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 10 月 30 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 95.0 | 公司基本资讯 | 产业别 | | 家用电器 | | --- | --- | --- | | H 股价(2025/10/29) | | 81.70 | | 恒生指数(2025/10/29) | | 26,346.1 | | 股价 12 个月高/低 | | 87.35/60.81 | | 总发行股数(百万) | | 7,683.64 | | H 股数(百万) | | 650.85 | | H 市值(亿元) | | 5,344.27 | | | | 美的控股有限 | | 主要股东 | | 公司(28.24%) | | 每股净值(元) | | 28.71 | | 股价/账面净值 | | 2.86 | | | | 一年 三个月 一个月 | | 股价涨跌(%) | 11.04% | 2.94% 0.55% | | 近期评等 | | | | ...

2025 年 10 月 30 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 1580 | 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | A 股价(2025/10/29) | | 1431.90 | | 上证指数(2025/10/29) | | 4016.33 | | 股价 12 个月高/低 | | 1626.12/1373. | | | | 1 | | 总发行股数(百万) | | 1252.27 | | A 股数(百万) | | 1252.27 | | A 市值(亿元) | | 17931.26 | | 主要股东 | | 中国贵州茅台 | | | | 酒厂(集团)有 | | | | 限责任公司 | | | | (54.30%) | | 每股净值(元) | | 205.28 | | 股价/账面净值 | | 6.98 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.1 | 1.1 -3.2 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2025- ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a revenue of 510 million RMB for the first three quarters of 2025, representing a year-over-year increase of 28.4%. The net profit attributable to the parent company was 40 million RMB, up 37.5% year-over-year [8][9]. - The company is expected to benefit from the rapid growth in the robotics industry, with significant sales growth in core products such as frameless motors and servo wheels [9]. - The report slightly raises profit forecasts for 2025, 2026, and 2027, projecting net profits of 70 million, 101 million, and 122 million RMB respectively, with corresponding year-over-year growth rates of 43%, 45%, and 20% [9][11]. Company Overview - The company operates in the machinery equipment sector, with a current A-share price of 88.79 RMB and a market capitalization of 7.458 billion RMB [2]. - The major shareholder is Shanghai Bujin Information Consulting Co., Ltd., holding 38.40% of the shares [2]. - The company has a total of 90.83 million shares issued, with 84 million shares being A-shares [2]. Financial Performance - The company achieved a gross margin of 35.2% for the first three quarters of 2025, a slight decrease from the previous year [9]. - The net profit margin for the first three quarters improved to 6.8%, up 1.6 percentage points year-over-year [9]. - The report highlights a significant increase in quarterly revenue for Q3 2025, reaching 200 million RMB, which is a 41.3% increase year-over-year [8][9]. Market Position - The company focuses on the robotics sector, positioning itself as a provider of essential components for robots, which is expected to drive future sales growth [9]. - The report notes that the company has established partnerships with several leading robotics firms, contributing to a 55% year-over-year increase in sales revenue in the robotics industry for the first half of 2025 [9].

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% [7][12]. Core Insights - The company is experiencing a favorable supply-demand dynamic in the DRAM industry, leading to a significant increase in revenue and net profit. In Q3 2025, revenue grew by 31% year-over-year, while net profit surged by 61% [7][10]. - The company is positioned as a leader in the storage market, having achieved large-scale production of 45nm NOR Flash and successfully introduced DDR4 niche products to clients. It is also the largest supplier of 32-bit MCUs in China [7][10]. - The report anticipates continued price increases in storage products driven by AI computing demand and supply constraints, projecting further revenue growth for the company [10]. Financial Summary - For the fiscal year ending December 31, 2025, the company is expected to achieve a net profit of RMB 1,876 million, representing a year-over-year growth of 70% [9]. - The earnings per share (EPS) for 2025 is projected at RMB 2.81, with a corresponding price-to-earnings (P/E) ratio of 84.3 [9][10]. - The company’s revenue is forecasted to reach RMB 9,769 million in 2025, with a gross margin of 38.6% for the first three quarters of 2025 [10][14].

2025 年 10 月 30 日 王睿哲 C0062@capital.com.tw 目标价(元) 170 公司基本资讯 | 产业别 | | | 医药生物 | | --- | --- | --- | --- | | A 股价(2025/10/29) | | 146.56 | | | 上证指数(2025/10/29) | | 4016.33 | | | 股价 12 个月高/低 | | 164.36/114.83 | | | 总发行股数(百万) | | 824.16 | | | A 股数(百万) | | 824.16 | | | A 市值(亿元) | | 1207.89 | | | 主要股东 | | 联影医疗技术集 | | | | | 团有限公司 | | | | | (20.33%) | | | 每股净值(元) | | 25.25 | | | 股价/账面净值 | | 5.80 | | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | 1.9 | 10.0 18.8 | | 近期评等 | 日期 | 收盘价 | 评级 | | --- | --- | --- | | 2025-09-01 | 141.8 ...

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 | | --- | --- | ...