证券研究报告·海外公司点评·汽车(HS) 奇瑞汽车（09973.HK） 2025 年报点评：Q4 业绩符合预期，多品牌协 同拓展增长边界 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） | 269,897 | 300,287 | 335,500 | 388,800 | 428,250 | | 同比(%) | 65.37 | 11.26 | 11.73 | 15.89 | 10.15 | | 归母净利润（百万元） | 14,135 | 19,019 | 21,234 | 25,346 | 30,063 | | 同比(%) | 18.25 | 34.55 | 11.64 | 19.37 | 18.61 | | EPS-最新摊薄（元/股） | 2.43 | 3.27 | 3.66 | 4.36 | 5.18 | | P/E（现价&最新摊薄） | 10.00 | 7.43 | 6.65 | 5.57 | 4.70 | [Ta ...

证券研究报告·公司点评报告·汽车零部件 飞龙股份（002536） 2025 年年报点评：Q4 盈利能力短期承压，静 待非车业务兑现业绩 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） | 4,723 | 4,545 | 5,044 | 6,237 | 7,483 | | 同比（%） | 15.34 | (3.77) | 10.99 | 23.63 | 19.98 | | 归母净利润（百万元） | 329.62 | 316.92 | 420.13 | 556.49 | 725.80 | | 同比（%） | 25.92 | (3.85) | 32.56 | 32.46 | 30.42 | | EPS-最新摊薄（元/股） | 0.57 | 0.55 | 0.73 | 0.97 | 1.26 | | P/E（现价&最新摊薄） | 54.63 | 56.82 | 42.86 | 32.36 | 24.81 | [Table_T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met expectations, with a strong product cycle. The company achieved a total revenue of 21.03 billion yuan in Q4, representing a year-on-year increase of 56.3% and a quarter-on-quarter increase of 8.1%. The net profit attributable to shareholders for Q4 was 360 million yuan, with a quarter-on-quarter increase of 136.9% [8] - The company has launched new models, including the Leaping LAFA5, which contributed to a total delivery of 180,000 vehicles by the end of 2025. The overall average selling price (ASP) for Q4 was 105,000 yuan, showing a year-on-year decrease of 4.8% but a quarter-on-quarter increase of 5.4% [8] - The gross margin for Q4 was 15.0%, reflecting a year-on-year improvement due to economies of scale and effective cost control [8] - The company has expanded its sales and service network to cover 295 cities with 950 locations by the end of 2025, and has established over 900 international sales and service points [8] Financial Summary - Total revenue projections for the company are as follows: 2024A: 32,164 million yuan, 2025A: 64,732 million yuan, 2026E: 109,932 million yuan, 2027E: 130,556 million yuan, and 2028E: 139,122 million yuan, with respective year-on-year growth rates of 92.06%, 101.25%, 69.83%, 18.76%, and 6.56% [1] - The net profit attributable to shareholders is projected to be (2,820.80) million yuan in 2024A, 538.39 million yuan in 2025A, 2,618.62 million yuan in 2026E, 4,504.42 million yuan in 2027E, and 6,938.15 million yuan in 2028E, with year-on-year growth rates of 33.10%, 119.09%, 386.38%, 72.01%, and 54.03% respectively [1] - The earnings per share (EPS) are forecasted to be (1.98) yuan in 2024A, 0.38 yuan in 2025A, 1.84 yuan in 2026E, 3.17 yuan in 2027E, and 4.88 yuan in 2028E [1] - The price-to-earnings (P/E) ratio is expected to be (19.78) in 2024A, 103.64 in 2025A, 21.31 in 2026E, 12.39 in 2027E, and 8.04 in 2028E [1]

证券研究报告·海外公司点评·汽车(HS) 零跑汽车（09863.HK） 2025 年报业绩点评：Q4 业绩符合预期，新品 周期强势 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） | 32,164 | 64,732 | 109,932 | 130,556 | 139,122 | | 同比(%) | 92.06 | 101.25 | 69.83 | 18.76 | 6.56 | | 归母净利润（百万元） | (2,820.80) | 538.39 | 2,618.62 | 4,504.42 | 6,938.15 | | 同比(%) | 33.10 | 119.09 | 386.38 | 72.01 | 54.03 | | EPS-最新摊薄（元/股） | (1.98) | 0.38 | 1.84 | 3.17 | 4.88 | | P/E（现价&最新摊薄） | (19.78) | 103.64 | 21.31 | 12. ...

证券研究报告·公司点评报告·汽车零部件 福耀玻璃（600660） 2025 年年报点评：2025Q4 业绩符合预期，汽 玻龙头成长步伐稳健 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） | 39,252 | 45,787 | 51,902 | 57,904 | 62,699 | | 同比（%） | 18.37 | 16.65 | 13.35 | 11.57 | 8.28 | | 归母净利润（百万元） | 7,498 | 9,312 | 10,129 | 11,110 | 12,173 | | 同比（%） | 33.20 | 24.20 | 8.77 | 9.68 | 9.57 | | EPS-最新摊薄（元/股） | 2.87 | 3.57 | 3.88 | 4.26 | 4.66 | | P/E（现价&最新摊薄） | 19.65 | 15.83 | 14.55 | 13.27 | 12.11 | [Table_Ta ...

证券研究报告·海外公司深度·食物饮品(HS) 八马茶业（06980.HK） 深度改造传统农产品，成就高端茶叶第一企 2026 年 03 月 20 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,122 | 2,143 | 2,192 | 2,377 | 2,628 | | 同比(%) | 16.77 | 0.99 | 2.25 | 8.47 | 10.56 | | 归母净利润（百万元） | 205.83 | 224.34 | 226.55 | 259.34 | 305.75 | | 同比(%) | 23.92 | 8.99 | 0.98 | 14.48 | 17.89 | | EPS-最新摊薄（元/股） | 2.42 | 2.64 | 2.67 | 3.05 | 3.60 | | P/E（现价&最新摊薄） | 9.31 | 8.54 | 8.46 | 7.39 | 6.27 | [Table_Tag] [ ...

证券研究报告·公司点评报告·汽车零部件 福耀玻璃（600660） 2025 年年报点评：2025Q4 业绩符合预期，汽 玻龙头成长步伐稳健 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） | 39,252 | 45,787 | 51,902 | 57,904 | 62,699 | | 同比（%） | 18.37 | 16.65 | 13.35 | 11.57 | 8.28 | | 归母净利润（百万元） | 7,498 | 9,312 | 10,129 | 11,110 | 12,173 | | 同比（%） | 33.20 | 24.20 | 8.77 | 9.68 | 9.57 | | EPS-最新摊薄（元/股） | 2.87 | 3.57 | 3.88 | 4.26 | 4.66 | | P/E（现价&最新摊薄） | 19.65 | 15.83 | 14.55 | 13.27 | 12.11 | [Table_Ta ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Baima Tea, is positioned as a leader in the high-end tea market in China, leveraging its heritage and brand recognition to drive growth [8][39]. - The tea market in China is highly fragmented, with Baima Tea holding a leading position in the Oolong tea segment, specifically Tieguanyin, and implementing a full-category strategy [8][39]. - The company's competitive advantages stem from its deep-rooted brand heritage, a robust franchise model, and a commitment to standardization in production [8][39]. Summary by Sections 1. Company Overview - Baima Tea has evolved through three main phases: rapid expansion (1997-2012), strategic adjustment (2013-2019), and transformation and listing (2020-present) [13][15]. - The founding team comes from a tea-making family, ensuring a concentrated ownership structure that supports long-term brand vision [16]. 2. Market Dynamics - The Chinese tea market is projected to grow from CNY 288.9 billion in 2020 to CNY 325.8 billion in 2024, with a CAGR of 3.0% [30]. - Baima Tea's market share in the high-end tea segment is approximately 1.7%, ranking it first among competitors [39]. 3. Competitive Advantages - The company has established a "brand-channel-standard" system that serves as a core competitive barrier, allowing for replicable growth [8][44]. - Baima Tea's marketing strategy includes a significant investment in brand recognition, with sales expense ratios of 33.9%, 32.1%, and 32.4% from 2022 to 2024 [45]. 4. Financial Projections - Revenue forecasts for Baima Tea are CNY 21.92 billion, CNY 23.77 billion, and CNY 26.28 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of CNY 2.27 billion, CNY 2.59 billion, and CNY 3.06 billion [1][8].

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 ...