2025 年 09 月 05 日 王睿哲 C0062@capital.com.tw 目标价(元) 83 公司基本信息 | 日期 | 收盘价 | 评级 | | --- | --- | --- | | 2025-08-21 | 62.85 | 买进 | | 产品组合 | | | | 抗肿瘤 | | 52.1% | | 抗肿瘤 | 52.1% | | --- | --- | | 神经科学 | 15.3% | | 造影剂 | 9.8% | 机构投资者占流通 A 股比例 | 基金 | 9.1% | | --- | --- | | 一般法人 | 68.1% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | 產業別 | | | 医药生物 | | --- | --- | --- | --- | | A 股价(2025/9/4) | | | 68.65 | | 上证指数(2025/9/4) | | | 3765.88 | | 股價 12 個月高/低 | | | 73.42/42.09 | | 總發行股數(百萬) | | | 66 ...

C o m p a n y U p d a t e 2025 年 09 月 05 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 70 公司基本资讯 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/09/04) | 55.50 | | 恒生指数(2025/09/04) | 25,058.5 | | 股价 12 个月高/低 | 82.99/34.9 | | 总发行股数(百万) | 1,070.90 | | H 股数(百万) | 1,070.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 8.57 | | 股价/账面净值 | 6.48 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -2.29% -7.22% 43.02% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-08 | 60.90 | 买进 | | 产品组合 | | | | 功效性护肤品 | 78.6% | | --- | --- | | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][7]. Core Insights - The company achieved a revenue of RMB 38.54 billion in H1 2025, representing a year-on-year increase of 14.3%. However, the net profit attributable to shareholders decreased by 8.9% to RMB 7.03 billion. Adjusted net profit increased by 7.1% to RMB 6.6 billion, with a comparable net profit growth of 14.5% when excluding the impact of Amer Sports' listing [7][8]. - The company plans to distribute a cash dividend of HKD 1.37 per share [7]. Summary by Sections Company Overview - The company operates in the apparel industry, with a current H-share price of HKD 94.85 and a market capitalization of HKD 211.95 billion. The stock has seen a 12-month high of HKD 104.97 and a low of HKD 67.12 [2]. Recent Ratings - The company has received "Buy" ratings in recent evaluations, with the last rating issued on July 17, 2025, at a closing price of HKD 91.85 [3]. Performance by Brand - Anta brand revenue reached RMB 16.95 billion, up 5.4% year-on-year, while FILA generated RMB 14.18 billion, an 8.6% increase. Other brands, including KOLON and DESCENT, saw a significant revenue increase of 61.1% to RMB 7.41 billion [8]. Product Category Performance - Revenue from footwear products was RMB 16.39 billion, a 12% increase, while apparel revenue was RMB 20.89 billion, up 15.5%. Accessories revenue grew by 24.6% to RMB 1.27 billion [8]. Financial Projections - The company forecasts net profits of RMB 13.25 billion, RMB 14.96 billion, and RMB 16.92 billion for 2025, 2026, and 2027, respectively. The expected earnings per share (EPS) for these years are RMB 4.72, RMB 5.33, and RMB 6.02, with corresponding price-to-earnings (P/E) ratios of 18x, 16x, and 14x [10][12].

2025 年 09 月 01 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 113 | 公司基本资讯 | 产业别 | | 食品 | | --- | --- | --- | | A 股价(2025/8/29) | | 97.60 | | 深证成指(2025/8/29) | | 12696.15 | | 股价 12 个月高/低 | | 125.61/46.88 | | 总发行股数(百万) | | 400.04 | | A 股数(百万) | | 179.02 | | A 市值(亿元) | | 174.73 | | 主要股东 | | 秦华(45.76%) | | 每股净值(元) | | 11.11 | | 股价/账面净值 | | 8.79 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 7.7 -14.2 | 98.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-12 | 94.00 | 买进 | | 2025-06-24 | 106.88 | 买进 | | ...

其 d 阿 2025 年 9 月 1 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 160.00 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/8/29) | | 122.90 | | 上证指数(2025/8/29) | | 3857.93 | | 股价 12 个月高/低 | | 124.68/47.46 | | 总发行股数(百万) | | 1145.15 | | A 股数(百万) | | 1145.15 | | A 市值(亿元) | | 1407.39 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (09.99%) | | 每股净值(元) | | 10.58 | | 股价/账面净值 | | 11.61 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 49.5 49.8 | 142.5 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2024-02-20 | ...

2025 年 9 月 1 日 | 何利超 | | | --- | --- | | H70529@capital.com.tw | | | 目标价(港币) | HK$ 150 | 公司基本资讯 | 产业别 | | 商贸零售 | | --- | --- | --- | | H 股价(2025/08/29) | | 115.70 | | 恒生指数(2025/08/29) | | 25,077.6 | | 股价 12 个月高/低 | | 141.03/76.81 | | 总发行股数(百万) | | 19,072.63 | | H 股数(百万) | | 19,072.63 | | H 市值(亿元) | | 19,366.39 | | | JPMorgan Chase | | | 主要股东 | | & Co.(3.57%) | | 每股净值(元) | | 53.62 | | 股价/账面净值 | | 2.16 | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) -1.03% | 3.29% | 47.15% | 近期评等 出刊日期 前日收盘 评等 | 产品组合 | | | --- | --- | | 淘天集团 | ...

2025 年 9 月 1 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 60 | 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2025/8/29) | | | 45.44 | | 深证成指(2025/8/29) | | | 12696.15 | | 股价 12 个月高/低 | | | 47.9/22.85 | | 总发行股数(百万) | | | 4783.53 | | A 股数(百万) | | | 4027.36 | | A 市值(亿元) | | | 1830.03 | | 主要股东 | | 中兴新通讯有 | | | | | 限公司(20.09%) | | | 每股净值(元) | | | 15.64 | | 股价/账面净值 | | | 2.90 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 32.5 41.9 | | 93.9 | 近期评等 | 2024.05.30 | 买进 | 26.31 | | --- | --- | --- | | 202 ...

| H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 375 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/8/26) | 314.00 | | 深证成指(2025/8/26) | 12473.17 | | 股价 12 个月高/低 | 322.8/66.93 | | 总发行股数(百万) | 1111.12 | | A 股数(百万) | 1105.50 | | A 市值(亿元) | 3471.27 | | 主要股东 | 山东中际投资 | | | 控股有限公司 | | | (11.42%) | | 每股净值(元) | 20.54 | | 股价/账面净值 | 15.29 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 49.6 204.7 162.9 | | 近期评等 | | | 2025.07.16 | 买进 | 174.81 | | --- | --- | --- | | 2025.04.10 | 买进 | 71.49 | | 2024.09.26 | 买进 | 121.99 | | 20 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [7][10]. Core Insights - The company achieved a significant revenue growth of 109% year-over-year (YOY) in the first half of 2025, reaching RMB 28.41 billion, with a net profit increase of 214% YOY to RMB 5.47 billion [7]. - The company has a strong order backlog, with overseas orders exceeding RMB 10 billion, which is expected to support future growth [7]. - The report anticipates continued growth in net profit for 2025, 2026, and 2027, with projected figures of RMB 11.2 billion, RMB 14.1 billion, and RMB 17.7 billion respectively, representing YOY growth rates of 135%, 27%, and 25% [7][9]. Company Overview - The company operates in the machinery equipment industry, with a focus on wind power equipment, which constitutes 94.5% of its product mix [3]. - As of August 26, 2025, the company's stock price was RMB 33.97, with a target price set at RMB 41 [2][3]. - The company has a market capitalization of RMB 214.32 billion and a price-to-book ratio of 2.79 [3]. Financial Performance - The company reported an earnings per share (EPS) of RMB 0.86 for the first half of 2025, with expectations of increasing EPS to RMB 1.75, RMB 2.22, and RMB 2.77 for the years 2025, 2026, and 2027 respectively [7][9]. - The gross margin for the company was reported at 28.2%, with a decrease in expense ratios due to economies of scale [7]. - The company has maintained a strong cash flow position, with net cash flow from operating activities projected to increase significantly over the next few years [13].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company reported a revenue of RMB 15.76 billion for H1 2025, representing a year-over-year increase of 15.9%, and a net profit of RMB 4.45 billion, up 29.7% year-over-year [7]. - The growth in net profit is attributed to both innovative drug sales and significant licensing income from Merck Sharp & Dohme and IDEAYA, totaling USD 2 billion and USD 75 million respectively [7]. - The company has launched an employee stock ownership plan and a share buyback plan, which are expected to enhance innovation and drive performance [7]. Company Performance - The company achieved a net profit of RMB 4.45 billion in H1 2025, with a year-over-year growth of 29.7% [7]. - The revenue from innovative drugs reached RMB 7.57 billion, marking a 14.5% increase year-over-year [7]. - The company expects to continue benefiting from business development (BD) transactions, which are projected to further enhance net profit in the second half of the year [7]. Financial Projections - The company forecasts net profits of RMB 10.1 billion, RMB 8.75 billion, and RMB 10.4 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 59.3%, -13.3%, and 18.9% [7][10]. - Earnings per share (EPS) are projected to be RMB 1.52, RMB 1.32, and RMB 1.57 for the same years [10]. Shareholder Information - The major shareholder is Jiangsu Hengrui Medicine Group Co., Ltd., holding 23.18% of the shares [7]. - Institutional investors hold 9.1% of the circulating A-shares, while general corporations hold 68.1% [3]. Market Position - The company operates primarily in the pharmaceutical and biotechnology sector, with a product mix that includes 52.1% from oncology, 15.3% from neuroscience, and 9.8% from contrast agents [2]. Stock Performance - The stock price as of August 20, 2025, was RMB 62.85, with a target price set at RMB 75.4, indicating a potential upside [6]. - The stock has shown a year-over-year increase of 49.8% [6].