m 2025 年 10 月 29 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 220 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2025/10/28) | 165.88 | | 深证成指(2025/10/28) | 13430.10 | | 股价 12 个月高/低 | 172.63/51.76 | | 总发行股数(百万) | 2073.21 | | A 股数(百万) | 1589.71 | | A 市值(亿元) | 2637.01 | | 主要股东 | 曹仁贤 | | | (30.46%) | | 每股净值(元) | 20.75 | | 股价/账面净值 | 8.00 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 21.7 131.9 81.1 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | -- | -- | -- | | | 产品组合 | | | | | 储能系统 | | | 41% | | 光伏逆变器 | | | 35% | | 电站投资开发 | ...

2025 年 10 月 29 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 29 | 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/10/28) | | 25.15 | | 深证成指(2025/10/28) | | 13430.10 | | 股价 12 个月高/低 | | 26.52/22.76 | | 总发行股数(百万) | | 3464.66 | | A 股数(百万) | | 3464.21 | | A 市值(亿元) | | 871.25 | | 主要股东 | | 罗特克斯有限 | | | | 公司(70.33%) | | 每股净值(元) | | 5.84 | | 股价/账面净值 | | 4.31 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 1.3 4.6 | 8.6 | 近期评等 肉制品盈利持续优化，Q3 超预期 业绩概要： | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-13 | 24.24 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 44 CNY per share [5][6]. Core Insights - The company reported a revenue of 21.63 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 6%. The net profit attributable to shareholders was 5.32 billion CNY, up 10.5% year-on-year. However, the Q3 performance was below expectations, with a revenue of 6.4 billion CNY, a 2.5% increase year-on-year, and a net profit of 1.4 billion CNY, up 3.4% year-on-year [6][9]. - The company experienced a slight decline in Q3 revenue due to weak dining demand. The revenue breakdown shows soy sauce generated 11.16 billion CNY (up 7.9% YoY), oyster sauce 3.63 billion CNY (up 5.9% YoY), and seasoning sauces 2.23 billion CNY (up 9.6% YoY) for the first three quarters [9]. - The gross margin improved by 3.19 percentage points year-on-year to 39.97% for the first three quarters, attributed to lower raw material prices [9]. - The report anticipates a revenue acceleration in Q4, with a downward revision of profit forecasts for 2025-2026, expecting net profits of 7.03 billion CNY and 7.92 billion CNY, respectively [9]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a market capitalization of 213.53 billion CNY and a share price of 38.40 CNY as of October 28, 2025 [1]. Financial Performance - The company achieved a total revenue of 25.61 billion CNY in 2022, with projections of 29.50 billion CNY for 2025 and 32.41 billion CNY for 2026 [13]. - The net profit for 2022 was 6.198 billion CNY, with forecasts of 7.031 billion CNY for 2025 and 7.923 billion CNY for 2026 [11]. Shareholder Information - The major shareholder is Guangdong Haid Group Co., Ltd., holding 55.36% of the shares [1]. - Institutional investors hold 2.6% of the circulating A-shares, while general corporations hold 65.6% [2].

2025 年 10 月 29 日 王睿哲 C0062@capital.com.tw 目标价(港元) 26.5 公司基本资讯 | 产业别 | 医药生物 | | --- | --- | | H 股价(2025/10/28) | 23.00 | | 恒生指数(2025/10/28) | 26,346.1 | | 股价 12 个月高/低 | 28.8/12.61 | | 总发行股数(百万) | 2,659.46 | | H 股数(百万) | 540.97 | | H 市值(亿元) | 342.43 | | | 上海复星高科 | | 主要股东 | 技(集团)有限 | | | 公司(36.15%) | | 每股净值(元) | 18.06 | | 股价/账面净值 | 1.27 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 63.52% 19.05% -11.94 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/08/27 | 19.34 | 买进 | | 产品组合 | | | --- | --- | | 药品制造与研发 | 70.7% | | 医 ...

2025 年 10 月 29 日 赵旭东 H70556@capital.com.tw 目标价(元) 21 公司基本信息 | 产业别 | | 交通运输 | | | --- | --- | --- | --- | | A 股价(2025/10/28) | | 17.12 | | | 上证指数(2025/10/28) | | 3988.22 | | | 股价 12 个月高/低 | | 20.57/11.64 | | | 总发行股数(百万) | | 3422.54 | | | A 股数(百万) | | 3422.54 | | | A 市值(亿元) | | 585.94 | | | 主要股东 | | 上海圆通蛟龙 | | | | | 投资发展(集 | | | | | 团)有限公司 | | | | | (30.70%) | | | 每股净值(元) | | 9.76 | | | 股价/账面净值 | | 1.75 | | | | 一个月 三个月 | 一年 | | | 股价涨跌(%) | -11.4 16.2 | | 2.8 | | 近期评等 | | | | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | ...

m 公司基本资讯 | 基金 | 27.8% | | --- | --- | | 一般法人 | 36.1% | 股价相对大盘走势 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 . | 产业别 | | 电气设备 | | | --- | --- | --- | --- | | A 股价(2025/10/28) | | | 77.53 | | 深证成指(2025/10/28) | | | 13430.10 | | 股价 12 个月高/低 | | 94.44/36.78 | | | 总发行股数(百万) | | | 2045.74 | | A 股数(百万) | | | 1861.45 | | A 市值(亿元) | | | 1443.19 | | 主要股东 | | 西藏亿纬控股 | | | | | | 有限公司 | | | | | (32.02%) | | 每股净值(元) | | | 19.34 | | 股价/账面净值 | | | 4.01 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 8.0 | 75.7 | 59.1 | ...

m 2025 年 10 月 29 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | HKD 17 | 公司基本资讯 | 产业别 | | 电力设备 | | --- | --- | --- | | H 股价(2025/10/28) | | 12.99 | | 恒生指数(2025/10/28) | | 26,346.1 | | 股价 12 个月高/低 | | 15.57/3.81 | | 总发行股数(百万) | | 4,225.07 | | H 股数(百万) | | 773.57 | | H 市值(亿元) | | 215.48 | | | | 香港中央结算 | | 主要股东 | | (代理人)有限 | | | | 公司(18.28%) | | 每股净值(元) | | 9.09 | | 股价/账面净值 | | 1.43 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 106.15% 77.95% | 1.25% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025- ...

| 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/10/28) | | 15.25 | | 深证成指(2025/10/28) | | 13430.10 | | 股价 12 个月高/低 | | 20.07/9.42 | | 总发行股数(百万) | | 1530.80 | | A 股数(百万) | | 1467.20 | | A 市值(亿元) | | 223.75 | | 主要股东 | | 浙江菜鸟供应 | | | | 链管理有限公 | | | | 司(25.00%) | | 每股净值(元) | | 6.72 | | 股价/账面净值 | | 2.27 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -18.7 -4.0 | 38.5 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-01-14 | 9.79 | 买进 | | 2025-05-28 | 10.27 | 买进 | | 2025-09-19 | 17.05 | 买进 | | 产品组合 | | --- | | 快递服务 | 98. ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company achieved a revenue growth of 18% and a net profit growth of 95% in Q3 2025, with a non-GAAP net profit growth of 59%, leading the industry in performance [4][6]. - As a core packaging and testing manufacturer for AMD, the company is expected to benefit significantly from the growth of its major client, with projected net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for 2025-2027, representing year-on-year growth rates of 89%, 47%, and 44% respectively [4][6]. - The stock is currently trading at a price-to-earnings (P/E) ratio of 48, 32, and 23 for the years 2025-2027, which supports the "Buy" rating [4][6]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenues of 20.12 billion RMB, a year-on-year increase of 17.8%, and a net profit of 860 million RMB, a year-on-year increase of 55.7% [6]. - In Q3 2025 alone, the company achieved revenues of 7.08 billion RMB, a year-on-year increase of 17.9%, and a net profit of 450 million RMB, a year-on-year increase of 95.1% [6]. - The comprehensive gross margin for the first three quarters of 2025 was 15.3%, an increase of 0.9 percentage points compared to the same period last year [6]. Earnings Forecast - The company is expected to achieve net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for the years 2025, 2026, and 2027, with corresponding EPS of 0.84 RMB, 1.24 RMB, and 1.79 RMB [5][6]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 47.7, 32.4, and 22.5 respectively [5].

2025 年 10 月 28 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 335 | 公司基本资讯 | 产业别 | | 食品饮料 | | | --- | --- | --- | --- | | A 股价(2025/10/27) | | | 287.01 | | 上证指数(2025/10/27) | | | 3996.94 | | 股价 12 个月高/低 | | 336.11/204.65 | | | 总发行股数(百万) | | | 520.01 | | A 股数(百万) | | | 520.01 | | A 市值(亿元) | | | 1492.49 | | 主要股东 | | | 林木勤 | | | | | (49.74%) | | 每股净值(元) | | | 16.92 | | 股价/账面净值 | | | 16.96 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -2.9 0.9 | | 34.0 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-2 ...