新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4858 期 2025 年 9 月 12 日 星期五 研究观点 【公司研究】 布鲁可 (0325，买入）：海外扩张加速，短期利润率承压 申洲国际 (2313，买入）： 25 年上半年收入增长超预期，预计下半年毛利率会有所 提升 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 布鲁可 | 325 | 买入 买入 123.60 | 171.00 | -28% | 2.830 | 3.950 | -28% | 3.890 | 5.660 | -31% | | 申洲国际 | 2313 | 买入 买入 79.80 | 81.44 | -2% | 4.270 | 4.840 | 12% | ...

胡钰 852-25321539 Katherine.hu@firstshanghai.com.hk 主要资料 | 行业 | 物业管理 | | --- | --- | | 股价 | 42.24 港元 | | 目标价 | 48.50 港元 | | | (+15.0%) | | 股票代码 | 1209 | | 已发行股本 | 22.83 亿股 | | 总市值 | 964.13 亿港元 | | 52 周高/低 | 42.26 港元/20.13 港元 | | 每股净资产 | 7.33 元人民币 | | 主要股东 | 华润置地 73.7% | 华润万象生活（1209） 更新报告 商管航道龙头地位进一步巩固，物管航道提质增效，持续高比例派息 买入 2025 年 9 月 10 日 第一上海证券有限公司 2025 年 9 月 主要财务报表 | 财务报表摘要 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 损益表 | | | | | | 财务分析 | | | | | | | <千 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4856 期 2025 年 9 月 10 日 星期三 研究观点 【公司研究】 浪潮数字企业 (596，买入）：云服务业务增长显著，利润将随规模效应逐渐释放 博通（AVGO,买入）：新增第四位 XPU 大客户，未来两年 AI 收入有望强劲增长 华润万象生活（1209，买入）：经营效率持续提升，派息再创新高 网龙（777，买入）： AI 降本增效显著，游戏业务稳健增长 康臣药业(1681，买入）： 肾科中药龙头，业绩稳健上涨，高派息高回购 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 浪潮数字企业 | 596 | 买入 买入 14.80 | 14.30 | 3% | 0.511 | ...

康臣药业（1681） 更新报告 肾科中药龙头，业绩稳健上涨，高派息高回购 ➢整体业绩表现亮眼，经营结构持续优化：康臣药业在 2025 年上半年展现出亮眼的业绩 表现和稳健的增长态势，并积极优化经营结构，深化战略布局。2025 年上半年，集团收 入达到 15.69 亿元，同比增长 23.7%。毛利增长约 27.6%至人民币 12.09 亿元。毛利率进 一步提升至 77.1%，较 2024 年同期增长 2.4 个百分点，主要归因于中药材原材料采购价 格下降。公司股东应占溢利约为人民币 4.98 亿元，同比增长 24.6%。公司延续了高派息 政策，董事局建议派发每股 0.33 港元中期股息，派息率超过 51%。 ➢核心产品驱动增长，各业务板块协同发展：康臣药业分部，肾科药物销售收入约人民 币 11.31 亿元，较 2024 年同期增长约 28.0%，其核心产品尿毒清颗粒持续驱动增长，稳 居肾病现代中成药品类领先地位。妇儿药物销售收入约 1.72 亿元，较 2024 年同期增长 约 17.5%。其中源力康口服液是唯一进入国家基药、医保目录的口服液补铁剂，深耕儿 童、 孕产妇 IDA 预防及治疗赛道。2024 年，国家 ...

网龙（777） 更新报告 买入 2025 年 9 月 10 日 赵绵璐 AI 降本增效显著，游戏业务稳健增长 盈利摘要 股价表现 0 2 4 6 8 10 12 14 来源: 公司资料, 第一上海预测 来源: 彭博 第一上海证券有限公司 www.mystockhk.com 852-25222101 mianlu.zhao@firstshanghai.com.hk 主要数据 | 行业 | TMT | | | --- | --- | --- | | 股价 | 11.14 港元 | | | 目标价 | 17.27 港元 | | | | （+55%） | | | 股票代码 | 777 | | | 已发行股本 | 5.29 亿股 | | | 市值 | 58.97 亿港元 | | | 52 周高/低 | 13.3/8.78 港元 | | | 每股净资产 | 11.65 港元 | | | 主要股东 | DJM Holdings 35.72% | | | | 郑辉 | 6.37% | | | 刘路远 | 4.30% | 截至12月31日止财政年度 23年历史 24年历史 25年预测 26年预测 27年预测 总营业收入（人民币 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 14.8, representing a potential upside of 51.6% from the current price of HKD 9.76 [2][6]. Core Insights - The company's cloud service business has shown significant growth, with a revenue increase of 30% year-on-year, and it now accounts for 52% of total revenue. The cloud business is expected to maintain a growth rate of over 20% in the next 3-5 years [6]. - The company has transitioned from a loss to profitability in its cloud services segment, achieving a profit of nearly RMB 200 million in the first half of 2025, with a profit margin of 1.6% [6]. - The company is focusing on expanding its customer base by targeting small and medium-sized enterprises (SMEs) and overseas markets, with a particular emphasis on Southeast Asia [6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 8.29 billion, a year-on-year increase of 19.1%. The net profit attributable to shareholders was RMB 201.63 million, reflecting a growth of 69.9% [3][8]. - The earnings per share (EPS) for 2025 is projected to be RMB 0.46, with a forecasted net profit of RMB 522.37 million [3][8]. - The company’s financial metrics indicate a projected price-to-earnings (P/E) ratio of 21.4 for 2025, decreasing to 12.9 by 2027, suggesting improving valuation over time [3][8].

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4855 期 2025 年 9 月 9 日 星期二 研究观点 【公司研究】 浪潮数字企业 (596，买入）：云服务业务增长显著，利润将随规模效应逐渐释放 中国财险 (2328，买入）：综合成本率改善驱动业绩增长，财险龙头地位愈发稳固 紫金矿业 (2899，买入）：量价齐升铸就历史最佳业绩，全球资源龙头价值重估正当 时 【公司评论】 特斯拉（TSLA）：周报 腾讯控股（700.HK）：周报 【宏观经济评论】 第一上海——First Call 九月策略（一） 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 浪潮数字企业 | 596 | 买入 买入 14.80 | 14.30 | 3% ...

中国财险（2328） 更新报告 综合成本率改善驱动业绩增长，财险龙头地位愈发稳固 来源: 公司资料, 第一上海预测 来源: 彭博 第一上海证券有限公司 www.mystockhk.com 买入 2025 年 9 月 9 日 李羚玮 + 852-25321539 David.li@firstshanghai.com.hk 主要资料 行业 保险 股价 18.17 港元 目标价 22.2 港元 （+22.3%） 股票代码 2328.HK 已发行 H 股股本 69 亿股 H 股总市值 1254 亿港元 52 周高/低 19.81 港元/9.53 港 元 每股净资产 12.51 元 主要股东 中国人民保险集团 股 份 有 限 公 司 68.98% ➢ 风险因素：行业保费因政策导致下降，汽车保有量下滑导致车险保费收入 | 规模下降。 盈利摘要 | | | | | | 股价表现 | | --- | --- | --- | --- | --- | --- | --- | | 截止 12 月31 日 | 2023A | 2024A | 2025E | 2026E | 2027E | | | 保险服务收入(百万元) | 457, ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 576.4 HKD, representing a potential upside of 40.9% from the current price of 409.0 HKD [2][8]. Core Insights - The company, Mixue Group, reported a revenue of 14.874 billion RMB in H1 2025, reflecting a year-on-year growth of 39.3%. The net profit attributable to shareholders reached 2.72 billion RMB, up 44.1% year-on-year, indicating performance that exceeded expectations [5][6]. - The company has accelerated its domestic store expansion, with a total of 53,014 stores globally, netting an increase of 6,697 stores in H1 2025. The proportion of stores in second-tier and lower-tier cities has increased to 19% and 58%, respectively [6][8]. - The overall gross margin slightly decreased to 31.6%, but the company maintained good cost control, with a net profit margin of 18.3%, up 0.6 percentage points year-on-year [7][8]. Summary by Sections Company Performance - In H1 2025, Mixue Group achieved a revenue of 14.874 billion RMB, with product sales, equipment sales, and franchise-related services contributing 13.843 billion, 0.652 billion, and 0.038 billion RMB, respectively. The average same-store sales growth was 13.2% [5][6]. Store Expansion - The company opened 7,721 new stores while closing 1,187, resulting in a net increase of 6,697 stores. The domestic store count reached 48,281, with a focus on expanding in lower-tier cities [6][8]. Financial Metrics - The gross profit was 4.706 billion RMB, with a gross margin of 31.6%. The company reported a net profit of 2.72 billion RMB, with a net profit margin of 18.3% [7][8]. Valuation and Future Outlook - The target price of 576.4 HKD is based on a projected net profit of 5.77 billion RMB for FY2025, with a price-to-earnings ratio of 35x. The company is expected to maintain strong growth and competitive positioning in the industry [8].

Group 1: MINISO Performance - MINISO achieved revenue of 4.97 billion CNY in Q2 2025, a year-on-year increase of 23.1%, exceeding company guidance[7] - Adjusted net profit for Q2 2025 was 690 million CNY, up 10.6% year-on-year[7] - For H1 2025, MINISO's revenue reached 9.39 billion CNY, a 21.1% increase year-on-year, with adjusted net profit of 1.28 billion CNY, up 3.0%[7] Group 2: Store Expansion and Strategy - As of H1 2025, MINISO had 4,305 stores in China, a net decrease of 80 stores since the beginning of the year[8] - The company successfully opened the MINISO LAND flagship store in Shanghai, achieving over 100 million CNY in sales within 9 months[8] - Internationally, MINISO's revenue reached 3.53 billion CNY in H1 2025, a 29.4% increase year-on-year, with 3,307 overseas stores, net adding 189 stores[8] Group 3: Financial Metrics and Projections - MINISO's gross margin for H1 2025 was 44.3%, an increase of 0.6 percentage points year-on-year[10] - The company’s operating profit margin for H1 2025 was 16.5%, down 2.8 percentage points year-on-year, while adjusted net profit margin was 13.6%, down 2.4 percentage points[10] - The target price for MINISO is set at 58.23 HKD, reflecting a potential upside of 21.6% from the current price of 47.88 HKD[12] Group 4: Alibaba Performance - Alibaba's cloud service revenue grew by 2% year-on-year, driven by strong AI demand[18] - The company reported a net profit of 42.38 billion CNY in the latest quarter, up from 24 billion CNY year-on-year[18] - Alibaba's target price is set at 166.00 USD, with a buy rating based on projected revenues of 1,032.93 billion CNY for FY2026[19]