2026 年 03 月 25 日 王睿哲 C0062@capital.com.tw 目标价(港元) 22 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/03/24) | | 18.23 | | 恒生指数(2026/03/24) | | 25,063.7 | | 股价 12 个月高/低 | | 28.8/12.89 | | 总发行股数(百万) | | 2,659.46 | | H 股数(百万) | | 540.97 | | H 市值(亿元) | | 342.43 | | | | 上海复星高科技 | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | 每股净值(元) | | 18.31 | | 股价/账面净值 | | 1.00 | | | 一个月 | 三个月 一年 | | 股价涨跌(%) | -10.55% -11.59% 20.07% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2026/02/06 | 20.52 | 买进 | | 产品组合 | | | - ...

2026 年 03 月 25 日 顾向君 H70420@capitalcom.tw 目标价(HKD) 49 公司基本资讯 | 产业别 | | 食品饮料 | | --- | --- | --- | | H 股价(2026/03/24) | | 42.44 | | 恒生指数(2026/03/24) | | 25,063.7 | | 股价 12 个月高/低 | | 56.1/31.76 | | 总发行股数(百万) | | 11,246.47 | | H 股数(百万) | | 5,034.67 | | H 市值(亿元) | | 3,098.40 | | 主要股东 | | 钟睒睒(84.04%) | | 每股净值(元) | | 3.51 | | 股价/账面净值 | | 12.09 | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) -10.12% | -7.30% | 13.22% | 近期评等 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 . 农夫山泉（09633.HK） BUY 买进 | 出刊日期 | 前日收盘 | 评等 | | - ...

2026 年 03 月 24 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 45 | 公司基本资讯 | 产业别 | | 社会服务 | | --- | --- | --- | | H 股价(2026/03/24) | | 38.82 | | 恒生指数(2026/03/24) | | 24,382.5 | | 股价 12 个月高/低 | | 43.7/23.63 | | 总发行股数(百万) | | 3,069.39 | | H 股数(百万) | | 108.82 | | H 市值(亿元) | | 777.07 | | 主要股东 | | 永冠控股有限 公司(22.24%) | | 每股净值(元) | | 4.17 | | 股价/账面净值 | | 9.31 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -8.01% | 3.69% 40.97% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-11-19 | 34.10 | 买进 | | 2025-08-21 | ...

2026 年 03 月 24 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 45 | 公司基本资讯 | 产业别 | | 社会服务 | | --- | --- | --- | | H 股价(2026/03/24) | | 38.82 | | 恒生指数(2026/03/24) | | 24,382.5 | | 股价 12 个月高/低 | | 43.7/23.63 | | 总发行股数(百万) | | 3,069.39 | | H 股数(百万) | | 108.82 | | H 市值(亿元) | | 777.07 | | 主要股东 | | 永冠控股有限 公司(22.24%) | | 每股净值(元) | | 4.17 | | 股价/账面净值 | | 9.31 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -8.01% | 3.69% 40.97% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-11-19 | 34.10 | 买进 | | 2025-08-21 | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4]. Core Insights - The company has launched a stock incentive plan for its CDMO business core management and technical staff, which is expected to drive growth. The plan involves granting 7.597 million stock options at a price of 13.38 RMB, with performance targets set for net profit growth from 2026 to 2029 [4]. - The CDMO business has become the largest revenue contributor, with a revenue of 1.69 billion RMB in the first three quarters of 2025, representing a year-over-year growth of 20%. The gross margin for this segment is 44.5%, up by 3.7 percentage points [7]. - The company anticipates a recovery in overall performance, with expected net profits of 909 million RMB in 2025, 1.052 billion RMB in 2026, and 1.233 billion RMB in 2027, reflecting a year-over-year growth of 15.76% and 17.20% in the following years [6][7]. Financial Summary - The company’s projected net profit for 2025 is 909 million RMB, with an EPS of 0.78 RMB, and a P/E ratio of 22.91. For 2026, the net profit is expected to rise to 1.052 billion RMB, with an EPS of 0.91 RMB and a P/E ratio of 19.79. By 2027, the net profit is projected to reach 1.233 billion RMB, with an EPS of 1.06 RMB and a P/E ratio of 16.89 [6][10]. - The company’s revenue is expected to increase from 10.472 billion RMB in 2025 to 11.347 billion RMB in 2026, and further to 12.047 billion RMB in 2027 [10].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Insights - The company has launched a stock incentive plan for key management and technical personnel in its CDMO business, which is expected to drive growth. The plan involves granting 7.597 million stock options, representing approximately 0.66% of the total share capital, with a grant price of 13.38 RMB per share [4] - The CDMO business has become the largest revenue contributor, with a revenue of 1.69 billion RMB in the first three quarters of 2025, showing a year-over-year growth of 20%. The gross margin for this segment is 44.5%, an increase of 3.7 percentage points [7] - The company anticipates a recovery in performance, with projected net profits of 909 million RMB, 1.052 billion RMB, and 1.233 billion RMB for 2025, 2026, and 2027 respectively, reflecting a year-over-year growth of -11.9%, +15.8%, and +17.2% [6][7] Financial Summary - The company's projected net profit for 2025 is 909 million RMB, with an EPS of 0.78 RMB, and a P/E ratio of 22.91 [6] - For 2026, the net profit is expected to rise to 1.052 billion RMB, with an EPS of 0.91 RMB, and a P/E ratio of 19.79 [6] - By 2027, the net profit is projected to reach 1.233 billion RMB, with an EPS of 1.06 RMB, and a P/E ratio of 16.89 [6]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a target price of HK$ 700 [1][7]. Core Insights - Tencent is actively integrating with the OpenClaw ecosystem, enhancing its AI capabilities across its product lines, particularly through Tencent Cloud and its messaging platforms, QQ and WeChat [8]. - The company is expected to leverage its strong user base and traffic interfaces to accelerate its growth in the AI sector, addressing previous concerns about its slower progress compared to competitors [8][11]. - Tencent's gaming business showed significant growth, with Q3 2025 revenue reaching RMB 192.9 billion, a year-on-year increase of 15%, driven by both domestic and overseas markets [8]. Company Overview - Industry: Media [2] - H-Share Price (as of March 10, 2026): HK$ 553.50 [2] - Market Capitalization: RMB 378.76 billion [2] - Major Shareholder: MIH Holdings B.V. (23.05%) [2] - Price-to-Book Ratio: 4.32 [2] Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 14, 2025, at a closing price of HK$ 568.00 [3]. Product Portfolio - The revenue breakdown includes: - Financial Technology and Enterprise Services: 31.3% - Online Games: 30.1% - Social Networks: 18.8% - Online Advertising: 18.5% [4]. Financial Performance - For the fiscal year ending December 31, 2023, the net profit is projected at RMB 115.22 billion, with a year-on-year decrease of 38.79% [10]. - The earnings per share (EPS) for 2025 is expected to be RMB 24.6, reflecting a year-on-year increase of 16.08% [10]. - The company anticipates a steady growth in net profit, with projections of RMB 225.28 billion in 2025, RMB 256.39 billion in 2026, and RMB 290.53 billion in 2027 [10][11]. Future Outlook - The integration of AI is expected to enhance both gaming and advertising revenues, with AI-driven innovations likely to reduce production costs and improve user engagement [11]. - The report forecasts a continued increase in net profit and EPS through 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio, indicating potential for investment growth [11].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a target price of HK$ 700 [1][7]. Core Insights - Tencent is actively integrating with the OpenClaw ecosystem, enhancing its AI capabilities across its product lines, particularly through Tencent Cloud and its messaging platforms, QQ and WeChat [8]. - The company is expected to leverage its strong user base and traffic interfaces to accelerate its growth in the AI sector, addressing previous concerns about its slower progress compared to competitors [8][11]. - Tencent's gaming business showed significant growth, with Q3 2025 revenue reaching RMB 192.9 billion, a year-on-year increase of 15%, driven by both domestic and overseas markets [8]. Company Overview - Industry: Media [2] - H-Share Price (as of March 10, 2026): HK$ 553.50 [2] - Market Capitalization: RMB 378.76 billion [2] - Major Shareholder: MIH Holdings B.V. (23.05%) [2] - Price-to-Book Ratio: 4.32 [2] Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 14, 2025, at a closing price of HK$ 568.00 [3]. Product Portfolio - The revenue breakdown includes: - Financial Technology and Enterprise Services: 31.3% - Online Games: 30.1% - Social Networks: 18.8% - Online Advertising: 18.5% [4]. Financial Performance - For the fiscal year ending December 31, 2023, the net profit is projected at RMB 115.22 billion, with a year-on-year decrease of 38.79% [10]. - The earnings per share (EPS) for 2025 is expected to be RMB 24.6, reflecting a year-on-year increase of 16.08% [10]. - The company anticipates a steady growth in net profit from RMB 225.28 billion in 2025 to RMB 290.53 billion by 2027 [11]. Future Outlook - The integration of AI is expected to enhance both gaming and advertising revenues, with AI-driven innovations likely to reduce production costs and improve user engagement [11]. - The report forecasts a continued increase in net profit and EPS through 2027, with corresponding P/E ratios decreasing from 22.45 in 2025 to 17.41 in 2027, indicating potential for investment growth [11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [6][9]. Core Insights - The company achieved a revenue of RMB 16.65 billion in 2025, representing a year-over-year increase of 33%, and a net profit of RMB 1.36 billion, which is a significant year-over-year growth of 181.4% [6]. - The lithium battery industry is experiencing a notable increase in demand, with expectations for a growth rate exceeding 30% in 2026. The company has secured long-term contracts with key lithium battery clients, ensuring stable supply relationships [6][8]. - The company plans to increase its production capacity significantly, with an expected rise from 110,000 tons in 2025 to over 270,000 tons by the end of 2028, which is a 145% increase [6][8]. Financial Summary - The company’s net profit projections for 2026, 2027, and 2028 are RMB 7.53 billion, RMB 9.84 billion, and RMB 12.32 billion, respectively, reflecting year-over-year growth rates of 453%, 31%, and 25% [8]. - The earnings per share (EPS) for the same years are projected to be RMB 3.70, RMB 4.84, and RMB 6.06, with corresponding price-to-earnings (P/E) ratios of 11.7, 9.0, and 7.2 [8]. - The gross profit margin for 2025 is reported at 22.2%, an increase of 3.3 percentage points year-over-year, with a significant rise in the fourth quarter gross margin to 30.1% [6][11].

公司基本资讯 | 产业别 | | 电力设备 | | --- | --- | --- | | H 股价(2026/03/09) | | 503.00 | | 恒生指数(2026/03/09) | | 25,408.5 | | 股价 12 个月高/低 | | 610.5/0 | | 总发行股数(百万) | | 4,563.87 | | H 股数(百万) | | 155.92 | | H 市值(亿元) | | 0.00 | | | | 厦门瑞庭投资 | | 主要股东 | | 有限公司 | | | | (22.46%) | | 每股净值(元) | | 73.87 | | 股价/账面净值 | | 6.81 | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 0.1% 6.21% | N/A | 近期评等 m 2026 年 3 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(港币) 660 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2026-2-11 | 511 | 买进 | | 产品组合 | | | | 动力电池 | | 74.7% | ...