上 市 公 司 轻工制造 2026 年 03 月 23 日 布鲁可 (00325) ——26 年重点关注出海及积木车新品 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 23 日 | | --- | --- | | 收盘价（港币） | 62.70 | | 恒生中国企业指数 | 8307.82 | | 52 周最高/最低（港币） | 198.00/51.00 | | H 股市值（亿港币） | 156.28 | | 流通 H 股（百万股） | 248.55 | | 汇率（港币/人民币） | 0.8811 | 一年内股价与基准指数对比走势： -54% -4% 46% 96% 03/24 04/24 05/24 06/24 07/24 08/24 09/24 10/24 11/24 12/24 01/24 02/24 HSCEI 布鲁可 资料来源：Bloomberg 相关研究 - 投资要点： 财务数据及盈利预测 | 人民币 百万元 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | -- ...

上 市 公 司 轻工制造 2026 年 03 月 23 日 布鲁可 (00325) ——26 年重点关注出海及积木车新品 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 23 日 | | --- | --- | | 收盘价（港币） | 62.70 | | 恒生中国企业指数 | 8307.82 | | 52 周最高/最低（港币） | 198.00/51.00 | | H 股市值（亿港币） | 156.28 | | 流通 H 股（百万股） | 248.55 | | 汇率（港币/人民币） | 0.8811 | 一年内股价与基准指数对比走势： -54% -4% 46% 96% 03/24 04/24 05/24 06/24 07/24 08/24 09/24 10/24 11/24 12/24 01/24 02/24 HSCEI 布鲁可 资料来源：Bloomberg 相关研究 - 证券分析师 投资要点： 财务数据及盈利预测 | 人民币 百万元 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | -- ...

Group 1 - The core viewpoint of the report highlights significant growth in core net profit for 2025, driven by high-end product offerings and export expansion for Geely Automobile [4][5] - Geely's total delivery volume reached 3.025 million units in 2025, a year-on-year increase of 39.0%, with total revenue of 345.23 billion yuan, up 25.1% [4] - The company expects to launch multiple new models in 2026, including the Zeekr 8X, which has shown strong pre-sale performance [5][6] Group 2 - The report indicates a substantial increase in overseas sales for Geely, with exports reaching 121,000 units in January-February 2026, a year-on-year increase of 129.4% [6] - Geely aims to expand its overseas channels to over 2,000 and has set an annual export target of 640,000 units for 2026 [6] - The company is advancing its AI strategy, integrating AI technology into core automotive functions, and has announced a partnership with NVIDIA to enhance AI capabilities [6] Group 3 - The report projects Geely's revenue to grow to 421.8 billion yuan in 2026, with net profit expected to reach 215 billion yuan, reflecting a growth rate of 27% [7] - The company's earnings per share (EPS) is forecasted to be 1.98 yuan in 2026, with a price-to-earnings (PE) ratio of 8.2 times [7] - The report maintains a "buy" rating for Geely, citing the company's strong growth potential driven by new energy products and high-end brand sales [7] Group 4 - The report on Blukoo indicates a significant increase in revenue, reaching 2.913 billion yuan in 2025, a year-on-year growth of 30.0% [8][9] - The adjusted net profit for Blukoo was 675 million yuan, up 15.5% from the previous year, despite a decline in gross margin due to rising costs [8] - The company has seen a notable increase in adult-targeted products, with a significant rise in the number of SKUs aimed at consumers aged 16 and above [10] Group 5 - The report on Xiechuang Data shows a remarkable revenue growth of 93.77% year-on-year in Q4 2025, reaching 3.905 billion yuan [13] - The net profit for the same quarter was 466 million yuan, reflecting a year-on-year increase of 246.15% [13] - The company has diversified its revenue streams, with intelligent computing products becoming a significant contributor to overall income [13] Group 6 - The report on SF Holding indicates a 9.44% year-on-year increase in business volume for January-February 2026, with revenue from express logistics reaching 36.817 billion yuan [18] - The average revenue per package has slightly decreased by 0.79%, but the company expects stabilization in pricing as it adjusts its market strategy [18] - The long-term outlook for SF Holding remains positive, with expectations for growth in international business and supply chain services [19] Group 7 - Tencent Music's revenue for 2025 was 32.9 billion yuan, a year-on-year increase of 15.8%, with net profit rising by 66.4% to 11.06 billion yuan [22][24] - The company has seen strong growth in its online music subscription business, with a notable increase in both user payment rates and average revenue per paying user (ARPPU) [26] - The report highlights the potential for AI to enhance music creation and consumption, driving further growth in the industry [28] Group 8 - The report on the electric power ETF indicates a significant opportunity for asset revaluation in the power sector, driven by the increasing demand for electricity from data centers [30][31] - The report emphasizes the importance of the new pricing mechanisms for electricity generation, which are expected to enhance the profitability of power assets [32] - The electric power sector is positioned as a defensive investment, with strong cash flow and dividend capabilities, making it attractive for long-term investors [34]

| 研究所： | | | --- | --- | | 证券分析师： | 杨仁文 S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 方博云 S0350521120002 | | | fangby@ghzq.com.cn | | 证券分析师： | 吴倩 S0350525070006 | | | wuq05@ghzq.com.cn | [Table_Title] 海外收入大增，关注 IP 商业化和新品类进展 ——布鲁可（0325.HK）动态报告 最近一年走势 投资要点: 2026 年 03 月 20 日 公司研究 评级：买入(维持) 国海证券研究所 请务必阅读正文后免责条款部分 拼搭载具及积木玩具收入大增，利润率有所承压。 (1) 2025 年营收 29.13 亿元（YOY+30.0%），归母净利润 6.34 亿元（2024 年为-4.01 亿元），经调整净利润 6.75 亿元（YOY+15.5%）。2025 年毛利率 46.82%（同比-5.78pct），主要系销量增长带动商品成本 上升及新 SKU 对高精度及多腔模具的需求，导致模具数量和模具折 旧增加。2 ...

证券研究报告：商贸零售 | 公司点评报告 买入 |维持 个股表现 -60% -10% 40% 2025-03 2025-05 2025-08 2025-10 2026-01 2026-03 布鲁可 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价(港元） | 63.55 | | --- | --- | | 总股本/流通股本(亿股) | 2.49 | | 总市值/流通市值(亿港元）158.40 | | | 52 周高/低(元） | 79.6/51.0 | | 资产负债率(%) | 199.6637 | | 市盈率 PE | 23.7655 | | 第一大股东 | Next Bloks Limited | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 布鲁可(0325.HK) 发布时间：2026-03-20 股票投资评级 海外市场高增，16+占比提升 ⚫ 事件 公司发布 25 年年报，25 年公司实现营收人民币 29.13 亿元，同 比+30.01%，净利润 6.34 亿元，扭亏为盈，去年同期亏损 3.98 亿元， ...

证券研究报告：商贸零售 | 公司点评报告 股票投资评级 发布时间：2026-03-20 买入 |维持 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 布鲁可(0325.HK) 海外市场高增，16+占比提升 个股表现 -60% -10% 40% 2025-03 2025-05 2025-08 2025-10 2026-01 2026-03 布鲁可 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价(港元） | 63.55 | | --- | --- | | 总股本/流通股本(亿股) | 2.49 | | 总市值/流通市值(亿港元）158.40 | | | 52 周高/低(元） | 79.6/51.0 | | 资产负债率(%) | 199.6637 | | 市盈率 PE | 23.7655 | | 第一大股东 | Next Bloks Limited | ⚫ 事件 公司发布 25 年年报，25 年公司实现营收人民币 29.13 亿元，同 比+30.01%，净利润 6.34 亿元，扭亏为盈，去年同期亏损 3.98 亿元， ...

证券研究报告·海外公司点评·家庭电器及用品(HS) 布鲁可（00325.HK） 2025 年报点评：新品放量叠加出海提速，利 润率短期承压 买入（维持） | Table_EPS] [盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,241 | 2,913 | 3,764 | 4,836 | 6,156 | | 同比（%） | 155.61 | 30.01 | 29.21 | 28.48 | 27.29 | | 归母净利润（百万元） | (401.05) | 633.74 | 813.09 | 1,071.89 | 1,401.68 | | 同比（%） | (94.59) | 258.02 | 28.30 | 31.83 | 30.77 | | Non-GAAP 净利润（百万元） | 584.59 | 675.00 | 849.56 | 1,106.29 | 1,436.08 | | 同比（%） | 702.10 | 15.47 | 25.86 | 30 ...

| Table_EPS] [盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,241 | 2,913 | 3,764 | 4,836 | 6,156 | | 同比（%） | 155.61 | 30.01 | 29.21 | 28.48 | 27.29 | | 归母净利润（百万元） | (401.05) | 633.74 | 813.09 | 1,071.89 | 1,401.68 | | 同比（%） | (94.59) | 258.02 | 28.30 | 31.83 | 30.77 | | Non-GAAP 净利润（百万元） | 584.59 | 675.00 | 849.56 | 1,106.29 | 1,436.08 | | 同比（%） | 702.10 | 15.47 | 25.86 | 30.22 | 29.81 | | EPS-最新摊薄（元/股） | (1.61) | 2.54 | 3.26 | 4.30 | 5.62 | | P/E（现价 ...

海外营收高增，全球扩张表现亮眼 布鲁可(0325) 布鲁可公司 2025 年业绩公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | [当前价格 Table_CurPrice] (港元)： | 63.55 | 本报告导读： 公司营业收入大幅增长，净利润扭亏为盈，其中海外市场收入同比增长近四倍。 投资要点： [Table_PicQuote] 52周股价走势图 拼搭角色类玩具 -57% -35% -13% 10% 32% 55% 2025/3 2025/7 2025/11 2026/3 布鲁可 恒生指数 [Table_Report] 相关报告 拼搭类产品销量增长，业务扩张毛利波动 20 ...

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 03 月 18 日 [Table_Title] 成人向产品、海外销售表现亮眼，26 年继续 发力海外市场 [Table_Title2] 布鲁可(0325.HK)2025 年业绩点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0325 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 193.3/55.05 | | 目标价格(港元)： | | 总市值(亿港元) | 158.40 | | 最新收盘价(港元)： | 63.55 | 自由流通市值(亿港元) | 158.40 | | | | 自由流通股数(百万) | 249.25 | [Table_Summary] 事件概述 布鲁可发布 2025 年报，实现收入增长 30.0%至 29.13 亿元，并扭亏为盈，年内利润 6.34 亿元（2024 年亏损 3.98 亿元），经调整年度利润 6.75 亿元，同比增长 15.5%，经调整净利润率 23.2%，同比-2.9pct。 ► 平价产品销售增 ...