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 | | ...

2026 年 04 月 01 日 顾向君 H70420@capitalcom.tw 目标价(港币) 36 C h i n a R e s e a r c h D e p t . 名创优品(09896.HK) BUY 买进 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% | | | ...

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].

机构投资者占流通 A 股比例 2026 年 03 月 27 日 赵旭东 H70556@capital.com.tw 目标价(元) 60 公司基本信息 | 产业别 | 化工 | | --- | --- | | A 股价(2026/3/26) | 45.23 | | 深证成指(2026/3/26) | 13606.44 | | 股价 12 个月高/低 | 49.2/24.39 | | 总发行股数(百万) | 948.07 | | A 股数(百万) | 737.81 | | A 市值(亿元) | 333.71 | | 主要股东 | 朱双全(14.70%) | | 每股净值(元) | | | 5.47 | | --- | --- | --- | --- | | 股价/账面净值 | | | 8.26 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -4.0 16.5 | | 61.6 | | 近期评等 | | | | | 出刊日期 | 前日收盘 | 评等 | | | 产品组合 | | | | | 半导体材料 | | | 67.5% | | 打印复印耗材 | | | 32.2% | | 基金 | 1 ...

公司基本信息 | 产业别 | 化工 | | --- | --- | | A 股价(2026/3/26) | 45.23 | | 深证成指(2026/3/26) | 13606.44 | | 股价 12 个月高/低 | 49.2/24.39 | | 总发行股数(百万) | 948.07 | | A 股数(百万) | 737.81 | | A 市值(亿元) | 333.71 | | 主要股东 | 朱双全(14.70%) | 2026 年 03 月 27 日 赵旭东 H70556@capital.com.tw 目标价(元) 60 | 每股净值(元) | | | 5.47 | | --- | --- | --- | --- | | 股价/账面净值 | | | 8.26 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | -4.0 16.5 | | 61.6 | | 近期评等 | | | | | 出刊日期 | 前日收盘 | 评等 | | | 产品组合 | | | | | 半导体材料 | | | 67.5% | | 打印复印耗材 | | | 32.2% | 机构投资者占流通 A 股比例 | 基金 | 1 ...