Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 0.73 [3][5] Core Insights - The company has shown impressive market expansion results, with a significant reduction in related party impairment risks [2] - The company is focusing on core city clusters and high-energy markets, with 74% of new projects located in key regions [10] - The company has reduced the annual cap on related party transactions, which helps lower the risk of receivable impairments and strengthens its independence [10] Financial Performance Summary - Revenue projections for 2025 and 2026 have been adjusted to HKD 7,249 million and HKD 7,571 million, respectively, with a forecasted EPS of HKD 0.02 and HKD 0.06 [3][9] - The company reported a net profit of HKD 273 million in 2023, with a projected net profit of HKD 59 million in 2025 and HKD 145 million in 2026 [9][12] - The gross margin is expected to decline from 20.1% in 2023 to 17.5% by 2027 [9][12] Market Expansion and Strategy - The company achieved a record high in third-party bidding, with an annual contract amount of approximately HKD 960 million, a year-on-year increase of 54.6% [10] - The average property management fee for new residential projects reached HKD 2.9 per square meter per month, indicating improved project quality and profitability [10] - The company added nearly 200 new projects in the second half of the year, expanding its service scenarios and customer value boundaries [10]

投顾发展 | 投顾晨报 执衡驭势，谋局迎春 A 股市场观察与 12 月资配展望 朝闻道 20251208 市场策略 A 股市场观察与 12 月大类资产配置展望 风格策略 风险偏好向中间集中，A 股关注中盘蓝筹 行业策略 有色通信延续强势，农业化工存在机会 主题策略 农业：生猪去化加速，左侧布局窗口出现 全球地缘政治的不确定性、风险定价可能不充分、产业发展不及预期、畜禽价格不及预期及畜禽疫病大规 模爆发等风险 报告发布日期 2025 年 12 月 05 日 | 陈寒梅 | 执业证书编号：S0860525100003 | | --- | --- | | | chenhanmei@orientsec.com.cn | | | 021-63326320 | | 郑月灵 | 执业证书编号：S0860525120003 | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | 耐心等待低位布局时机：朝闻道 20251205 2025-12-04 谨慎乐观，藏锋待时：朝闻道 20251203 2025-12-02 12 月开门红可期，震荡格局下先扬后抑： 朝闻道 20 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The significant cancellation of LME copper warehouse receipts has raised supply concerns, leading to an optimistic outlook for both copper prices and smelting fees [2][7] - The copper supply is expected to remain tight due to frequent disruptions in the mining sector and concerns over tariffs, which are anticipated to support copper price increases [7] - The introduction of "anti-involution" measures to control smelting capacity expansion is expected to stabilize smelting fees and support a simultaneous rise in copper prices and smelting fees [7] Summary by Sections Supply and Demand Dynamics - On December 3, LME copper warehouse receipts saw a cancellation of 56,900 tons, accounting for approximately 35% of total inventory, marking the largest single-day cancellation since 2013, which has heightened expectations of tight copper supply [7] - The global sixth-largest copper producer, Glencore, has lowered its 2025 copper production guidance by 40% compared to 2018, further indicating supply constraints [7] Policy and Market Outlook - The Chinese Nonferrous Metals Industry Association has expressed strong opposition to unsustainable structural contradictions in the mining and smelting sectors, indicating a commitment to controlling new copper smelting capacity [7] - The CSPT has announced self-regulatory measures to reduce copper production capacity by over 10% in 2026, which is expected to alleviate supply-demand imbalances [7] Investment Recommendations - For the copper mining sector, it is recommended to focus on Zijin Mining (601899, Buy) due to its substantial resource reserves and expected production increases [7] - For the copper smelting sector, it is advised to consider Tongling Nonferrous Metals (000630, Buy), which is the largest copper smelting enterprise in China and has resources expected to enhance copper concentrate self-sufficiency [7]

投顾发展 | 投顾晨报 耐心等待低位布局时机 朝闻道 20251205 市场策略 耐心等待低位布局时机 风格策略 藏科技进攻的"锋"，待中盘蓝筹的"时" 行业策略 有色：布局正当时 主题策略 计算机：太空算力未来可期，关注核心收益环节 风险提示 宏观经济增速放缓、关税影响需求与产业链稳定性、原料价格波动、中美关系变化、商业化进展不及预 期。 报告发布日期 2025 年 12 月 05 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 ⚫ 周一"先扬后抑"的预判得到了市场验证，11 月 21 日的跳空缺口阻力明显，本周 前四个交易日沪指一阳三阴。截至 12 月 4 日，是近半年以来沪指月 K 线首次暂时收 在了 5 日均线下方，需要警惕震荡升级。站在当下，我们认为中期震荡格局未改， 耐心等待低位布局时机。要么以时间验证胜率的提升，要么以空间换来赔率的扩 大。 ⚫ 相关 ETF：现金流 ETF(159276/159399/516460/159235)、科创 100ETF(588220/589980/588190) ⚫ 日历 ...

基本面筑底回升，聚焦息差改善和风险演 绎 ——银行行业 2026 年度投资策略 核心观点 投资建议与投资标的 ⚫ 2026 年银行板块有望回归基本面叙事：十五五开局之年，政策性金融工具加持下 资产扩张仍有韧性；仍处于存款集中重定价周期，支撑净息差有望企稳回升；结构 性风险暴露仍期待有政策托底。2026 年，保险行业将系统性执行 I9，公募考核新 规的中长期引导效应也有望显现，我们看好 2026 年银行板块绝对收益。建议关注 两条主线：1、基本面确定的优质中小行，相关标的：南京银行(601009，买入)、 杭州银行(600926，买入)、宁波银行(002142，买入)、上海银行(601229，未评 级)、渝农商行(601077，买入)；2、基本面稳健、具备较好防御价值的国有大行， 相关标的：交通银行(601328，未评级)、工商银行(601398，未评级)。 风险提示 经济复苏不及预期；房地产等重点领域风险蔓延；假设条件变化影响测算结果。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 银行行业 行业研究 | 策略报告 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.42 CNY, based on a projected price-to-sales (PS) ratio of 3 times for 2026 [3][6]. Core Insights - The company is focusing on AI and data security, aiming to enhance its competitive edge through a strategic framework termed "3+3+X+Y" [2][10]. - Revenue forecasts for 2025-2027 are adjusted to 2.402 billion CNY, 2.546 billion CNY, and 2.857 billion CNY respectively, reflecting a growth trajectory despite previous estimates being lower [3][11]. - The company has made significant improvements in cost control, leading to a reduction in expense ratios and an overall enhancement in operational efficiency [10]. Financial Performance Summary - The company reported a revenue of 1.681 billion CNY in 2023, with a projected growth of 40.3% to 2.358 billion CNY in 2024, followed by modest growth rates in subsequent years [5][13]. - The gross margin is expected to stabilize around 53.6% to 54.0% from 2025 to 2027, indicating a strong pricing power and cost management [5][10]. - The net profit margin is projected to improve significantly, moving from -58.1% in 2023 to a positive 8.1% by 2027, showcasing a turnaround in profitability [5][10]. Strategic Focus - The company is actively exploring new security scenarios, including APT tracking, cloud security, and vehicle networking, which are expected to open new revenue streams [10]. - The introduction of innovative products like the AI-Scan model risk assessment tool is aimed at enhancing operational efficiency and effectiveness in threat detection [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 59.87 CNY based on a 2.65x PS multiple for 2026 [3][6]. Core Insights - The company is experiencing improved profitability primarily due to effective cost control, with a significant reduction in expense ratios [9]. - AI security is identified as the strategic core of the company, with the upcoming launch of the "Heng Nao 3.0" platform, which is expected to enhance product competitiveness [9]. - New business segments, particularly data security and MSS services, are showing rapid growth, with data security contracts increasing by nearly 25% year-on-year [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 2.126 billion, 2.306 billion, and 2.538 billion CNY, respectively, reflecting a growth rate of 4.1%, 8.5%, and 10.1% [3][5]. - The company is expected to achieve a net profit of 111 million CNY by 2027, with a significant turnaround from a net loss of 360 million CNY in 2023 [5][9]. - Gross margin is projected to decline slightly from 61.8% in 2023 to 58.3% by 2026, while net margin is expected to improve from -16.6% in 2023 to 4.4% in 2027 [5][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.05 CNY based on a PS valuation method [3][10][6]. Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a total revenue of 795 million CNY (YoY -11.4%) and a net loss of 366 million CNY (YoY -51.2%) [2]. - The company experienced a significant drop in Q3 2025 revenue, amounting to 238 million CNY (YoY -31.9%), and a net loss of 157 million CNY (YoY -37.8%) [2]. - Despite the current downturn, the company expects a rebound in revenue due to a 23% increase in new orders in the first nine months of 2025, particularly in long-cycle business areas such as public safety big data and digital governance [9]. - The gross margin decreased to 35% in the first nine months of 2025, down 5.73 percentage points YoY, attributed to weak market demand and increased buyer bargaining power [9]. - The company is focusing on AI-driven products and cost control measures to improve gross margins in the future [9]. Financial Performance Summary - The company’s projected net profits for 2025-2027 are -318 million CNY, 28 million CNY, and 157 million CNY respectively, reflecting a downward revision from previous forecasts [3][10]. - Revenue is expected to decline from 1,984 million CNY in 2023 to 1,689 million CNY in 2025, before rebounding to 2,461 million CNY by 2027 [5]. - The gross margin is projected to stabilize around 39% in 2026 and 38.6% in 2027, indicating a gradual recovery [5]. Market Context - The company operates in the computer industry, with a current market capitalization of approximately 12.8 billion CNY [6]. - The stock has shown a 52-week price range of 19.94 CNY (high) to 11.2 CNY (low) [6]. - The report highlights the company's strategic focus on AI applications and digital transformation initiatives, particularly in collaboration with the State Investment Group [9].

Core Insights - The report emphasizes a cautious optimism in the market, suggesting that investors should wait for low-positioning opportunities as the market is expected to experience fluctuations [3][9] - It highlights the importance of focusing on sectors with improving marginal conditions, particularly in commodities and advanced manufacturing, while also considering short-term timing [9] Market Strategy - The report anticipates a balanced market with a tendency towards large-cap stocks, while small-cap growth stocks may experience weakness [9] - It suggests that investors should select industries with moderate valuations, low institutional allocations, and reduced volatility [9] Industry Strategy - In the non-ferrous metals sector, the report indicates that the current market conditions are favorable for investment, particularly in copper, gold, and aluminum [5][9] - It notes that the supply-demand dynamics are tightening, and inflation expectations are rising, which could lead to a favorable cross-year market for copper and gold starting in December [9] Thematic Strategy - The report discusses the potential of space computing, highlighting the government's support for commercial aerospace development and the expected growth in the satellite data center market, projected to reach $39 billion by 2035 with a CAGR of 67.4% from 2025 to 2035 [6][9] - It identifies key investment opportunities in AI computing and satellite information infrastructure as beneficiaries of the growth in space computing [9]

精测电子 300567.SZ 公司研究 | 动态跟踪 持续推动先进制程前道量测设备突破 核心观点 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,429 | 2,565 | 3,175 | 3,917 | 4,983 | | 同比增长 (%) | -11.0% | 5.6% | 23.8% | 23.4% | 27.2% | | 营业利润(百万元) | 129 | (216) | 190 | 448 | 758 | | 同比增长 (%) | -48.2% | -267.4% | 187.9% | 135.6% | 69.4% | | 归属母公司净利润(百万元) | 150 | (98) | 201 | 360 | 564 | | 同比增长 (%) | -44.8% | -165.0% | 306.0% | 79.0% | 56.8% | | 每股收益（元） | 0.54 | (0.35) | 0.72 | 1.29 | 2.02 | | 毛利率( ...