Core Viewpoint - The television industry is facing rising costs due to increases in memory, panel, and precious metal prices, leading to a downward revision of expected shipment volumes for 2026, now projected to decrease by 0.6% to approximately 194.81 million units [2]. Group 1: Market Trends - From early 2025, uncertainty in international conditions prompted TV brands to stock up in advance, but inventory adjustments in the second quarter led to a disappointing third-quarter shipment, which fell below 50 million units for the first time [5]. - Despite pressures to meet annual shipment targets in the fourth quarter and preemptive stocking due to rising memory prices, global TV shipments are still expected to decline by 0.8% in 2025, reaching nearly 196.2 million units [5]. - In the first half of 2026, promotional events like the Super Bowl and FIFA World Cup are expected to boost shipments by 2% year-on-year to 46.51 million units, although the second half may face challenges [5]. Group 2: Cost Analysis - Panels account for approximately 40-50% of the total cost of a TV, and prices have begun to rise as of January 2026. The supply of memory for TVs is being squeezed by demand from HBM and server applications, leading to price increases starting in the second half of 2025 [5]. - The contract price for 4GB DDR4 memory, commonly used in 4K TVs, has increased over fourfold in the past year, with expectations of a further increase of over 60% in the first quarter of 2026 [5][6]. - The share of DRAM in the bill of materials (BOM) cost for TVs has risen from 2.5-3% to 6-7% due to recent price adjustments, putting pressure on brand profitability, particularly for smaller players with fewer resources [6]. Group 3: Market Opportunities - In 2026, favorable subsidy policies in the Chinese market will benefit Mini LED models, with major brands showcasing RGB TV technology at CES 2026 and targeting more affordable sizes between 55-75 inches [6]. - TrendForce has revised its forecast for Mini LED TV penetration in 2026 to 10%, with shipments expected to approach 20 million units. TCL is positioned to lead the Mini LED TV market, potentially surpassing a 30% market share [6].

在这波存储器涨价潮之前，DRAM仅占电视BOM cost的2.5-3%，历经近期的价格调整后，其比重迅速攀升至6-7%，使得品牌获利承压。在存储器价格影 响品牌生产动能和获利能力的情况下，规模较小、资源较少的业者将受到较大冲击。 智通财经APP获悉，根据TrendForce集邦咨询最新电视出货调查，2026年电视产业面临存储器、面板、贵金属价格同时上涨，生产成本随之攀高，品牌在 获利与市占间的拉锯将更加明显，预估全年电视出货量将由先前预计的年减0.3%，下调至年减0.6%，降至约1亿9,481万台。此外，因现有成本结构已难以 支撑过往的低价策略，新机种零售价调涨已势在必行。 另一方面，2026年中国市场的补贴政策利多延续，且条件限缩至一级能耗产品，将有利于Mini LED机种。各领导品牌也在CES 2026展示其RGB电视技 术，并将产品尺寸下放至更亲民的55-75吋间，较劲意味浓厚。据此，TrendForce集邦咨询上修了2026年Mini LED电视渗透率预估至10%，出货量将朝 2,000万台迈进。而TCL凭借上、中、下游材料与制造整合优势，有望稳居Mini LED电视龙头，市占率将突破三成，改写市场纪 ...

Cost Expectations - Approximately 66% of companies anticipate cost increases in the next six months [1] Source - HSBC conducted the poll [1]

Core Viewpoint - The company has revised its revenue growth expectation for the year from 5% to 4% on an organic basis due to record-high cocoa prices and increasing transportation costs [1] Revenue Expectations - The company now anticipates a 4% increase in revenue on an organic basis for the year, down from the previously expected 5% [1] Cost Factors - The revision in revenue expectations is attributed to record-high cocoa prices and rising transportation costs impacting overall profitability [1]

Core Insights - Zebra Technologies Corporation (ZBRA) has underperformed in operational performance, leading to a Zacks Rank of 5 (Strong Sell) with a stock loss of 3.2% over the past year, consistent with industry trends [1] Rising Costs - ZBRA experienced an 8.3% year-over-year increase in the cost of sales in Q1 2025, primarily due to high raw material costs [4] - Selling and marketing expenses also rose by 8.8% year-over-year, indicating escalating operational costs that may negatively impact profitability in the future [4] High Debt Level - The company's long-term debt has grown at a CAGR of 18.9% over the past five years, reaching $2.10 billion by the end of Q1 2025, a slight increase from $2.09 billion at the end of 2024 [5] - Interest expenses surged by 35.3% year-over-year in Q1, totaling $23 million, raising concerns about the sustainability of its financial structure [5][8] - ZBRA completed a $500 million senior notes offering with a fixed interest rate of 6.5%, which, while aimed at reducing term loan obligations, will add to the existing debt burden [6] Forex Woes - The company operates in multiple regions, exposing it to geopolitical risks, including conflicts in Russia & Ukraine and tensions in U.S.-China relations, which could adversely affect business operations [7] - A stronger U.S. dollar poses additional challenges, potentially impacting ZBRA's performance in overseas markets [7][8]

Core Insights - ABM Industries largely met Wall Street expectations for the quarter, but rising costs and full-year guidance imply potential risks of weakness compared to estimates [1] - Investors reacted defensively, leading to a 13% decline in ABM shares [1] Financial Performance - ABM reported earnings of $0.86 per share for the fiscal second quarter ending April 30, which was a penny shy of expectations, with revenue in line at $2.1 billion [3] - The quarter marked a return to organic revenue growth, driven by strength in the prime commercial office market, with revenue growth of 3.4% compared to a 3% rise in operating expenses and a 9% rise in selling, general, and administrative expenses [4] Market Outlook - The company secured $1.1 billion in new bookings in the first half of its fiscal year, reflecting an 11% increase [4] - CEO Scott Salmirs expressed a constructive outlook for core markets, particularly high-quality office buildings, manufacturing and distribution facilities, commercial aviation, and microgrids [5] - Projects delayed in the second quarter are expected to be realized in the third quarter [5] Investor Sentiment - Investors were looking for more acceleration than what ABM delivered, and given broader macro uncertainty, there appears to be more downside risk than upside in the coming months [6] - Concerns include potential slowdowns in manufacturing or layoffs affecting office building occupancy, which could negatively impact results [6]