证券研究报告 | 公司点评 gszqdatemark 2026 02 27 年 月 日 筹划港股上市，资本助力全球化与 AI 产品迭代。公司积极推进港股上市 进程，2026 年 2 月 11 日通过港交所聆讯，募集资金有望用于高算力模组 研发投入、海外市场拓展及供应链能力提升。港股平台的建立一方面增强 公司融资能力，另一方面提升国际客户认可度与品牌影响力，有助于进一 步拓展全球 AI IoT 及智能终端客户资源。在端侧 AI 进入产业加速期背景 下，公司资本实力与研发能力同步增强，将更好把握 AI 应用落地带来的 结构性机会。 投资建议：作为端侧 AI 高算力模组全球龙头，美格智能深度受益 AI Agent 催化的终端算力需求爆发，高通生态提供技术保障，港股上市有望加速全 球化与价值重估。我们预计公司 2025-2027 年归母净利润为 224、358、 488 亿元，对应 PE 为 55、34、25 倍，维持"买入"评级。 风险提示：AI 发展不及预期，市场竞争加剧，地缘政治影响等。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | 务增长迅速》 2024-0 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 27 年 月 日 鸣鸣很忙（01768.HK） 鸣响渠道变革，忙驭万店星辰 核心观点：颠覆传统运营模式，牵引零售业态变革。鸣鸣很忙作为中国量 贩零食赛道龙头企业，牵引本轮折扣业态零售变革，从 2022 年零食很忙 门店数量破千，到 2025 年 11 月末鸣鸣很忙超 2.1 万家门店，高速扩店的 背后是对消费者性价比需求的满足、渠道供应链路的精简。2024 年鸣鸣 很忙达成 393.4 亿元营收，2 年 CAGR 达 203.0%，成为中国最大的休闲 食品饮料连锁零售商，2025 年前三季度营收进一步同比+75.2%至 463.7 亿元，净利润同比+218.8%至 15.6 亿元，带动净利率同比显著+1.5pct 至 3.4%，若加回股份支付费用，经调整净利率同比+1.9pct 至 3.9%。 行业变革：性价比优势立身，精细化运营谋远。中国零售业态持续高速迭 代，弱需求强供给背景下，当前渠道变革更往折扣化方向演变，量贩以" 上 游直采、集中议价、运营提效"重构供应链，率先实现性价比优势。行业 发展前半程，核心比拼扩店速度，经过跑马圈地、 ...

证券研究报告 | 公司点评 gszqdatemark 2026 02 27 年 月 日 美格智能（002881.SZ） 端侧 AI 起势，物联网黑马迎来重估 事件：近期 OpenAI Operator、Clawdbot 等 AI Agent 应用引发市场高度 关注，终端算力需求正从"云端"向"端侧"迁移，Mac mini 类边缘服务 器及各类智能终端有望迎来部署浪潮，美格智能作为端侧 AI 模组龙头将 核心受益。公司 2026 年 2 月 11 日通过港交所聆讯，A+H 双平台上市将 助力其全球化战略与高端市场突破。 AI Agent 加速落地，端侧算力需求被重新激活。AI 应用形态持续升级， 以 OpenClaw 为代表，模型从"对话工具"向"任务执行体"进化，推动 算力需求由云端向本地终端延伸。随着本地部署、安全性及实时性需求提 升，小型服务器及边缘算力设备需求被带动，类似 Mac mini 等轻量化终 端算力载体有望成为 AI Agent 落地的核心载体。我们认为，AI 能力向端 侧渗透已从概念阶段进入应用验证阶段，端侧通信与算力模组成为连接算 力与场景的核心载体，美格智能作为国内最早切入智能模组赛道的 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The subscription of shares by Whirlpool China is expected to strengthen the global collaboration and influence of the company, enhancing cooperation with the group [2] - The current dividend yield for WHR is 4.95%, indicating a favorable financial return [2] - Future growth is anticipated due to the company's ability to secure orders from Whirlpool Group, increased OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements after the acquisition of Galanz, and changes in competitive dynamics [2] Financial Projections - The company is projected to achieve net profits of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% [2] - Revenue is expected to grow from 4,455 million yuan in 2025 to 6,454 million yuan in 2027, with corresponding growth rates of 22.1%, 21.1%, and 19.7% [3] - The latest diluted EPS is projected to increase from 0.66 yuan in 2025 to 0.97 yuan in 2027 [3] Financial Metrics - The company’s total revenue for 2023 is reported at 4,004 million yuan, with a projected decline of 6.1% year-on-year [3] - The net profit for 2023 is reported at 81 million yuan, with a significant year-on-year increase of 190.4% [3] - The return on equity (ROE) is expected to rise from 3.2% in 2023 to 29.9% in 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The proposed subscription of $30 million in common stock by Whirlpool China aims to strengthen global collaboration with the Whirlpool Group, enhancing its influence and deepening cooperation. The current dividend yield for WHR is 4.95%, indicating good financial returns [2] - The company is expected to benefit from increased orders from the Whirlpool Group, growth in OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements following the acquisition by Galanz, and changes in competitive dynamics within the industry. Future growth is anticipated [2] Financial Projections - Revenue is projected to grow from 4,004 million yuan in 2023 to 6,454 million yuan in 2027, with year-on-year growth rates of -6.1% in 2023, 22.1% in 2025, 21.1% in 2026, and 19.7% in 2027 [3] - Net profit attributable to the parent company is expected to increase from 81 million yuan in 2023 to 743 million yuan in 2027, with significant growth rates of 190.4% in 2024, 150.5% in 2025, 21.8% in 2026, and 20.7% in 2027 [3] - The latest diluted EPS is forecasted to rise from 0.11 yuan in 2023 to 0.97 yuan in 2027 [3] - The return on equity (ROE) is projected to improve from 3.2% in 2023 to 29.9% in 2027 [3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 113.7 in 2023 to 12.4 in 2027, indicating a more attractive valuation over time [3] - The price-to-book (P/B) ratio is projected to remain relatively stable, ranging from 3.6 in 2023 to 3.7 in 2027 [3]

证券研究报告 | 行业专题研究 gszqdatemark 2026 02 26 年 月 日 轻工制造 增持（维持） 行业走势 XTool：激光创意方兴未艾，驭光造物龙头引航 公司概况：全球激光类个人创意工具龙头 xTool 是全球激光类个人创意工具领域的龙头企业，于 2013 年在深圳成 立。按 2025 年前九个月 GMV 计，公司以 37%的份额位居全球激光类个 人创意工具市场首位；在细分的激光雕刻机及切割机市场，其市场份额高 达 47%，是第二大品牌的六倍。公司构建了以激光类工具为核心，材质打 印机、软件及配件耗材协同发展的产品矩阵，并通过免费软件 xTool Studio 与配套耗材销售提升用户粘性与复购。公司收入高度依赖海外市场，2024 年海外收入占比达 97%，全球化特征明显。 行业：科技赋能个人创意工具市场高速成长 科技赋能个人创意工具是利用激光、打印、数控等技术将数字创意转化为 实体产品的设备集群。该市场增长强劲，按 GMV 计，全球市场规模预计 将从 2024 年的 68 亿美元增长至 2035 年的 870 亿美元，复合年增长率达 17.3%。该市场主要分为增材类和非增材类，xTool ...

Investment Rating - The report maintains an "Overweight" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The media industry has shown significant performance, with the media index rising by 3.5% last week, outperforming the Shanghai Composite Index by 3.1% [11]. - The report highlights a K-shaped recovery in the gaming sector, with high-end and cost-effective games performing well, while mid-tier games lag behind [8]. - The competition for AI super applications intensified during the Spring Festival, with major players like ByteDance, Alibaba, and Tencent vying for market share [30]. Summary by Sections Weekly Market Review - The media index increased by 3.5%, achieving a trading volume of 715.2 billion yuan, marking the second-highest trading week in 26 years [11]. - Sub-sectors such as film and television, digital media, and publishing led the gains, with notable individual stock performances, including a 61% increase for Zhangyue Technology [14][11]. AI Spring Festival Special - The report discusses the concentrated iteration of AI models during the Spring Festival, with a focus on multi-modal generation and agent capabilities [26]. - Major internet companies are competing for the "AI super entrance," with significant updates from companies like ByteDance and Alibaba [30][35]. - The report notes that the demand for tokens is increasing, leading to accelerated commercialization of AI models [28]. Film Spring Festival Box Office - The overall box office for the Spring Festival reached 5.752 billion yuan, marking a decline compared to previous years, with a notable drop in audience numbers [8]. - The report identifies a strong performance from top films, with "Flying Life 3" leading the box office and "Biao Ren" breaking records for martial arts films [8]. Gaming Spring Festival Special - The gaming sector exhibited a K-shaped recovery, with high-value and luxury games outperforming others [8]. - Tencent maintained a strong position in the market, with several high DAU products dominating the sales charts [8]. - The report suggests that sports events may catalyze the performance of football games, indicating potential growth areas [8]. Internet Sector Insights - The report emphasizes the competitive landscape in AI narratives, with a focus on full-stack AI service providers [25]. - It also notes a potential easing of competition in instant retail, following regulatory discussions with major internet platforms [25].

- The report discusses the valuation of the convertible bond market, indicating that the pricing deviation indicator for the convertible bond market is at 14.56%, which is at the 99.8th percentile level since 2018 and 2021[1][7] - The report introduces a rotation strategy between convertible bonds and a stock-bond portfolio based on the pricing deviation indicator, where the weight of convertible bonds is adjusted according to the Z-score of the pricing deviation[11] - The low valuation strategy is constructed using the CCB_out pricing model, selecting the 15 convertible bonds with the lowest pricing deviation in each of the debt, balanced, and equity-biased categories, forming a pool of 45 convertible bonds[22] - The low valuation + strong momentum strategy combines the pricing deviation factor with the momentum factor of the underlying stock, using the equal-weighted scores of the stock's momentum over the past 1, 3, and 6 months[25] - The low valuation + high turnover strategy selects the 50% of convertible bonds with the lowest valuation and then uses the turnover rate factor to select the most actively traded convertible bonds[29] - The balanced debt-enhanced strategy selects the 50% of convertible bonds with the lowest valuation, removes equity-biased convertible bonds, and uses the turnover rate factor and the momentum factor of the underlying stock for the debt-enhanced pool, and the turnover rate factor for the balanced pool[32] - The credit bond substitution strategy selects convertible bonds with a yield to maturity (YTM) + 1% greater than the YTM of 3-year AA-rated credit bonds, and then selects the 20 convertible bonds with the strongest 1-month momentum of the underlying stock[35] - The volatility control strategy selects the top 15 convertible bonds with the highest scores of low valuation + strong momentum in each of the debt-enhanced, balanced-enhanced, and equity-enhanced categories, and controls the portfolio volatility at 4%[38] - The convertible bond market pricing deviation indicator is 14.56%[1][7] - The rotation strategy between convertible bonds and a stock-bond portfolio shows stable excess returns[11] - The low valuation strategy achieves an annualized return of 20.9% and an excess return of 8.8% since 2018[22] - The low valuation + strong momentum strategy achieves an annualized return of 25.2% and an excess return of 12.7% since 2018[25] - The low valuation + high turnover strategy achieves an annualized return of 23.6% and an excess return of 11.3% since 2018[29] - The balanced debt-enhanced strategy achieves an annualized return of 22.8% since 2018[32] - The credit bond substitution strategy achieves an annualized return of 7.1% since 2018[35] - The volatility control strategy achieves an annualized return of 9.7% since 2018[38]

证券研究报告 | 行业专题研究 gszqdatemark 2026 02 26 年 月 日 轻工制造 从极客走向大众：消费级 3D 打印全民破圈进行时 如何理解消费级 3D 打印赛道的投资价值？从生命周期看，我们认为赛道 刚刚迈过 0 到 1 的孵化期，正处于 1 到 100 的生长阶段，增长斜率陡峭， 不断受益于供需共振；从属性看，赛道之美体现在"品"为核心驱动力的 模式提升了行业竞争壁垒，龙头受益大。 ➢ 供需拆解：强可选性，产品力仍有迭代空间 需求侧：核心增量价值为即时性&经济性及对情感需求的满足 需求端，3D 打印用户主要有极客玩家、学校&科研机构、小 B 端客户及泛 潮流玩家等。前两者是行业早期核心用户，而后二者是打印机出圈的关键。 对于小 B 用户而言，3D 打印提供的增量价值在于即时性&经济性，而对于 泛潮流玩家，3D 打印的吸引力在于其创造性、社交性、与 IP 的交互性为 用户提供了独一无二的情绪价值，而构建有活力的内容生态是持续的关 键。 ➢ 马太效应显著，高端品仍有降本空间 成本端：低端机 BOM 简单，高端化机型仍有降本空间 一台 3D 打印机主要由五个部分构成：框架结构提供整体支持性； ...

Group 1: Company Overview - The report identifies xTool as the global leader in the laser personal creative tools market, holding a 37% market share by GMV as of the first nine months of 2025, and a dominant 47% share in the laser engraving and cutting machine segment, significantly outpacing the second-largest brand by six times [1][10]. - xTool has established a product matrix centered around laser tools, collaborating with material printers, software, and accessory consumables, enhancing user retention and repurchase through its free software, xTool Studio [1][10]. Group 2: Industry Growth - The technology-enabled personal creative tools market is projected to grow from USD 6.8 billion in 2024 to USD 87 billion by 2035, with a compound annual growth rate (CAGR) of 17.3%, driven by advancements in laser, printing, and CNC technologies [2]. - The competitive landscape in the laser personal creative tools industry is highly concentrated, with the top 10 brands accounting for over 50% of GMV, and the top five brands in the laser engraving and cutting machine sector representing approximately 60% of the market [2]. Group 3: Competitive Advantages - xTool's competitive strength is built on its brand recognition, technological innovation, and effective marketing strategies, achieving high user recommendation rates and repurchase rates [3]. - The company has received multiple international design awards and has a robust community ecosystem with over 212,000 active users, 1.5 million social media followers, and an average monthly website traffic of 2.9 million [3]. Group 4: Financial Performance - xTool has demonstrated rapid revenue and net profit growth, with revenues of CNY 14.57 billion, CNY 24.76 billion, and CNY 17.77 billion for the years 2023, 2024, and the first nine months of 2025, respectively [34]. - The net profit figures for the same periods were CNY 1.11 billion, CNY 1.49 billion, and CNY 0.83 billion, indicating a strong upward trend in profitability [34].