Research library

1,768 reports · By date added

Goldman Sachs: Wuliangye’s third-quarter revenue and profit fall short of Goldman Sachs estimates as shipment controls and inventory reduction weigh on results

Wuliangye’s third-quarter revenue fell 38% year on year, while net profit dropped 48%. Goldman Sachs believes the company may be controlling shipments to distributors and accelerating the reduction of legacy inventory. Although operating cash flow improved, further destocking may be needed before new orders and shipments return to normal.

Goldman Sachs: AI server upgrades support growth at Taiwanese contract manufacturers, but near-term revenue and profits diverge

Goldman Sachs expects average revenue at eight Taiwanese server and PC supply-chain companies to continue growing strongly year over year from October to December, while remaining broadly flat sequentially. The timing of new rack deliveries, consumer electronics demand and product margins are creating differences among the companies.

Goldman Sachs: Shanghai Jahwa’s third-quarter profit beats expectations as administrative expenses fall, but non-beauty businesses weigh on revenue

Beauty revenue grew 37%, but still did not offset declines in personal care, innovation and overseas businesses. Goldman Sachs believes the full-year growth target is achievable, although intense competition could slow margin recovery.

Goldman Sachs: Boeing’s production ramp-up diverges: 787 remains steady, while sustained 737 output is delayed until 2027

Goldman Sachs believes stable production of the Boeing 787 and 737 benefits Japanese airframe and engine-parts suppliers. However, sustained 737 output has been delayed, and Kawasaki Heavy Industries has already incurred costs in preparation for higher production.

Goldman Sachs: Pop Mart’s third-quarter sales turn negative: fourth-quarter recovery expected, but margins remain under pressure

Pop Mart’s third-quarter revenue fell 45%–50% year on year, below Goldman Sachs’ and market expectations. Goldman expects sales to improve sequentially in the fourth quarter, but overseas price adjustments, changes in the revenue mix and new-store costs will weigh on profitability in the second half.

Goldman Sachs: US consumer confidence rebounds sharply, new-home sales fall less than expected

The October consumer confidence index rose to 91.7, far exceeding forecasts; new-home sales edged down in September but beat Goldman Sachs and market expectations.

Goldman Sachs: Lao Bai Xing’s third-quarter profit rose 31% year on year. Why does Goldman Sachs maintain a Neutral rating?

Third-quarter revenue and net profit were broadly in line with Goldman Sachs’ expectations, but the bank believes tight funding conditions and an expansion model reliant on franchising could limit Lao Bai Xing’s ability to gain share during industry consolidation.

Goldman Sachs: Kstar’s third-quarter revenue misses Goldman Sachs forecasts, while data-center orders and margins remain supportive

Weak sales of new-energy products weighed on third-quarter results, but the data-center business grew 21%, and higher shares of high-power products and overseas revenue supported gross margin. The company expects data-center revenue to grow both year over year and quarter over quarter in the fourth quarter, while inventory buildup turned operating cash flow negative.

Goldman Sachs: AI server cooling drives packaging-material upgrades; Goldman Sachs sees profit growth at Sumitomo Bakelite

Goldman Sachs expects Sumitomo Bakelite’s semiconductor materials business profit to grow at an annualized rate of 43% over the three years ending March 2029. Upgrades to high-thermal-conductivity products, satellite applications and the proposed acquisition of Kyocera’s chemicals business are the main drivers.

Goldman Sachs: WuXi AppTec’s new order growth accelerates to 60%; Goldman Sachs raises 2027 earnings forecast

Phase III and commercial small-molecule projects are accelerating orders, while early-stage R&D demand is also recovering. Goldman Sachs sees improved revenue visibility for 2027, but the timing of large-order deliveries, capacity expansion and exchange rates could still cause quarterly fluctuations.

J.P. Morgan: CIMC Enric’s third-quarter profit rises 47% as shipbuilding and gas improvements offset liquid-food weakness

Shipbuilding margins rose to 8% and chemical profits returned to growth, prompting JPMorgan to raise its earnings forecasts for 2027–2028; liquid-food revenue, however, continued to fall sharply, and foreign-exchange losses also weighed on valuation expectations.

Morgan Stanley: Hengli Hydraulic’s third-quarter revenue beats expectations: why did profit grow more slowly than revenue?

Against a backdrop of weak excavator industry sales, Hengli Hydraulic’s third-quarter revenue rose 30% year on year, exceeding Morgan Stanley’s forecast; gross margin recovered quarter on quarter but remained lower year on year, while net profit growth was also markedly slower than revenue growth.

Morgan Stanley: Dong-E-E-Jiao’s third-quarter profit falls short of Morgan Stanley’s expectations, putting cash flow and end-market sales in focus

The company’s third-quarter revenue rose 4.1% year on year, while profit was 7% below Morgan Stanley’s forecast. Sales of core ejiao products were weak, while accounts receivable rose and operating cash flow declined. Management expects the latter two metrics to return to normal by year-end.

Morgan Stanley: D-Foil Technology’s third-quarter profit rises 75% quarter on quarter as HVLP4 share of shipments increases

The company’s third-quarter net profit was within its previous guidance range, while revenue growth and margin improvement together expanded gross profit. Morgan Stanley is optimistic about the ramp-up in high-end copper foil shipments, while noting uncertainty around processing fees and the pace of capacity ramp-up.

Morgan Stanley: TPCA exhibition observations: AI material choices remain undecided, while equipment constrains ABF substrate expansion

Morgan Stanley believes several material options remain for next-generation AI servers; shortages of thin glass fabric and lead times for ABF lamination equipment could constrain supply, with the ABF substrate supply-demand gap expected to widen in 2027–2028.

J.P. Morgan: China’s daily crude steel output continues to fall: how do low ore prices and lower freight rates affect miners?

In the 10 days through 20 October, China’s daily crude steel output was equivalent to an annualized 865 million tonnes, down 2% from the preceding 10 days. Iron ore prices remain low, while lower freight rates have partly improved miners’ free-on-board prices.

J.P. Morgan: TGOOD’s third-quarter revenue growth accelerates as profit growth slows: Can recovering orders drive a profit rebound?

Third-quarter 2026 revenue rose 18% year on year, but growth in net profit attributable to shareholders fell to less than 7%. JPMorgan expects improving grid, data-center and overseas orders to drive a quarter-by-quarter recovery in earnings momentum.

J.P. Morgan: US retail earnings preview: Premium apparel may still have room for upward revisions as promotions and refunds test margins

JPMorgan raises its quarterly estimates for Ralph Lauren and Tapestry but is more cautious on Under Armour, Gap and Boot Barn; whether revenue improvements translate into profits depends on full-price sales, expenses and the effects of tariff refunds.

J.P. Morgan: Inovance Technology third-quarter results: Revenue growth accelerates as core profit and cash flow come under pressure

A rebound in the new energy vehicle business drove revenue growth, but changes in the business mix and rising costs depressed gross margin. Investment gains boosted reported profit, while industrial automation order growth also slowed.

J.P. Morgan: Gree Electric’s third-quarter profit plunges 43%: revenue beats expectations, but gross margin falls sharply

Gree’s third-quarter revenue decline narrowed, but both gross margin and expenses came in worse than JPMorgan expected. The bank expects earnings forecasts to be cut, while dividends and buybacks may cushion pressure on the share price.