LongPort - 最新资讯

No spin, no hype: How healthy is PDD with growth down to 2.5%?

Dolphin Research

This week, $PDD(PDD.US) posted disappointing results, sending the stock down nearly 15%.

For a detailed take, see 'PDD: Old and Arrogant, Now Universally Disliked'.

The most glaring issue: ad revenue grew just 2.5% YoY. Despite sector-wide improvement vs. Q4 last year, PDD's ad growth declined QoQ, making it the laggard among e-commerce peers...

LI (1Q26 Trans): Maintains 20%+ 2026 sales growth target

Dolphin Research

The new L9 has launched and is now being delivered. Q2 GPM is expected to recover to ~10%.

i6 Alone Won't Do: How Long Until LI Turns the Corner?

Dolphin Research

Li Auto's 'distressed turnaround' still hasn't arrived

COST (Trans): tariff refunds to be received within a few months

Dolphin Research

Below is Dolphin Research's Trans of $Costco Wholesale(COST.US) FQ3 2026 earnings call. For our earnings take, see 'Inflation Resurges, Costco Still Resilient'.

I. Earnings highlights recap. 1) Key financials: FQ3 2026 (12 weeks ended May 10, 2026) net income of $2.20bn (+15% YoY), with diluted EPS of $4.93.

Net sales were $69.15bn (+11.6% YoY). Comparable sales rose 9.8%...

Inflation Resurges, COST Stays Resilient

Dolphin Research

Global discount retail leader — $Costco Wholesale(COST.US) — reported after-hours on May 29 its FY2026 Q3 results for the period ended May 10. Overall performance remained very resilient, broadly in line with market expectations.

By contrast, Dolphin Research believes the company’s prints offer a useful lens into shifts in US consumer health. That may be the more interesting angle.

On the headline numbers, the key narrative this quarter was US–Iran tensions pushing up oil and commodity prices, lifting both revenue and costs. On revenue, total sales rose 11.6% YoY this quarter...

DELL (Trans): Demand outpaces supply; biz. pipeline several times backlog

Dolphin Research

Below is Dolphin Research's Trans of DELL FY27 Q1 earnings call. For our earnings analysis, see 'Dell: AI is surging, legacy is warming up, fully fired up!'.

1) Key takeaways for $Dell Tech(DELL.US). Shareholder returns: DELL returned $2.1bn to shareholders in Q1, repurchasing 11 mn shares at an Avg. price of $147 and paying a dividend of approx. $0.63 per share. The company reaffirmed its capital return framework, with buybacks to remain strong.

DELL: AI Surges, Legacy Biz Heats Up; Firing on All Cylinders!

Dolphin Research

In after-hours trading on May 29 (Beijing time), DELL.N reported FY2027 Q1 results (quarter ended Apr 2026).

1) Core metrics: $Dell Tech(DELL.US) revenue was $43.8bn (+87% YoY), beating cons. of $39.0bn.

Sequential revenue increased by $10.5bn, mainly driven by growth in AI server shipments. GPM was 17.8%, down 240bps QoQ, above the 16% cons.

The margin decline...

Nvidia Already is the GPU Giant. Now It's Aiming to Dominate in a New $200 Billion Market.

Motley Fool

Nvidia, a leader in GPUs, is expanding into the CPU market with its upcoming Vera Rubin platform, aiming to capture a $200 billion opportunity. The company predicts $20 billion in CPU sales this year, driven by the demand for agentic AI solutions. This strategic move could significantly boost Nvidia's revenue and reduce risks for shareholders, solidifying its position as a top stock in the tech industry.

XPEV (1Q26 Trans): Humanoid robot to begin mass production by year-end

Dolphin Research

Q2 overall GPM is expected to be roughly flat vs. Q1. Approx. 20.6%.

XPEV: Inflection Point in Sight — Does the 'Eastern Tesla' Story Still Have Legs?

Dolphin Research

New-vehicle Cycle: Early Inflection

CRM (Trans): What Do 28.6T Tokens and 3.8bn AWUs Buy?

Dolphin Research

Below is Dolphin Research’s Trans of the $Salesforce(CRM.US) FY27 Q1 earnings call. For our analysis, see 'Salesforce: neither growth nor profit — can the AI story still hold?'

I) Key takeaways: 1) Record shareholder returns. The company executed a $25bn accelerated share repurchase (ASR), the largest in its history and half of the $50bn buyback authorization. The ASR reduced diluted shares outstanding in Q1 by 10% YoY...

NIO launches flagship SUV ES9; META rolls out AI subscription | Daily News Recap

Dolphin Research

0528 | Dolphin Research Focus 🐬 Stock 1, $Taiwan Semiconductor(TSM.US) — Supply chain checks indicate that, on surging AI compute demand and fully loaded 3nm lines, TSMC plans to raise 3nm foundry pricing by up to 15% in H2, with a further 5–10% hike likely in 2027. Current 3nm capacity is approx. 160–175k wafers per month and remains in shortage.

AI is flipping the supply-demand balance for advanced nodes, strengthening TSMC's pricing power and directly lifting costs for customers such as Apple and Nvidia. Positive for TSMC's GPM...

CRM: No growth, no profit — is the 'AI story' still compelling?

Dolphin Research

As the legacy SaaS bellwether under pressure from the 'AI replacement' narrative, $Salesforce(CRM.US) reported FY27 Q1 (ended Apr.) after the U.S. close on May 28. Overall, the print was muted.

The quarter was fine, with most metrics roughly in line with the Street. There was little to flip the narrative.

Forward guide skewed soft. With no clear sign of revenue re-acceleration, management trimmed the margin outlook.

Specifically: 1) Growth remains uneventful. Core subscription revenue was approx. $10.6bn, up 12% YoY on a CC basis...

MRVL (Trans): FY2028 guide $16.5bn; upside ahead

Dolphin Research

Below is Dolphin Research's Trans of Marvell's FY27 Q1 (FQ1 2027; period ended May 2, 2026) earnings call. For our earnings analysis, see 'Marvell: AI mega-interconnects bring another opportunity — can it support the Little Broadcom dream?'.

I. $Marvell Tech(MRVL.US) Core highlights recap. 1) Shareholder returns: repurchased $200mn of stock under the ongoing capital return program, and returned $54mn to shareholders via cash dividends...

SpaceX Could Be Worth More Than Tesla the Moment It Goes Public. Here's Why.

Motley Fool

SpaceX is preparing for a potential record IPO, aiming for a valuation between $1.75 trillion and $2 trillion, surpassing Tesla's current market cap of $1.65 trillion. The company's revenue is driven by its Starlink segment, which generated $11.4 billion in 2025. Despite a net loss due to its AI segment, SpaceX's growth contrasts with Tesla's recent revenue decline and high capital expenditures. The IPO is expected to debut on Nasdaq under the ticker SPCX on June 12.

MRVL: In the AI inference era, is connectivity more valuable than compute?

Dolphin Research

MRVL released its FY2027 Q1 results after-hours on May 28 (Beijing time). The quarter ended Apr 2026.

1. Revenue: $2.42bn (+9% QoQ), in line with consensus ($2.41bn). The ~$200mn sequential uplift was almost entirely driven by Data Center.

2. GPM: 52.1% this quarter, up 40bps QoQ. Margin is affected by amortization of acquired intangibles and other items...

PDD (Trans): New 10-Yr Starting Line; 'New Pinmu' to Reinvent PDD

Dolphin Research

Below is Dolphin Research's Trans of $PDD(PDD.US) FY1Q26 earnings call (qtr ended Mar 31, 2026). For our take, see 'PDD: Old and arrogant, disliked by everyone'.

I. Core earnings takeaways: 1) Shareholder returns: management mentioned no dividend or buyback plans this quarter.

2) Guidance: management gave no specific revenue/profit guidance for next qtr or the full year. They repeatedly cited seasonality and the pace of investment.

PDD: Dated, 'Arrogant', and Universally Disliked

Dolphin Research

$PDD(PDD.US) Pre-mkt on May 27, released Q1 2026 results, with both revenue and profit missing expectations, making it the worst performer in the e-com group.

1) Growth weakened against the trend: unlike the sector and peers that showed QoQ improvement, PDD’s revenue growth slowed vs. last quarter. Total revenue rose 11% YoY, below the 13.5% consensus and lower than Q4’s 12%.

More notably, the shortfall was in ad revenue, up only 2.5%...

Kuaishou (Trans): Bullish on Kling outlook; shareholder yield lifted to 4% this year

Dolphin Research

The following is Dolphin Research's Trans of the $Kuaishou-W(01024.HK) 1Q26 earnings call. For our earnings analysis, cf. 'Kuaishou: Comeback rides on Keling'.

I. Key earnings highlights recap

1) Shareholder returns: In 2026 YTD, the company has repurchased approx. HKD 854 mn (about 17.96 mn shares, ~0.42% of shares outstanding). It maintains a full-year HKD 3 bn annual dividend plan. Total shareholder returns in 2026 (dividends + buybacks) are expected to increase vs. 2025, implying an overall shareholder yield of ~4%...

Kuaishou: Turnaround Hinges on 'Keling'

Dolphin Research

$KUAISHOU-W(01024.HK) released its Q1 results after the Hong Kong close on May 27 (Beijing time). Overall, the quarter was broadly in line. The operating profit beat was driven by non-core other gains, which are unlikely to be sustainable.

In short, the core biz remains under heavy pressure, leaving little to highlight. The key focus now is 'Kling', including its monetization and the progress toward a spin-off and listing.

Specifically: 1) Kling was the only bright spot. Q1 Kling revenue reached RMB 650 mn (+330% YoY), above guidance of RMB 500 mn...

CATL lands a large-scale ESS project in Europe; MU tops RMB 1tn mkt cap as memory rally continues | Daily News Recap

Dolphin Research

0527 | Dolphin Research Focus: 🐬 Macro/Industry

1) Per the National Bureau of Statistics (NBS), profits at industrial enterprises above designated size rose 24.7% in Apr., accelerating from 15.8% in Mar. This is the fastest pace since Nov-2023.

Earnings recovery was evident, led by equipment manufacturing and high-tech manufacturing. AI-driven demand and a rebound in PPI were the main drivers.

However, upstream-downstream divergence persists and the domestic-demand repair is not yet firm, so earnings sustainability bears watching. This is supportive for a repair in A-share manufacturing and cyclical sectors...

Xiaomi (Trans): Paid tokens >30%; confident of hitting 550k vehicles target

Dolphin Research

Below is Dolphin Research's Trans of Xiaomi Corp.'s FY26 Q1 earnings call. For our take on the results, cf. 'Xiaomi: Questioning Life? The worst is behind us'.

I. $XIAOMI-W(01810.HK) core takeaways recap. 1) Shareholder returns: YTD 2026, the company has repurchased approx. HK$8.4bn in the open market, already exceeding last year's total buybacks. 2) Overall performance: Q1 revenue of RMB 99.1bn, Adj. net profit of RMB 6.1bn; overall GPM at 22%...

Xiaomi: Rock bottom? The worst is over

Dolphin Research

$XIAOMI-W(1810.HK) released its Q1 2026 results after the HK close on May 26 (Beijing time), covering the quarter ended Mar 2026. Key takeaways: 1) Overall performance.

Revenue was RMB 99.1bn (-11% YoY). The decline was mainly dragged by smartphones and autos, with legacy businesses (smartphones and AIoT) down 14.5% YoY.

GPM was 22% (-80bps YoY). The YoY contraction mainly reflected lower smartphone and auto margins...

MNSO (Trans): Expects high-teens YoY revenue growth in 2026

Dolphin Research

Below is Dolphin Research's Trans of MINISO's FY26 Q1 earnings call. For our take on the results, see 'MINISO: AI investment in overdrive, but growth still paid for'.

MNSO: AI Spend Turbocharged, But Still Buying Growth

Dolphin Research

Same old problem. Revenue is outpacing profits.

BEKE rolls out HK buyback shield; Xiaomi faces earnings test tonight | Daily News Recap

Dolphin Research

0526 | Dolphin Research Focus: 🐬 Macro/Industry. 1) The US and Iran reached a framework for an MoU; Iran would reopen the Strait of Hormuz within 30 days of signing, the US would unfreeze $12bn of Iranian assets, and both sides would implement a ceasefire.

This would significantly ease near-term Middle East tensions and stabilize the global energy supply chain (about 30% of crude flows through the strait). It supports a pullback in oil and a rebound in energy stocks.

However, the arrangement is temporary and does not address core issues such as Iran's nuclear program. Longer-term execution remains uncertain.

2) Hang Seng Indexes Company announced the results of its regular quarterly index rebalancing. ...

WMT (Trans): High oil costs weigh on quarterly profit; cautious guide

Dolphin Research

Below is Dolphin Research's Trans of Walmart's FY2027 Q1 earnings call. For our take on the results, please see 'Walmart: Rising oil prices — can the retail king still hold up?'

WMT: Gas Price Spike — Can the Retail King Hold Up?

Dolphin Research

Revenue beat expectations.

However, surging fuel costs weighed on margins.

NTES (Trans): High bar for 'Ananta', willing to delay for quality

Dolphin Research

Below is Dolphin Research's transcript of $NetEase(NTES.US) $NTES-S(09999.HK) 1Q26 earnings call.

For our earnings take, see 'NetEase: Making money through the lull; the evergreen franchise keeps gaining value'.

I. Key results recap. 1) Shareholder returns. The BOD approved a 1Q26 cash dividend of $0.144 per ordinary share. As of Mar 31, 2026, under the $5bn share repurchase plan, the company had bought back approx. 23.2 mn shares for about $2.1bn...

NIO (Trans): Q2 & FY vehicle margin target at 17-18%

Dolphin Research

For FY2026, the full-year financial target is positive non-GAAP OP. The goal is to deliver a profit on a non-GAAP operating basis.