英伟达（NVDA.O） | 投资评级： | 增持 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-12-16 |  财务表现  业务发展 | 近52周股价走势 作者 财务表现 英伟达2026财年第三季度财报显示，公司实现了强劲增长，多项 核心财务指标大幅提升。报告期内营业总收入达57,006百万美元， 同比增长62.49%；毛利润为102,400百万美元，毛利率为69.26%， 同比下降8.7%。归属于母公司的净利润为31910百万美元，同比增 长65.26%。每股摊薄净收益为3.16美元，同比增长52.66%。 业务发展 1）黄仁勋在今年 10 月的 GTC 大会上透露，英伟达已合计获得 2025 年和 2026 年两个公历年价值 5,000 亿美元的芯片订单，其中包括 将于明年开始量产的新一代 Rubin 芯片。 2）英伟达预计，旗下最先进的一些芯片未来几个季度将带来 5,000 亿美元的收入。 3）Blackwell 架构产品的销量远超预期，云端 GPU 已全面售罄。 针对中国市场的定制款 AI 芯片 H20 三季度销售仅仅 0.5 亿美元。 4）AI 生态 ...

微软(MSFT.O) | 投资评级： | 推荐 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-12-16 |  财务表现 | | | | 美元（聚焦AI基础设施）。 | | | | 业务发展  | 近52周股价走势 微软：AI基建大幅增长，利润赛道稳定切换 财务表现 2026财年微软第一季度（对应2025年自然年第三季度）报告期内 营业总收入77,673百万美元（同比+43%），营业净利润27,747百 万美元（同比+12.5%），毛利率维持69.26%高位，且现金流健康 （经营现金流45,057百万美元），但资本开支激增至19,394百万 美元（聚焦AI基础设施）。 业务发展 风险提示 作者 | 主要财务指标 | | | | | | --- | --- | --- | --- | --- | | 百万美元 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 245,122 | 281,724 | 318,348 | 350,183 | | （+/-)% | 15.67 | 14.93 | 13.00 | 10.00 | | 营 ...

网易-S(09999.HK) | 投资评级： | 推荐 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-12-16 |  财务表现 | | | |  业务发展 | 财务表现 2025年三季度营收28,400百万元（+8.2%），归母净利8,600百万元（非 GAAP净利9,500百万元，均同比双位数增长），毛利率维持高位、净利 率约30%；经营现金流净额12,900百万元，约占营收45%，期末净现金 153,200百万元显著高于总负债53,500百万元，在游戏高毛利与费用率 基本平稳的支撑下，公司盈利能力与现金创造能力整体保持稳健。 业务发展 资料来源：WIND，华通证券国际研究部 近52周股价走势 游戏业务，Q3收入约23,300百万元（+11.8%，毛利率约 69%），营收占 比约 82%，《燕云十六声》《漫威争锋》叠加暴雪游戏回归带动递延收 入同比+25%、环比+15%；云音乐Q3收入约1,964百万元（-1.8%），毛利 695百万元（+8.3%），通过压缩版权与推广费用、提升会员订阅和数字 专辑占比；创新业务中，有道Q3收入约1,600百万元（+3.6% ...

港股研究报告|2025 年 12 月 08 日 "一药多效"核心产品 HTD1801 商业化进程提速在即，心肾代谢系统疾病(CKM)基石 疗法市场空间广阔——君圣泰医药-B(02511.HK)投资价值分析报告 公司核心产品的商业化进程预计将于年内迎来提速 2025 年 10 月，公司核心产品 HTD1801 在中国 2 型糖尿病患者中开展的两项 III 期临床 试验已顺利完成，并完成 52 周数据读出。2025 年 12 月，与达格列净头对头的 III 期试 验数据公布。该产品用于治疗 T2DM 适应症的研发已进入最后冲刺阶段，预计将于 2025 年底进入新药上市申请阶段。 HTD1801 产品一药多效，CKM 基石疗法市场空间广阔 HTD1801 为一款全球首创的口服抗炎及代谢调节剂，该产品已被美国 FDA 授予 2 项快 速通道资格认定。HTD1801 是具有独特双机制的新分子实体，通过激活 AMPK 与抑制 NLRP3 的双机制协同互补，旨在综合治疗心肾代谢系统疾病。HTD1801 在显著改善血 糖代谢的同时，其在护肾、护心、保肝、抗炎、减重等多个方面具有广泛疗效。HTD1801 一药多效、区别于其他糖 ...

Investment Rating - The investment rating for Xiaomi Group-W (1810.HK) is "Hold" [2]. Core Insights - Xiaomi Group reported impressive financial performance in Q3 2025, with total revenue reaching 113,120.73 million RMB, a year-on-year increase of 22.28%. Net profit was 12,270.87 million RMB, marking a significant year-on-year growth of 129.35%, achieving a historical high [5]. Financial Performance - Total revenue for Q3 2025 was 113,120.73 million RMB, up 22.28% year-on-year - Net profit reached 12,270.87 million RMB, reflecting a 129.35% increase year-on-year, also a historical high [5]. Business Development - The traditional core business, smartphones, remains a key pillar with revenue of 46 billion RMB. The combined revenue from smartphones and AIoT was 84.1 billion RMB in the quarter - IoT and lifestyle consumer products generated revenue of 27.6 billion RMB, a year-on-year growth of 5.6% - The automotive business achieved a significant breakthrough, with revenue from smart electric vehicles and AI innovation reaching 29 billion RMB, a year-on-year increase of over 199%. The automotive revenue alone was 28.3 billion RMB, with quarterly deliveries exceeding 100,000 units, a record high since its launch [6]. Earnings Forecast - Projected operating revenue for 2024 is 365,906 million RMB, with a growth rate of 35.04% - Expected operating profit for 2024 is 21,519 million RMB, reflecting a growth rate of 53.43% - Forecasted net profit for 2024 is 22,377 million RMB, with a growth rate of 61.78% [8]. Financial Statements and Projections - Total assets are projected to grow from 403,155 million RMB in 2024 to 534,956 million RMB by 2027 - Total liabilities are expected to increase from 213,950 million RMB in 2024 to 283,527 million RMB in 2027 - Shareholder equity is anticipated to rise from 189,205 million RMB in 2024 to 251,430 million RMB in 2027 [9]. Valuation Analysis - The price-to-earnings (PE) ratio is projected to decrease from 33.89 in 2024 to 15.02 by 2027 - The price-to-book (PB) ratio is expected to decline from 4.01 in 2024 to 1.73 in 2027 [11].

| 投资评级： | 持有 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-12-04 |  财务表现 | | | | 增长3%。 | 近52周股价走势 中芯国际：毛利率小幅上涨，利润依然承压 中芯国际（00981.HK） 财务表现 在2025年第三季度，中芯国际的财务表现呈现出整体上升的局面。 尽管公司营收达到2381.82百万美元，实现了9.7%的同比增长，净 利润也有一定的增长。本季度归母净利润为191.76百万美元，同比 上升了28.87%，环比大幅增长了44.74%。与此同时，毛利率为22%， 超出管理层给出18-20%指引上限；产能利用率上升至95.8%，环比 增长3%。 业务发展 中芯国际三季度来自手机市场的收入同比下滑5.3%；平板与PC收 入同比增长1.7%，增速较此前2个季度明显回落；消费电子收入同 比增长11.8%，增速同样大幅回落；互联与可穿戴收入同比增长7%， 增速回正，较此前明显回暖，但营收占比只有8%；汽车与工业营 收同比增长65%，是支撑中芯国际营收增长的主要动力。 盈利预测 风险提示 作者 1.利润压力持续：资本支出主要用于12英寸圆 ...

Investment Rating - Investment Rating: Buy [2] Core Views - Tencent Holdings continues to show strong financial performance with increasing revenue and profit margins, driven by its gaming, marketing services, and fintech sectors [5][14][19] - The company's focus on AI integration across its business segments is expected to enhance operational efficiency and revenue growth [22][23] Financial Performance - Revenue for 2025 is projected to be 726,283 million RMB, with an operating profit of 220,183 million RMB, reflecting a PE ratio of 23.29 for 2025 [7][11] - In Q3 2025, Tencent reported revenue of 192,869 million RMB, a 15% year-on-year increase, with net profit reaching 63,133 million RMB, up 19% [13][14] - The gross margin improved from 53% to 56%, indicating a positive shift in the company's profitability structure [14] Business Development - The marketing services segment is a key revenue driver, achieving a 21% year-on-year growth, primarily due to the expansion of video ads and AI-driven advertising optimization [16][17] - The value-added services segment, which includes gaming, saw a 16% increase in revenue, with domestic game revenue growing by 15% and international game revenue by 43% [18] - The fintech and enterprise services segment reported a 10% revenue growth, supported by recovery in offline commerce and increased online payment penetration [19] Profitability Forecast - The forecast for net profit in 2025 is 197,213 million RMB, with a projected growth rate of 9.19% [9][11] - Operating profit margin is expected to remain stable at around 32% across the forecast period [9][11] Market Analysis - The global digital advertising market is rapidly shifting towards digital channels, with significant growth expected in the Asia-Pacific region [20] - The gaming market is projected to reach 188.8 billion USD in 2025, with Tencent positioned to benefit from both domestic and international growth [21] R&D Investment - Tencent's R&D expenditure reached approximately 22,820 million RMB in Q3 2025, marking a 28% increase year-on-year, focusing on AI talent and infrastructure [22] - The company is transitioning from isolated AI products to a comprehensive AI platform integrated across its core applications [22] Future Outlook - Tencent's management emphasizes embedding AI deeply into existing business lines and pursuing global expansion as dual growth engines [23] - The company anticipates that AI-related capital expenditures will account for a low double-digit percentage of revenue, indicating a commitment to long-term investment in AI infrastructure [23]

Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The company is experiencing profit growth that outpaces revenue growth, driven by cost control and international expansion efforts [1] - Revenue for 2025 is projected to grow by 8.0%, while operating profit is expected to increase by 7.81% [5] - The company has a strong cash flow position, with a net operating cash flow of approximately 3,148 million RMB for the first three quarters of 2025, reflecting a year-on-year increase of 14.4% [13] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 21,628 million RMB, representing a year-on-year growth of 6.0% [10] - The gross margin improved to approximately 40%, up from 36.8% in the previous year, due to lower raw material costs and economies of scale [11] - The net profit for the same period reached 5,322 million RMB, a year-on-year increase of 10.5% [10] Business Development - The core business remains focused on soy sauce, oyster sauce, and seasoning sauces, with soy sauce accounting for 51.6% of total revenue [14] - The company is expanding its product matrix to include vinegar, cooking wine, and compound seasonings, which saw a revenue increase of 16.73% in the first half of 2025 [15] - International business is still in the early stages, with overseas revenue accounting for less than 5% of total revenue [16] Market Analysis - The domestic condiment industry is undergoing a deep adjustment, with many companies experiencing declines in revenue and profit [17] - Despite the challenging environment, the company achieved record high revenue and net profit for the first three quarters of 2025 [17] - The global soy sauce market is expected to grow from approximately 59.13 billion USD in 2025 to 74.45 billion USD by 2030, with a compound annual growth rate of about 4.79% [18] R&D Investment - The company invested approximately 635 million RMB in R&D during the first three quarters of 2025, maintaining a stable R&D expense ratio of about 2.9% [19] - R&D efforts are focused on health-oriented products and upgrading existing product formulations to meet consumer trends [20]

Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The report highlights that the company's revenue has reached a three-year high, although profitability is under pressure due to the expansion of new business segments [2] Financial Performance - The projected revenue for 2024 is 1,158,819 million RMB, with a growth rate of 6.84%. This is expected to increase to 1,228,348 million RMB in 2025, 1,289,765 million RMB in 2026, and 1,341,355 million RMB in 2027, reflecting a gradual decline in growth rates to 4.00% by 2027 [4][6] - Operating profit is forecasted to rise from 39,570 million RMB in 2024 to 44,510 million RMB in 2027, with a significant increase of 36.79% in 2024 [4][6] - Net profit attributable to the parent company is expected to grow from 41,359 million RMB in 2024 to 46,519 million RMB in 2027, with a notable increase of 63.87% in 2024 [4][6] Business Development - The company is focusing on optimizing its revenue structure, enhancing its core retail business, and expanding into new areas such as JD Delivery and logistics [8][9] - The report emphasizes the importance of the retail business as the core pillar, while also highlighting the potential of new business segments [9] Financial Ratios - The operating profit margin is projected to slightly decline from 3.41% in 2024 to 3.32% in 2027, indicating a gradual decrease in profitability [6] - The net profit margin is also expected to decrease from 3.57% in 2024 to 3.47% in 2027 [6] - The price-to-earnings (P/E) ratio is forecasted to fluctuate, starting at 9.59 in 2024 and dropping to 7.36 by 2027, suggesting a potential undervaluation over time [6]

Investment Rating - The investment rating for the company is "Recommended" [2] Core Views - The report highlights that the company has achieved robust financial growth, with a significant increase in revenue and net profit driven by strong demand in the power battery and energy storage sectors, as well as expansion into overseas markets [10][11] - The company is expected to maintain double-digit growth in both revenue and profit over the next few years, with projected revenue of 416.3 billion and net profit of 65.1 billion for 2025 [5][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 283.07 billion, a year-on-year increase of 9.28%, and a net profit of 49.03 billion, up 36.2% [10][11] - The gross margin improved to 25.31%, and the net margin was 18.47%, indicating effective cost control and operational efficiency [10][11] - The total assets grew to 896.08 billion, a 13.91% increase from the previous year, supported by investments in R&D and capacity expansion [10][12] Business Development - The power battery segment remains the cornerstone of the company's revenue, contributing 73.6% of total revenue with a year-on-year growth of 16.8% [13] - The energy storage battery segment is emerging as a second growth driver, with revenue of 28.4 billion and a gross margin of 25.5% [14] - The battery materials and recycling segment, despite a revenue decline, saw an increase in gross margin to 26.42%, reflecting strategic adjustments in operations [15] Market Analysis - The global power battery industry is entering a new phase characterized by structural stratification and regional rebalancing, with the company adapting its strategies accordingly [16][18] - The company is focusing on localized production and technological differentiation to maintain its competitive edge in the evolving market landscape [18][21] Research and Development - The company is heavily investing in next-generation battery technologies, including solid-state batteries, with a clear path to commercialization [20] - R&D expenses for the first half of 2025 reached 10.095 billion, accounting for 5.64% of revenue, indicating a strong commitment to innovation [20] Future Outlook - The company aims to deepen collaboration across its three main business segments and enhance its global footprint, leveraging its technological advantages and operational efficiencies [21] - The focus will be on optimizing production capacity, maintaining high gross margins, and continuing to invest in R&D to stay ahead in the competitive landscape [21]