Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [6][7]. Core Insights - The company is set to establish a joint venture with Zhejiang Rongtai in Thailand, focusing on the smart robotics market, which is expected to leverage both parties' technological and resource advantages [7][8]. - The partnership aims to enhance collaboration in product technology and customer resources, particularly in the fields of servo systems and micro-screws, which are critical for humanoid robots [8]. - The company has slightly adjusted its profit forecasts for 2026 and 2027, expecting net profits of RMB 270 million and RMB 341 million respectively, reflecting year-on-year growth rates of 10% and 26% [8][10]. Financial Summary - The company's projected net profits for 2025, 2026, and 2027 are RMB 270 million, RMB 341 million, and RMB 403 million, with corresponding year-on-year growth rates of 10%, 26%, and 18% [10]. - Earnings per share (EPS) are expected to be RMB 1.26, RMB 1.59, and RMB 1.89 for the years 2025, 2026, and 2027, respectively [10]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 71.69, 56.76, and 48.00, indicating a favorable valuation trend [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The completion of the Zeekr privatization is expected to enhance operational efficiency, with anticipated reductions in R&D and BOM costs, and improvements in capacity utilization [6][8]. - The company is accelerating its electrification strategy, with a significant increase in sales of new energy vehicles, which accounted for 55% of total sales in 2025 [8]. - The company plans to launch multiple new models in 2026, targeting various price segments, which is expected to drive sales growth [6][7]. Financial Summary - The company forecasts net profits of RMB 170.6 billion, RMB 218.5 billion, and RMB 281.8 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of +80%, +28%, and +29% [6][10]. - Earnings per share (EPS) are projected to be RMB 1.59, RMB 2.04, and RMB 2.62 for the same years, with corresponding price-to-earnings (P/E) ratios of 9.6, 7.5, and 5.8 [6][10]. - The company plans to repurchase shares worth up to HKD 2.3 billion, which is expected to support the stock price [6][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [6]. Core Insights - The company is positioned as a leader in the industrial control sector, benefiting from a gradual recovery in the industry driven by equipment upgrades and policy support. The domestic market for general servo systems is expected to grow by 10.1% year-on-year in Q3 2025, with an annual growth forecast of 7.4% [6]. - The company has successfully increased its market share in key segments, with a reported market share of 32.0% in general servo systems, 22.0% in low-voltage frequency converters, and 8.2% in industrial robots as of H1 2025, reflecting significant year-on-year increases [6]. - The company is expanding its capabilities in AI and humanoid robot components, with a successful launch of its iFG platform for industrial AI software, transitioning from a hardware provider to a platform-based enterprise [6]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 73.30 RMB and a target price of 88 RMB [1]. - The company has a market capitalization of 173.87 billion RMB and a total share count of approximately 2.71 billion [1]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 31.66 billion RMB, a year-on-year increase of 24.7%, and a net profit of 4.25 billion RMB, up 26.8% year-on-year [6]. - The forecasted net profits for 2025, 2026, and 2027 are 5.55 billion RMB, 6.40 billion RMB, and 7.40 billion RMB, respectively, with corresponding year-on-year growth rates of 27.6%, 17.5%, and 14.4% [6][8]. Market Position - The company has a strong market presence, with significant shares in various product categories, including 42.9% in general automation and 45.2% in the new energy vehicle and rail transit sectors [2]. - Institutional investors hold 21.5% of the circulating A-shares, indicating a solid interest from larger investment entities [3]. Future Outlook - The company is expected to maintain rapid growth in revenue and profit due to increased investments in fragmented and project-based markets, alongside the anticipated commercialization of humanoid robots in 2026 [6].

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [4][8]. Core Insights - The humanoid robot industry is expected to accelerate production in 2026, benefiting the company's actuator business, with global production projected to reach nearly 20,000 units in 2025. The company has established a leading position in technology and capacity, collaborating with top domestic and international humanoid robot manufacturers [5]. - The company's revenue for the first three quarters of 2025 is reported at RMB 20.93 billion, reflecting an 8.1% year-over-year increase, while net profit decreased by 12.0% to RMB 1.97 billion due to lower sales from overseas automotive clients and increased management and R&D expenses [5]. - The company is transitioning towards a platform-based enterprise, with stable fundamentals in interior components, chassis, and thermal management, while its automotive electronics business is experiencing rapid growth, achieving RMB 1.07 billion in revenue in the first half of 2025, a 52.1% year-over-year increase [5]. Financial Summary - The company is projected to achieve net profits of RMB 2.74 billion, RMB 3.23 billion, and RMB 4.16 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of -8.7%, +18.0%, and +28.6% [7]. - Earnings per share (EPS) are expected to be RMB 1.58, RMB 1.86, and RMB 2.39 for the same years, with corresponding price-to-earnings (P/E) ratios of 43.87, 37.19, and 28.92 [7]. - The company has secured initial orders worth RMB 1.5 billion for its liquid cooling business, which is anticipated to generate revenue in 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [7][8]. Core Insights - The company holds a leading position in the global cellular IoT module market, with a market share of 37% as of Q3 2025, and is expected to benefit from increased demand driven by edge AI modules in the coming years [8][10]. - The company's net profit for the first three quarters of 2025 increased by 105.65% year-on-year, reaching RMB 733 million, which exceeded market expectations [10]. - The company is well-positioned to capitalize on the recovery of the IoT industry, with significant growth anticipated in the automotive and smart meter sectors [10]. Company Overview - The company operates in the communication industry, with a current A-share price of RMB 92.64 and a market capitalization of RMB 24.24 billion [2]. - The company has a total of 261.66 million shares outstanding, with major shareholder Qian Penghe holding 17.19% [2]. Financial Performance - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of RMB 1.024 billion, representing a year-on-year growth of 75% [9][10]. - The earnings per share (EPS) for 2025 is estimated at RMB 3.91, with a price-to-earnings (P/E) ratio of 24 [9][10]. Market Position - The company has maintained its leading market share in the IoT module sector, with a strong performance in wireless, automotive, and smart modules [10]. - The global IoT module market is expected to recover in 2024, following a decline in 2023, with the company poised to benefit from this recovery [10].

2025 年 12 月 23 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 32 | | 基金 | 1.8% | | --- | --- | | 一般法人 | 21.7% | 股价相对大盘走势 亨通光电（600487） Buy 买进 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2025/12/22) | | | 26.14 | | 上证指数(2025/12/22) | | | 3917.36 | | 股价 12 个月高/低 | | 26.14/13.65 | | | 总发行股数(百万) | | | 2466.73 | | A 股数(百万) | | | 2445.18 | | A 市值(亿元) | | | 639.17 | | 主要股东 | | 亨通集团有限 | | | | | 公司(24.07%) | | | 每股净值(元) | | | 12.48 | | 股价/账面净值 | | | 2.10 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 37. ...

H70556@capital.com.tw 目标价(元) 40 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/12/19) | | 33.57 | | 上证指数(2025/12/19) | | 3890.45 | | 股价 12 个月高/低 | | 34.97/29.21 | | 总发行股数(百万) | | 2488.31 | | A 股数(百万) | | 2046.28 | | A 市值(亿元) | | 686.94 | | 主要股东 | | 上海机场(集 | | | | 团)有限公司 | | | | (58.38%) | | 每股净值(元) | | 16.90 | | 股价/账面净值 | | 1.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 4.9 6.0 | -1.0 | 近期评等 | | | 2025 年 12 月 22 日 赵旭东 产品组合 | 非航空性收入 | 54.1% | | --- | --- | | 航空及相关服务 | 45.9% | | 机构投资者占流通 A 股比例 | | --- | | 基金 ...

2025 年 12 月 18 日 | 顾向君 | | | --- | --- | | H70420@capital.com.tw | | | 目标价(A 股) | 82 | 公司基本资讯 | 产业别 | | 休闲服务 | | --- | --- | --- | | A 股价(2025/12/18) | | 76.50 | | 上证指数(2025/12/18) | | 3876.37 | | 股价 12 个月高/低 | | 93.5/53.64 | | 总发行股数(百万) | | 2068.86 | | A 股数(百万) | | 1952.48 | | A 市值(亿元) | | 1556.51 | | 主要股东 | | 中国旅游集团 | | | | 有限公司 | | | | (50.30%) | | 每股净值(元) | | 26.66 | | 股价/账面净值 | | 2.99 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.9 | 8.1 14.7 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-18 | 76.07 | ...