United States | Singapore | Hong Kong | Earnings
Astera Labs, Inc. (ALAB US)
- Shares closed on the 5dEMA with elevated volume for the week.
- RSI is near overbought levels, but MACD is still constructive.
- Long – Entry 200, Target 240, Stop 180
Leonardo DRS, Inc. (DRS US)
- Shares closed above the 5dEMA with rising volume.
- RSI is constructive and MACD is about to turn positive.
- Long – Entry 42, Target 48, Stop 39
Riverstone Holdings Limited. (RSTON SP)
- Shares closed above the 5dEMA with a surge in volume.
- MACD is positive, while RSI is at an overbought level.
- Buy – Entry 0.90, Target 1.02, Stop 0.84
International Cement Group Ltd. (ICG SP)
- Shares closed above the 5dEMA with a surge in volume.
- MACD is positive, while RSI is at an overbought level.
- Buy – Entry 0.075, Target 0.085, Stop 0.070
Xinyi Glass Holdings Limited (868 HK)
- Shares closed at a two-months high above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 11.0, Target 12.0, Stop 10.5
Midea Group Co Ltd (300 HK)
- Shares closed above the 20dEMA.
- RSI is constructive while MACD is negative.
- Long – Entry 87.4, Target 94.0, Stop 84.6
D-Wave Quantum Inc. (QBTS)
- 1Q26 Revenue: $2.86M, -80.9% YoY, miss estimates by $1.28M
- 1Q26 GAAP EPS: -$0.05, best estimates by $0.05
- FY26 Guidance: Management emphasized record bookings, the Quantum Circuits acquisition, and its roadmap toward gate-model systems.
- Comment: This was a weak quarter on reported revenue, but a strong quarter on forward indicators. Revenue fell sharply because the prior-year period included a large one-time system sale, while 1Q26 bookings surged to $33.4M from $1.6M a year earlier, including a $20M sale to Florida Atlantic University and a $10M deal with a Fortune 100 customer. Quarter-end cash and marketable securities were $588.4M, which gives the company more room to fund development. The market will likely focus on conversion rather than bookings alone. The Quantum Circuits acquisition broadens D-Wave beyond annealing into gate-model systems, which improves the long-term narrative, but operating losses remain large, and the stock still needs evidence that the stronger bookings pipeline will turn into recognized revenue over the next few quarters. Reports indicated the shares fell after the release, which is consistent with a market that liked the backlog signal but not the current revenue profile. The principal variables to monitor are bookings conversion, progress on gate-model commercialization, operating loss trajectory, and whether the larger cash balance is used productively enough to support a clearer revenue scale-up. 2Q26 recommended trading range: $18 to $26. Neutral Outlook.
D-Wave Quantum Inc.（QBTS)
- 26财年第一季度营收：286万美元，同比下降80.9%，低于预期128万美元
- 26财年第一季度公认会计准则每股亏损：0.05美元，优于预期0.05美元（亏损收窄）
- 26财年全年指引：管理层强调创纪录的订单（bookings）、Quantum Circuits收购完成，以及向门模型（gate-model）量子系统的战略路线图
- 短评：本季度财报收入表现疲弱，但前瞻指标强劲。营收大幅下滑主因去年同期包含一笔大额一次性系统销售，而本季无类似项目；但新签订单（bookings）激增至3340万美元（去年同期仅160万美元），包括佛罗里达大西洋大学2000万美元采购及一家财富100强企业1000万美元合约，显示需求显著回升。季末现金及有价证券达5.884亿美元，为研发与商业化提供充足弹药。然而，市场关注点在于订单能否转化为确认收入：尽管积压订单亮眼，当前收入仍低迷，叠加运营亏损持续，投资者需看到未来几个季度的实际收入兑现。Quantum Circuits收购使D-Wave从退火型（annealing）拓展至更主流的门模型量子计算，长期叙事增强，但短期盈利路径仍不清晰。财报发布后股价下跌，反映市场认可订单信号，但对当前收入结构存疑。后续关键变量包括：（1）3340万美元订单的收入确认节奏；（2）门模型系统商业化进展；（3）运营亏损收窄轨迹；（4）现金储备是否高效用于推动可规模化收入增长。26财年第二季度建议交易区间：18美元至26美元。中性前景。
On Holding AG (ONON)
- 1Q26 Revenue: CHF 1.06B, +45.9% YoY
- 1Q26 Non-GAAP EPS: CHF 0.34
- FY26 Guidance: Raised FY26 gross profit margin outlook to at least 64.5% from 63.0% previously and raised adjusted EBITDA margin outlook to 17.5% to 18.5% from 17.0% to 17.5%. The company maintained FY26 constant-currency net sales growth guidance of at least 23%.
- Comment: This was a strong quarter. Net sales reached a record CHF 831.9M, the first first-quarter result above CHF 800M, while gross profit margin expanded to 64.2% from 59.9% and adjusted EBITDA margin improved to 21.0% from 16.5%. Growth was broad-based across DTC and wholesale, with especially strong momentum in APAC, apparel, and lifestyle. The key positive is that profitability improved alongside growth rather than at its expense. DTC sales rose to CHF 322.3M and wholesale sales to CHF 509.6M, while the company lifted its margin outlook even as it continues investing behind expansion. That indicates brand momentum and pricing power remain intact. The main variables to monitor are whether constant-currency growth can remain above 20% as comparisons get tougher, whether the stronger gross margin is sustainable as the company expands internationally, and whether wholesale and DTC stay balanced. 2Q26 recommended trading range: $30 to $37. Neutral Outlook.
On Holding AG（ONON)
- 26财年第一季度营收：10.6亿瑞士法郎（CHF），同比增长45.9%
- 26财年第一季度非公认会计准则每股收益：0.34瑞士法郎
- 26财年全年指引：上调全年毛利率至至少64.5%（原为63.0%）；上调调整后EBITDA利润率至17.5%–18.5%（原为17.0%-17.5%）；维持按固定汇率计算的净销售额增长至少23%的指引
- 短评：本季度表现强劲。净销售额达创纪录的8.319亿瑞士法郎，为公司历史上首个单季突破8亿瑞郎的一季度；毛利率从59.9%大幅扩张至64.2%，调整后EBITDA利润率从16.5%提升至21.0%。增长广泛覆盖直营（DTC）与批发渠道，亚太地区、服装及生活方式品类表现尤为突出。核心亮点在于盈利改善与增长同步实现，而非以牺牲利润换取规模：DTC销售达3.223亿瑞郎，批发销售达5.096亿瑞郎；即便持续投入扩张，公司仍上调全年利润率指引，反映品牌势能与定价能力保持强劲。后续关键变量包括：（1）在同比基数升高背景下，固定汇率增速能否维持在20%以上；（2）国际扩张过程中高毛利率是否可持续；（3）批发与DTC渠道能否保持健康平衡。26财年第二季度建议交易区间：30美元至37美元。中性前景。
Sea Limited (SE)
- 1Q26 Revenue: $7.1B, +46.7% YoY, beat estimates by $700M
- 1Q26 GAAP EPS: $0.67, miss estimates by $0.03
- FY26 Guidance: Management said it remains on track for Shopee annual GMV growth of around 25% YoY in 2026, with full-year adjusted EBITDA no lower than 2025 in absolute dollar terms.
- Comment: This was a strong quarter with broad-based growth across all three major segments. Shopee revenue rose 44.4% to $4.5B, Monee revenue rose 57.8% to $1.2B, and Garena bookings increased 20.1% to $931.4M. Gross profit reached $3.1B, up 40.7% YoY, which indicates growth is still converting into healthy profitability rather than being bought entirely through spending. The main issue is margin discipline going forward. Sales and marketing expense rose 52.1% to $1.4B, driven by heavier investment across Shopee and Monee. That is manageable given current growth, but the market will want proof that competitive investment, especially in e-commerce and fintech, does not materially dilute earnings momentum later in the year. The immediate stock reaction was very positive, with shares rising about 13% to 14% after the release. The principal variables to monitor are Shopee margin progression, loan quality and monetization at Monee, and whether Garena can sustain its recovery. 2Q26 recommended trading range: $85 to $110. Neutral Outlook.
Sea Limited（SE)
- 26财年第一季度营收：71亿美元，同比增长46.7%，超出预期7亿美元
- 26财年第一季度公认会计准则每股收益：0.67美元，略低于预期0.03美元
- 26财年全年指引：重申Shopee全年GMV同比增长约25%；全年调整后EBITDA不低于2025年绝对值水平
- 短评：本季度表现强劲，三大业务板块均实现广泛增长。Shopee营收增长44.4%至45亿美元，Monee（数字金融）营收大增57.8%至12亿美元，Garena游戏预订额增长20.1%至9.314亿美元。毛利润达31亿美元（+40.7% YoY），显示增长正有效转化为盈利，而非完全依赖烧钱驱动。然而，前瞻性利润率纪律成为焦点：销售与营销费用同比激增52.1%至14亿美元，主因Shopee与Monee加大竞争性投入。当前增速下该支出尚可控，但市场需看到证据——电商与金融科技领域的战略投资不会在下半年显著稀释盈利动能。财报发布后股价大涨13%-14%，反映投资者对整体执行的认可。后续关键变量包括：（1）Shopee利润率演变路径；（2）Monee贷款质量与变现效率；（3）Garena能否延续复苏势头。26财年第二季度建议交易区间：85美元至110美元。中性前景。
JD.com, Inc. (JD)
- 1Q26 Revenue: $45.8M, +10.4% YoY, in-line with estimates
- 1Q26 Non-GAAP EPADS: $0.74, beat estimates by $0.20
- FY26 Guidance: Management commentary pointed to improved food-delivery unit economics and sequential improvement in electronics and home appliances demand, but still noted a weak consumer backdrop and external macro pressure.
- Comment: This was a better-than-feared quarter. Revenue beat expectations, core retail operating income rose 17% to about RMB15B, and operating margin improved from 4.9% to 5.6%, which suggests the core commerce business remains resilient despite a difficult industry pricing environment. The main issue is earnings quality and investment intensity. Reported net income fell sharply YoY as JD continued spending on fulfilment, R&D, marketing, and its food-delivery push. The food-delivery business appears to be improving at the unit-economics level, but it is still diluting near-term profit visibility. The stock reaction was mildly positive, with ADRs rising modestly after the release. The principal variables to monitor are whether food-delivery losses continue narrowing, whether retail margin gains hold during China’s ongoing price war, and whether trade-in subsidies can sustain electronics and appliance demand. 2Q26 recommended trading range: $27 to $40. Positive Outlook.
京东集团（JD)
- 26财年第一季度营收：4580万美元，同比增长10.4%，符合市场预期
- 26财年第一季度非公认会计准则每股美国存托股收益（EPADS）：0.74美元，超出预期0.20美元
- 26财年全年指引：管理层指出外卖业务单位经济效益改善、电子产品与家电需求环比回升，但仍强调消费环境疲软及外部宏观压力持续
- 短评：本季度表现好于市场担忧。尽管行业价格战激烈，核心零售业务运营利润同比增长17%至约150亿元人民币，运营利润率从4.9%提升至5.6%，显示其主电商业务仍具韧性。盈利超预期主要来自成本优化与运营效率提升。然而，整体盈利质量受战略投入拖累：GAAP净利润同比大幅下滑，因公司持续在履约、研发、营销及外卖业务上加大投入。外卖板块单位经济虽改善，但仍在稀释短期利润能见度。财报发布后美股ADR温和上涨，反映投资者对基本面稳健的认可。后续关键变量包括：（1）外卖业务亏损能否持续收窄；（2）在激烈价格战下，零售利润率改善是否可持续；（3）以旧换新等补贴政策能否有效支撑电子与家电品类需求。26财年第二季度建议交易区间：27美元至40美元。积极前景。
Oklo Inc. (OKLO)
- 1Q26 Revenue: No revenue
- 1Q26 GAAP EPS: -$0.19, miss estimates by $0.01
- FY26 Guidance: No guidance provided.
- Comment: Oklo reported a first-quarter loss of US$0.19 per share, in line with analyst expectations but wider than the US$0.07 loss a year ago, reflecting its still early-stage commercialisation profile as it works to convert regulatory and partnership momentum into revenue-generating projects. Investor reaction was muted, with shares down slightly after hours, as the company remains in investment mode while developing its Aurora powerhouse, a liquid-metal-cooled fast reactor targeting clean baseload power demand from AI data centres and industrial customers. The new strategic partnership with Battelle Energy Alliance and Idaho National Laboratory to use artificial intelligence in advanced reactor and fuel-system design adds technical credibility, but commercial deployment remains the key milestone. Looking ahead, Oklo offers significant long-term upside if small modular reactor adoption accelerates in the 2030s, but the stock will likely remain highly execution-driven until investors see clearer evidence of licensing progress, customer commitments, project timelines and eventual revenue visibility. 2Q26 recommended trading range: $65 to $80. Neutral Outlook.
Oklo 公司 (OKLO)
- 26财年第一季度营收：无营收
- 26财年第一季度GAAP每股收益：-0.19美元，低于预期0.01美元
- 26财年指引：未提供指引
- 短评：Oklo披露第一季度亏损为每股0.19美元，符合分析师预期，但相比一年前的每股0.07美元亏损更大；这反映出公司仍处于商业化早期阶段——在努力把监管进展和合作势头转化为能够产生收入的项目。投资者反应相对平淡：盘后股价小幅下跌。公司仍以投入期为主，正在开发其Aurora动力装置（Aurora powerhouse）——一种采用液态金属冷却的快堆，目标是满足AI数据中心以及工业客户对清洁“基础负荷”电力的需求。公司与Battelle Energy Alliance以及爱达荷国家实验室（Idaho National Laboratory）的新战略合作，计划在先进反应堆与燃料系统设计中引入人工智能，这为技术层面提供了可信度；但商业落地仍是关键里程碑。展望未来，如果小型模块化反应堆在2030年代加速采用，Oklo具备可观的长期上行空间；不过在投资者看到更清晰的许可进展、客户承诺、项目时间表以及最终的收入可见度之前，股价大概率仍将高度依赖“执行情况”。26财年第二季度建议交易区间：65美元至80美元。中性前景。
Nextpower Inc. (NXT)
- 4Q26 Revenue: $881M, beat estimates by $51.18M
- 4Q26 Non-GAAP EPS: $1.05, beat estimates by $0.12
- FY27 Guidance: Raised revenue guidance to $3.8-4.1B from previous $3.6-3.8B. Adjusted diluted EPS expected to be between $4.21 to $4.59 and adjusted EBITDA of $825-900M.
- Comment: Nextpower delivered a strong fiscal 2026, with revenue rising 20% YoY to US$3.56bn and backlog reaching a record level of more than US$5.25bn, supported by strong demand for its solar tracker systems, bundled solutions, electrical balance of systems, foundations, robotics and TrueCapture software. The company also continued expanding its platform strategy, surpassing 160 GW of cumulative tracker shipments and announcing the planned acquisition of Zigor’s power conversion assets and Apex Power for up to US$80.5mn, which should broaden its offering into utility-scale power conversion, battery storage and data centers. Management raised fiscal 2027 guidance to revenue of US$3.8bn to US$4.1bn, adjusted EBITDA of US$825mn to US$900mn and adjusted EPS of US$4.21 to US$4.59, despite around US$50mn of incremental costs tied to entering power conversion. Looking ahead, Nextpower appears well positioned to evolve from a solar tracker leader into a broader utility-scale energy technology platform, though execution on the Zigor acquisition, product integration and expansion into storage and data center markets will be key to sustaining its growth and margin profile. 1Q27 recommended trading range: $130 to $150. Neutral Outlook.
Nextpower 公司 (NXT)
- 26财年第四季度营收：8.81亿美元，超出预期5,118万美元
- 26财年第四季度Non-GAAP每股收益：1.05美元，超出预期0.12美元
- 27财年指引：将营收指引上调至38亿至41亿美元（此前为36亿至38亿美元）。预计调整后稀释每股收益在4.21至4.59美元之间，调整后EBITDA为8.25亿至9.00亿美元。
- 短评：Nextpower实现了强劲的2026财年表现：营收同比增长20%至35.6亿美元；订单积压达到创纪录水平，超过52.5亿美元。增长主要由对其太阳能跟踪器系统、打包解决方案、电气平衡（electrical balance of systems）、基础设施（foundations）、机器人以及TrueCapture软件的强劲需求支撑。公司也持续推进平台战略：累计太阳能跟踪器出货量超过160GW；同时宣布计划收购Zigor的电力转换资产以及Apex Power，交易规模最高可达8,050万美元，该举措将有助于把业务拓展到公用事业级电力转换、储能以及数据中心领域。尽管预计有约5,000万美元与进入电力转换相关的新增成本，公司仍将2027财年指引上调至：营收38亿至41亿美元、调整后EBITDA为8.25亿至9.00亿美元、调整后EPS为4.21至4.59美元。展望未来，Nextpower看起来有望从“太阳能跟踪器龙头”演变为更广义的公用事业级能源技术平台，但要维持增长与利润率表现，收购Zigor的执行、产品整合，以及进一步扩展到储能和数据中心市场将是关键。27财年第一季度建议交易区间：130美元至150美元。中性前景。
