[Table_Page] 公告点评|软件开发 证券研究报告 [Table_Title] 星环科技-U（688031.SH） 25 年营收重回高增长，认知数据库锋芒显露 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 491 | 371 | 448 | 518 | 595 | | 增长率（ % ） | 31.7% | -24.3% | 20.5% | 15.8% | 14.8% | | EBITDA | -259 | -283 | -213 | -85 | -49 | | 归母净利润 | -288 | -343 | -245 | -109 | -73 | | 增长率（ ） % | - | - | - | - | - | | EPS（元/股） | -2.39 | -2.84 | -2.03 | -0.90 | -0.60 | | 市盈率（P/E） | - | - | - ...

MongoDB, Inc. ( MDB ) is a scaling database infrastructure platform that has tens of thousands of customers and is on its way to recording solid operating income. A few years ago, the main question people wereI’m Emmanuel Onwusah—a financial analyst, writer, and recovering engineer. I hold FMVA® and BIDA® certifications from the Corporate Finance Institute, and I spend most of my time creating pitch decks, building models, analyzing companies, and trying to make sense of where value meets narrative. My back ...

MongoDB, Inc. ( MDB ) is a scaling database infrastructure platform that has tens of thousands of customers and is on its way to recording solid operating income. A few years ago, the main question people wereI’m Emmanuel Onwusah—a financial analyst, writer, and recovering engineer. I hold FMVA® and BIDA® certifications from the Corporate Finance Institute, and I spend most of my time creating pitch decks, building models, analyzing companies, and trying to make sense of where value meets narrative. My back ...

MongoDB's ( MDB ) stock has struggled in 2026 as it has been caught up in investor fears about the long-term impact of AI on software companies. A recent change in CEO has also added toRichard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by identifying businesses with secular growth opportunities in markets with barr ...

Core Insights - MongoDB (MDB) is set to report its fourth-quarter fiscal 2026 results on March 2, with anticipated revenues between $665 million and $670 million, reflecting a year-over-year increase of 21.7% at the midpoint [1] - Non-GAAP earnings are expected to range from $1.44 to $1.48 per share, indicating a 14.1% year-over-year growth at the midpoint [1] - The Zacks Consensus Estimate for revenues stands at $668.19 million, suggesting a 21.84% rise from the previous year's quarter [2] Revenue and Earnings Estimates - The Zacks Consensus Estimate for earnings is pegged at $1.47 per share, indicating a 14.84% increase from the prior-year quarter [2] - MongoDB has a history of beating earnings estimates, with an average surprise of 69.3% over the last four quarters [3] Growth Drivers - MongoDB's fiscal fourth quarter is expected to benefit from strong tailwinds, including raised revenue and operating income guidance following a fiscal third-quarter beat, driven by accelerating Atlas growth and broad-based enterprise demand [5] - Atlas, the company's fully managed multi-cloud database platform, is projected to be the central growth driver, with revenues expected to rise by 27.24% year-over-year [5] - Enterprise demand remains a key tailwind, with large customers in financial services, healthcare, and manufacturing increasingly relying on Atlas for mission-critical workloads [6] Strategic Partnerships - MongoDB's expanding partner ecosystem is anticipated to be a significant growth enabler, with strategic partnerships with Microsoft and Amazon expected to deepen its footprint within enterprise customer bases [7][8] - Collaborations with Microsoft and Amazon are expected to enhance deal velocity and customer acquisition efficiency [8] Market Performance - MongoDB shares have surged 43.1% over the past six months, outperforming the Zacks Internet-Software industry's decline of 23.8% and the Zacks Computer and Technology sector's return of 9.2% [10] - The stock is currently trading at a forward 12-month Price/Sales multiple of 8.56, compared to the industry average of 3.74, supported by consistent above-market growth and strategic partnerships [12] Conclusion - MongoDB presents a compelling investment opportunity ahead of its fiscal fourth-quarter results, with consistent growth from Atlas, strengthened competitive positioning through Voyage AI, and a rich partner ecosystem [15]

Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 investor letter highlights the performance of the fund and its investment strategy focused on companies with strong earnings and franchise characteristics [1] - The fund's Investor Class, Advisor Class, and Institutional Class delivered returns of -0.44%, -0.37%, and -0.35% respectively, compared to a -3.70% return for the Russell Midcap® Growth Index [1] Company-Specific Insights - Waters Corporation (NYSE:WAT) is identified as a key investment, specializing in analytical workflow solutions, particularly in liquid chromatography and mass spectrometry [2][3] - As of February 23, 2026, Waters Corporation's stock closed at $327.78, with a one-month return of -15.97% and a 52-week loss of 13.93%. The company has a market capitalization of $32.15 billion [2] - The fund increased its position in Waters Corporation due to strong quarterly results and expectations of growth driven by a rebound in pharmaceutical demand, an instrument replacement cycle, and favorable regulatory trends [3] Market Position and Hedge Fund Interest - Waters Corporation is held by 47 hedge fund portfolios at the end of the fourth quarter, an increase from 42 in the previous quarter, indicating growing interest among institutional investors [4] - Despite the potential of Waters Corporation, the fund suggests that certain AI stocks may offer greater upside potential and lower downside risk [4]

Key Takeaways PSKY is slated to report Q4 results on Feb. 25, with the Zacks Consensus Estimate pegged at $8.17B in revenue.PSKY's DTC segment is expected to sustain momentum on strong CBS and Paramount content.PSKY's unsolicited all-cash tender offer for WBD was rejected, adding complexity to the quarter.Paramount Skydance Corporation (PSKY) is scheduled to report its fourth-quarter 2025 results on Feb. 25.The Zacks Consensus Estimate for PSKY’s fourth-quarter revenues is currently pegged at $8.17 billion, ...

MongoDB (MDB) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended January 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on March 2, might help the stock move higher if these key numbers are better than expectations. ...

Core Insights - MongoDB (MDB) has established a competitive advantage with its flexible document model and unified architecture, which supports various data types and AI workloads, leading to strong performance in revenue growth and operating margins [1][6][18] Financial Performance - In the fiscal third quarter, MDB reported revenues of $628.3 million, reflecting a 19% year-over-year increase, with non-GAAP operating margins rising to 20% from 19% [1] - MDB raised its full-year fiscal 2026 revenue guidance to between $2.434 billion and $2.439 billion, indicating a year-over-year growth of 21-22% [2] - The Zacks Consensus Estimate for MDB's fiscal 2026 revenues is $2.44 billion, suggesting a growth of 21.45%, with earnings expected to reach $4.79 per share, a 30.87% increase from the previous year [2] Stock Performance - MDB shares have surged 70.6% over the past six months, significantly outperforming the broader Zacks Computer and Technology sector, which increased by 10.5%, and the Zacks Internet-Software industry, which declined by 20.1% [3] Product and Platform Development - MDB's Atlas platform has evolved into a comprehensive operational platform, supporting various workloads and accommodating different data types, which enhances its appeal to enterprises modernizing their application stacks [6][8] - Atlas revenues grew by 30% year-over-year in the fiscal third quarter, making up 75% of total revenues, up from 68% in the previous year [8][9] AI Integration and Capabilities - The acquisition of Voyage AI is a strategic move for MDB, allowing for the integration of AI capabilities directly into the Atlas platform, which enhances its position in the AI market and simplifies the development of AI applications [10][11] - Adoption of Atlas among AI-native companies is increasing, with examples of significant growth in companies utilizing Voyage AI's capabilities [12] Customer Growth and Market Position - MDB added 2,600 customers in the fiscal third quarter, bringing the total to over 62,500, representing an 18.8% year-over-year increase [15] - The company is expanding its MongoDB for Startups initiative, which targets early-stage companies and positions MDB as a key player in the growing AI market projected to reach $1.77 trillion by 2032 [14] Strategic Partnerships - MDB has established strong partnerships with major cloud providers like Microsoft, Amazon, and Alphabet, facilitating easier deployment and reinforcing its role in hybrid and multi-cloud environments [13]

Core Insights - MongoDB's expanding partner network is becoming a structural growth lever, integrating the platform into the modern enterprise software stack and positioning Atlas as a default data layer [1] - The acquisition of Voyage AI enhances upsell opportunities, allowing AI-native customers to transition smoothly from Voyage embeddings to Atlas Vector Search and the core operational database [2] - Atlas revenues increased by 30% year over year, representing 75% of total revenues, with a net ARR expansion rate of 120%, indicating sustainable growth driven by partner adoption [3] Partner Ecosystem - The Zacks Consensus Estimate for fiscal 2026 projects total customers at 64,200, a 17.8% increase year over year, and customers generating over $100,000 in ARR at 2,786, a 16.3% increase year over year, suggesting an expanding partner ecosystem [4] - Co-sell agreements and broader integrations are expected to enhance MongoDB's growth trajectory, functioning as a long-term growth engine [4] Competitive Landscape - MongoDB faces significant competition from Snowflake and Amazon, both of which have extensive partner ecosystems [5] - Snowflake focuses on analytics workloads, while Amazon emphasizes vertically integrated services through AWS, but MongoDB differentiates itself by embedding directly into developer tools [6] Financial Performance - MongoDB shares have returned 62.2% over the past six months, outperforming the Zacks Internet – Software industry's decline of 22.4% and the Zacks Computer and Technology sector's return of 7.8% [7] - The stock is currently trading at a forward 12-month Price/Sales ratio of 10.36X, significantly higher than the industry's 3.9X, indicating a premium valuation [10] - The Zacks Consensus Estimate for fourth-quarter fiscal 2026 earnings is $1.47 per share, reflecting a year-over-year growth of 14.84% [12]