2026 年 4 月 1 日 何利超 | H70529@capital.com.tw | | | --- | --- | | 目标价(元) | 650 | 公司基本资讯 | 产业别 | | | | 通信 | | --- | --- | --- | --- | --- | | A 股价(2026/3/31) | | | | 569.41 | | 深证成指(2026/3/31) | | | | 13478.06 | | 股价 12 个月高/低 | | | | 658.8/66.86 | | 总发行股数(百万) | | | | 1111.12 | | A 股数(百万) | | | | 1105.50 | | A 市值(亿元) | | | | 6294.82 | | 主要股东 | | | 山东中际投资 | | | | | | 控股有限公司 | | | | | | | (10.93%) | | 每股净值(元) | | | | 26.79 | | 股价/账面净值 | | | | 21.26 | | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | | 1.0 | -9.9 | 487.5 | | 近期评等 ...

2026 年 04 月 01 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港币) | 22.8 | 公司基本资讯 短期成本压力显现，分红率将逐步提升 结论及建议： | 产业别 | | | 家用电器 | | --- | --- | --- | --- | | H 股价(2026/03/31) | | | 20.72 | | 恒生指数(2026/03/31) | | | 24,788.1 | | 股价 12 个月高/低 | | | 27.82/18.69 | | 总发行股数(百万) | | | 9,377.63 | | H 股数(百万) | | | 2,853.59 | | H 市值(亿元) | | | 1,943.04 | | | | | HKSCC | | 主要股东 | | | NOMINEES | | | | | LIMITED(24.66%) | | 每股净值(元) | | | 12.66 | | 股价/账面净值 | | | 1.64 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | -18.55% | -15.57% -1 ...

2026 年 04 月 01 日 | 顾向君 | | | --- | --- | | H70420@capital.com.tw | | | 目标价(H 股) | 75 | 公司基本资讯 | 产业别 | 商贸零售 | | --- | --- | | H 股价(2026/3/31) | 64.95 | | 恒生指数(2026/3/31) | 24,788.1 | | 股价 12 个月高/低 | 106.6/42.48 | | 总发行股数(百万) | 2,077.80 | | H 股数(百万) | 125.32 | | H 市值(亿元) | 1,349.53 | | | 中国旅游集团 | | 主要股东 | 有限公司 | | | (50.3%) | | 每股净值(元) | 26.78 | | 股价/账面净值 | 2.43 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -11.15% -17.00% 31.24% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2026-01-06 | 76.60 | 买进 | | 2025-12-18 | 76.5 ...

2026 年 04 月 01 日 顾向君 H70420@capitalcom.tw 目标价(港币) 36 公司基本资讯 | 产业别 | | | 商贸零售 | | | --- | --- | --- | --- | --- | | H 股价(2026/03/31) | | | | 30.76 | | 恒生指数(2026/03/31) | | | 24,788.1 | | | 股价 12 个月高/低 | | | 50.4/28.71 | | | 总发行股数(百万) | | | 1,238.96 | | | H 股数(百万) | | | 1,238.96 | | | H 市值(亿元) | | | | 381.10 | | 主要股东 | | 杨云云(63.1%) | | | | 每股净值(元) | | | | 8.58 | | 股价/账面净值 | | | | 3.58 | | 一个月 | | 三个月 | | 一年 | | 股价涨跌(%) | -7.90% | -16.64% -11.11% | | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-02 ...

近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2026-01-06 | 76.60 | 买进 | | 2025-12-18 | 76.50 | 区间操作 | | 2025-11-03 | 76.07 | 区间操作 | | 2025-01-17 | 61.60 | 买进 | | 顾向君 | | | --- | --- | | H70420@capital.com.tw | | | 目标价(H 股) | 75 | 公司基本资讯 | 产业别 | 商贸零售 | | --- | --- | | H 股价(2026/3/31) | 64.95 | | 恒生指数(2026/3/31) | 24,788.1 | | 股价 12 个月高/低 | 106.6/42.48 | | 总发行股数(百万) | 2,077.80 | | H 股数(百万) | 125.32 | | H 市值(亿元) | 1,349.53 | | | 中国旅游集团 | | 主要股东 | 有限公司 | | | (50.3%) | | 每股净值(元) | 26.78 | | 股价/账面净值 | 2.43 | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 36, indicating a potential upside from the current price of HKD 30.76 [1][5]. Core Insights - The company reported a revenue of RMB 21.44 billion for the year 2025, representing a year-on-year increase of 26.2%. However, the net profit attributable to shareholders decreased by 54% to RMB 1.2 billion. The adjusted EBITDA was RMB 4.96 billion, up 14.4% year-on-year [6][9]. - The company has a strong focus on its IP strategy, with the first proprietary IP "yoyo sauce" generating over RMB 100 million in revenue. The company plans to continue expanding its IP portfolio, with 30-40 IPs in preparation for future growth [7][9]. - The company aims for high double-digit revenue growth in 2026, with a projected net profit of RMB 2.63 billion, reflecting a year-on-year increase of 118.4% [9]. Financial Performance - The company achieved a total revenue of RMB 21.44 billion in 2025, with a breakdown showing domestic revenue of RMB 10.9 billion (up 16.8%) and international revenue of RMB 8.63 billion (up 29.3%) [7]. - The gross margin remained stable at 44.99%, while the fourth quarter gross margin decreased by approximately 0.66 percentage points to 46.39% due to product mix adjustments [7]. - The company plans to continue optimizing store performance and expanding its store network, with a total of 4,568 stores in China and 3,583 overseas [7]. Future Projections - For the years 2026 to 2028, the company is expected to achieve net profits of RMB 2.63 billion, RMB 3.42 billion, and RMB 4.09 billion, respectively, with corresponding year-on-year growth rates of 118.4%, 30%, and 19.7% [9][10]. - The earnings per share (EPS) for the same period are projected to be RMB 2.12, RMB 2.76, and RMB 3.30, with price-to-earnings (P/E) ratios of 13x, 10x, and 8x, respectively [9][10].

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 . 2026 年 03 月 31 日 | 王睿哲 | | --- | | C0062@capital.com.tw | | 目标价(港元) 95.0 | 公司基本资讯 | 产业别 | | 家用电器 | | --- | --- | --- | | H 股价(2026/03/30) | | 78.45 | | 恒生指数(2026/03/30) | | 24,750.8 | | 股价 12 个月高/低 | | 94.2/60.41 | | 总发行股数(百万) | | 7,603.28 | | H 股数(百万) | | 650.85 | | H 市值(亿元) | | 5,964.77 | | 主要股东 | | 美的控股有限 公司(28.24%) | | 每股净值(元) | | 29.38 | | 股价/账面净值 | | 2.67 | | | | 一年 三个月 一个月 | | 股价涨跌(%) | -10.24% | -9.72% 9.65% | | 近期评等 | | | | 出刊日期 | 前日收盘 | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 180 CNY [1][5]. Core Insights - The company achieved a revenue of 37.12 billion CNY in 2025, representing a year-on-year increase of 184.7%, and recorded a net profit attributable to shareholders of 12.78 billion CNY, up 308.8% year-on-year [6][8]. - The company plans to enhance its operational foundation in 2026, focusing on refined operations and expanding into overseas markets, with a target of exceeding 100 stores in the Americas [8]. - The company’s gross margin improved by 5.3 percentage points to 72.1% in 2025, benefiting from a higher proportion of overseas revenue and improved bargaining power with suppliers [8]. Financial Summary - The company’s net profit projections for 2026-2028 are 15.69 billion CNY, 18.18 billion CNY, and 20.39 billion CNY, respectively, with year-on-year growth rates of 22.8%, 15.9%, and 12.2% [8][10]. - Earnings per share (EPS) for the same period are expected to be 11.7 CNY, 13.56 CNY, and 15.21 CNY, with corresponding price-to-earnings (P/E) ratios of 11x, 10x, and 9x [10][8]. - The company’s total revenue is projected to reach 47.3 billion CNY in 2026, with total expenses of 13.1 billion CNY, resulting in an operating profit of 20.99 billion CNY [12].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][9]. Core Insights - The company achieved a revenue of 3.66 billion RMB in 2025, representing a year-over-year increase of 9.7%. The net profit attributable to shareholders was 720 million RMB, up 38.3% year-over-year [7]. - The semiconductor business is experiencing rapid growth, with significant contributions from various product categories, including CMP polishing pads and semiconductor display materials [7]. - The company forecasts a net profit of 2.4 to 2.6 billion RMB for Q1 2026, reflecting a year-over-year growth of 70% to 84% [7]. Financial Performance Summary - In 2025, the company's gross margin was 50.9%, an increase of 4.0 percentage points year-over-year. The net profit margin for the same year was 19.7%, up 4.1 percentage points [7]. - The company expects to achieve net profits of 1.00 billion RMB, 1.32 billion RMB, and 1.59 billion RMB for the years 2026, 2027, and 2028, respectively, with year-over-year growth rates of 39%, 32%, and 20% [9][10]. - The earnings per share (EPS) are projected to be 1.06 RMB, 1.40 RMB, and 1.68 RMB for 2026, 2027, and 2028, respectively [10]. Business Segment Performance - The semiconductor materials segment generated revenue of 1.09 billion RMB in 2025, a year-over-year increase of 52.3%. The printing consumables segment, however, saw a decline in revenue by 13.0% to 1.56 billion RMB due to a strategic reduction in low-margin products [7]. - The company has successfully established a production line for photoresists, which is expected to contribute to revenue in the near future [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][9]. Core Insights - The company achieved a revenue of RMB 3.66 billion in 2025, representing a year-over-year growth of 9.7%. The net profit attributable to shareholders was RMB 720 million, up 38.3% year-over-year [7]. - The semiconductor business is experiencing rapid growth, with significant contributions from various product categories, including CMP polishing pads and semiconductor display materials [7]. - The company forecasts a net profit of RMB 2.4 to 2.6 billion for Q1 2026, reflecting a year-over-year increase of 70% to 84% [7]. - The gross profit margin for 2025 was 50.9%, an increase of 4.0 percentage points year-over-year, driven by the higher contribution from the semiconductor business [7]. - The company is expanding its production capacity for photoresists, with a new production line expected to contribute to revenue shortly [7]. Summary by Sections Financial Performance - In 2025, the company reported a net profit of RMB 720 million, with a year-over-year increase of 38.3%. The revenue for the same year was RMB 3.66 billion, with a gross profit margin of 50.9% [7][10]. - The forecast for net profit in 2026 is RMB 1.004 billion, representing a year-over-year growth of 39% [10]. Revenue Breakdown - The semiconductor materials segment generated RMB 10.91 billion in revenue, a year-over-year increase of 52.3%. The printing consumables segment saw a decline, with revenue of RMB 15.6 billion, down 13.0% year-over-year [7]. Future Projections - The company expects to achieve net profits of RMB 1.004 billion, RMB 1.324 billion, and RMB 1.588 billion for the years 2026, 2027, and 2028, respectively, with year-over-year growth rates of 39%, 32%, and 20% [9][10].