| 华转增、其余地区双位数增长 | | --- | [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 股票研究 /[Table_Date] 2026.01.09 [Table_Industry] 纺织服装业 纺织服装业《NIKE FY26Q2 北美保持领增、毛利 率仍承压，9 月美国服装零售库销比进一步降 低》2025.12.21 纺织服装业《11 月制造台企营收表现分化， lululemon 北美仍承压、CEO 将于 26 年 1 月卸 任》2025.12.14 纺织服装业《美国黑五零售增长 4.1%、11 月航 空出行人数微降 0.7%，INDITEX 25Q3 收入增长 加速》2025.12.07 纺织服装业《9 月美国服 ...

报告摘要 事件： 公司发布2025年度业绩预告。2025年，公司预计实现归母净利润82.9-88.9亿元，同比增长 77.78%~90.65%；预计实现扣非后归母净利润82.3-88.3亿元，同比增长87.02%~100.66%。 点评： 氯化钾及碳酸锂价格上涨，25Q4业绩超预期 2025Q4，公司氯化钾产量约为163万吨，同比增长11.9%，环比增长28.0%；销量为95万吨，同比减少 36.7%，环比减少12.0%。公司碳酸锂产量约为1.49万吨，同比增长62.9%，环比增长28.4%；销量为1.41万 吨，同比增长6.3%，环比增长29.4%。我们认为公司碳酸锂产销量的增长一方面来自于子公司蓝科锂业现 有产能的进一步爬坡，另一方面则来自于公司4万吨/年基础锂盐一体化项目于25年9月建成后所提供的增 量。价格方面，根据百川盈孚数据，2025Q4国内氯化钾及碳酸锂均价分别为3250元/吨和9.05万元/吨，同 比分别增长30.6%和19.2%。受益于氯化钾及碳酸锂价格的上涨，公司25Q4业绩显著提升。此外，由于公 司近期顺利通过高新技术企业资格复审，根据相关会计准则，公司在2025年年度末对可抵扣暂时性差 ...

2025 年 12 月 31 日 市场数据 · 收盘价(元) 29.65/14.84 年内最高/最低(元) 市净率 股息率% (分红/股价) 流通 A 股市值 (百万元) 上证指数/深证成指 3,968.84/13,525.02 注："股息率"以最近一年已公布分红计算 公 时时彩公司书 | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产 (元) | 7.76 | | 资产负债率% | 13.97 | | 总股本/流通 A 股 (百万) | 5,292/5,292 | | 流通 B 股/H 股 (百万) | -/- | -年内股价与大盛对比走势： es and and and and and and and the manager of the county of the countr 邵靖宇 A0230524080001 shaojy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 联系人 shaojy@swsresearch.com 甲万宏源研究微信服务 投资要点: ● 公司公告: 1 ) 公司发布 ...

格隆汇12月12日｜美国仓储式连锁超市开市客(Costco)公布2026财年首季业绩，营收同比增长8.3%至 673亿美元，高于预期的671亿美元；纯利同比增长11%至20亿美元，合每股盈利为4.5美元，高于预期 的4.27美元。期内美国同店销售额同比增长5.9%，全球增长6.4%，线上销售额增长20.5%。会员续费率 从2025财年末季的89.8%轻微下滑至89.7%。 ...

Core Insights - Cracker Barrel Old Country Store (CBRL) reported first-quarter fiscal 2026 results with adjusted loss per share narrower than expectations, but revenues fell short of estimates [1][3][8] Financial Performance - For Q1 fiscal 2026, CBRL reported an adjusted loss per share of 74 cents, better than the Zacks Consensus Estimate of a loss of 78 cents, compared to an adjusted EPS of 45 cents in the same quarter last year [3][8] - Quarterly revenues were $797.2 million, missing the consensus mark of $801 million, and decreased by 5.7% year over year [3][8] Comparable Sales - Comparable-store restaurant sales decreased by 4.7% year over year, while comparable-store retail sales fell by 8.5% [4][8] Operational Challenges - The company faced a difficult macro and industry backdrop, leading to softer traffic patterns and operational challenges that affected food initiatives [2][8] - Adjusted net loss for the quarter was $16.4 million, compared to adjusted net income of $10.2 million in the prior year [6] Cost and Expenses - Cost of goods sold (excluding depreciation and rent) was $248.4 million, down 4% year over year, but as a percentage of total revenues, it increased by 60 basis points to 31.2% [5] - General and administrative expenses totaled $48 million, down 20% year over year [5] Balance Sheet - As of October 31, 2025, cash and cash equivalents were $8.9 million, down from $11.5 million a year earlier, while inventory increased by 3.6% to $209.1 million [7] - Long-term debt decreased to $400.9 million from $527 million a year ago [7] Fiscal 2026 Guidance - CBRL revised its fiscal 2026 revenue guidance to a range of $3.2-$3.3 billion, down from $3.35-$3.45 billion, and adjusted EBITDA expectations to $70 million to $110 million, down from $150 million to $190 million [9][10] - The company anticipates commodity inflation in the range of 2.5-3.5% and hourly wage inflation of 3% to 4% [9]

Core Insights - Ulta Beauty has been rated "Overweight" by Morgan Stanley, with a price target raised from $600 to $640, reflecting strong market confidence in the company's performance [1][6] Financial Performance - Ulta reported a 12.9% increase in net sales for its fiscal third quarter, reaching $2.9 billion, surpassing the estimated $2.7 billion [2][6] - The company's earnings per share remained flat at $5.14, exceeding expectations of $4.60, attributed to increased business investments [3] - Ulta's gross profit increased by 14.9%, amounting to $1.16 billion, or 40.4% of sales, despite a decrease in operating income [5] Market Position - Ulta's stock surged over 12% following the announcement of improved sales and profit forecasts, with fiscal third-quarter results exceeding Wall Street expectations [4] - The company has raised its fiscal 2025 outlook, projecting net sales of approximately $12.3 billion, an increase from previous estimates [4][6] - Ulta's market capitalization stands at approximately $26.97 billion, with a trading volume of 3,395,556 shares [5][6] Competitive Landscape - Despite facing challenges from lower-priced alternatives and market saturation, Ulta has managed to outperform expectations [3]

Group 1 - The core viewpoint of the article is that American Eagle Outfitters (AEO) reported better-than-expected third-quarter performance and raised its full-year adjusted operating profit guidance to between $303 million and $308 million, driven by record demand for "Turkey 5" [1][2]. Group 2 - AEO's stock price surged by 15.5% in early trading on Wednesday following the earnings report [1][2].

（原标题：美股异动 | Q3业绩超预期 柯尔百货(KSS.US)暴涨超30%） 展望未来，该公司将2025财年调整后每股收益预期从原先的0.5-0.8美元大幅上调至1.25-1.45美元，年度 销售额降幅预期也从5%-6%收窄至3.5%-4%。 智通财经APP获悉，周二，柯尔百货(KSS.US)开盘暴涨超30%，逼近此前7月年内高点，报20.78美元。 消息面上，柯尔百货公布了超预期的第三季度财报，同时连续第二个季度上调全年业绩指引，这一信号 表明，新任首席执行官Michael Bender正在帮助这家陷入困境的零售商重回正轨。财报显示，该公司Q3 销售额同比下降2.8%至34.1亿美元，但仍超出分析师预期的33.2亿美元。同店销售额下降1.7%，远优于 市场预期的3.9%跌幅。 ...

Zoom通讯(ZM.US)夜盘涨超4%，报81.75美元。 消息面上，Zoom通讯公布2026财年第三季度业绩，销售额同比增长4.4%至12.3亿美元，高于分析师预 期的12.1亿美元；经调整每股盈利1.52美元，亦高于预期的1.44美元。期内个人和小型企业用户的平均 每月流失率为2.7%，低于上一季的2.9%。该公司预期，本财季营收约为12.3亿美元，经调整每股盈利约 1.49美元，市场预期为1.45美元。此外，公司宣布一项新的10亿美元股票回购计划。(格隆汇) ...

周四，英伟达(NVDA.US)盘前涨逾5%，报196.19美元。财报显示，英伟达三季度营收570.1亿美元(预期 550.9亿美元)，净利润总额达319.1亿美元，较上年同期的193.1亿美元增长65%。调整后每股收益1.30美 元(预期1.28美元)。英伟达预计，四季度营收将达到约650亿美元；超出分析师此前预期的616.6亿美 元。 ...