逻辑,包括强大的IP运营能力(全球超级IP、动画、主题公园和授权)以及IP货币化能力(地域和品类扩张),建议投资者逢低买入。更重要的是,摩根大通列出了五个连续催化剂值得关注:两家新开业的\"POPOP\"珠宝店将销售更多Labubu产品,同时还有SkullPanda、Molly和Dimoo;《Labubu & Friends》动画第一季将在夏季首播,包含20集2分钟视频在社交网络传播,有望配合新产品发布;Labubu x Uniqlo T恤将在8月推出;Labubu 4.0预告/发布预计在圣诞节/春节假期前推出;互动/AI玩具的可能推出;高盛、摩根大通纷纷上调盈利预测基于泡泡玛特强劲的上半年表现,高盛、摩根大通纷纷上调该公司的盈利预测。高盛在报告中称,强劲的上半年表现证明了泡泡玛特将IP受欢迎程度(尤其是Labubu IP)扩展到全球市场的能力,包括北美和欧洲等大型市场。基于盈利预警,高盛将2025-2027年调整后净利润预测上调15%-22%。对于2025年,高盛现在预期收入和调整后净利润将分别增长152%和213%,达到328亿元人民币和100亿元人民币。具体来看:2025年收入预测:从294亿元上调至328亿元(增长11.7%)2025年净利润预测:从82亿元上调至100亿元(增长22.2%)毛利率预测:2025年70.0%,2026年70.4%,2027年70.6%运营利润率预测:2025年41.3%,2026年41.6%,2027年41.5%高盛将目标价从227港元上调至260港元(基于不变的25倍2027年市盈率,折现至2026年中期),但维持中性评级,因为目标价隐含的上涨空间有限,当前股价为263.20港元。摩根大通认为,泡泡玛特净利润率大幅扩张主要得益于三个方面:首先,海外业务贡献度上升,该业务享有更高的毛利率和运营利润率;其次,规模经济效应逐步显现;第三,持续的产品成本优化和费用控制加强。基于上半年强劲表现,摩根大通上调了盈利预测,具体来看:2025年收入预期从280.11亿元上调至303.85亿元调整后每股收益从6.10元上调至7.15元预计2025年收入和净利润将分别增长133%和201%2025-2027年复合增长率分别为23%和25%基于盈利预测上调,摩根大通将泡泡玛特目标价从330港元上调至340港元,维持\"增持\"评级。该目标价基于1.5倍PEG估值,相当于2026年预期市盈率34倍。","news_type":1,"symbols_score_info":{"09992":1}},"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":425572273709512,"gmtCreate":1744909547256,"gmtModify":1744909549145,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"别跌啦再跌就亏钱了","listText":"别跌啦再跌就亏钱了","text":"别跌啦再跌就亏钱了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/425572273709512","isVote":1,"tweetType":1,"viewCount":1042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":425107079082360,"gmtCreate":1744795983119,"gmtModify":1744795985099,"author":{"id":"3558909450416751","authorId":"3558909450416751","name":"superchance","avatar":"https://static.tigerbbs.com/b0913e949e666ea90407a6f8bf3bba2f","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3558909450416751","authorIdStr":"3558909450416751"},"themes":[],"htmlText":"赶上利空了,不破发不错了","listText":"赶上利空了,不破发不错了","text":"赶上利空了,不破发不错了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/425107079082360","isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}