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06-07

4,900.0% increase in revenue👍

Quantum Computing Inc expected to post a loss of 9 cents a share - Earnings Preview

2023-04-13

If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.

@daz888888888:Two News Items That Rocked US Market

2021-07-20

??

我们从6月美股科技股系列调研中看到了什么？

Go to Tiger App to see more news

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increase in revenue👍","listText":"4,900.0% increase in revenue👍","text":"4,900.0% increase in revenue👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/314280916672768","repostId":"2440229940","repostType":2,"repost":{"id":"2440229940","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1717187001,"share":"https://ttm.financial/m/news/2440229940?lang=&edition=fundamental","pubTime":"2024-06-01 04:23","market":"us","language":"en","title":"Quantum Computing Inc    expected to post a loss of 9 cents a share - Earnings Preview","url":"https://stock-news.laohu8.com/highlight/detail?id=2440229940","media":"Reuters","summary":"* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023   * The Hoboken New Jersey-based  comp","content":"<html><body><p>* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023</p><p>   * The Hoboken New Jersey-based  company is expected to report a 4,900.0% increase in revenue to $100 thousand from $2 thousand a year ago, according to the estimate from one analyst, based on LSEG data.</p><p>   * LSEG's mean analyst estimate for Quantum Computing Inc is for a loss of 9 cents per share. </p><p>   * The one available analyst rating on the shares is \"buy\".  </p><p>   * The mean earnings estimate of analysts was unchanged in the last three months. </p><p>   * Wall Street's median 12-month price target for Quantum Computing Inc is $8.25, above its last closing price of $0.72. 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All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. 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All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QUBT":"Quantum Computing Inc."},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2440229940","content_text":"* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023   * The Hoboken New Jersey-based  company is expected to report a 4,900.0% increase in revenue to $100 thousand from $2 thousand a year ago, according to the estimate from one analyst, based on LSEG data.   * LSEG's mean analyst estimate for Quantum Computing Inc is for a loss of 9 cents per share.    * The one available analyst rating on the shares is \"buy\".     * The mean earnings estimate of analysts was unchanged in the last three months.    * Wall Street's median 12-month price target for Quantum Computing Inc is $8.25, above its last closing price of $0.72. This summary was machine generated May 31 at 20:23 GMT.  All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)","news_type":1},"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945377081,"gmtCreate":1681394392443,"gmtModify":1681394396237,"author":{"id":"3584681683305990","authorId":"3584681683305990","name":"香泉","avatar":"https://static.tigerbbs.com/8d912b8b0e4d3b81943f12bb0dc672f5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584681683305990","authorIdStr":"3584681683305990"},"themes":[],"htmlText":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","listText":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","text":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945377081","repostId":"9945032057","repostType":1,"repost":{"id":9945032057,"gmtCreate":1681318041181,"gmtModify":1681318049354,"author":{"id":"4088639346266630","authorId":"4088639346266630","name":"daz888888888","avatar":"https://community-static.tradeup.com/news/8bbe8cd95504dc1e0dd3af78504d3f7e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088639346266630","authorIdStr":"4088639346266630"},"themes":[],"title":"Two News Items That Rocked US Market","htmlText":"<a href=\"https://ttm.financial/S/NATI\">$National Instruments(NATI)$&nbsp;</a> <a href=\"https://ttm.financial/S/EMR\">$Emerson(EMR)$&nbsp;</a> <a href=\"https://ttm.financial/S/WISH\">$ContextLogic Inc.(WISH)$&nbsp;</a> Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","listText":"<a href=\"https://ttm.financial/S/NATI\">$National Instruments(NATI)$&nbsp;</a> <a href=\"https://ttm.financial/S/EMR\">$Emerson(EMR)$&nbsp;</a> <a href=\"https://ttm.financial/S/WISH\">$ContextLogic Inc.(WISH)$&nbsp;</a> Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","text":"$National Instruments(NATI)$ $Emerson(EMR)$ $ContextLogic Inc.(WISH)$ Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","images":[{"img":"https://community-static.tradeup.com/news/e5e079fc0c3dc070681781e2e428a4c2","width":"828","height":"506"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945032057","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178891909,"gmtCreate":1626795310901,"gmtModify":1703765428797,"author":{"id":"3584681683305990","authorId":"3584681683305990","name":"香泉","avatar":"https://static.tigerbbs.com/8d912b8b0e4d3b81943f12bb0dc672f5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584681683305990","authorIdStr":"3584681683305990"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178891909","repostId":"1135534684","repostType":2,"repost":{"id":"1135534684","pubTimestamp":1626789909,"share":"https://ttm.financial/m/news/1135534684?lang=&edition=fundamental","pubTime":"2021-07-20 22:05","market":"us","language":"zh","title":"我们从6月美股科技股系列调研中看到了什么？","url":"https://stock-news.laohu8.com/highlight/detail?id=1135534684","media":"中信证券研究","summary":"当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应","content":"<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p>当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。考虑到目前美股整体偏高的估值水平，以及经济复苏持续性、流动性等宏观变量的难以预测等，我们仍建议延续此前配置策略，自下而上，从业绩确定性、估值合理性两个维度关注个股层面的机会。持续推荐<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、Service Now、<a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>等。</p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p><b>▍</b><b>美股科技股展望：聚焦个股，关注业绩确定性、估值性价比。</b></p>\n<p>今年以来，中美科技股走势分化明显，市场对美股科技股中短期基本面、市场后续走势等分歧亦在不断加大。结合6月以来的美股科技股系列调研，以及我们长期以来的对美股科技股的跟踪研究，我们判断短期美股科技板块业绩有望继续向上，但市场波幅料持续扩大，建议自下而上，重点关注业绩确定性、估值性价比等：</p>\n<p>1）业绩，短期互联网、半导体、IT硬件&amp;IDC等板块业绩能见度依然理想，同时云计算&amp;软件SaaS有望持续保持高景气度；</p>\n<p>2）估值，纳斯达克互联网、SP500半导体、SP500软件服务、SP500IT硬件的PE(NTM)当前分别为37、16、25、17X，显著高于过去5年历史平均水平。代表高估值、高成长的BVP cloud指数目前的PS（NTM）亦保持在13.6X的水平，接近去年15.4X的高点；</p>\n<p>3）宏观变量，自7月份以来，市场对通胀持续性、经济复苏前景等宏观变量的分歧开始明显加大。</p>\n<p><b>▍</b><b>云计算：IaaS订单高增长，SaaS增长循序渐进。</b></p>\n<p>1）云基础设施，Q1北美三大云计算巨头IaaS业务收入合计年化收入首次超过1000亿美元，当季度AWS收入135亿美元（同比+32%），运营利润率上升至31%， Azure收入同比+50%，<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>云收入同比+46%，新增订单亦继续保持高速增长；</p>\n<p>2）软件SaaS，今年板块营收增速部分受制于去年新增订单减少的拖累，同时相较于云基础设施巨头的营收、订单高增长，软件SaaS企业继续延续循序渐进发展节奏，预示短期业绩表现较难超越市场预期。但板块经营效率持续改善明显，整体运营利润率在2016年仅为-8.7%，2020年提升至1.3%，市场一致预期今年有望提升至5.8%，同时板块自去年以来的持续活跃M&amp;A活动，产品、渠道等层面的创新等，预计亦将为板块中长期增长构筑持续的支撑。</p>\n<p><b>▍</b><b>互联网：显著受益于经济复苏，但用户线上习惯持续性仍需进一步观察。</b></p>\n<p>受益于宏观经济的复苏，以及疫情后个人用户线上习惯的基本保留，美股主要互联网企业在一季度表现抢眼。</p>\n<p>1）电商、娱乐，一季度亚马逊1P+3P合计收入766亿美元（+50%），依旧保持强劲增长，同时亚马逊订阅服务一季度实现收入75.8亿美元（+36%），而<a href=\"https://laohu8.com/S/AAPL\">苹果</a>服务业务亦保持稳健增长，实现收入169亿美元（+27%）；</p>\n<p>2）在线广告，一季度<a href=\"https://laohu8.com/S/FB\">Facebook</a>广告impressions同比增长12%，谷歌付费点击次数增长25%。宏观经济的复苏以及广告主结构的改善（电商、游戏等品类的增长），亦带动广告单价的上行，Facebook单广告价格同比+30%，谷歌CPC同比+3%。主要企业一季度数据显示，欧美用户疫情期间形成的线上习惯大部分得以保留，并延续到疫情之后，但考虑到目前疫情在海外市场并未完全结束，而且Q1在部分地区仍相对严重，审慎角度，我们认为，继续观察Q2~Q3的表现可能更具有说服力。</p>\n<p><b>▍</b><b>半导体：短期上行动能犹存，但需关注库存水位变化。</b></p>\n<p>去年的疫情，以及美国政府对华为的制裁，是近期全球半导体供应链持续偏紧的核心原因；<a href=\"https://laohu8.com/S/QCOM\">高通</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>等我们调研的企业均不同程度了表示了对半导体缺货的担忧，同时预期这种现象料将持续到今年四季度，甚至明年全年。参考SIA公布的5月数据，并结合市场当前的库存水平、下游需求等核心要素来看，我们判断短期全球半导体市场仍处于上行周期。</p>\n<p>但从库存角度，参考历史平均水平，虽然目前生产端、渠道端的半导体库存水平仍相对较低，但目前渠道端的DIO（库存周转天数）已经开始止跌回升，同时一季度客户端的DIO已经较去年Q4企稳，考虑到当前的重复下单、下游填充库存等因素，后续终端市场的实际需求表现将是我们重点跟踪的变量。</p>\n<p><b>▍</b><b>IT硬件&amp;IDC：云厂商CAPEX进入复苏通道，企业IT支出亦开始恢复。</b></p>\n<p>中美云厂商CAPEX自去年Q3开始出现趋势性下行，并导致相关板块股价持续走弱。当前时点，宏观经济复苏带来的企业市场需求恢复、云厂商CPAEX周期的可能拐点等，都使得我们极为重视下半年IT硬件、IDC等周期性板块的投资机会。</p>\n<p>从AMD、Equinix、DLR等企业接受调研时的表述，并结合我们对Aspeed、<a href=\"https://laohu8.com/S/INTC\">英特尔</a>等企业的经营数据的案头研究，我们倾向于认为：当前时点，北美市场，目前云厂商资本开支已经进入复苏通道，同时企业市场需求亦在开始恢复；下半年硬件、IDC企业业绩表现料显著好于上半年。同时以EQUINIX为代表的头部IDC企业在裸金属（Raw Metal）、边缘计算等创新领域的布局亦值得持续跟踪观察。</p>\n<p><b>▍</b><b>风险因素：</b></p>\n<p>美债利率快速上行风险；美国企业税方案调整超预期风险；针对科技巨头的政策监管持续收紧风险；全球宏观经济复苏不及预期风险；宏观经济波动导致欧美企业IT支出不及预期风险；全球云计算市场发展不及预期风险；云计算企业数据泄露、信息安全风险；行业竞争持续加剧风险等。</p>\n<p><b>▍</b><b>投资策略：</b></p>\n<p>我们判断美股科技板块短期业绩仍处于上行通道，云计算、硬件、IDC、互联网广告等顺周期子板块改善料最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。宏观层面，当前市场对美国经济复苏进程、通胀走高持续性等存在明显分歧，并带来市场的明显波动以及快速的风格轮动。考虑到目前美股整体偏高的估值水平以及经济复苏持续性、流动性等宏观变量的难以预测，我们仍建议延续此前的配置策略，自下而上，从业绩确定性、估值合理性两个维度出发，关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。</p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>","source":"zxzqyj","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\" 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href=https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win><strong>中信证券研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135534684","content_text":"当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。考虑到目前美股整体偏高的估值水平，以及经济复苏持续性、流动性等宏观变量的难以预测等，我们仍建议延续此前配置策略，自下而上，从业绩确定性、估值合理性两个维度关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。\n\n\n\n\n\n\n\n▍美股科技股展望：聚焦个股，关注业绩确定性、估值性价比。\n今年以来，中美科技股走势分化明显，市场对美股科技股中短期基本面、市场后续走势等分歧亦在不断加大。结合6月以来的美股科技股系列调研，以及我们长期以来的对美股科技股的跟踪研究，我们判断短期美股科技板块业绩有望继续向上，但市场波幅料持续扩大，建议自下而上，重点关注业绩确定性、估值性价比等：\n1）业绩，短期互联网、半导体、IT硬件&IDC等板块业绩能见度依然理想，同时云计算&软件SaaS有望持续保持高景气度；\n2）估值，纳斯达克互联网、SP500半导体、SP500软件服务、SP500IT硬件的PE(NTM)当前分别为37、16、25、17X，显著高于过去5年历史平均水平。代表高估值、高成长的BVP cloud指数目前的PS（NTM）亦保持在13.6X的水平，接近去年15.4X的高点；\n3）宏观变量，自7月份以来，市场对通胀持续性、经济复苏前景等宏观变量的分歧开始明显加大。\n▍云计算：IaaS订单高增长，SaaS增长循序渐进。\n1）云基础设施，Q1北美三大云计算巨头IaaS业务收入合计年化收入首次超过1000亿美元，当季度AWS收入135亿美元（同比+32%），运营利润率上升至31%， Azure收入同比+50%，谷歌云收入同比+46%，新增订单亦继续保持高速增长；\n2）软件SaaS，今年板块营收增速部分受制于去年新增订单减少的拖累，同时相较于云基础设施巨头的营收、订单高增长，软件SaaS企业继续延续循序渐进发展节奏，预示短期业绩表现较难超越市场预期。但板块经营效率持续改善明显，整体运营利润率在2016年仅为-8.7%，2020年提升至1.3%，市场一致预期今年有望提升至5.8%，同时板块自去年以来的持续活跃M&A活动，产品、渠道等层面的创新等，预计亦将为板块中长期增长构筑持续的支撑。\n▍互联网：显著受益于经济复苏，但用户线上习惯持续性仍需进一步观察。\n受益于宏观经济的复苏，以及疫情后个人用户线上习惯的基本保留，美股主要互联网企业在一季度表现抢眼。\n1）电商、娱乐，一季度亚马逊1P+3P合计收入766亿美元（+50%），依旧保持强劲增长，同时亚马逊订阅服务一季度实现收入75.8亿美元（+36%），而苹果服务业务亦保持稳健增长，实现收入169亿美元（+27%）；\n2）在线广告，一季度Facebook广告impressions同比增长12%，谷歌付费点击次数增长25%。宏观经济的复苏以及广告主结构的改善（电商、游戏等品类的增长），亦带动广告单价的上行，Facebook单广告价格同比+30%，谷歌CPC同比+3%。主要企业一季度数据显示，欧美用户疫情期间形成的线上习惯大部分得以保留，并延续到疫情之后，但考虑到目前疫情在海外市场并未完全结束，而且Q1在部分地区仍相对严重，审慎角度，我们认为，继续观察Q2~Q3的表现可能更具有说服力。\n▍半导体：短期上行动能犹存，但需关注库存水位变化。\n去年的疫情，以及美国政府对华为的制裁，是近期全球半导体供应链持续偏紧的核心原因；高通、AMD等我们调研的企业均不同程度了表示了对半导体缺货的担忧，同时预期这种现象料将持续到今年四季度，甚至明年全年。参考SIA公布的5月数据，并结合市场当前的库存水平、下游需求等核心要素来看，我们判断短期全球半导体市场仍处于上行周期。\n但从库存角度，参考历史平均水平，虽然目前生产端、渠道端的半导体库存水平仍相对较低，但目前渠道端的DIO（库存周转天数）已经开始止跌回升，同时一季度客户端的DIO已经较去年Q4企稳，考虑到当前的重复下单、下游填充库存等因素，后续终端市场的实际需求表现将是我们重点跟踪的变量。\n▍IT硬件&IDC：云厂商CAPEX进入复苏通道，企业IT支出亦开始恢复。\n中美云厂商CAPEX自去年Q3开始出现趋势性下行，并导致相关板块股价持续走弱。当前时点，宏观经济复苏带来的企业市场需求恢复、云厂商CPAEX周期的可能拐点等，都使得我们极为重视下半年IT硬件、IDC等周期性板块的投资机会。\n从AMD、Equinix、DLR等企业接受调研时的表述，并结合我们对Aspeed、英特尔等企业的经营数据的案头研究，我们倾向于认为：当前时点，北美市场，目前云厂商资本开支已经进入复苏通道，同时企业市场需求亦在开始恢复；下半年硬件、IDC企业业绩表现料显著好于上半年。同时以EQUINIX为代表的头部IDC企业在裸金属（Raw Metal）、边缘计算等创新领域的布局亦值得持续跟踪观察。\n▍风险因素：\n美债利率快速上行风险；美国企业税方案调整超预期风险；针对科技巨头的政策监管持续收紧风险；全球宏观经济复苏不及预期风险；宏观经济波动导致欧美企业IT支出不及预期风险；全球云计算市场发展不及预期风险；云计算企业数据泄露、信息安全风险；行业竞争持续加剧风险等。\n▍投资策略：\n我们判断美股科技板块短期业绩仍处于上行通道，云计算、硬件、IDC、互联网广告等顺周期子板块改善料最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。宏观层面，当前市场对美国经济复苏进程、通胀走高持续性等存在明显分歧，并带来市场的明显波动以及快速的风格轮动。考虑到目前美股整体偏高的估值水平以及经济复苏持续性、流动性等宏观变量的难以预测，我们仍建议延续此前的配置策略，自下而上，从业绩确定性、估值合理性两个维度出发，关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":314280916672768,"gmtCreate":1717760076989,"gmtModify":1717760080996,"author":{"id":"3584681683305990","authorId":"3584681683305990","name":"香泉","avatar":"https://static.tigerbbs.com/8d912b8b0e4d3b81943f12bb0dc672f5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584681683305990","authorIdStr":"3584681683305990"},"themes":[],"htmlText":"4,900.0% increase in revenue👍","listText":"4,900.0% increase in revenue👍","text":"4,900.0% increase in revenue👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/314280916672768","repostId":"2440229940","repostType":2,"repost":{"id":"2440229940","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1717187001,"share":"https://ttm.financial/m/news/2440229940?lang=&edition=fundamental","pubTime":"2024-06-01 04:23","market":"us","language":"en","title":"Quantum Computing Inc    expected to post a loss of 9 cents a share - Earnings Preview","url":"https://stock-news.laohu8.com/highlight/detail?id=2440229940","media":"Reuters","summary":"* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023   * The Hoboken New Jersey-based  comp","content":"<html><body><p>* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023</p><p>   * The Hoboken New Jersey-based  company is expected to report a 4,900.0% increase in revenue to $100 thousand from $2 thousand a year ago, according to the estimate from one analyst, based on LSEG data.</p><p>   * LSEG's mean analyst estimate for Quantum Computing Inc is for a loss of 9 cents per share. </p><p>   * The one available analyst rating on the shares is \"buy\".  </p><p>   * The mean earnings estimate of analysts was unchanged in the last three months. </p><p>   * Wall Street's median 12-month price target for Quantum Computing Inc is $8.25, above its last closing price of $0.72. </p><p>This summary was machine generated May 31 at 20:23 GMT.  All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)</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>Quantum Computing Inc    expected to post a loss of 9 cents a share - Earnings Preview</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{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\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\">\nQuantum Computing Inc    expected to post a loss of 9 cents a share - Earnings Preview\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-06-01 04:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023</p><p>   * The Hoboken New Jersey-based  company is expected to report a 4,900.0% increase in revenue to $100 thousand from $2 thousand a year ago, according to the estimate from one analyst, based on LSEG data.</p><p>   * LSEG's mean analyst estimate for Quantum Computing Inc is for a loss of 9 cents per share. </p><p>   * The one available analyst rating on the shares is \"buy\".  </p><p>   * The mean earnings estimate of analysts was unchanged in the last three months. </p><p>   * Wall Street's median 12-month price target for Quantum Computing Inc is $8.25, above its last closing price of $0.72. </p><p>This summary was machine generated May 31 at 20:23 GMT.  All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QUBT":"Quantum Computing Inc."},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2440229940","content_text":"* Quantum Computing Inc     is expected to show a rise in quarterly revenue when it reports  results on June 3 (estimated) for the period ending December 31 2023   * The Hoboken New Jersey-based  company is expected to report a 4,900.0% increase in revenue to $100 thousand from $2 thousand a year ago, according to the estimate from one analyst, based on LSEG data.   * LSEG's mean analyst estimate for Quantum Computing Inc is for a loss of 9 cents per share.    * The one available analyst rating on the shares is \"buy\".     * The mean earnings estimate of analysts was unchanged in the last three months.    * Wall Street's median 12-month price target for Quantum Computing Inc is $8.25, above its last closing price of $0.72. This summary was machine generated May 31 at 20:23 GMT.  All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)","news_type":1},"isVote":1,"tweetType":1,"viewCount":223,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945377081,"gmtCreate":1681394392443,"gmtModify":1681394396237,"author":{"id":"3584681683305990","authorId":"3584681683305990","name":"香泉","avatar":"https://static.tigerbbs.com/8d912b8b0e4d3b81943f12bb0dc672f5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584681683305990","authorIdStr":"3584681683305990"},"themes":[],"htmlText":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","listText":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","text":"If WISH app open to all over the world's local manufacturers to register and sell their products on it . WISH will be alive.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945377081","repostId":"9945032057","repostType":1,"repost":{"id":9945032057,"gmtCreate":1681318041181,"gmtModify":1681318049354,"author":{"id":"4088639346266630","authorId":"4088639346266630","name":"daz888888888","avatar":"https://community-static.tradeup.com/news/8bbe8cd95504dc1e0dd3af78504d3f7e","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088639346266630","authorIdStr":"4088639346266630"},"themes":[],"title":"Two News Items That Rocked US Market","htmlText":"<a href=\"https://ttm.financial/S/NATI\">$National Instruments(NATI)$&nbsp;</a> <a href=\"https://ttm.financial/S/EMR\">$Emerson(EMR)$&nbsp;</a> <a href=\"https://ttm.financial/S/WISH\">$ContextLogic Inc.(WISH)$&nbsp;</a> Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","listText":"<a href=\"https://ttm.financial/S/NATI\">$National Instruments(NATI)$&nbsp;</a> <a href=\"https://ttm.financial/S/EMR\">$Emerson(EMR)$&nbsp;</a> <a href=\"https://ttm.financial/S/WISH\">$ContextLogic Inc.(WISH)$&nbsp;</a> Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","text":"$National Instruments(NATI)$ $Emerson(EMR)$ $ContextLogic Inc.(WISH)$ Emerson Electric Co. $(EMR)$ said Wednesday it agreed to acquire National Instruments Corp. $(NATI)$ for $60 per share in cash, at an equity value of $8.2 billion. The price amounts to a 14% premium over its closing price of $52.58 on Tuesday. It's also a premium of 49% over NI's closing share price as of Jan. 12, prior to its announcement of a strategic review. The deal comes after reports of a potential tie-up between the two companies was reported by Bloomberg. Emerson currently owns about 2.3 million shares of NI, or 2% of shares outstanding. \"With this expansion into test","images":[{"img":"https://community-static.tradeup.com/news/e5e079fc0c3dc070681781e2e428a4c2","width":"828","height":"506"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945032057","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178891909,"gmtCreate":1626795310901,"gmtModify":1703765428797,"author":{"id":"3584681683305990","authorId":"3584681683305990","name":"香泉","avatar":"https://static.tigerbbs.com/8d912b8b0e4d3b81943f12bb0dc672f5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584681683305990","authorIdStr":"3584681683305990"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178891909","repostId":"1135534684","repostType":2,"repost":{"id":"1135534684","pubTimestamp":1626789909,"share":"https://ttm.financial/m/news/1135534684?lang=&edition=fundamental","pubTime":"2021-07-20 22:05","market":"us","language":"zh","title":"我们从6月美股科技股系列调研中看到了什么？","url":"https://stock-news.laohu8.com/highlight/detail?id=1135534684","media":"中信证券研究","summary":"当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应","content":"<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p>当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。考虑到目前美股整体偏高的估值水平，以及经济复苏持续性、流动性等宏观变量的难以预测等，我们仍建议延续此前配置策略，自下而上，从业绩确定性、估值合理性两个维度关注个股层面的机会。持续推荐<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/CRM\">Salesforce</a>、Service Now、<a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>等。</p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p><b>▍</b><b>美股科技股展望：聚焦个股，关注业绩确定性、估值性价比。</b></p>\n<p>今年以来，中美科技股走势分化明显，市场对美股科技股中短期基本面、市场后续走势等分歧亦在不断加大。结合6月以来的美股科技股系列调研，以及我们长期以来的对美股科技股的跟踪研究，我们判断短期美股科技板块业绩有望继续向上，但市场波幅料持续扩大，建议自下而上，重点关注业绩确定性、估值性价比等：</p>\n<p>1）业绩，短期互联网、半导体、IT硬件&amp;IDC等板块业绩能见度依然理想，同时云计算&amp;软件SaaS有望持续保持高景气度；</p>\n<p>2）估值，纳斯达克互联网、SP500半导体、SP500软件服务、SP500IT硬件的PE(NTM)当前分别为37、16、25、17X，显著高于过去5年历史平均水平。代表高估值、高成长的BVP cloud指数目前的PS（NTM）亦保持在13.6X的水平，接近去年15.4X的高点；</p>\n<p>3）宏观变量，自7月份以来，市场对通胀持续性、经济复苏前景等宏观变量的分歧开始明显加大。</p>\n<p><b>▍</b><b>云计算：IaaS订单高增长，SaaS增长循序渐进。</b></p>\n<p>1）云基础设施，Q1北美三大云计算巨头IaaS业务收入合计年化收入首次超过1000亿美元，当季度AWS收入135亿美元（同比+32%），运营利润率上升至31%， Azure收入同比+50%，<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>云收入同比+46%，新增订单亦继续保持高速增长；</p>\n<p>2）软件SaaS，今年板块营收增速部分受制于去年新增订单减少的拖累，同时相较于云基础设施巨头的营收、订单高增长，软件SaaS企业继续延续循序渐进发展节奏，预示短期业绩表现较难超越市场预期。但板块经营效率持续改善明显，整体运营利润率在2016年仅为-8.7%，2020年提升至1.3%，市场一致预期今年有望提升至5.8%，同时板块自去年以来的持续活跃M&amp;A活动，产品、渠道等层面的创新等，预计亦将为板块中长期增长构筑持续的支撑。</p>\n<p><b>▍</b><b>互联网：显著受益于经济复苏，但用户线上习惯持续性仍需进一步观察。</b></p>\n<p>受益于宏观经济的复苏，以及疫情后个人用户线上习惯的基本保留，美股主要互联网企业在一季度表现抢眼。</p>\n<p>1）电商、娱乐，一季度亚马逊1P+3P合计收入766亿美元（+50%），依旧保持强劲增长，同时亚马逊订阅服务一季度实现收入75.8亿美元（+36%），而<a href=\"https://laohu8.com/S/AAPL\">苹果</a>服务业务亦保持稳健增长，实现收入169亿美元（+27%）；</p>\n<p>2）在线广告，一季度<a href=\"https://laohu8.com/S/FB\">Facebook</a>广告impressions同比增长12%，谷歌付费点击次数增长25%。宏观经济的复苏以及广告主结构的改善（电商、游戏等品类的增长），亦带动广告单价的上行，Facebook单广告价格同比+30%，谷歌CPC同比+3%。主要企业一季度数据显示，欧美用户疫情期间形成的线上习惯大部分得以保留，并延续到疫情之后，但考虑到目前疫情在海外市场并未完全结束，而且Q1在部分地区仍相对严重，审慎角度，我们认为，继续观察Q2~Q3的表现可能更具有说服力。</p>\n<p><b>▍</b><b>半导体：短期上行动能犹存，但需关注库存水位变化。</b></p>\n<p>去年的疫情，以及美国政府对华为的制裁，是近期全球半导体供应链持续偏紧的核心原因；<a href=\"https://laohu8.com/S/QCOM\">高通</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>等我们调研的企业均不同程度了表示了对半导体缺货的担忧，同时预期这种现象料将持续到今年四季度，甚至明年全年。参考SIA公布的5月数据，并结合市场当前的库存水平、下游需求等核心要素来看，我们判断短期全球半导体市场仍处于上行周期。</p>\n<p>但从库存角度，参考历史平均水平，虽然目前生产端、渠道端的半导体库存水平仍相对较低，但目前渠道端的DIO（库存周转天数）已经开始止跌回升，同时一季度客户端的DIO已经较去年Q4企稳，考虑到当前的重复下单、下游填充库存等因素，后续终端市场的实际需求表现将是我们重点跟踪的变量。</p>\n<p><b>▍</b><b>IT硬件&amp;IDC：云厂商CAPEX进入复苏通道，企业IT支出亦开始恢复。</b></p>\n<p>中美云厂商CAPEX自去年Q3开始出现趋势性下行，并导致相关板块股价持续走弱。当前时点，宏观经济复苏带来的企业市场需求恢复、云厂商CPAEX周期的可能拐点等，都使得我们极为重视下半年IT硬件、IDC等周期性板块的投资机会。</p>\n<p>从AMD、Equinix、DLR等企业接受调研时的表述，并结合我们对Aspeed、<a href=\"https://laohu8.com/S/INTC\">英特尔</a>等企业的经营数据的案头研究，我们倾向于认为：当前时点，北美市场，目前云厂商资本开支已经进入复苏通道，同时企业市场需求亦在开始恢复；下半年硬件、IDC企业业绩表现料显著好于上半年。同时以EQUINIX为代表的头部IDC企业在裸金属（Raw Metal）、边缘计算等创新领域的布局亦值得持续跟踪观察。</p>\n<p><b>▍</b><b>风险因素：</b></p>\n<p>美债利率快速上行风险；美国企业税方案调整超预期风险；针对科技巨头的政策监管持续收紧风险；全球宏观经济复苏不及预期风险；宏观经济波动导致欧美企业IT支出不及预期风险；全球云计算市场发展不及预期风险；云计算企业数据泄露、信息安全风险；行业竞争持续加剧风险等。</p>\n<p><b>▍</b><b>投资策略：</b></p>\n<p>我们判断美股科技板块短期业绩仍处于上行通道，云计算、硬件、IDC、互联网广告等顺周期子板块改善料最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。宏观层面，当前市场对美国经济复苏进程、通胀走高持续性等存在明显分歧，并带来市场的明显波动以及快速的风格轮动。考虑到目前美股整体偏高的估值水平以及经济复苏持续性、流动性等宏观变量的难以预测，我们仍建议延续此前的配置策略，自下而上，从业绩确定性、估值合理性两个维度出发，关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。</p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>\n<p></p>","source":"zxzqyj","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\" 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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我们从6月美股科技股系列调研中看到了什么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 22:05 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win><strong>中信证券研究</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://mp.weixin.qq.com/s/J20kuiJ2oV85NhaA5w9bGg?st=1D6CD081841287DD0B3C256E57BCB843F1EC6C027623C58655945488C990741488AC824A9EB4C5E587347312D4CF15AB0D8E041FC8F94BBAC1C05C17D635D59B6C821513545A93AFDCDA5C058A40AA07C5EB1CD07F200301385952E1707950C5F3A63EAB02E18804CD1F851C83289D26B0808CEF124CF43E0600BB15E1DD4C9F1E6E8ECE69B4DDC81DFF15FC0857680858E2FB7C67390AA4D89A2F9CC4E54CBF27F67AC148E777A5F77A88E47F980735E0FC527E0090DB828E965AD501612F1B&vid=1688850750212378&cst=BD776656DD5BA4E95877760020CCDCB3C976F2DCD0549371E79C05595C7371F56FC8B3D20AC31958A1D48B57FCD3C708&deviceid=6099e22e-66ee-400e-964e-e7f087a96dc0&version=3.1.8.3015&platform=win","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135534684","content_text":"当前美股科技板块整体业绩仍处于持续上行通道，其中云基础设施、硬件、IDC、互联网广告等顺周期子板块业绩同比改善最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。行业层面，疫情后企业云化进化明显加速，但企业数字化继续遵循循序渐进节奏，同时个人用户线上习惯的持续性、本轮半导体上行周期持续性等，未来1~2个季度仍需密切观察。考虑到目前美股整体偏高的估值水平，以及经济复苏持续性、流动性等宏观变量的难以预测等，我们仍建议延续此前配置策略，自下而上，从业绩确定性、估值合理性两个维度关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。\n\n\n\n\n\n\n\n▍美股科技股展望：聚焦个股，关注业绩确定性、估值性价比。\n今年以来，中美科技股走势分化明显，市场对美股科技股中短期基本面、市场后续走势等分歧亦在不断加大。结合6月以来的美股科技股系列调研，以及我们长期以来的对美股科技股的跟踪研究，我们判断短期美股科技板块业绩有望继续向上，但市场波幅料持续扩大，建议自下而上，重点关注业绩确定性、估值性价比等：\n1）业绩，短期互联网、半导体、IT硬件&IDC等板块业绩能见度依然理想，同时云计算&软件SaaS有望持续保持高景气度；\n2）估值，纳斯达克互联网、SP500半导体、SP500软件服务、SP500IT硬件的PE(NTM)当前分别为37、16、25、17X，显著高于过去5年历史平均水平。代表高估值、高成长的BVP cloud指数目前的PS（NTM）亦保持在13.6X的水平，接近去年15.4X的高点；\n3）宏观变量，自7月份以来，市场对通胀持续性、经济复苏前景等宏观变量的分歧开始明显加大。\n▍云计算：IaaS订单高增长，SaaS增长循序渐进。\n1）云基础设施，Q1北美三大云计算巨头IaaS业务收入合计年化收入首次超过1000亿美元，当季度AWS收入135亿美元（同比+32%），运营利润率上升至31%， Azure收入同比+50%，谷歌云收入同比+46%，新增订单亦继续保持高速增长；\n2）软件SaaS，今年板块营收增速部分受制于去年新增订单减少的拖累，同时相较于云基础设施巨头的营收、订单高增长，软件SaaS企业继续延续循序渐进发展节奏，预示短期业绩表现较难超越市场预期。但板块经营效率持续改善明显，整体运营利润率在2016年仅为-8.7%，2020年提升至1.3%，市场一致预期今年有望提升至5.8%，同时板块自去年以来的持续活跃M&A活动，产品、渠道等层面的创新等，预计亦将为板块中长期增长构筑持续的支撑。\n▍互联网：显著受益于经济复苏，但用户线上习惯持续性仍需进一步观察。\n受益于宏观经济的复苏，以及疫情后个人用户线上习惯的基本保留，美股主要互联网企业在一季度表现抢眼。\n1）电商、娱乐，一季度亚马逊1P+3P合计收入766亿美元（+50%），依旧保持强劲增长，同时亚马逊订阅服务一季度实现收入75.8亿美元（+36%），而苹果服务业务亦保持稳健增长，实现收入169亿美元（+27%）；\n2）在线广告，一季度Facebook广告impressions同比增长12%，谷歌付费点击次数增长25%。宏观经济的复苏以及广告主结构的改善（电商、游戏等品类的增长），亦带动广告单价的上行，Facebook单广告价格同比+30%，谷歌CPC同比+3%。主要企业一季度数据显示，欧美用户疫情期间形成的线上习惯大部分得以保留，并延续到疫情之后，但考虑到目前疫情在海外市场并未完全结束，而且Q1在部分地区仍相对严重，审慎角度，我们认为，继续观察Q2~Q3的表现可能更具有说服力。\n▍半导体：短期上行动能犹存，但需关注库存水位变化。\n去年的疫情，以及美国政府对华为的制裁，是近期全球半导体供应链持续偏紧的核心原因；高通、AMD等我们调研的企业均不同程度了表示了对半导体缺货的担忧，同时预期这种现象料将持续到今年四季度，甚至明年全年。参考SIA公布的5月数据，并结合市场当前的库存水平、下游需求等核心要素来看，我们判断短期全球半导体市场仍处于上行周期。\n但从库存角度，参考历史平均水平，虽然目前生产端、渠道端的半导体库存水平仍相对较低，但目前渠道端的DIO（库存周转天数）已经开始止跌回升，同时一季度客户端的DIO已经较去年Q4企稳，考虑到当前的重复下单、下游填充库存等因素，后续终端市场的实际需求表现将是我们重点跟踪的变量。\n▍IT硬件&IDC：云厂商CAPEX进入复苏通道，企业IT支出亦开始恢复。\n中美云厂商CAPEX自去年Q3开始出现趋势性下行，并导致相关板块股价持续走弱。当前时点，宏观经济复苏带来的企业市场需求恢复、云厂商CPAEX周期的可能拐点等，都使得我们极为重视下半年IT硬件、IDC等周期性板块的投资机会。\n从AMD、Equinix、DLR等企业接受调研时的表述，并结合我们对Aspeed、英特尔等企业的经营数据的案头研究，我们倾向于认为：当前时点，北美市场，目前云厂商资本开支已经进入复苏通道，同时企业市场需求亦在开始恢复；下半年硬件、IDC企业业绩表现料显著好于上半年。同时以EQUINIX为代表的头部IDC企业在裸金属（Raw Metal）、边缘计算等创新领域的布局亦值得持续跟踪观察。\n▍风险因素：\n美债利率快速上行风险；美国企业税方案调整超预期风险；针对科技巨头的政策监管持续收紧风险；全球宏观经济复苏不及预期风险；宏观经济波动导致欧美企业IT支出不及预期风险；全球云计算市场发展不及预期风险；云计算企业数据泄露、信息安全风险；行业竞争持续加剧风险等。\n▍投资策略：\n我们判断美股科技板块短期业绩仍处于上行通道，云计算、硬件、IDC、互联网广告等顺周期子板块改善料最为明显，但去年因为疫情搁置的人员招聘、线下费用支出等已从一季度开始有序恢复，叠加基数效应，板块下半年业绩同比增速料弱于上半年。宏观层面，当前市场对美国经济复苏进程、通胀走高持续性等存在明显分歧，并带来市场的明显波动以及快速的风格轮动。考虑到目前美股整体偏高的估值水平以及经济复苏持续性、流动性等宏观变量的难以预测，我们仍建议延续此前的配置策略，自下而上，从业绩确定性、估值合理性两个维度出发，关注个股层面的机会。持续推荐微软、亚马逊、Salesforce、Service Now、Snowflake等。","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}