2025 年 12 月 01 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 5.7 | 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2025/11/28) | 4.96 | | 恒生指数(2025/11/28) | 25,858.9 | | 股价 12 个月高/低 | 5.2/3.41 | | 总发行股数(百万) | 11,629.75 | | H 股数(百万) | 11,629.75 | | H 市值(亿元) | 414.99 | | 主要股东 | 高德康 (60.92%) | | 每股净值(元) | 1.38 | | 股价/账面净值 | 3.59 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 18.73% 10.47% 4.20% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-06-26 | 4.62 | 买进 | | 2024-12-02 | 4.05 | 买进 | | 2024-06-27 | 4.33 | ...

2025 年 11 月 28 日 赵旭东 H70556@capital.com.tw 目标价(元) 99 公司基本信息 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/11/27) | | 86.40 | | 上证指数(2025/11/27) | | 3875.26 | | 股价 12 个月高/低 | | 98.35/31.67 | | 总发行股数(百万) | | 213.79 | | A 股数(百万) | | 213.79 | | A 市值(亿元) | | 184.72 | | 主要股东 | 南通市伟创电 | | | | | 气科技有限公 | | | | 司(54.12%) | | 每股净值(元) | | 10.83 | | 股价/账面净值 | | 7.98 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.4 | 58.3 167.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-17 | 45.8 | 买进 | | 2025-06-12 | 45.5 | 买进 | ...

C h i n a R e s e a r c h D e p t . C o m p a n y U p d a t e 恒瑞医药(600276.SH) Buy 买进 主业稳健，BD 交易将增厚公司业绩 结论及建议： ➢ 公司业绩：公司 2025Q1-Q3 实现营收 231.9 亿元，YOY+14.9%,录得归母净 利润 57.5 亿元，YOY+24.5%,扣非后净利 55.9 亿元，YOY+21.1%，公司业 绩符合预期，主要是公司计入对外许可首付款作为收入，提升了营收及净 利水平。其中 Q3 单季度实现营收 74.3 亿元，YOY+12.7%,录得归母净利润 13.0 亿元，YOY+9.5%,扣非后净利 13.2 亿，YOY+16.9%。 | 年度截止 12 月 31 日 | | 2023 | 2024 | 2025F | 2026F | 2027F | | --- | --- | --- | --- | --- | --- | --- | | 纯利 (Net profit) | RMB 百万元 | 4302 | 6337 | 10093 | 9093 | 10407 | | 同比增减 | % | 10 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][11]. Core Insights - The company is accelerating its A+H share structure and internationalization efforts, having received approval from the China Securities Regulatory Commission for its H-share issuance, which aims to raise funds for global expansion and technological advancements [9]. - The company has shown stable growth, with a revenue of RMB 1.26 billion in the first three quarters of 2025, representing a year-over-year increase of 18.7%, and a net profit of RMB 160 million, up 25% year-over-year [9]. - Future profit forecasts suggest net profits of RMB 252 million, RMB 327 million, and RMB 408 million for 2025, 2026, and 2027 respectively, with corresponding year-over-year growth rates of 11.74%, 29.87%, and 25% [8][9]. Summary by Sections Company Basic Information - The company operates in the electrical equipment industry, with a current A-share price of RMB 104.39 and a market capitalization of RMB 21.644 billion [2]. - Major shareholders include Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., holding 35.36% of shares [2]. Financial Performance - The company is projected to achieve a net profit of RMB 252 million in 2025, with an EPS of RMB 1.04, and a P/E ratio of 99.91 [8]. - Revenue is expected to grow from RMB 1.85 billion in 2025 to RMB 2.86 billion by 2027, with a steady increase in operating profit [12]. Product Portfolio - The company's product mix includes micro drive systems (63.3%), precision parts (30.4%), and precision molds and others (6.3%) [2]. - The company is focusing on developing advanced technologies in robotics, particularly in dexterous hands, which are expected to become a significant growth driver [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$ 180 [1][6]. Core Insights - The company reported FY2026 Q2 revenue of RMB 247.8 billion, a year-on-year increase of 5%. Excluding disposed businesses, the revenue growth was 15%. Operating profit decreased by 85% to RMB 5.4 billion, while net profit attributable to shareholders fell by 53% to RMB 21 billion, aligning with market expectations [7]. - The core e-commerce business remains stable, with customer management revenue increasing by 10% to RMB 78.9 billion, driven by the improved penetration of the service fee model and a significant rise in monthly active consumers on the Taobao app [9]. - The timely retail business experienced rapid growth, with revenue up 60%, and losses are expected to decrease in line with market forecasts [9]. - Cloud business revenue exceeded market expectations, reaching RMB 39.8 billion, a 34% year-on-year increase, primarily due to growth in public cloud services and increased adoption of AI-related products [9]. - Capital expenditures remain high at RMB 31.4 billion, with a potential increase in the three-year total spending guidance to RMB 380 billion, reflecting continued strong investment in AI [9]. Summary by Sections Financial Performance - For FY2026, the company is projected to achieve a net profit of RMB 116.3 billion, a decrease of 10.6% year-on-year, with EPS of RMB 6.12, corresponding to a P/E ratio of 23.58 [11]. - The company’s net profit for FY2024 and FY2025 is expected to be RMB 80.0 billion and RMB 130.1 billion, respectively, with significant growth in FY2025 [11]. Market Position - The company holds a market capitalization of HK$ 175.3 billion, with a share price of HK$ 157.80 as of November 25, 2025 [2]. - The stock has shown a significant increase of 85.92% over the past month, although it has decreased by 9.10% over the past year [2]. Shareholder Information - Major shareholders include JPMorgan Chase & Co., holding 3.57% of the shares [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [6][9]. Core Insights - The company has signed a significant overseas contract worth approximately RMB 1.339 billion, which represents about 35.4% of its projected revenue for 2024. This contract is for a transition phase of an offshore wind farm project with a European energy company [6]. - The company plans to invest in three onshore wind projects with a total capacity of 950 MW, with an estimated total investment of no more than RMB 4.38 billion [6]. - The company is expected to see a 20% growth in overseas delivery volume in 2026, supported by accelerating offshore wind construction in Europe and a strong order backlog exceeding RMB 10 billion [6]. - The projected net profits for 2025, 2026, and 2027 are RMB 1.194 billion, RMB 1.593 billion, and RMB 2.155 billion, respectively, reflecting year-on-year growth rates of 152%, 33%, and 35% [6][8]. Company Overview - The company operates in the machinery and equipment industry, with a current A-share price of RMB 49.20 and a market capitalization of RMB 31.041 billion [3]. - The company has a significant focus on wind power equipment, which constitutes 94.5% of its product mix, while new energy generation accounts for 4.4% [3]. - The major shareholder is Fuxin Jinyin Energy Consulting Co., Ltd., holding 38.93% of the shares [3]. Financial Projections - The company’s revenue is projected to grow from RMB 6.264 billion in 2025 to RMB 9.868 billion in 2027, with corresponding net profits increasing significantly during the same period [8][11]. - The earnings per share (EPS) are forecasted to be RMB 1.872, RMB 2.498, and RMB 3.379 for 2025, 2026, and 2027, respectively [8]. - The price-to-earnings (P/E) ratios are expected to be 26.17, 19.62, and 14.50 for the years 2025, 2026, and 2027, indicating a favorable valuation trend [8].

2025 年 11 月 25 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | | | 目标价(港币) | 55.0 | 公司基本资讯 | 产业别 | | | | 电子 | | --- | --- | --- | --- | --- | | H 股价(2025/11/24) | | | | 38.66 | | 恒生指数(2025/11/24) | | | 25,716.5 | | | 股价 12 个月高/低 | | 60.15/27.2 | | | | 总发行股数(百万) | | | 26,043.33 | | | H 股数(百万) | | | 21,531.78 | | | H 市值(亿元) | | | 5,127.34 | | | | 方舟信托(香港) | | | | | 主要股东 | | | 有限公司 | | | | | | (23.93%) | | | 每股净值(元) | | | | 10.20 | | 股价/账面净值 | | | | 3.79 | | 一个月 | 三个月 | | | 一年 | | 股价涨跌(%) 38.07% | -27.74 | ...

| 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/11/24) | | 58.37 | | 上证指数(2025/11/24) | | 3836.77 | | 股价 12 个月高/低 | | 70.9/46.54 | | 总发行股数(百万) | | 132.91 | | A 股数(百万) | | 132.21 | | A 市值(亿元) | | 77.17 | | 主要股东 | | 大连光洋科技 | | | | 集团有限公司 | | | | (25.57%) | | 每股净值(元) | | 14.13 | | 股价/账面净值 | | 4.13 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.2 | -6.1 10.0 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 产品组合 | | | | 自动化生产线 | | 53.7% | | 高端数控机床 | | 40.4% | | 关键功能部件 | | 2.2% | | 高档数控系统 | | 0.2% | 机构投资者占流通 A 股比例 | 基金 | ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 11 月 25 日 沈嘉婕 | H70455@capital.com.tw | | --- | | 目标价(港币) 65 | 公司基本资讯 | 产业别 | | | 汽车 | | --- | --- | --- | --- | | H 股价(2025/11/24) | | | 50.00 | | 恒生指数(2025/11/24) | | | 25,716.5 | | 股价 12 个月高/低 | | | 73.5/27.7 | | 总发行股数(百万) | | | 1,421.81 | | H 股数(百万) | | | 1,131.05 | | H 市值(亿元) | | | 347.61 | | 主要股东 | | | 陈爱玲(27.07%) | | 每股净值(元) | | | 9.73 | | 股价/账面净值 | | | 5.14 | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | 61.03% | -26.42 -13.79 | | 近期评等 | 出刊日期 | ...

Investment Rating - The report assigns a "BUY" rating for the company, with a target price of HKD 39.5, indicating a potential upside from the current price of HKD 34.10 [1][7]. Core Insights - The company reported a revenue of RMB 6.96 billion for Q3 2025, representing an 8% year-on-year increase, and a net profit of RMB 1.47 billion, up 15.4% year-on-year. Adjusted EBITDA reached RMB 2.5 billion, reflecting a 19% increase [8]. - The company has shown a consistent improvement in its business operations, with a significant increase in the number of hotels and a stable RevPAR performance [12]. - The report anticipates continued growth in net profit for 2025-2027, with projections of RMB 4.31 billion, RMB 4.79 billion, and RMB 5.50 billion respectively, reflecting year-on-year growth rates of 41%, 11%, and 15% [12]. Company Overview - The company operates in the tourism and leisure industry, with a market capitalization of RMB 77.71 billion and a total share count of approximately 3,069.39 million [2]. - The company has a diversified revenue model, with 50.1% from leasing and owned properties, and 47.5% from management franchises and licensing [4]. Financial Performance - The company achieved a gross margin of 41.65% and an operating margin of 29.4% in Q3 2025, indicating improved profitability [12]. - The report highlights a decrease in the expense ratio by 2.48 percentage points year-on-year, attributed to cost control measures and operational efficiency [12]. Future Outlook - The company is expected to benefit from marginal improvements in hotel supply and continued penetration into lower-tier cities, alongside product upgrades and cost management strategies [12]. - The report suggests that RevPAR may see growth in Q4 2025, supported by the company's strategic initiatives [12].