机构投资者占流通 A 股比例 基金 2026 年 01 月 15 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(2026/1/14) | 264.68 | | 上证指数(2026/1/14) | 4126.09 | | 股价 12 个月高/低 | 336.11/205.24 | | 总发行股数(百万) | 520.01 | | A 股数(百万) | 520.01 | | A 市值(亿元) | 1376.37 | | 主要股东 | 林木勤 | | | (49.74%) | | 每股净值(元) | 16.92 | | 股价/账面净值 | 15.64 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -0.6 -12.1 0.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-10-28 | 287.01 | 买进 | | 2025-07-29 | 290.20 | 买进 | ...

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 1525 CNY [1][6]. Core Insights - The company is focusing on market-oriented reforms in 2026, with an emphasis on increasing the supply of its products before the Spring Festival. This includes adjustments in the distribution of various types of Moutai liquor [6][9]. - The company aims to streamline its product structure by reducing high-value product offerings and reinforcing the position of its flagship product, "Pu Moutai" [9]. - The company plans to implement a dynamic pricing strategy to achieve a balance between supply and demand, while also reforming its distribution channels to enhance efficiency [9]. - The projected net profits for 2025, 2026, and 2027 are 907.5 billion, 930.2 billion, and 991.6 billion CNY respectively, with year-on-year growth rates of 5.2%, 2.5%, and 6.6% [9][11]. Summary by Sections Company Basic Information - The company operates in the food and beverage industry, with a current stock price of 1412.30 CNY as of January 8, 2026. The market capitalization is approximately 176.86 billion CNY [2]. - The major shareholder is China Guizhou Moutai Distillery (Group) Co., Ltd., holding 54.40% of the shares [2]. Financial Performance - The company’s projected net profit for 2025 is 907.5 billion CNY, with an EPS of 72.24 CNY, corresponding to a P/E ratio of 20 [11]. - Revenue is expected to grow from 183.09 billion CNY in 2025 to 199.00 billion CNY in 2027 [14]. Product Composition - The product mix consists of 86.1% Moutai liquor and 13.9% series liquor, indicating a strong focus on its flagship product [2]. Market Dynamics - The company is adjusting its distribution strategy to enhance the profitability of its distributors by offering consignment services, which is expected to improve the overall supply-demand matching [9].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has received approval for its innovative drug, Ruira Fup α, which is a dual-function fusion protein targeting PD-L1 and TGF-βRII, marking it as the first of its kind to be approved in the market [5][8]. - The company has a robust pipeline with over 300 new drugs under development, and it is expected to launch 7 new drugs by 2025, with Ruira Fup α being approved at the start of 2026 [8]. - The company is actively pursuing business development (BD) transactions, with expected revenues from these deals exceeding USD 16 billion, which will significantly enhance profitability [8]. - Projected net profits for the company are estimated at RMB 10.1 billion, RMB 9.1 billion, and RMB 10.4 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 59.3%, -9.9%, and 14.5% [10]. Financial Summary - The company’s revenue is projected to grow from RMB 22.82 billion in 2023 to RMB 45.40 billion by 2027, reflecting a strong growth trajectory [12]. - The earnings per share (EPS) are expected to be RMB 1.52, RMB 1.37, and RMB 1.57 for the years 2025, 2026, and 2027 respectively, with a notable increase in 2025 [10]. - The company’s net profit margin is projected to be 18.5% in 2025, decreasing to 16.5% in 2026, and recovering to 17.5% in 2027 [10].

公司基本资讯 | 产业别 | | 休闲服务 | | --- | --- | --- | | A 股价(2026/1/5) | | 90.29 | | 上证指数(2026/1/5) | | 4023.42 | | 股价 12 个月高/低 | | 95.66/53.64 | | 总发行股数(百万) | | 2068.86 | | A 股数(百万) | | 1952.48 | | A 市值(亿元) | | 1762.89 | | 主要股东 | | 中国旅游集团 | | | | 有限公司 | | | | (50.30%) | | 每股净值(元) | | 26.66 | | 股价/账面净值 | | 3.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 11.5 | 32.3 42.5 | 近期评等 20256 年 01 月 06 日 | H70420@capital.com.tw | | | --- | --- | | 顾向君 目标价(A 股) | 110 | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-12-18 | 76.50 | 区间操作 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside in the stock price [2][3]. Core Insights - The company is expected to benefit significantly from the upcoming launch of the game "Yihuan," which is projected to generate over 5 billion RMB in its first year, potentially becoming a key intellectual property (IP) for the company [6]. - The return of the "DOTA2 International Invitation" esports event to Shanghai is anticipated to enhance revenue through event operations and related consumer spending, aligning with the cultural consumption trend [6]. - The company reported a revenue of 1.726 billion RMB in Q3 2025, a year-on-year increase of 31.45%, and achieved a net profit of 162 million RMB, marking a turnaround from previous losses [6]. - Cost reduction and efficiency improvements have been implemented, with a significant reduction in R&D personnel, which is expected to enhance future productivity [6]. Financial Summary - The company forecasts net profits of 876 million RMB, 1.415 billion RMB, and 1.668 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 61.5% and 17.9% [8]. - Earnings per share (EPS) are projected to be 0.45 RMB, 0.73 RMB, and 0.86 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 37, 23, and 20 [8]. - The company’s revenue is expected to grow from 7.306 billion RMB in 2025 to 10.219 billion RMB in 2026, reflecting a positive growth trajectory [10].

2026 年 1 月 5 日 | | | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/12/31) | | 272.72 | | 上证指数(2025/12/31) | | 3968.84 | | 股价 12 个月高/低 | | 342.5/164.61 | | 总发行股数(百万) | | 626.15 | | A 股数(百万) | | 626.15 | | A 市值(亿元) | | 1707.62 | | 主要股东 | | 上海创业投资 | | | | 有限公司 | | | | (14.93%) | | 每股净值(元) | | 34.29 | | 股价/账面净值 | | 7.95 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 5.1 | -7.6 44.4 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2025-11-03 | 277.90 | 买进 | | 2025-07-04 | 177.74 | 买进 | | 2025-04-24 | 187.35 | 买进 | | 产品组合 | | | ...

机构投资者占流通 A 股比例 | 基金 | 0.3% | | --- | --- | | 一般法人 | 32.0% | 股价相对大盘走势 | H70529@capital.com.tw | | --- | | 何利超 目标价(元) 130 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/12/29) | | 109.32 | | 深证成指(2025/12/29) | | 13537.10 | | 股价 12 个月高/低 | | 116.5/21.53 | | 总发行股数(百万) | | 976.56 | | A 股数(百万) | | 850.19 | | A 市值(亿元) | | 929.43 | | 主要股东 | | 深圳市英维克 | | | | 投资有限公司 | | | | (25.09%) | | 每股净值(元) | | 3.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 48.5 40.6 253.2 | | 近期评等 出刊日期 前日收盘 评等 2025 年 12 月 30 日 | 产品组合 | | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [6][7]. Core Insights - The company is set to establish a joint venture with Zhejiang Rongtai in Thailand, focusing on the smart robotics market, which is expected to leverage both parties' technological and resource advantages [7][8]. - The partnership aims to enhance collaboration in product technology and customer resources, particularly in the fields of servo systems and micro-screws, which are critical for humanoid robots [8]. - The company has slightly adjusted its profit forecasts for 2026 and 2027, expecting net profits of RMB 270 million and RMB 341 million respectively, reflecting year-on-year growth rates of 10% and 26% [8][10]. Financial Summary - The company's projected net profits for 2025, 2026, and 2027 are RMB 270 million, RMB 341 million, and RMB 403 million, with corresponding year-on-year growth rates of 10%, 26%, and 18% [10]. - Earnings per share (EPS) are expected to be RMB 1.26, RMB 1.59, and RMB 1.89 for the years 2025, 2026, and 2027, respectively [10]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 71.69, 56.76, and 48.00, indicating a favorable valuation trend [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][6]. Core Insights - The completion of the Zeekr privatization is expected to enhance operational efficiency, with anticipated reductions in R&D and BOM costs, and improvements in capacity utilization [6][8]. - The company is accelerating its electrification strategy, with a significant increase in sales of new energy vehicles, which accounted for 55% of total sales in 2025 [8]. - The company plans to launch multiple new models in 2026, targeting various price segments, which is expected to drive sales growth [6][7]. Financial Summary - The company forecasts net profits of RMB 170.6 billion, RMB 218.5 billion, and RMB 281.8 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of +80%, +28%, and +29% [6][10]. - Earnings per share (EPS) are projected to be RMB 1.59, RMB 2.04, and RMB 2.62 for the same years, with corresponding price-to-earnings (P/E) ratios of 9.6, 7.5, and 5.8 [6][10]. - The company plans to repurchase shares worth up to HKD 2.3 billion, which is expected to support the stock price [6][8].