Core Viewpoint - Criteo (CRTO) has experienced a significant decline in its stock price, losing 29.2% year-to-date, which is notably worse than the broader market indices and its industry peers [1][2]. Company Performance - The underperformance of Criteo's stock is attributed to tariffs and inflation affecting the industry, but the company is positioned for long-term growth despite macroeconomic uncertainties [2]. - In Q1 2025, Criteo's Retail Media on-platform revenues increased by 21% year-over-year, driven by heightened demand from advertisers and retailers [3]. - Off-platform monetization also saw growth, supported by a 60% increase in supply partners, indicating successful partnerships with retailers like Michaels, Dollar Tree, and Meijer [3]. Strategic Focus - Criteo is transitioning from its legacy retargeting business to focus on high-growth areas such as Retail Media and Commerce Audiences, with over 250 brands onboarded to its expanded platform [4]. - The company is enhancing its offerings with new features like dynamic sponsored products and video ads, which have strengthened its product suite [9]. Competitive Landscape - Criteo competes with major tech companies like Amazon, Google, and The Trade Desk, which have also seen declines in their stock prices [5]. - Criteo differentiates itself by providing retailer-direct access and a transparent, demand-driven platform that aligns with first-party data needs, leveraging its broad retail network and proprietary technology [6]. Financial Outlook - The Zacks Consensus Estimate for Criteo's 2025 earnings is $3.46 per share, reflecting an upward revision of 8.46% over the past 30 days, with a projected year-over-year increase of 16.98% [7]. - Revenue estimates are pegged at $1.15 billion, indicating a year-over-year growth of 2.41% [7]. - Criteo has beaten earnings estimates in three of the last four quarters, with an average surprise of 45.42% [8]. Investment Potential - Criteo's focus on high-growth areas and its recent expansion of the advertiser base by 11% year-over-year suggest strong market traction [9]. - The company currently holds a Zacks Rank 2 (Buy) and a Growth Score of A, indicating a favorable investment opportunity [10].

2025 年 05 月 19 日 行业周报 看好/维持 相关研究报告 << 计 算 机 行 业 周 报 （ 20250506- 20250511）： 鸿蒙 PC 发布，强化 1+N 布局>>--2025-05-12 <<收入持续向好，积极布局 AI 及机 器人领域>>--2025-05-07 <<下游需求暂时承压，海外市场开拓 成效显著>>--2025-05-06 证券分析师：曹佩 计算机 计算机 计算机行业周报（20250512-20250518）： 腾讯、阿里财报发布，AI 驱动效果显著 ◼ 走势比较 (30%) (12%) 6% 24% 42% 60% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 ◼ 子行业评级 | 计算机设备 | 无评级 | | --- | --- | | 计算机软件 | 中性 | | IT 服务 | 无评级 | | 云服务 | 无评级 | | 产业互联网 | 无评级 | 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@ ...

Core Insights - Agilysys reported revenue of $74.27 million for the quarter ended March 2025, reflecting a year-over-year increase of 19.4% and surpassing the Zacks Consensus Estimate by 4.20% [1] - The company's EPS for the quarter was $0.54, significantly higher than the $0.32 reported in the same quarter last year, resulting in an EPS surprise of 107.69% compared to the consensus estimate of $0.26 [1] Revenue Breakdown - Net revenue from Products was $10.25 million, slightly above the average estimate of $10.03 million, but down 6.7% year-over-year [4] - Subscription and maintenance revenue reached $46.20 million, exceeding the average estimate of $45.39 million, with a year-over-year increase of 26.3% [4] - Professional services revenue was reported at $17.83 million, surpassing the estimated $15.85 million, marking a 21.7% increase compared to the previous year [4] Stock Performance - Agilysys shares have returned 23.8% over the past month, outperforming the Zacks S&P 500 composite, which saw a 13.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Performance - Globant reported first-quarter earnings of $1.50 per share, missing the analyst consensus estimate of $1.58 per share [1] - Quarterly sales were $611.09 million, which also fell short of the analyst consensus estimate of $621.38 million [1] - The company issued second-quarter guidance below estimates and cut its FY25 guidance [1] Strategic Focus - The company emphasizes a strong focus on AI-related opportunities and assisting clients in transforming their businesses [2] - Globant's growth strategy integrates a client-centric vision with industry-specialized AI Studios and a subscription model [2] - The CEO highlighted the company's commitment to leading technological transformation through its AI Pods and the Globant Enterprise AI platform [2] Market Reaction - Following the earnings announcement, Globant shares gained 3.1%, trading at $104.67 [3] - Analysts adjusted their price targets for Globant after the earnings report, with Goldman Sachs lowering its target from $225 to $120 [8] - Mizuho maintained an Outperform rating but reduced its price target from $194 to $153 [8]

微软(MSFT.O)将通过Azure数据中心为xAI的Grok、Mistral和Black Forest Labs的AI模型提供托管服务。 ...

Core Viewpoint - Aurora Mobile Limited reported strong preliminary financial results for the first quarter of 2025, with total revenues estimated between RMB87.0 million and RMB90.0 million, reflecting a year-over-year growth of approximately 35% to 40% [1][6]. Financial Performance - Total revenues for Q1 2025 are estimated to be between RMB87.0 million and RMB90.0 million, compared to RMB64.5 million in Q1 2024, indicating a significant increase [6]. - The net loss for Q1 2025 is estimated to be between RMB1.0 million and RMB2.0 million, an improvement from a net loss of RMB2.6 million in Q1 2024 [6]. - Cash and cash equivalents as of March 31, 2025, are estimated to be between RMB113.0 million and RMB114.0 million, down from RMB119.5 million as of December 31, 2024 [6]. Business Growth Drivers - EngageLab, which drives the company's overseas operations, is estimated to have achieved over 120% year-over-year revenue growth in Q1 2025 [2]. - The release of an open-source large language model (LLM) by a tech client has led to a surge in global downloads, contributing to significant revenue growth for Aurora Mobile [2]. - The Financial Risk Management business has also seen substantial revenue growth due to rising customer demand [2]. - The AI agent platform, GPTBots.ai, continues to support businesses in digital transformation through no-code AI bot-building technology [2]. Strategic Focus - The synergy between EngageLab and GPTBots.ai highlights the effectiveness of Aurora Mobile's dual-engine strategy of "Global Market + AI Empowerment," which is aimed at expanding global market share and accelerating technology commercialization [2][8].

计算机 | 证券研究报告 — 行业点评 2025 年 5 月 19 日 计算机行业 2024 年年报 &2025 年一季报综述 2024 年营收稳增长， 25Q1 利润端显著改善 2024 年行业受宏观环境、政企预算下行以及减值损失扩大等影响，导致利润端承压。 2025Q1 整体业绩明显改善，盈利能力显著增强。2025 年在机器人、AI Agent、信创、 鸿蒙等持续推动下，行业有望多点开花，彰显增长韧性。 支撑评级的要点 投资建议 建议关注科技自主可控相关企业，包括软通动力、达梦数据、寒武纪-U、云天励 飞-U 等；以及基本面良好、未来成长空间较为广阔的合合信息。建议关注九号公 司-WD、优必选、能科科技、麒麟信安等在机器人领域有布局的公司，以及在机 器人数据训练领域有布局的中科曙光、索辰科技，还有在大模型领域有布局的商 汤-W、科大讯飞、拓尔思、云赛智联、虹软科技等。外骨骼机器人板块建议关注 楚天科技、伟思医疗。 评级面临的主要风险 证券分析师：郑静文 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1300525010001 强于大市 宏观经济下行；信创推进不及预期； ...

Core Insights - The company is significantly increasing its investment in AI, with a focus on AGI and AIGC, despite facing short-term losses [1][2] - The company aims to solidify its leading position in the AI sector by enhancing R&D and attracting top talent [2][3] - The company has a comprehensive strategy that includes controlling an AI chip company to establish a full industry chain from computing power to AI applications [3] R&D Investment - The company has increased its R&D expenses to 1.54 billion yuan, a 59.5% year-on-year increase, to strengthen its long-term technological competitiveness [2] - The current phase (2023-2024) is characterized as an initial investment stage for AI models, with expectations of profitability by 2027 [2][6] Product Development - The company has launched several AI models in 2023, including SkyReels and Mureka, with a focus on user demand in rapidly growing sectors like music and short films [4][5] - The Mureka platform achieved a monthly revenue of approximately 1 million USD by March 2025, while the short film platform DramaWave reached about 10 million USD [4] Market Strategy - The company plans to release a general-purpose agent product for productivity scenarios, focusing on high-frequency use cases [5] - The global market for digital music workstations is currently valued at around 4 billion USD and is expected to grow to 10 billion USD, with the company targeting a 10% market share [6] Business Model - The short film business has diversified revenue sources, including subscriptions, in-app purchases, and advertising, to enhance user engagement [5][7] - The company is committed to addressing user pain points and leveraging data and algorithms to maintain a competitive edge [3][6]

几乎所有伟大的创业都源于一个愿景。 1975年，比尔 ・ 盖茨和保罗・艾伦创立微软时，他们希望计算机能摆上每一张桌子，进入每一个家庭。愿景驱动下，微软在其后几十年里推动了 计算机产业变革，引领信息革命。比尔 ・ 盖茨五十年前的想法在今时今日早已成现实。 点击图片▲立即试听 对话 / 吴晓波 × 冯森 整理 / 巴九灵（微信公众号：吴晓波频道） 于乐播投屏创始人冯森而言，其愿景是实现 "万屏互联"，各种信息能在不同屏幕间无缝流转，并以此连接人类生活中的万事万物。 这一愿景的灵感，源自美国康宁公司在 2011 年 2 月发布的一条极具科幻想象力的宣传片 ——《A day made of glass》。康宁玻璃是一家世界领 先的玻璃显示屏技术企业，华为、三星等众多品牌电子设备的屏幕，皆采用其产品。 视频中，透明显示屏的应用场景令人印象深刻：厨房里，透明显示屏从冰箱门顺滑延展至橱柜，家庭成员轻滑屏幕，便能查看冰箱内食材保质期， 还能调出菜谱；客厅里，孩子一挥手就能将平板游戏投屏放大，与小伙伴沉浸式玩耍；办公室内，人们通过简单操作就能将内容投屏到会议屏幕。 从家庭、办公到交通、户外，各类触摸显示屏无处不在，而投屏技术则 ...