去年12月太空经济板块可以说是中美共振了，美股太空经济几家主力基本上都翻倍了。心头好小火箭RKLB表现也很亮眼。过去一个月对RKLB来说绝对是业务上的超级月：1、拿到了美国太空发展局超过8亿美金，18颗卫星订单。这些卫星还配备卫星配备Rocket Lab的StarLite防护传感器（可防御定向能量威胁），并扩展到向其他承包商供应传感器； 2、同时还拿到加拿大、日本航天机构的新合同； 3、25年全年完成21次Electron火箭发射，年度100%任务成功率（全球小型火箭最活跃）。包括12月为iQPS发射SAR卫星（这是iQPS的第7颗，未来计划5次更多）。 4、中性火箭中子星Neutron进展：首飞仍目标2026年中（Q1运抵Wallops发射台，资格测试中）。Hungry Hippo可重复使用整流罩已完成资格测试； 拿到太空发展局的合同意味着RKLB正式跻身为最大的国防太空承包商之一；如果26年中中子星发射成功，意味着RKLB成功从小型火箭发射升级到中性火箭发射。 美股太空经济股票，有好几只在链上美股平台@MSX_CN 上都能交易，可以关注起来https://t.co/SwrikLq3oN

中美太空资源争夺白热化，这两天一条新闻值得关注，中国在去年12月正式向国际电信联盟（ITU）提交20.3万颗低轨卫星申报，涵盖14个星座，仅两大核心星座CTC-1与CTC-2就各达9.6万余颗，规模相当于美国星链申报总量的近5倍。 本次申报主体包括无线电创新院、中国移动、垣信卫星等机构。无线电创新院于2025年12月29日提交两个近10万颗卫星的巨型星座申请，并于次日（12月30日）完成河北雄安新区注册登记，成为中国无线电管理技术领域首家新型研发机构。 战略意图： 国际电信联盟（ITU）是太空的“规则制定者”，核心规矩就一条：“先申报、先发射、先占用”。低轨（距离地球300-2000公里）是太空里的“黄金地段”，信号快、延迟低，未来6G通信、军事指挥都离不开它，就像城市里的核心停车位，占一个少一个。 老马的星链动手更早：截至2025年底，在轨卫星快到1万颗，占了全球低轨卫星的2/3，还申报了4.2万颗，把好位置占得差不多了 中国此举旨在抢占低轨卫星频轨资源，应对国际竞争。目前全球低轨资源遵循“先占先得”规则，中国通过大规模申报锁定资源。 当然ITU审批通过后并不是一劳永逸，根据ITU规则，申报单位需在7年内发射首颗卫星，第9年完成10%部署，第12年完成50%部署，第14年完成全部部署。 中国现在大规模申报意味着从卫星制造到火箭发射，全产业链都已准备就绪，这是有明确路线图的国家工程，绝不是虚张声势。 所以说太空资源争夺已是白热化

MORNING BID Amazon ( $AMZN): 🔸 Q4 EPS: $1.86 (Est. $1.49) 🔸 Operating Income: $21.2B (Est. $19.145B) 🔸 Sales: $187.8B (Est. $187.299B) Q1 Guidance: 🔸 Sales $151-155B (Est. $158.45B) 🔸 Operating Income $14-18B (Est. $18.347B) 🔸 AWS Sales: $107.6B Tesla ( $TSLA): 🔸 China EV Sales in Jan: 63,238 units (-11.5% YoY, -32.6% MoM) 🔸 BYD Sales: 296,446 units (+47.5% YoY, -41.8% MoM) Boyd Gaming ( $BYD): 🔸 Q4 Adjusted EPS: $1.96 (Est. $1.79) 🔸 Revenue: $1.04B (Est. $1B) 🔸 Strong growth in Online segment Elf Beauty ( $ELF): 🔸 Q3 Adjusted EPS: $0.74 (Est. $0.76) 🔸 Revenue: $355.3M (Est. $330.39M) 🔸 FY25 Guidance: 🔸 EPS $3.27-$3.32 (from $3.47-$3.53) 🔸 Sales $1.3B-$1.31B (from $1.315B-$1.335B) Expedia ( $EXPE): 🔸 Q4 Adjusted EPS: $2.39 (Est. $2.04) 🔸 Adjusted EBITDA: $643M (Est. $570.9M) 🔸 Revenue: $3.184B (Est. $3.07B) 🔸 Gross Bookings: $24.422B 🔸 Dividend reinstated Mohawk Industries ( $MHK): 🔸 Q4 Adjusted EPS: $1.95 (Est. $1.85) 🔸 Revenue: $2.64B (Est. $2.54B) 🔸 Global Ceramic Sales: +1.5% reported, Flooring ROW Sales: -2.1% reported 🔸 Hurricane impact: ~$10M Nikola ( $NKLA): 🔸 Shares decline on reports of potential sale, restructuring, or bankruptcy Skechers ( $SKX): 🔸 Q4 EPS: $0.65 (Est. $0.75) 🔸 Sales: $2.212B (Est. $2.22B) 🔸 Q1 Guidance: Sales $2.4-2.43B (Est. $2.486B), EPS $1.10-1.15 (Est. $1.55) Bill Holdings ( $BILL): 🔸 Q2 Adj EPS: $0.56 (Est. $0.47) 🔸 Revenue: $362.6M (+14% YoY, Est. $359.99M) 🔸 Q3 Guidance: EPS $0.35-$0.38 (Est. $0.34) 🔸 Revenue $352.5M-$357.5M (Est. $360.37M) Cloudflare ( $NET): 🔸 Q4 Adj EPS: $0.19 (Est. $0.18) 🔸 Revenue: $459.9M (Est. $452.12M) 🔸 Added 55 customers spending >$1M/year in 2024 🔸 FY25 Guidance: Adj EPS $0.79-$0.80 (Est. $0.85), Revenue $2.09B-$2.094B (Est. $2.1B) GoPro ( $GPRO): 🔸 Q4 Adj EPS: -$0.09 (Est. -$0.12) 🔸 Revenue: $200.88M (Est. $196.5M) 🔸 Q1 Guidance: EPS loss -$0.13 to -$0.03 (Est. -$0.08) 🔸 Revenue $115M-$135M (Est. $136.25M) 🔸 Gross Margin ~35% Fortinet ( $FTNT): 🔸 Q4 EPS: $0.74 (Est. $0.61) 🔸 Revenue: $1.66B (Est. $1.6B), Billings: $2B 🔸 Non-GAAP Op Margin: 39% (+720 bps YoY) 🔸 FY25 Guidance: EPS $2.41-$2.47 (Est. $2.42), Revenue $6.65B-$6.85B (Est. $6.63B) Lumentum Holdings ( $LITE): 🔸 Q2 Adj EPS: $0.42 (Est. $0.36) 🔸 Revenue: $402.2M (Est. $389.76M), Adj Gross Margin: 32.3%, Adj Op Margin: 7.9% 🔸 Q3 Guidance: Revenue $410M-$425M (Est. $411.84M), Adj EPS $0.47-$0.53 (Est. $0.42) Microchip Technology ( $MCHP): 🔸 Q3 EPS: $0.20 (Est. $0.28) 🔸 Revenue: $1.026B (Est. $1.05B) 🔸 Q4 Guidance: Non-GAAP EPS $0.05-$0.15 (Est. $0.27), Revenue $920M-$1.0B (Est. $1.05B) 🔸 FY25 Capex: ~$135M Monolithic Power Systems ( $MPWR): 🔸 Q4 EPS: $4.09 (Est. $3.98) 🔸 Revenue: $621.67M (Est. $608.09M) 🔸 Q1 Guidance: Revenue $610M-$630M (Est. $584.38M), Gross Margin 55.4%-56% 🔸 Dividend increased Netflix ( $NFLX): 🔸 Considering bid for Formula One’s U.S. TV rights Onto Innovation ( $ONTO): 🔸 Q4 Adj EPS: $1.51 (Est. $1.41) 🔸 Revenue: $263.939M (Est. $260.5M), Gross Margin: 50% 🔸 Q1 Guidance: Revenue $260M-$274M (Est. $267.4M), Adj EPS $1.40-$1.54 (Est. $1.49) Pinterest ( $PINS): 🔸 Q4 Adj EPS: $0.56 (Est. $0.65) 🔸 Adj EBITDA: $470.943M (Est. $444.6M), Revenue: $1.154B (Est. $1.139B) 🔸 Q1 Guidance: Revenue $837M-$852M (Est. $832.78M), Adj EBITDA $155M-$170M (Est. $140.75M) Qualys Inc. ( $QLYS): 🔸 Q4 EPS: $1.60 (Est. $1.37) 🔸 Revenue: $159.2M (Est. $156.27M) 🔸 FY25 Guidance: Non-GAAP EPS $5.50-$5.90 (Est. $6.09), Revenue $645M-$657M (Est. $651.13M) SS&C Technologies ( $SSNC): 🔸 Q4 Adj EPS: $1.58 (Est. $1.32) 🔸 Adj Op Income: $581.9M (Est. $569.2M), Adj Revenue: $1.5361B (Est. $1.483B) 🔸 FY Guidance: Adj Revenue $6.085B-$6.245B (Est. $6.159B), Adj EPS $5.64-$5.96 (Est. $5.75) Synaptics ( $SYNA): 🔸 Q2 Adj EPS: $0.92 (Est. $0.86) 🔸 Revenue: $267.2M (Est. $265.6M), Gross Margin: 53.6% 🔸 Q3 Guidance: Revenue $250M-$280M (Est. $253.27M), Adj EPS $0.65-$1.05 (Est. $0.72) Take-Two Interactive ( $TTWO): 🔸 Q3 EPS: -$0.71 🔸 Adj EBITDA: $88.8M, Revenue: $1.36B (Est. $1.39B) 🔸 Q4 Guidance: Revenue $1.52B-$1.62B (Est. $1.538B), Adj EBITDA $223M-$277M (Est. $327.92M) ViaSat ( $VSAT): 🔸 Q3 EPS: $0.11 (Est. $0.05) 🔸 Revenue: $1.12B (Est. $1.13B) 🔸 On track for FY guidance; FY26 expects YoY revenue and Adj EBITDA growth, Capex ~$1.3B

#Downgrades - Sep 17, 2024 $AGRO: Morgan Stanley Downgrades to Equalweight from Overweight - PT $12.50 (from $14.50) $FYBR: JPMorgan Downgrades to Neutral from Overweight - PT $38.50 (from $35) $GOLF: Jefferies Downgrades to Hold from Buy - PT $75 (from $86) $OSBC: Raymond James Downgrades to Outperform from Strong Buy $OZK: Raymond James Downgrades to Market Perform from Outperform $PB: Raymond James Downgrades to Outperform from Strong Buy $SEDG: Jefferies Downgrades to Underperform from Hold - PT $17 (from $27) $VSAT: JPMorgan Downgrades to Neutral from Overweight - PT $15 (from $29)