Dolphin Research

On the evening of Apr 28, 2026, Sungrow Power Supply (300274.SZ) released its Q1 2026 results. In short, revenue and profit declined, but GPM started to recover from a trough:1) Revenue missed again, posting another YoY decline:$Sungrow Power Supply(300274.SZ) reported total revenue of RMB 15.6 bn i...

Per Dolphin Research's earlier coverage, our core takeaway is that Oracle essentially resembles a scaled-up CoreWeave. The key swing factor is that surging AI compute demand could drive its compute rental revenue up by an order of magnitude or more. The main risk is the uncertainty of AI demand vs. ...

On the evening of Apr 24 Beijing time, Kweichow Moutai (600519.SH) released its 1Q26 results. As the first set of numbers after the channel overhaul, performance was solid: despite a high base, revenue returned to positive growth.The only blemish was that profit growth lagged revenue, as non-standar...

Intel released its Q1 2026 results (through Mar 2026) after the U.S. market close on Apr 24 Beijing time. Key takeaways:1) Core metrics: $Intel(INTC.US) reported revenue of $13.6bn (+7% YoY), well above company guidance ($11.7–12.7bn), driven by stronger server CPU demand and price hikes.GPM was 39....

GoerTek released its Q1 2026 results and FY2025 report (through Mar 2026) after the A-share close on Apr 23 Beijing time. Key takeaways are below:1) Overall results: $Goertek(002241.SZ) Q1 revenue was RMB 18.7bn, up 14% YoY. The top line returned to growth on strength in smart components, but still ...

$Tesla(TSLA.US) released its Q1-2026 results post-US close in the early hours of Apr 22 Beijing time. Against a gloomy backdrop for the auto core, it delivered a clear beat vs. expectations. Details below:① Solid top line: Revenue came in at $22.4bn (+16% YoY), well above the $20.7–20.9bn consensus....

$New Oriental EDU & Tech(EDU.US) released its FQ3 2026 results pre‑mkt on Apr 22 Beijing time, covering part of the fall semester and the winter break from Dec 2025 to Feb 2026.Both the quarter and the outlook were decent, but street estimates had already been raised after the company preview. W...

Most investors still see retail as a bruising track: low barriers, fierce competition, and razor-thin margins. Domestic retailers have long traded around ~10x P/E, as if that were the fate of a traditional sector。$Walmart(WMT.US)But Walmart tore up that script. It has sustained a 40x+ multiple for y...

China Mobile (600941.SH/00941.HK) released its Q1 2026 results (to Mar 2026) after Hong Kong market close on Apr 20 Beijing time. Key takeaways:1) Ops: revenue held up. Total revenue was RMB 266.4bn in Q1 2026, up 1% YoY. Telecom services edged down YoY, while product sales and other lines posted a ...

Hikvision released its 2025 annual report and Q1 2026 results (through Mar 2026) after the A-share close on Apr 17, Beijing time. Key takeaways are as follows:I. Headline results: price hikes drove double-digit growth. Hikvision posted Q1 2026 revenue of RMB 20.7bn, up 11.8% YoY. The return to doubl...

$Netflix(NFLX.US) Q1 bombed on guidance again, even as a top-line beat reinforced management’s consistently conservative stance.Pre-print sentiment was elevated. Since scrapping the WBD deal, risk appetite improved, and a surprise late-Mar price hike strengthened the pricing-power narrative, driving...

On the evening of Apr 16 Beijing time, China’s leading consumer name Kweichow Moutai (600519.SH) released Q4 2025 results, missing market expectations. Key takeaways are as follows: $Moutai(600519.SH)1) Headline decline: Q4 revenue was RMB 41.2bn, down 19.3% YoY. Traditionally, Q4 is peak baijiu sea...

$Charles Schwab(SCHW.US) Q1 results were solid, but expectations were lofty, so the market may focus on a slight revenue miss and a QoQ dip in net interest margin (NIM).After releasing strong Feb operating metrics, management preannounced Q1 revenue growth of 16% vs. the then-consensus ~14.5%. This ...

TSMC released its Q1 2026 results (through Mar-2026) pre-market in the U.S. on Apr 16 Beijing time. Key takeaways are as follows.1) Revenue: Q1 revenue was $35.9bn, up 6.4% QoQ, driven by AI chips as customers began shifting to the 3nm platform. Despite FX headwinds from a stronger USD vs. TWD, reve...

With Lunar New Year falling later this year and spending pushed back into the holiday, Dec-25 retail sales growth was soft at 0.9%. By contrast, Jan–Feb posted a better 2.8% YoY.Come Mar, the timing distortion from the holiday largely faded, allowing a cleaner read on domestic consumption. From the ...

On the evening of Apr 15, 2026,$CATL(03750.HK) reported Q1 2026 results. Amid concerns over lithium carbonate price spikes and a slowdown in EV growth, CATL delivered a broad-based beat that squarely addressed both worries.① Revenue beat on both volume and price: Q1 revenue came in at RMB 129.1 bn (...

ASML released its Q1 2026 results (to Mar 2026) pre-market on Apr 15 Beijing time. Key takeaways below.1) Revenue & GPM: a)$ASML(ASML.US) reported revenue of €8.77bn, +13% YoY, in line with cons. (€8.7bn). Growth was driven by stronger EUV demand from Korean customers and higher service revenue....

In the prior notes 'AI Endgame: Will Power Decide?' and 'AI’s Ultimate Bottleneck: A Super Power Crunch Makes Gas Turbines the Hidden Boss?', Dolphin Research argued that the U.S. power shortage is not a short-term supply-demand blip. It is a structural clash between an AI-driven compute boom and ye...

Rocket Lab: SpaceX's most formidable rival?In orbital launch, $Rocket Lab(RKLB.US) is among the few players that can directly challenge SpaceX. The story extends beyond launch: Rocket Lab has also built leading capabilities in satellite manufacturing and constellation deployment. How did Rocket Lab ...

In the prior piece 'AI 竞赛终局：电力说了算？', Dolphin Research argued that the U.S. power shortfall is not a cyclical mismatch but a structural conflict between surging AI compute and long‑lagging energy and grid build‑out. This is not a near‑term issue that supply-demand cycles can easily resolve.On the dem...