KGI Research Singapore

Singapore's leading broker offering Futures, FX, Equities and Wealth Management.

Technical Analysis – 18 February 2025

United States | Singapore | Hong Kong | Earnings

DraftKings Inc. (DKNG US) A graph of stock market AI-generated content may be incorrect.

  • Shares closed at a 52-week high with a surge in volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 52.50 Target 58.50 Stop 49.50
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Airbnb, Inc. (ABNB US)

A graph of stock market AI-generated content may be incorrect.

  • Shares closed at a high since May 2024 with a surge in volume.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 160.0 Target 176.0 Stop 152.0

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SIA Engineering Ltd. (SIE SP)

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  • Shares closed at a high since January 2025 with a surge in volume. 5dEMA just crossed the 20dEMA and 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 2.37, Target 2.49, Stop 2.31
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China Aviation Oil Singapore Corp Ltd. (CAO SP)

A graph of stock market AI-generated content may be incorrect.

  • Shares closed higher above the 5dEMA with a surge in volume. 5dEMA recently crossed the 20dEMA and 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 0.930 Target 0.990, Stop 0.900

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Innovent Biologics Inc (1801 HK)

A graph of stock market AI-generated content may be incorrect.

  • Shares closed at a 2-months high above the 200dEMA with rising volume.
  • Both RSI and MACD are constructive.
  • Long – Entry 38.2, Target 41.4, Stop 36.6
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Sino Biopharmaceutical Ltd (1177 HK) A graph of stock market AI-generated content may be incorrect.

  • Shares closed at a 2-month high above the 200dEMA with an increase in volume. The 5dEMA is about to cross the 200dEMA.
  • Both RSI and MACD are constructive.
  • Long – Entry 3.26 Target 3.52, Stop 3.13

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Datadog Inc (DDOG)

  • 4Q24 Revenue: $738M, +25.1% YoY, beat estimates by $24.15M
  • 4Q24 Non-GAAP EPS: $0.49, beat estimates by $0.06
  • 1Q25 Guidance: Expects revenue to be between $737mn to $741mn, midpoint of $739mn below consensus of $739.9mn; expects adjusted EPS to be between $0.41 to $0.43, below consensus of $0.45.
  • FY25 Guidance: Expects revenue to be between $3.175bn to $3.195bn, midpoint of $3.185bn below consensus of $3.24bn; expects adjusted EPS to be between $1.65 to $1.70, midpoint of $1.675 below consensus of $1.98.
  • Comment: Datadog delivered strong results, with revenue growing 26% YoY and the number of customers with annual recurring revenue (ARR) of $1 million or more rising 17% to 462 as of December 31. Additionally, customers with ARR of $100,000 or more grew 13% to approximately 3,610. However, the company issued weak guidance for 1Q25 and FY25, citing sluggish enterprise spending on cloud security services amid budget cuts driven by economic uncertainty. Datadog is also facing increased competition and the impact of high interest rates, which have led enterprise customers to reassess their IT spending priorities, affecting demand for its data monitoring services. 1Q25 recommended trading range: $115 to $155. Neutral Outlook.

Datadog (DDOG)

  • 24财年第四季营收： 7.38亿美元，同比增长25.1%，超出预期2415万美元
  • 24财年第四季Non-GAAP每股收益： 0.49美元，超出预期0.06美元
  • 25财年第一季指引： 预计营收在7.37亿至7.41亿美元之间，中值为7.39亿美元，低于市场预期的7.399亿美元；预计调整后每股收益在0.41至0.43美元之间，低于市场预期的0.45美元。
  • 25财年全年指引： 预计营收在31.75亿至31.95亿美元之间，中值为31.85亿美元，低于市场预期的32.4亿美元；预计调整后每股收益在1.65至1.70美元之间，中值为1.675美元，低于市场预期的1.98美元。
  • 短评： Datadog 业绩强劲，营收同比增长26%，截至12月31日，年度经常性收入（ARR）达到100万美元或以上的客户数量增长17%，达到462家。此外，ARR达到10万美元或以上的客户数量增长13%，达到约3610家。然而，该公司发布了疲弱的25财年第一季和全年指引，理由是由于经济不确定性导致预算削减，企业在云安全服务方面的支出放缓。Datadog 还面临着竞争加剧和高利率的影响，这些因素导致企业客户重新评估其IT支出优先级，从而影响了对其数据监控服务的需求。25财年第一季建议交易区间：115至155美元。中性前景。

Deere & Co (DE)

  • 1Q25 Revenue: $8.51B, -30.2% YoY, beat estimates by $620M
  • 1Q25 GAAP EPS: $3.19, beat estimates by $0.06
  • FY25 Guidance: Reaffirms FY25 guidance. Expects revenue of $5.0bn to $5.5bn, midpoint of $5.25bn above consensus of $5.20bn; expects overall sales for its large farm equipment to be down 15% to 20%, compared from prior guidance of down about 15%.
  • Comment: Deere & Co reported better-than-expected earnings and reaffirmed its FY25 guidance, but investor concerns remain over the pace of recovery in its business. The company forecasts full-year equipment sales to decline by approximately 15% YoY, with large equipment sales—such as tractors and combines—expected to drop 30% in the U.S. in fiscal 2025. Looking ahead, Deere could face additional headwinds from potential tariffs. Former President Donald Trump has threatened a 25% tariff on Mexico, where Deere operates some facilities. Additionally, existing 25% tariffs on steel and aluminum could impact pricing, as steel imports account for roughly 20% of domestic consumption. Further pressure comes from declining net farm income in the U.S., which fell to $163 billion in 2024, down from $165 billion in 2023 and significantly below the $228 billion peak in 2022, according to the USDA. As farm incomes shrink, farmers have less capital to invest in new equipment, potentially dampening demand for Deere’s tractors and combines. 2Q25 recommended trading range: $430 to $500. Neutral Outlook.

Deere & Co. (DE)

  • 25财年第一季营收：85.1亿美元，同比下降30.2%，超出预期6.2亿美元
  • 25财年第一季GAAP每股收益：3.19美元，超出预期0.06美元
  • 25财年全年指引：重申25财年指引。预计营收为50亿至55亿美元，中值为52.5亿美元，高于市场预期的52亿美元；预计大型农用设备总销售额将下降15%至20%，此前的指引为下降约15%。
  • 短评：Deere & Co公布了优于预期的收益，并重申了其25财年指引，但投资者仍然担心其业务的复苏步伐。该公司预测全年设备销售额将同比下降约15%，其中拖拉机和联合收割机等大型设备在美国25财年将下降30%。展望未来，Deere可能面临潜在关税带来的额外不利因素。美国前总统唐纳德·特朗普曾威胁要对Deere在墨西哥运营的一些工厂征收25%的关税。此外，目前对钢铁和铝征收的25%关税可能会影响定价，因为钢铁进口约占国内消费量的20%。进一步的压力来自美国净农场收入的下降，根据美国农业部的数据，2024年降至1630亿美元，低于2023年的1650亿美元，远低于2022年2280亿美元的峰值。随着农场收入的减少，农民投资新设备的资金减少，可能会抑制对Deere的拖拉机和联合收割机的需求。25财年第二季建议交易区间：430美元至500美元。中性前景。

GE HealthCare Technologies Inc (GEHC)

  • 4Q24 Revenue: $5.31B, +2.1% YoY, miss estimates by $20M
  • 4Q24 Non-GAAP EPS: $1.45, beat estimates by $0.19
  • FY25 Guidance: Expects YoY organic revenue growth of 2% to 3% in 2025; projected adjusted EPS between $4.61 and $4.75, up 3% to 6% from the $4.49 it registered in 2024 and mostly above the $4.65 analyst consensus.
  • Comment: GE Healthcare Technologies delivered stronger-than-expected earnings, driven by robust revenue growth in its Advanced Visualization Solutions and Pharmaceutical Diagnostics businesses, with overall strength in the U.S. market. The company also saw significant margin expansion and earnings growth, reinforcing its strong financial performance. Management highlighted solid momentum in orders, backlog, and book-to-bill during 4Q24 and reaffirmed its commitment to its precision care strategy. This strategy is supported by innovation, productivity initiatives, and strong commercial execution, positioning the company for sustained growth. Looking ahead, GE Healthcare provided a solid FY25 guidance, reflecting continued demand for its products and services while maintaining a measured outlook on market conditions in China. 1Q25 recommended trading range: $87 to $105. Positive Outlook.

GE医疗科技(GEHC)

  • 24财年第四季营收：53.1亿美元，同比增长2.1%，未达预期2000万美元
  • 24财年第四季调整后每股收益：1.45美元，超出预期0.19美元
  • 25财年指引：预计2025财年有机营收同比增长2%至3%；预计调整后每股收益在4.61美元至4.75美元之间，较2024财年的4.49美元增长3%至6%，且基本高于分析师普遍预期的4.65美元。
  • 短评：GE医疗科技第四季度业绩超出预期，主要得益于其先进可视化解决方案和药物诊断业务的强劲营收增长，以及美国市场的整体强势表现。公司还实现了显著的利润率扩张和收益增长，进一步巩固了其强劲的财务表现。管理层强调，24财年第四季度订单、积压订单和订单出货比表现良好，并重申了其对精准医疗战略的承诺。该战略以创新、生产力计划和强大的商业执行力为支撑，为公司的持续增长奠定了基础。展望未来，GE医疗科技提供了稳健的25财年指引，反映出市场对其产品和服务的持续需求，同时也保持了对中国市场状况的谨慎态度。25财年第一季建议交易区间：87至105美元。积极前景。

Coinbase Global Inc (COIN)

  • 4Q24 Revenue: $2.27B, +138.0% YoY, beat estimates by $430M
  • 4Q24 GAAP EPS: $4.68, beat estimates by $2.55
  • FY25 Guidance: Expects 1Q25 subscription and services revenue to be within a range of $685mn -$765mn; expect 1Q25 transaction expenses will be in the mid-to-high teens as a percentage of net revenue; expects technology & development and general & administrative expenses to range from $750mn – $800mn; expect sales and marketing expenses to increase QoQ to $235mn – $375mn.
  • Comment: Coinbase delivered strong results, driven by higher trading volumes in Bitcoin and other digital assets following the U.S. election. Unprecedented interest in crypto, fueled by Donald Trump’s victory in November, pushed Bitcoin past $100,000, as investors anticipated more crypto-friendly policies under the new administration. However, competition in the crypto trading market is intensifying, with Robinhood solidifying its position as a key player among traders looking to bet on digital currencies. Management emphasized that Coinbase’s offerings will continue to expand as regulatory clarity around crypto in the U.S. improves. Looking ahead, the market expects pro-crypto policies under the Trump administration to sustain Bitcoin’s upward momentum, driving higher trading volumes for Coinbase. Meanwhile, the company is actively working to diversify its revenue streams beyond trading, positioning itself for long-term growth. 1Q25 recommended trading range: $260 to $380. Positive Outlook.

Coinbase Global Inc (COIN)

  • 24 财年第四季营收：22.7 亿美元，同比增长 138.0%，超出预期 4.3 亿美元
  • 24 财年第四季 GAAP 每股收益：4.68 美元，超出预期 2.55 美元
  • 25 财年第一季指引：预计 25 财年第一季订阅和服务收入在 6.85 亿至 7.65 亿美元之间；预计 25 财年第一季交易费用占净收入的百分比为十几岁的中高段；预计技术与开发以及一般与管理费用将在 7.5 亿至 8 亿美元之间；预计销售和营销费用将环比增加至 2.35 亿至 3.75 亿美元。
  • 短评：Coinbase 业绩强劲，主要受美国大选后比特币和其他数字资产交易量增加的推动。11 月唐纳德·特朗普胜选后，投资者预计新政府将采取对加密货币更友好的政策，前所未有地对比特币产生兴趣，推动比特币突破 10 万美元大关。然而，加密货币交易市场的竞争正在加剧，Robinhood 巩固了其在希望押注数字货币的交易者中的关键地位。管理层强调，随着美国对加密货币的监管明朗化，Coinbase 的产品将继续扩张。展望未来，市场预计特朗普政府下的亲加密货币政策将维持比特币的上升势头，从而推动 Coinbase 更高的交易量。与此同时，该公司正积极努力使收入来源多样化，为长期增长做好准备。25 财年第一季建议交易区间：260 美元至 380 美元。积极前景。

Twilio, Inc. (TWLO)

  • 4Q24 Revenue: $1.19bn, +10.2% YoY, beat estimates by $10M
  • 4Q24 Non-GAAP EPS: $1.00, miss estimates by $0.03
  • 1Q25 Guidance: Expects revenue to be between $1.13bn to $1.14bn, representing a YoY revenue growth of 8% – 9%. Midpoint of $1.135bn below consensus of $1.14bn; expects non-GAAP diluted EPS to be between $0.88 – $0.93, vs consensus of $0.98
  • FY25 Guidance: Re-iterate guidance. Expects YoY organic revenue growth to be between 7% to 8%; expects non-GAAP income from operations to be between $825mn to $850mn; expects free cash flow to be between $825mn to $850mn.
  • Share buybacks: The company announced a share repurchase program pursuant to which Twilio may repurchase up to $2.0 billion in aggregate value of its outstanding Class A common stock. The program is set to expire on December 31, 2027.
  • Comment: Twilio reported mixed results, with communications revenue rising 12% YoY to $1.121 billion, while segment revenue declined 1% to $74 million. The company’s dollar-based net expansion rate reached 106%, its highest level in the past five quarters, reflecting solid growth from existing customers. Notable customer wins included a leading online rug retailer, which scaled its SMS marketing campaign with Twilio, sending 1.5 million messages over Cyber Week. Additionally, Twilio secured a seven-figure deal with a global investment adviser to consolidate its authentication solution, integrating Verify and Lookup services for global coverage. Looking ahead, Twilio’s 1Q25 guidance came in below estimates, as management flagged headwinds from intensifying competition and high interest rates, which are prompting customers to reassess their IT spending priorities. 1Q25 recommended trading range: $117 to $157. Neutral Outlook.

Twilio, Inc. (TWLO)

  • 24财年第四季营收： 11.9亿美元，同比增长10.2%，超出预期1000万美元
  • 24财年第四季调整后每股收益： 1.00美元，低于预期0.03美元
  • 25财年第一季指引： 预计营收在11.3亿至11.4亿美元之间，同比增长8%-9%。中值为11.35亿美元，低于市场预期的11.4亿美元；预计调整后每股收益在0.88-0.93美元之间，而市场预期为0.98美元。
  • 25财年全年指引： 重申指引。预计全年有机营收增长7%-8%；预计调整后运营收入在8.25亿至8.5亿美元之间；预计自由现金流在8.25亿至8.5亿美元之间。
  • 股票回购： 公司宣布了一项股票回购计划，据此，Twilio 可能回购至多20亿美元的已发行A类普通股。该计划将于2027年12月31日到期。
  • 短评： Twilio 公布了喜忧参半的业绩，其中通信业务营收同比增长12%，达到11.21亿美元，而细分市场营收则下降了1%，至7400万美元。该公司基于美元的净扩张率达到106%，为过去五个季度以来的最高水平，反映了现有客户的稳健增长。值得注意的客户包括一家领先的在线地毯零售商，该公司通过 Twilio 扩大了其短信营销活动，在网络周发送了150万条消息。此外，Twilio 与一家全球投资顾问公司达成了一项七位数的交易，以整合其认证解决方案，整合 Verify 和 Lookup 服务以实现全球覆盖。展望未来，Twilio 25财年第一季的指引低于预期，原因是管理层指出，竞争加剧和高利率带来了不利因素，这些因素促使客户重新评估其IT支出重点。25财年第一季建议交易区间：117至157美元。中性前景。

Draftkings Inc (DKNG)

  • 4Q24 Revenue: $1.39B, +13.0% YoY, miss estimates by $10M
  • 4Q24 Non-GAAP EPS: $0.14, beat estimates by $0.10
  • FY25 Guidance: Raised its revenue guidance to a range of $6.3B to $6.6B, up from its previous forecast of $6.2B to $6.6B. The company reaffirmed its adjusted EBITDA guidance of $900M to $1.0B.
  • Comment: DraftKings reported strong Q4 earnings, surpassing expectations with adjusted EPS of US$0.14 and revenue of US$1.39bn, a 13% YoY increase. The company credited its growth to customer engagement, efficient new user acquisition, market expansion, and a higher sportsbook hold percentage, though gains were slightly offset by unfavourable NFL betting outcomes. Draft Kings Monthly Unique Payers (MUP) rose 36% YoY to 4.8 million, while Average Revenue per MUP dropped 16% to US$97 due to the Jackpocket acquisition and lower sportsbook hold rates. For FY25, DraftKings raised its revenue guidance to US$6.3bn – US$6.6bn and reaffirmed its adjusted EBITDA forecast of US$900mn to US$1bn. The company achieved its first year of positive adjusted EBITDA in 2024 and initiated its inaugural share repurchase program. DraftKings remains a dominant player in online sports betting, operating in 25 US states and Washington, D.C., covering 49% of the US population. It also runs iGaming in five states and is present in Canada. DraftKings is well-positioned for continued growth, leveraging its expanding market presence, and its ability to scale its sportsbook and iGaming operations. Looking ahead, further legalization of online betting in additional states, strategic acquisitions, and international expansion could drive long-term revenue growth. In the current quarter, we anticipate sporting events, such as the Super Bowl, provide a boost in revenue. 1Q25 recommended trading range: $46 to $52. Positive Outlook.

DraftKings (DKNG)

  • 24财年第四季营收： 13.9亿美元，同比增长13.0%，未达预期1000万美元
  • 24财年第四季调整后每股收益： 0.14美元，超出预期0.10美元
  • 25财年指引： 将营收指引从先前预测的62亿至66亿美元上调至63亿至66亿美元。公司重申调整后EBITDA指引为9亿至10亿美元。
  • 短评： DraftKings公布了强劲的第四季度财报，调整后每股收益为0.14美元，营收为13.9亿美元，同比增长13%，超出预期。公司将增长归功于客户参与度、高效的新用户获取、市场扩张以及更高的体育博彩持有百分比，但由于不利的NFL投注结果，收益略有抵消。DraftKings的月度独立付费用户（MUP）同比增长36%至480万，而由于收购Jackpocket和较低的体育博彩持有率，每位MUP的平均收入下降了16%至97美元。对于25财年，DraftKings将其营收指引上调至63亿至66亿美元，并重申调整后EBITDA预期为9亿至10亿美元。该公司在2024年实现了首次调整后EBITDA为正，并启动了首次股票回购计划。DraftKings仍然是美国在线体育博彩市场的 dominant 参与者，业务覆盖美国25个州和哥伦比亚特区，覆盖了49%的美国人口。它还在五个州运营iGaming业务，并在加拿大设有分支机构。DraftKings凭借其不断扩大的市场份额以及扩大体育博彩和iGaming业务的能力，为持续增长做好了准备。展望未来，更多州将在线博彩合法化、战略收购和国际扩张可能会推动长期收入增长。在本季度，我们预计超级碗等体育赛事将提振收入。25财年第一季建议交易区间：46至52美元。积极前景。

Applied Materials Inc (AMAT)

  • 1Q25 Revenue: $7.17B, +6.9% YoY, beat estimates by $10M
  • 1Q25 Non-GAAP EPS: $2.38, beat estimates by $0.08
  • 2Q25 Guidance: Expects revenue of $7.1B, plus or minus $400M, below the $7.198B analysts were expecting. It projected adjusted EPS of $2.30, plus or minus $0.18, compared to the $2.29 consensus estimate.
  • Comment: Applied Materials reported Q1 revenue of US$7.17bn, exceeding estimates, but forecasted lower-than-expected Q2 revenue of US$7.1bn, plus or minus US$400mn. Investors remain concerned over US trade restrictions on semiconductor equipment exports to China, its largest market. The company expects US trade curbs to reduce 2025 revenue by approximately US$400mn, with half of this impact occurring in Q2. Sales to China have already declined, making up 31% of total Q1 sales, down from 45% a year ago. Additionally, geopolitical tensions, including potential US tariffs on China, Japan, and South Korea, could further disrupt Applied’s key markets. Despite these challenges, the company will continue to benefit from rising demand for advanced chips used in generative AI. The company forecasted adjusted Q2 profit at US$2.30 per share, in line with market expectations. Applied Materials may face short-to-mid-term headwinds from US trade restrictions and geopolitical tensions, which may weigh on revenue from China and other key markets. However, the long-term outlook remains positive, driven by strong demand for AI-capable semiconductor equipment and advanced chip production. The company needs to diversify its revenue streams and strengthen supply chain resilience to sustain growth. 2Q25 recommended trading range: $165 to $180. Negative Outlook.

应用材料(AMAT)

  • 25财年第一季营收：71.7亿美元，同比增长6.9%，超出预期1000万美元
  • 25财年第一季非GAAP每股收益：2.38美元，超出预期0.08美元
  • 25财年第二季指引：预计营收为71亿美元，上下浮动4亿美元，低于分析师预期的71.98亿美元。预计调整后每股收益为2.30美元，上下浮动0.18美元，而市场普遍预期为2.29美元。
  • 短评：应用材料公布了第一季度营收为71.7亿美元，超出预期，但预测第二季度营收为71亿美元，上下浮动4亿美元，低于预期。投资者仍然担心美国对半导体设备出口到中国（其最大市场）的贸易限制。该公司预计，美国贸易限制将使2025年营收减少约4亿美元，其中一半的影响发生在第二季度。对中国的销售额已经下降，占第一季度总销售额的31%，低于一年前的45%。此外，包括美国对中国、日本和韩国潜在关税在内的地缘政治紧张局势，可能会进一步扰乱应用材料的主要市场。尽管存在这些挑战，该公司将继续受益于生成式人工智能中使用的先进芯片的需求不断增长。该公司预测第二季度调整后利润为每股2.30美元，与市场预期一致。应用材料可能面临来自美国贸易限制和地缘政治紧张局势带来的短期至中期不利因素，这可能会影响其在中国和其他主要市场的收入。然而，长期前景依然乐观，这得益于市场对人工智能功能的半导体设备和先进芯片生产的强劲需求。该公司需要实现收入来源多元化，并加强供应链弹性，以维持增长。25财年第二季建议交易区间：165美元至180美元。负面前景。

Airbnb Inc (ABNB)

  • 4Q24 Revenue: $2.48B, +11.8% YoY, beat estimates by $60M
  • 4Q24 GAAP EPS: $0.73, beat estimates by $0.15
  • 1Q25 Guidance: Expects revenue of $2.23B to $2.27B, a 4% to 6% increase YoY, revenue growth benefited during the same period in 2024 from the timing of Easter and the inclusion of Leap Day.
  • Comment: Airbnb reported strong Q4 revenue growth, benefiting from international travel demand, particularly in Latin America, Asia Pacific, and EMEA. Revenue rose 11.8% YoY to US$2.48bn, surpassing analyst estimates. Earnings per share also exceeded expectations at US$0.73 versus the projected US$0.58. Despite this momentum, Airbnb expects slower Q1 revenue growth of between 4% to 6%, due to tough year-over-year comparisons and foreign exchange headwinds caused by a stronger US dollar. Adjusted for these factors, revenue is expected to grow between 10% to 12%. The company also noted a slight decline in average daily rates due to exchange rates. Operationally, Airbnb continues to expand its co-host network, where listings earn twice as much as traditional ones, and plans to invest US$200mn-US$250mn in new business ventures. The company also highlighted improvements in its technology stack and upcoming product launches in May. Airbnb remains well-positioned for long-term growth, driven by strong international travel demand, growing host network, and strategic investments. Its focus on enhancing the core service, expanding in global markets, and launching new offerings will drive future growth. However, macroeconomic factors such as currency fluctuations and economic uncertainty may pose challenges in the near term. 1Q25 recommended trading range: $150 to $170. Neutral Outlook.

Airbnb (ABNB)

  • 24财年第四季营收：24.8亿美元，同比增长11.8%，超出预期6000万美元
  • 24财年第四季GAAP每股收益：0.73美元，超出预期0.15美元
  • 25财年第一季指引：预计营收为22.3亿至22.7亿美元，同比增长4%至6%，2024年同期营收增长受益于复活节和闰年的影响。
  • 短评：Airbnb第四季度营收增长强劲，受益于国际旅行需求，尤其是拉丁美洲、亚太地区和欧洲、中东和非洲地区。营收同比增长11.8%至24.8亿美元，超过分析师预期。每股收益也超出预期，为0.73美元，而此前预期为0.58美元。尽管势头强劲，但由于去年同期比较基数较高以及美元走强导致的外汇逆风，Airbnb预计第一季度营收增长将放缓至4%至6%之间。经调整这些因素后，营收预计将增长10%至12%之间。该公司还指出，由于汇率影响，平均每日房价略有下降。运营方面，Airbnb继续扩大其联合房东网络，在该网络中，房源的收入是传统房源的两倍，并计划在新业务 ventures 投资 2 亿至 2.5 亿美元。该公司还强调了其技术堆栈的改进以及 5 月份即将推出的新产品。在强劲的国际旅行需求、不断增长的房东网络和战略投资的推动下，Airbnb 仍有望实现长期增长。其专注于增强核心服务、拓展全球市场和推出新产品将推动未来的增长。然而，宏观经济因素，如货币波动和经济不确定性，可能在近期内带来挑战。25财年第一季建议交易区间：150至170美元。中性前景。

Palo Alto Networks Inc (PANW)

  • 2Q25 Revenue: $2.26B, +14.1% YoY, beat estimates by $20M
  • 2Q25 Non-GAAP EPS: $0.81, beat estimates by $0.03
  • 3Q25 Guidance: Expects revenue of between $2.26B and $2.29B, compared with analysts’ average estimate of $2.27B. EPS of $0.76-$0.77 versus the analyst consensus of $0.76.
  • FY25 Guidance: Raised its revenue forecast to between $9.14B and $9.19B, up from its prior projection of between $9.12B and $9.17B. Analysts, on average, expect $9.15B in revenue. EPS of $3.18-$3.24 versus the analyst consensus of $3.17.
  • Comment: Palo Alto Networks second quarter revenue grew 14% to US$2.26bn, surpassing estimates. The company raised its full-year revenue forecast, driven by growing demand for AI-powered cybersecurity solutions amid rising online threats. Enterprises continue to invest in advanced security technologies to protect their operations and reputation. Its CEO highlighted that cloud investments and AI-driven infrastructure modernization fuelled strong business performance in Q2. Palo Alto’s proprietary data and extensive technology footprint are its key competitive advantages in AI-driven cybersecurity. The company has also expanded its partnerships, including a multi-year project with IBM UK for Britain’s Emergency Services Network. Additionally, it strengthened its leadership team with the appointment of former Danish Prime Minister Helle Thorning-Schmidt and former UBS CEO Ralph Hamers. For fiscal year 2025, Palo Alto raised its revenue forecast to US$9.14bn to US$9.19bn, slightly above previous projections and it also forecast Q3 revenue to be between US$2.26bn and US$2.29bn, compared with analysts’ estimate of US$2.27bn. With a strong demand for AI-driven cybersecurity solutions alongside growing enterprise adoption of cybersecurity solutions, Palo Alto is poised to capitalize on long-term digital security trends, driving sustained revenue growth. 3Q25 recommended trading range: $180 to $200. Neutral Outlook.

Palo Alto Networks Inc (PANW)

  • 25财年第二季营收：22.6 亿美元，同比增长 14.1%，超出预期 2000 万美元
  • 25财年第二季Non-GAAP每股收益：0.81 美元，优于预期 0.03 美元
  • 25财年第三季指引：预计营收 22.6 亿至 22.9 亿美元，分析师预期均值为 22.7 亿美元。预计 EPS 在 0.76 至 0.77 美元之间，符合市场共识 0.76 美元。
  • 25财年全年指引：上调全年营收预期至 91.4 亿至 91.9 亿美元，高于此前预计的 91.2 亿至 91.7 亿美元，分析师平均预期为 91.5 亿美元。预计全年 EPS 在 3.18 至 3.24 美元之间，高于市场共识的 3.17 美元。

短评： Palo Alto Networks 第二季度营收同比增长 14% 至 22.6 亿美元，超出市场预期。公司上调了全年营收预期，主要受益于企业对 AI 驱动的网络安全解决方案的需求增长，以应对日益严峻的网络威胁。企业持续加大在先进安全技术上的投入，以保护运营和品牌声誉。公司 CEO 强调，云投资和 AI 驱动的基础设施现代化推动了第二季度的强劲业绩。Palo Alto Networks 依托其专有数据和广泛的技术布局，在 AI 驱动的网络安全领域占据竞争优势。此外，公司还扩大了合作伙伴关系，包括与 IBM UK 开展的英国应急服务网络多年度项目。同时，Palo Alto 增强了管理团队，任命了前丹麦首相赫勒·托宁-施密特（Helle Thorning-Schmidt）和前瑞银（UBS）首席执行官拉尔夫·哈默斯（Ralph Hamers）。展望 2025 财年，Palo Alto 预计全年营收在 91.4 亿至 91.9 亿美元之间，略高于之前的预测，同时第三季度营收预计在 22.6 亿至 22.9 亿美元之间，符合市场预期。随着 AI 驱动的网络安全解决方案需求上升，以及企业对网络安全的采用不断增加，Palo Alto 预计将在长期数字安全趋势中受益，推动持续的营收增长。25财年第三季建议交易区间：180美元至200美元。中性前景

Roku Inc (ROKU)

  • 4Q24 Revenue: $1.2B, +21.9% YoY, beat estimates by $50M
  • 4Q24 GAAP EPS: -$0.24, beat estimates by $0.17
  • 1Q25 Guidance: Expects revenue of $1.01B, in line with estimates.
  • FY25 Guidance: Expects net revenue of $4.61B, compared to analysts’ consensus estimate of $4.59B.
  • Comment: Roku exceeded fourth-quarter revenue expectations, reporting US$1.20bn compared to analysts’ estimate of US$1.15bn, driven by strong advertising sales and growing streaming adoption. Political ad spending and the rise of streaming platforms like Peacock, Disney+, and HBO Max contributed to subscriber and ad revenue growth. Roku has expanded its advertising offerings to small and medium-sized businesses, attracting brands from retail, automotive, and telecom. Its platform segment, which includes ad sales and subscriptions, grew 25% to US$1.04bn. For 2025, Roku forecasts US$4.61bnin revenue, slightly above Wall Street estimates, with Q1 revenue expected at US$1.01bn, in line with projections. Roku is well-positioned for continued growth, leveraging strong advertising demand, increasing streaming adoption, and platform expansion. Its focus on enhancing monetization through deeper third-party integrations and improved user experiences will continue to drive revenue diversification. 1Q25 recommended trading range: $90 to $110. Positive Outlook.

Roku Inc (ROKU)

  • 24财年第四季营收：12 亿美元，同比增长 21.9%，超出预期 5000 万美元
  • 24财年第四季GAAP每股盈利： -0.24 美元，优于预期 0.17 美元
  • 25财年第一季指引：预计营收 10.1 亿美元，符合市场预期。
  • 25财年指引：预计全年营收 46.1 亿美元，高于市场分析师一致预期的 45.9 亿美元。
  • 短评： Roku 超出第四季度营收预期，实现 12 亿美元，高于分析师预测的 11.5 亿美元。这一增长主要受到广告销售强劲和流媒体使用增长的推动，政治广告支出以及流媒体平台（如 Peacock、Disney+ 和 HBO Max）的崛起进一步助力订阅和广告收入增长。Roku 还将广告业务扩展至中小型企业，吸引了零售、汽车和电信行业的品牌。其平台业务（包括广告销售和订阅）同比增长 25% 至 10.4 亿美元。展望 2025 年，Roku 预计全年营收将达到 46.1 亿美元，略高于华尔街预期，而第一季度营收预计为 10.1 亿美元，符合市场预测。Roku 具备持续增长的潜力，依托强劲的广告需求、不断增长的流媒体市场以及平台扩张。公司专注于通过深化与第三方的整合以及提升用户体验来优化变现策略，以实现营收多元化。25财年第一季建议交易区间：90美元至110元。积极前景。