Share your thoughtsWhat's on your mind?
Data center-related new products are advancing on track. This year is expected to grow 50%-100% YoY.
Q1 revenue returned to positive growth. Back in positive territory.
I do not think the FOMC will cut or hike interest rate, it should remain the same. I think it is a good idea to get exposure into equities. The bull is still in control!
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OPEC will lose its relevance and everyone will simply pump oil till their hearts content. I foresee a destruction in oil and price will crash. Don't be fooled by the Iran war keep oil prices elevated!
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0429 | Dolphin Research Focus: 🐬 Macro/Industry 1) The Fed will hold its policy meeting in Washington this week, with the decision due Wed 2:00pm ET (Thu 2:00am Beijing). Markets will focus on the rate decision, policy stance and forward guidance on the easing path.
With growth and inflation still resilient, consensus expects rates to be kept on hold this time. 🐬 Single Stocks 1) $NIO-SW(09866.HK) $NIO Inc(NIO.US) Under Nio’s ONVO brand, the smart dual-cockpit, large five-seat flagship SUV ONVO L80 has been introduced. Pre-sales have started.with the sudden drop in both earnings and share price, S REITs suddenly become attractive. I will consider buying the dip especially those whose share prices are lower than my average buy
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I prefer to stay invested in Singapore REITs and banks given Singapore’s strong economic fundamentals and AAA sovereign credit rating. The Singapore dollar is relatively stable which adds to many retail investors confidence.
Just Focus on quality blue chip S-REITs and it will generate steady income with greater peace of mind over the long term.
Other options, invest in Hongkong market for growth with excitement🤭 ( political and exchange rate risk).
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On the afternoon of Mar 23 (Beijing time), 2050.HK released its FY25 annual report.
Headline results came in slightly below the midpoint of guidance, near the low end, missing sell-side expectations.Below is Dolphin Research's Trans of Sanhua Intelligent Controls' FY25 annual report earnings call.
---4Q25 First Take: results landed toward the lower end of the pre-announced range, near the floor and below the Street. On revenue, the main drag came from overseas sales in refrigeration, which declined YoY in 2H—particularly in Q4—likely due to U.S. tariff policy.
In detail. Key takeaways follow.
1) Q4 headline financials: revenue was approx. RMB 1bn below consensus, the biggest driver of the profit miss. Mgmt and selling expenses ran above market expectations, while R&D spend was lower, all pointing to external industry pressure. That said, single-quarter GPM reached 31.2%, showing some earnings resilience.
2) Refrigeration: 2H revenue fell 1% YoY. Since Q3 growth was positive, Q4 must have turned negative YoY.
Weakness started in Q3 and became more visible in Q4, partly on a high base from 2024 state subsidies, but mainly due to overseas tariffs, especially the U.S. special tariffs on 'steel derivative products' effective from Jun. The tariff impact weighed on shipments in the quarter.
However, localization is progressing with plants in Mexico, Thailand, and the U.S. ramping. We view the current situation as a transitory pain.
3) Auto parts: performance was also middling, with 2H YoY growth under 10%, well below NEV industry growth, and Q4 YoY revenue growth likely slowing vs. Q3. The softness likely reflects customer mix, notably weaker Q4 sales at a major North American client.
Diversification is reshaping the customer base. The top customer contribution fell to 10.90% in 2025 from 12.62% in 2024.
4) New biz: the humanoid robot line was not separately disclosed, suggesting a small revenue contribution. For data centers, the company repeatedly highlighted project execution in the report, making this a segment to watch.
5) Overall: Q4 missed Street expectations, driven more by industry factors (policy cycles, trade frictions) and customer mix than by internal execution. With capacity localization and customer diversification underway, this looks like a transition period.
Importantly, the ceiling in traditional refrigeration and auto parts is getting closer, so investors should focus on progress in robots and data centers. $Sanhua(002050.SZ) $SANHUA(02050.HK)
0323 | Dolphin Focus. Macro/Industry.
1) On Mar. 21 (local time), Trump issued a 48-hour ultimatum to Iran to fully open the Strait of Hormuz or face strikes on its power plants. Iran responded that if its power facilities are attacked, it would shut the strait entirely.The Middle East conflict is a direct shock to the global energy supply chain. Higher oil prices will lift inflation, forcing the Fed to keep rates higher for longer and compressing growth-stock valuations.Gold's safe-haven appeal is being offset near term by rate expectations. Profit-taking after the prior rally has triggered technical selling, magnifying the decline...We take a deep dive into dexterous robot hands. Dolphin Research will address four key questions.
Why do dexterous hands matter? Where are the industry's bottlenecks?What risks and opportunities arise as these bottlenecks are solved? What are the future directions and potential commercialization paths?In the previous report, we reviewed Sanhua Intelligent Controls’ growth trajectory and core product lines.
In this piece, we look ahead to assess Sanhua’s runway in data-center thermal management and humanoid robotics.Any deep dive into the humanoid robot supply chain has to cover Sanhua Intelligent Controls.
To unpack its core capabilities, we mapped the company in detail; as the first note in the series, we focus on its growth trajectory and exactly what it makes. Think of this as a concise 'running log' to set the groundwork for studying this manufacturing leader.Entering 2025, three years into the OpenAI-led AI cycle, the industry remains in a full-on AI investment phase. Based on our recent work, Dolphin Research sees 2026 hinging on compute cost-down and on AI capex translating into deployments across software and hardware.
The rollout of new hardware is the true incremental driver. Meanwhile, mass production of Tesla's Optimus is drawing closer, and humanoid robots could become the primary AI form factor, reshaping human interaction and productivity.On this premise, Dolphin Research is launching coverage on the robotics supply chain. This is Part 1.$SANHUA(02050.HK) MS worked hard to support the market today, but it feels like it will follow the same trend as Haitian starting tomorrow...
