康宁锁定英伟达长约仍暴跌46% 估值重定价与高管套现触发踩踏

康宁锁定英伟达长约仍暴跌46% 估值重定价与高管套现触发踩踏 本轮暴跌并非源于AI光通信需求崩塌或大客户毁约，而是过高估值在新建产能未及兑现的真空期遭遇高管套现冲击，短期应等待财报明朗再验证140美元防线。 视频深度复盘了康宁在基本面未暴雷、大客户合作稳固的情况下遭遇股价“腰斩”的深层原因。主讲人指出，康宁借力 AI 光通信概念暴涨后，面临着大厂资本开支放缓担忧、新产能建设兑现真空期以及高管高位减持带来的情绪踩踏。华尔街多空分歧巨大，摩根大通发布负面预警，而摩根士丹利与伯恩斯坦等大行则逆势看多。结合即将公布的二季度财报，主讲人建议投资者在业绩靴子落地前保持观望，并重点关注 140 美元及 130 至 135 美元区间的关键支撑位。 康宁（GLW）股价在约一个月内从历史峰值 271.78 美元暴跌至 146.65 美元，最大回撤超 46%，但基本面未现实质性暴雷。 (0:00) 与 Meta 的采购长约及与英伟达潜在最高达 32 亿美元的股权/权证绑定依然稳固，公司将 2028-2030 年长期销售目标调升至 300 亿美元级别。 (1:23) 暴跌的核心动因源自 AI 产业链资本开支放缓担忧、新建产能兑现真空期，以及多位核心高管在 209 美元高位密集套现的情绪踩踏。 (5:27) 华尔街对合理估值分歧加剧，摩根大通将康宁列入负面催化剂观察名单，而伯恩斯坦、大摩与花旗则逆势上调目标价至 230-243 美元区间。 (11:19) 分析建议在 7 月 28 日 Q2 财报披露前保持观望，财报后重点关注 140 美元及 130-135 美元两道中线支撑防线。 (14:41)

主讲人指出，康宁（Corning）股价在一个月内遭遇近腰斩的深度回调，并非源于基本面爆雷或核心大客户流失，而是由于市场对AI资本开支叙事的松动、前期高估值面临投产兑现真空期以及高管集中套现引发的情绪踩踏。 股价腰斩与稳固基本面的脱节表现 (0:00) 康宁股价在约一个月内从历史最高点271.78美元大幅滑落至146.65美元，最大回撤超46%。尽管跌势剧烈，但公司与Meta、英伟达（NVIDIA）、亚马逊等科技巨头的深度合作协议完好无损，未出现任何撤单现象。公司第一季度核心销售额达43.5亿美元（同比增长18%），核心每股收益（EPS）0.70美元（同比增长30%），光通信业务部门销售额更同比大增36%至18.46亿美元。与此同时，瑞银等华尔街投行上调了盈利预测，管理层亦将2028至2030年的长期年销售额目标由此前的200亿美元上调至300亿美元级别。 估值重定价与高管集中减持共振 (5:27) 本轮暴跌的主因在于市场重新评估估值，而非产品需求崩塌。北美云厂商（Hyperscalers）资本开支放缓及Meta削减开支的传闻导致AI产业链集体承压；此前市场曾按极度乐观的近400亿美元年营收情境打满康宁预期，但其在北卡罗来纳州和德州新建的三座工厂仍处建设早期，无法短期转化为净利润，导致业绩兑现陷入真空期。此外，SEC文件显示多位高管在股价209美元附近集中套现，包括首席法务兼行政官套现约540万美元、财务高级副总裁套现约395万美元、CFO卖出约420万美元等，尽管多数属于10b5-1预设交易计划，仍在极值位置引发了市场的恐慌性踩踏。 产业链集体回调与机构两极分歧 (9:40) 除康宁外，Lumentum、Coherent、Ciena等光通信与网络设备标的均在近期遭遇了估值挤压，反映出全板块的回调特征。当前华尔街分析师的目标价离散度极大，平均价约为217美元，区间介于158至270美元之间。摩根大通将康宁列入“负面催化剂观察名单”，维持中性评级并给出约200美元目标价，认为其自由现金流收益率不足2%且估值容错空间极小；而伯恩斯坦、摩根士丹利及花旗则逆势上调目标价至230至243美元区间，强调光通信需求强劲，认为深度回调为长线资金提供了买入窗口。 Q2业绩预期放缓与交易防线考量 (13:28) 管理层给出的第二季度指引显示，核心销售额预计约46亿美元（同比增长约14%），核心EPS预计在0.73至0.77美元之间，光通信部门销售额预计约19.6亿美元。值得警惕的是，二季度光通信业务预期同比增速放缓至约25.5%，且多晶硅转让等传统非光通信业务也带来了业绩扰动。在操作策略上，主讲人建议投资者在7月28日财报落地前保持观望，待业绩和指引明确后再行决策，可关注140美元关口的中线支撑弹性，若指引不及预期进一步下杀，则需留意130至135美元区间的防线，并严格控制仓位。 康宁此轮回调的核心矛盾在于过高的估值溢价与实际产业投产放量周期间的时间错配。随着光通信二季度增速放缓及传统业务拖累，公司短期仍面临预期验证的压力，投资者需等待财报确认基本面节奏及关键支撑位的有效性。

[5:27] 主讲人: 康宁现在面对的不是说他的产品需求崩塌，而是估值的重新定价，高管减持带来的这个情绪冲击。 [11:19] 主讲人: 机构分歧的核心就是便宜不便宜，当前这个估值买的不是今天的利润，而是未来几年光通信业务能不能够持续兑现的一个预期。

[0:00] 今天 这 期 节目 的 主角 呢 [0:03] 是 康宁, 最近 差不多 一个月 [0:05] 呢, 他 从 历史新高 271 块 [0:07] 附近 146 U.S. Yuan transfers, 46% [0:13] travel to the US When you are in the [0:18] middle of nowhere, you are in the [0:19] middle of nowhere. 没有 Exit, 什么, [0:20] Reality, 的 立 emptiness, 他 跟 MA [0:22] 达马 逊 这些 巨头 的 合作 呢 [0:24] 1 个 都 没有 Close the door to the [0:26] flower road A number of things to do in [0:28] the middle of the day. It's time to [0:30] move to the next business. It's about 5 [0:33] months away. 康林 凪 己 还 上调 [0:36] 了 2028 2030 的 long term [0:37] metallurgical equipment, 瑞 营 呢 [0:39] 这些 大行 也 上调 了 对 康宁 [0:42] 的 盈利 预测。那么 公司 并 [0:44] 没有 暴雷 股价 Is it okay to eat [0:46] and die? I am a person who wants to [0:49] grow, grow, live, live, live, enjoy, [0:51] enjoy, enjoy, enjoy, enjoy, enjoy, [0:53] enjoy, enjoy, and enjoy. One way, one [0:54] way, one place, one place, one place, [0:55] one place, one place, one place, one [0:56] place, one place, one place, one place, [0:57] one place, one place, one place, one [0:58] place, one place, one place, one place, [0:59] one place, one place, one place, one [1:00] place, one place, one place, one place, [1:01] one place, one place, Divide into a [1:02] large family, separate from one another [1:02] , follow the steps below. The actual [1:05] cost of the body is located in the city [1:08] . 以及 I am a person, I am a person, [1:10] I am a person, I am a person, I am in [1:12] the middle of nowhere, I am a big [1:13] family, I am happy, I am coming back, I [1:15] am watching TV, I am in the future. [1:16] Good luck, good luck, good luck, great [1:23] fortune, great knowledge. It is [1:28] possible to reach a large star on a [1:29] hand held device. It is possible to [1:31] reach a large star in one year. It is [1:32] possible to use it in real time. 几十 [1:34] 块钱 推 到 200 多 块钱 的 [1:36] 不是 large type star 玻璃, 而是 [1:37] 光通 性 business activity。在 A [1:39] number 据 中心 Suitable for GPUs [1:44] Internally, it is possible to move the [1:46] light to the inner part of the body, to [1:48] measure the number of the eyes, Go to [1:50] the light, move to the right device, [1:52] stop eating, eat it later, eat it, [1:54] count it, move it to the heart, move it [1:57] to the right object Provincial [1:58] government, government officials, [2:00] military personnel, etc. Every year, [2:02] you can buy it, buy it, buy it, buy it, [2:05] buy it, buy it, buy it, use it, put it [2:07] on the list, put it on the list of [2:09] characters. 季度 康宁 核心 [2:11] 销售额 是 43.5 亿 US yuan, same [2:13] length 18%, 核心 股 收益 0.70 同 [2:15] 同 Length: 30, length: 18.46 亿 [2:17] Miyuan, same year, 36%, Mingyuan, 同 [2:20] 币 增长 36%, Mingyuan, 同 币 [2:21] 增长 36%, Mingyuan, 同 币 增长 36 [2:24] %. Public administration, large group, [2:27] small group, remote control, long-term, [2:29] life-spanning, AI-related business, [2:30] group management, small group, [2:31] large-scale, private life. 季度 呢 [2:36] 太阳 农 80%of the business is [2:37] possible, it is possible to move around [2:39] the world. 1 month, 1 month, 1 month, 1 [2:46] year, 60 days, 60 days, 1 month, 1 year [2:49] , 1 year, 1 year. 协议 涵盖 在 [2:51] 数据 Central 心 的 网络 里面 [2:53] 的 Current 栏 Light 纤 It is a place [2:56] where people can grow up, grow, live, [2:58] live, live, live, eat, drink, eat, [3:00] drink, drink, etc. for many years. Once [3:04] the situation is over, it's new, it's [3:05] moving, it's coming out, it's happening [3:06] before it's done, it's happening, it's [3:07] happening, it's happening, it's going [3:08] to be different, it's going to be [3:09] different 确定性 5 months 6 months [3:10] away One place, one place, one place, [3:15] one place, one place, one place, one [3:16] place, one place, two places, big [3:17] business, part one road, England, last [3:19] year, long term, joint production. [3:20] 康宁 呢 在 北 卡 和 德州 [3:22] 新建 三座 工厂 把 美国 本土 [3:25] 的 光 连接 产 能 扩大 十 0 倍 [3:27] 光 Up to 50%of the first stage of [3:30] transport is possible. 5 times the size [3:34] of the U.S. yuan, the price is 180,000 [3:38] U.S. yuan. Cost 1500 万股 康林 [3:40] 万股 康林 普通 股 的 权利。 [3:43] 再加 上 份 预付 任 股权 证, [3:45] 整个 安排 未来 潜在 的 股权 [3:47] 投资 规模 可以 达到 32 亿 [3:49] 美元。这个 呢 呢 是 1 笔 [3:51] 有著 真金白银 投资, 又 绑定 [3:54] 了 长期 产 能 扩建 和 20128 [4:03] Annual gold medallion, annual flower, [4:06] 200 yuan, U.S. won. 调到 300 亿 [4:09] 美元 的 1 个 亿 美 元 一个 [4:11] 级别 的 many years, 2018, 2017, 2018 [4:14] , 2018, 2018, 2018, 2018, 2018, 2018, [4:16] 2018, 2018, 2018, 2018, 2018, 2017. [4:19] Light, harmony, change, change, move at [4:22] the same time. If you move to the [4:23] northern part of the city, you can go [4:24] out and go out, and you can move to the [4:25] city. It is possible for a business to [4:31] travel by horse, transport, transport, [4:33] transport, transport, etc. in the UK. A [4:36] famous person, a person with a great [4:38] reputation, a person with a good [4:39] reputation. 披露 说, open to the [4:41] outside world, both families, large [4:43] families, family members, etc. Public [4:45] works, famous characters, 和, [4:46] mechanical engineering, gold medals, [4:48] etc., speeches, city openings, business [4:50] , business, etc. 连接 工艺 商 [4:52] 外加 因 伟达 生态 的 [4:53] warfighting 持股 The size of the tree [4:55] is fixed, the price is not limited, it [4:57] is not difficult to control, the [4:58] temperature is high, the length is high [5:00] , and it is suitable for commercial use [5:02] . The price of the tree is 100%at the [5:07] beginning of the year. 100%per year. [5:11] Monthly price: 271 US won, annual [5:12] average: 100,52 250。这个 涨 法 [5:14] 呢 说 True story 已经 不是 传统 [5:16] Worker's 股 的 的 那种 走势 了 [5:18] 。good, I am in the present, I am in [5:20] the place, I am in the middle of the [5:21] day, I am thinking about the problem, I [5:23] am going to eat, I am going to eat, I [5:25] am going to eat, I am going to eat. [5:27] What? 康宁 从 6 months 30 New height [5:30] 271 U.S. 元 附近 Opened afterward. [5:35] 一些 关于 云 厂商 资本 开支 [5:37] 节奏 算 利用率 的 一些 担忧 [5:39] 的 说法, 包括 M 是否 会 削减 [5:41] Opening the door, one way or another, [5:42] the truth, the truth, the law, the [5:44] truth, the truth. In front of the city, [5:47] it is true that the person in question [5:48] is a member of the government. It's not [5:53] good, it's not good, it's not good, [5:55] it's not good, it's not good, it's not [5:57] good, it's not good. The whole body of [6:01] AI, the whole body, the whole body, all [6:03] the way to the water, Is it possible [6:06] for AI to meet the needs of the global [6:08] market? I want to see you, I want you [6:11] to know, I am going to buy it, I am [6:12] going to buy it, I am going to buy it, [6:14] I am going to buy it, and it is going [6:15] to be expensive. It is not suitable for [6:18] different times, cities, etc., it is [6:20] not suitable for both years, business, [6:22] and business. Before purchasing, [6:25] selling, selling, selling, selling, [6:26] etc., opening the stock market. It is a [6:27] great place to live, a great place to [6:29] live, a place to live, a new factory, a [6:31] new place to live, a new place to live, [6:33] a place to live, a place to live. 20 20 [6:35] 2030 long term, suitable for changing [6:37] clothes, moving around at the same time [6:39] 任何 一个 环节 有点 problem [6:41] specific conversation 估值 肯定 [6:43] After meeting, the size of the body, [6:45] the size of the body, the price of the [6:47] body, 270 U.S. dollars, the time and [6:49] place, the city 按照 接近 甚至 [6:51] 400 亿 亿 美元 的 这么 1 piece, [6:54] 乐观 版本 在 定价 了, 1 war [6:56] later 数据 It's okay, it's not on the [6:58] way, it's on its own, it's on its own. [7:01] Separation of life, death before death, [7:03] death after death, death after death, [7:04] death after death, change of life after [7:06] death 了。一 Opening, opening, [7:07] closing, family, friends, friends, [7:09] family, famous characters, great people [7:10] , great people, great people, great [7:12] people If you want to move to the next [7:14] place, then change the matter, 这些 [7:15] 多年 期 协议 每年 到底 能够 [7:17] 确认 多少 收入, 新 工厂 到底 [7:18] 什么 时候 能够 投产, Is it [7:20] possible to get out of the house [7:21] quickly, enjoy the benefits, and have a [7:23] large number of small children? [7:25] Immediate business, transfer to the [7:26] same company, public admission, first [7:28] flower, many small sales, money [7:29] transfer, business registration, [7:30] transfer business before the end of the [7:32] year. Finished, after that, you will be [7:33] able to take advantage of the large [7:34] number of people. The three new [7:36] locations are located in the new [7:37] location, are located in the city, are [7:39] located in the early stages of [7:40] construction, and are located in the [7:41] new location. 阶段, 这 肯定 也是 [7:43] 接下来 几个 季度 财 报 里面 [7:46] 管理层 会 大 概率 被 反复 [7:48] 追问 的 Problem. Article 3: The [7:50] original cause, the problem, the [7:51] internal affairs, the people, the [7:52] people, the power, the money. 209 US [7:54] Dollar Expenses 18378 股。这 华 能 [7:56] Meeting 被 解读 成 High 管 在 股 [7:57] 。High 位 Main Activities It's a [7:58] place where people can live, live, live [8:00] , live, live, live, live, live, live, [8:01] enjoy, live, live, live, live, live, [8:02] live, live, live, live, enjoy, live, [8:03] enjoy, live, enjoy, live, enjoy, enjoy, [8:05] live, live, live, enjoy, live, enjoy, [8:06] live, live, live, live, live, live, [8:07] live, live, live, enjoy, live, live, [8:09] live, enjoy, enjoy, enjoy, enjoy, enjoy [8:10] , enjoy, enjoy, enjoy 也就是说 [8:13] public, sexual, sexual, cultural, [8:15] cultural, time, etc., If you are in the [8:17] city, you can buy it, get it, get it, [8:19] get it, get it, get it, get it, get it, [8:21] get it. High cost of the car, small [8:23] main move, complete transportation, [8:25] transportation of both horses, human [8:27] power, money supply, trust, trust, etc. [8:29] 呢, 康林 还有 几位 高管 也 [8:32] 做 了 类似 规模 的 检, 首席 [8:34] law 和 行政 卖出 了 27750 股, [8:36] 套 套 大概 54 万 美元, 财务 [8:38] 高级 副 总裁 出 了 了 21000 股 [8:40] , 套现 Dae 概 395 万 美元。再 [8:45] before 一天 呢, 首席财务官 也 [8:49] 卖出 了 22562 股, 套 Line 大概 [8:52] 420 万 美元。这 级 比 加到 [8:55] 一起 呢, real life, 100%, 100%, 100% [8:58] , 100%, 100%. US Won 200 US Won, [9:01] limited to 1, 1, 2, 3, 4, 4, 4, 10 [9:03] 不算 效, 但是 也 不能 算 成 [9:05] 主动 套 LINE, 也不 能拿 这个 [9:08] 直接 证明 呢, 管理层 group body [9:10] 认为 股价 已经 鉴定。我 [9:12] 个人 是 觉得 呢, 抗 宁 现在 [9:14] 面对 的 不是 说 他 的 产品 [9:17] 需求 崩塌, 而是 孤 值 的 heavy [9:19] new 定 value 高管 检 示 带来 的 [9:22] 这个 Emotional action, two-way affair [9:24] , one-way trip It's time to go and eat, [9:27] eat, eat, eat, eat, eat, eat, eat, eat, [9:27] eat, eat, eat, eat, drink, eat, drink, [9:28] eat, eat, eat, eat, drink, eat, eat, [9:28] drink, eat, eat, drink, eat, eat, drink [9:28] , eat, eat, drink, eat, eat, drink, eat [9:29] , eat, drink, eat, eat, drink, eat, [9:29] drink, eat, drink, eat, drink, eat, [9:29] drink, eat, drink, eat, drink, eat, [9:30] drink, eat, drink, eat, drink, eat, [9:30] drink, eat, drink, eat, drink, eat, [9:31] drink, eat, drink, eat, drink, eat, [9:31] drink, eat, drink, eat, drink, eat, [9:31] drink, eat, drink, eat, drink, eat, [9:32] drink, drink, drink, drink, drink, [9:32] drink, drink, eat, drink, drink, eat, [9:32] drink, drink, eat, drink, eat, drink, [9:33] drink, drink, drink, drink, eat, drink, [9:33] drink, eat, drink, drink, eat, drink, [9:33] drink, eat, drink, drink, eat, drink, [9:34] drink, eat, drink, drink, eat, drink, [9:34] drink, eat, drink, drink, eat, drink, [9:34] drink, eat, drink, etc. Annually, it is [9:35] easy to use, it is easy to use, it is [9:36] easy to use, it is easy to use, it is [9:38] easy to use. The cost of the body is 1, [9:39] the cost is 1, the cost is 1. [9:40] Large-scale business, local business, [9:42] local business, after a long time, [9:43] local business, city business, local [9:45] business, local business, local [9:46] business, local business. 周期性 的 [9:48] 材料 和 同行 设备 供应 商 来 [9:50] 定价, 而 不是 像 今天 这种 [9:52] 当成 AI core heart market location [9:54] 的 高 增长 科技 公司。可能 [9:56] 正 吃过 这个 亏 呢, 看 您 [9:57] 这些 Yearly money Activities 纪律 [9:59] 相对 比较 保守, 这 也是 [10:01] 为什么 这 轮 暴跌 里面 市场 [10:03] Against other people's thoughts, [10:05] sorrows and sorrows, against people's [10:07] dreams, against people's dreams. I'm [10:10] sorry, I'm sorry, I'm sorry, I'm sorry, [10:11] I'm sorry 横向 的 比 一下, the [10:11] main object of view, light 和 [10:12] 激光器, 跟 康林 在 数据 [10:13] central heart internal part 短 具 [10:13] 连接 上 呢 有 一叠。Business [10:14] 重量 呢 不如 抗 宁。CR 呢 这 [10:15] Annual 靠 收购 转型 成了 光子 [10:15] 学 The main body, the rear wheel, the [10:16] length of the wheel, the rear wheel, [10:17] the rear wheel, the rear wheel, the [10:18] rear wheel, the rear wheel, the rear [10:18] wheel, the rear wheel, the rear wheel, [10:19] the rear wheel, the rear wheel, the [10:20] rear wheel, the rear wheel, the rear [10:21] wheel, the rear wheel, the rear wheel, [10:21] the rear wheel, the rear wheel, the [10:22] rear wheel, the rear wheel, the rear [10:23] wheel, the rear wheel, the rear wheel, [10:24] the rear wheel, the rear wheel, the [10:24] rear wheel, the rear wheel, the rear [10:25] wheel, the rear wheel, the rear wheel, [10:26] the rear wheel, the rear wheel, the [10:26] rear wheel, the rear wheel, the rear [10:28] wheel, the rear wheel, the rear wheel, [10:28] the rear wheel, the rear wheel, the [10:28] rear wheel, the rear wheel, the rear [10:28] wheel, the rear wheel, the rear wheel, [10:28] the rear wheel, the rear wheel, the [10:29] rear wheel, the rear wheel, the rear [10:29] wheel, the rear wheel, the rear wheel, [10:29] the rear wheel, the rear wheel, the [10:29] rear wheel, the rear wheel, the rear [10:29] wheel, the rear wheel, the rear wheel, [10:29] the rear wheel, the rear wheel, the [10:29] rear wheel, the rear wheel, the rear [10:29] wheel, the rear wheel. 设备 和 [10:30] 系统 集成 电 运 因为 营 商 [10:32] 客户 呢 占比 较高, 诺基亚 呢 [10:34] 主要 是 通过 和 UK It's easy to [10:36] move, it's easy to move, it's easy to [10:38] move around, it's easy to move around, [10:40] and it's not easy to do. 但 [10:42] Self-moving, moving, adjusting, moving, [10:43] moving, moving, moving, moving, moving, [10:44] moving, moving, moving, moving, moving, [10:45] moving, moving, moving, etc., AI. One [10:47] child, one person, one person, one [10:47] person, one person, one person, one [10:48] person, one person, one person, one [10:49] person, one person, one person, one [10:50] person, one person, one person, one [10:51] person, one person, one person, one [10:52] person, one person, one person, one [10:53] person, one person, all the people The [10:54] road, the road, the meta, the main body [10:55] , the main body, the main gate, the [10:56] main body, the enemy, the enemy, the [10:57] enemy, the enemy, the enemy, the enemy [10:58] 这一 整 条 产业 链 的 股票 [10:59] 都 三 头。所以 这 It is located [11:01] on the bottom of the wheel, it is [11:04] located on the bottom of the road, and [11:07] the ACCHR C is located on the bottom of [11:09] the road. It's a good thing, it's a [11:12] good thing, it's a good thing, it's a [11:14] good thing, it's a good thing, it's a [11:16] good thing, it's a good thing, it's a [11:17] good thing, it's a good thing, it's a [11:19] good place to go 平 级 呢, 还是 [11:20] 满。跟踪 分析师 的 1 支 预期 [11:22] 目标 价 呢, 均值 在 217 美元 [11:24] 附近, 最高 27, 最低 158, separate [11:25] death 也是 很大。机构 里面 2 [11:31] 二 G 财 报批 以前 呢, 我 跟 [11:33] 大通 把 它 呢 列入 了 负面 [11:35] 催化剂 观察 名单, 维持 中信 [11:37] flat size: 200 US won, price of wood. [11:44] 容错 为零。再来 看看 multiple [11:46] ways view 点。本 sea 默 的 [11:47] division decision maker 在 这 wheel [11:49] 暴跌 里面 呢, anti-倒是 把 抗 [11:51] 林 的 目标 价 从 210 US won, top [11:53] price 230 US won, 维持 跑 大盘 平 [11:55] 级。明确 把 这次 AI 基金 [11:57] 板块 的 集体 回调 呢, shape 1 [11:59] 个 有 吸引力 的 Entering the [12:00] factory, meeting the company's needs, [12:02] meeting the company's needs, meeting [12:04] the company's requirements From there [12:06] to the central city, to the city, to [12:08] the family home, to the place where [12:09] they live. 223 U.S. yuan upper income [12:14] tax 243 243 U.S. yuan contract, price, [12:17] price, etc. 表示 预计 这个 季度 [12:19] 的 财 报 会 证实 光 性 需求 [12:22] 依然 强劲。花 分析师 把 [12:25] 目标 价 上 240 US won Same business [12:28] conditions 2028, 2030 long-term market [12:30] prospects, multiple markets, new [12:33] markets, new markets, one place After [12:36] the purchase, the price is 95 US won, [12:39] the price is 155 US won. 多, 就 在 [12:44] July 11, 1998 CKR law is on the top of [12:46] the list. 30%discount on the same [12:53] business as before Directly to the left [12:55] , right to the right, right to the left [12:57] , right to the right, 32 to 32 minutes, [12:59] up to 32 minutes. Same price, same [13:02] thing, same thing, same thing, same [13:03] thing. Think about it, think about it, [13:06] think about it, think about it, think [13:07] about it, change it, go, go, go, go, go [13:09] , go, go, go, go, go, go, go, go. 流 [13:11] 收益 率 也不 到 2%, sexual value [13:13] ratio 并不 high。我 自己 看 [13:14] 下来 呢, 机构 分歧 的 核心 [13:16] 就是 It is possible to reach the [13:18] bottom of the water in one year, not in [13:20] the area. 便宜。Current 这个 Value [13:22] base 买 的 不是 今天 的 profit [13:24] 润, 而是 未来 几年 光 心 [13:26] business 能 不 能够 持续 兑 线 [13:28] 的 一个 预期。2 季度 指引 [13:30] 方面, 管理层 给出 出 的 核心 [13:32] 销售额 是 大概 46 亿 美元, [13:33] 同比 增长 大概 14%。核心 [13:35] 美股 收益 0.73 到 0.77 25%of the [13:37] total price is 25%. It is located at [13:41] the end of the 46th century. 亿 到 [13:45] 46.3 亿 亿 元 之间, 美股 收益 [13:48] 0.76 美 元, 同 鲻 增速 26.7%。 [13:51] New yuan line 19.6 U.S. won, same price [13:56] , 19.6 U.S. won, same price 25.5。这 [13:58] 里面 有 个 细节 呢, 指头 [14:00] 注意, 就是 二 季度 指引 给出 [14:03] 的 整体 增速 比一季度 Light [14:05] nature 36%, small size, small size, [14:07] small size, small size, small size, [14:09] large size, large size, large size, [14:11] large size In-person business events, [14:13] before and after 拖累 整体 表现 [14:15] 。像 U.S. law enforcement officer 就 [14:18] 提到 说呢, 太阳能 business 的 [14:20] 金元 转会 给 2 季度 增加 Over [14:22] 3,000 years ago, it was born in the [14:24] United States, it was born again, and [14:26] it was born again in 2012. Go, go, go, [14:27] go, go, go, go, go, go, go, go, go, go, [14:29] go, go. It is possible to move to and [14:31] from a company, to move to a new [14:32] location, to connect a company to a [14:33] family, to move to a new location, to [14:34] move to a new location, to connect to a [14:35] company, to connect to a company, and [14:36] to connect to a company. 通信 订单 [14:37] 确认 节奏, 带 了 一些 不 [14:39] 确定性。good, 最后 say 我 怎么 [14:42] 看? If the weight of the body is right [14:43] in the middle of the road, then it is [14:44] difficult to go out, go out, eat, drink [14:45] , eat, drink, eat, drink, eat, drink, [14:46] etc.? I am a person, I am a person, I [14:48] am not a person, I am a person, I am [14:49] not a person, I am not a person, I am [14:51] not a person, I am not a person, I am a [14:52] person, I am not a person, I am a [14:53] person. Central line, Central line, [14:56] Myeongjeong public law, Central line. [15:01] U.S. won, transfer to 1,000,000 won, [15:03] stop by 7 months, 28 days a year The [15:06] company says that it will be a new [15:08] product, a new product that will not be [15:10] sold in the near future. 呢, 有 [15:13] 可能 股价 会 测试 130 到 135 [15:15] 区间。所以 美元 区间。所以 [15:16] 认为 我 认为 呢, 7 month 28 [15:17] before 号 财 报 以 It will be good, [15:19] I will not move, I will pay, I will do [15:20] it later. 可以 根据 具体 的 [15:23] 行情 走势 参考 刚才 讲 的 这 [15:24] 两个 位置 Separate hands 布局, [15:26] 但是 一定 要 控制 好 仓位。 [15:28] 好, it is good to see the sky, the [15:29] whole part is inside, the 如果 你 is [15:31] against the 康林 有 任何 解 [15:33] intention, The right place is divided [15:34] into two districts. In the middle of [15:37] the day, I'm going to go to the middle [15:37] of the day, I'm going to go to the [15:38] middle of the day, and I'm going to [15:39] have a good time.