韦德布什在周四的报告中表示，KMX第二季度的表现不佳加剧了投资者对其维持市场领导地位和推动 进一步增长能力的担忧。将该公司的股票评级从"跑赢大盘"下调至"中性"，并将目标价从84美元降至54 美元。 智通财经APP获悉，周四，车美仕(KMX.US)暴跌超22%，创5年新低，报44.37美元。消息面上，该公司 公布的2026财年第二季度每股稀释后净收益为0.64美元，低于一年前的0.85美元，FactSet调查的分析师 预期为1.01美元。总净销售额和营业收入为65.9亿美元，低于一年前的70.1亿美元，据FactSet调查的分 析师预计为70.1亿美元。 ...

韦德布什在周四的报告中表示，KMX第二季度的表现不佳加剧了投资者对其维持市场领导地位和推动 进一步增长能力的担忧。将该公司的股票评级从"跑赢大盘"下调至"中性"，并将目标价从84美元降至54 美元。 周四，车美仕(KMX.US)暴跌超22%，创5年新低，报44.37美元。消息面上，该公司公布的2026财年第 二季度每股稀释后净收益为0.64美元，低于一年前的0.85美元，FactSet调查的分析师预期为1.01美元。 总净销售额和营业收入为65.9亿美元，低于一年前的70.1亿美元，据FactSet调查的分析师预计为70.1亿 美元。 ...

Core Insights - Dave & Buster's Entertainment, Inc. experienced a significant stock decline of over 15% following disappointing fiscal second-quarter 2025 results that fell short of Wall Street expectations [1] Financial Performance - The company reported adjusted earnings of $0.40 per share for the quarter ending August 5, 2025, which was substantially below the consensus forecast of $0.95 [2] - Revenue for the quarter was $557.4 million, reflecting a minimal year-over-year increase of 0.05%, but it did not meet analysts' expectations of $565.02 million [2] - Comparable store sales decreased by 3% compared to the previous year, indicating ongoing difficulties in attracting customers [2] Profitability Metrics - Net income saw a sharp decline to $11.4 million, or $0.32 per diluted share, down from $40.3 million, or $0.99 per share, in the same quarter of the previous year [3] - Adjusted EBITDA fell to $129.8 million, a decrease from $151.6 million in the same period of fiscal 2024 [3]

Core Insights - Lululemon reported a 7% year-over-year increase in global net revenue for Q2 FY2025, reaching $2.5 billion, with international business net revenue growing by 22% [1] - The company's gross profit increased by 5% to $1.5 billion, but gross margin declined by 110 basis points to 58.5% [1] - Diluted earnings per share were $3.10, down from $3.15 in the same period last year, and the results fell short of market expectations, leading to a stock price drop of over 15% in after-hours trading [1] Performance Analysis - The primary reason for the underperformance was the continued pressure on Lululemon's core business in North America, with comparable store sales in the Americas declining by 4% [2] - CEO Calvin McDonald acknowledged that the performance in the U.S. market and certain product lines did not meet expectations [2] - The Chinese market emerged as a strong performer, with net revenue growth of 25% year-over-year, and five new stores opened in the region during the quarter [2] Future Outlook - The company plans to open approximately 15 new stores in the Americas, with nearly half located in Mexico, while focusing on expanding its presence in China [2] - Lululemon is adjusting its expectations due to industry challenges, including tariff increases, and has revised its full-year revenue forecast to between $10.85 billion and $11 billion, down from a previous estimate of $11.15 billion to $11.3 billion, and below market consensus of $11.2 billion [2]

Core Viewpoint - Fluor Corporation (FLR.US) experienced a significant drop of over 30% in stock price, following a period of increase of 58% since April, currently trading at $38.53 [1] Financial Performance - The company reported adjusted earnings per share of $0.43 for the second quarter, which fell short of Wall Street's expectation of $0.55 [1] - Total revenue amounted to $3.98 billion, down from $4.23 billion in the same period last year, and also below analysts' consensus estimate of $4.51 billion [1] Guidance Adjustment - Fluor has lowered its full-year profit guidance, citing that "customers are hesitant due to economic uncertainty" [1] - The management now projects earnings per share in the range of $1.95 to $2.15, down from the previous target range of $2.25 to $2.75 [1]

Core Viewpoint - Align Technology (ALGN.US) experienced a significant drop of over 33%, reaching a five-year low of $134.83 following its second-quarter earnings report, which revealed lower-than-expected revenue and guidance [1] Financial Performance - The adjusted diluted earnings per share for the second quarter was $2.49, slightly above the $2.41 from the same period last year, but below the analyst expectation of $2.57 [1] - Quarterly revenue was reported at $1.01 billion, down from $1.03 billion year-over-year, and also below the analyst forecast of $1.06 billion [1] Future Guidance - The company anticipates third-quarter revenue to be between $965 million and $985 million, which is lower than the analyst expectation of $1.04 billion [1] Operational Changes - Align plans to implement a series of actions to streamline operations, including global workforce reductions [1] - The company expects these actions to incur one-time costs ranging from $150 million to $170 million in the second half of the year [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance was below expectations, with revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit attributable to shareholders of 75 million yuan, down 57.53% year-on-year [7] - The decline in revenue across various product categories is attributed to pre-holiday inventory buildup and proactive inventory clearance by the company [7] - Online sales showed strong growth, with a year-on-year increase of 54%, while offline sales decreased by 39.5% [7] - The company has expanded its distributor network, adding 98 new distributors by the end of Q1 2025 [7] - The company's gross margin decreased by 3.3 percentage points year-on-year, indicating pressure on profitability due to fixed costs amidst declining revenue [7] - The company anticipates a gradual improvement in performance moving forward, supported by healthy channel inventory levels [7] Financial Summary - Revenue projections for 2025-2027 have been adjusted to 3.66 billion yuan, 4.02 billion yuan, and 4.44 billion yuan, respectively, reflecting year-on-year growth rates of 5%, 10%, and 11% [7] - Net profit forecasts for the same period have been revised to 626 million yuan, 706 million yuan, and 798 million yuan, with year-on-year growth rates of 0.3%, 12.72%, and 12.94% [7] - The company's P/E ratios for 2025-2027 are projected to be 20x, 18x, and 16x, respectively [7]