2025 年 07 月 17 日 赵旭东 H70556@capital.com.tw 目标价(元) 105 公司基本信息 机构投资者占流通 A 股比例 | 基金 | 0.7% | | --- | --- | | 一般法人 | 0% | 股价相对大盘走势 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 . 步科股份 (688160.SH) 买进（Buy） 深耕自动化产业，积极布局人形机器人关节电机 | 产业别 | | 机械设备 | | | --- | --- | --- | --- | | A 股价(2025/7/15) | | | 91.83 | | 上证指数(2025/7/15) | | | 3505.00 | | 股价 12 个月高/低 | | 121.48/30.95 | | | 总发行股数(百万) | | | 84.00 | | A 股数(百万) | | | 84.00 | | A 市值(亿元) | | | 77.14 | | 主要股东 | | 上海步进信息 | | | | | 咨询有限公司 | | | | | | (44.02% ...

2025 年 07 月 17 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 107 | 公司基本资讯 股价相对大盘走势 业绩概要： | 产业别 | | 纺织服饰 | | --- | --- | --- | | H 股价(2025/07/16) | | 91.85 | | 恒生指数(2025/07/16) | | 24,517.8 | | 股价 12 个月高/低 | | 104.97/64.06 | | 总发行股数(百万) | | 2,807.21 | | H 股数(百万) | | 2,807.21 | | H 市值(亿元) | | 2,119.45 | | | | 汇丰国际信托 | | 主要股东 | | 有限公司 | | | | (52.7%) | | 每股净值(元) | | 21.86 | | 股价/账面净值 | | 4.20 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.91% 8.66% 32.44% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | ...

C h i n a R e s e a r c h D e p t . 2025 年 07 月 16 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 285 | 公司基本资讯 | 产业别 | | 轻工制造 | | --- | --- | --- | | H 股价(2025/07/15) | | 263.20 | | 恒生指数(2025/07/15) | | 24,590.1 | | 股价 12 个月高/低 | | 275/35.11 | | 总发行股数(百万) | | 1,342.94 | | H 股数(百万) | | 1,342.94 | | H 市值(亿元) | | 1,704.19 | | 主要股东 | | 王宁(48.73%) | | 每股净值(元) | | 7.96 | | 股价/账面净值 | | 33.08 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | | 649.74 | | | -4.29% 76.78% | % | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | ...

| H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 210 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2025/7/15) | | 174.81 | | 深证成指(2025/7/15) | | 10744.56 | | 股价 12 个月高/低 | | 185.09/66.93 | | 总发行股数(百万) | | 1111.12 | | A 股数(百万) | | 1105.67 | | A 市值(亿元) | | 1932.82 | | 主要股东 | | 山东中际投资 | | | | 控股有限公司 | | | | (11.49%) | | 每股净值(元) | | 18.28 | | 股价/账面净值 | | 9.56 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 47.0 116.2 | 16.9 | 近期评等 | 2025.04.10 | 买进 | 71.49 | | --- | --- | --- | | 2024.09.26 | 买进 | 121.99 | | 2024 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4]. Core Insights - The company is expected to achieve a net profit of RMB 4.8-5.2 billion for the first half of 2025, marking a significant turnaround from losses in the previous year [4]. - The growth in performance is attributed to the successful launch of the self-developed MMORPG game "Zhu Xian World" and the steady development of its esports business [4]. - The company has a rich pipeline of upcoming products, including the anticipated game "Yihuan," which is expected to be a major contributor to future revenue [4]. - Cost reduction and efficiency improvements have been implemented, leading to a significant decrease in R&D personnel and a notable reduction in expenses [4]. - The company forecasts net profits of RMB 681 million, RMB 1.254 billion, and RMB 1.409 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 0.35, RMB 0.65, and RMB 0.73 [6]. Summary by Sections Company Overview - The company operates primarily in the media industry, with a market capitalization of RMB 26.283 billion and a share price of RMB 14.38 as of July 14, 2025 [1]. Financial Performance - The company reported a significant recovery in its financial performance, with a projected net profit of RMB 4.8-5.2 billion for the first half of 2025, compared to losses in the previous year [4]. - The expected net profit for 2025 is RMB 681 million, with a year-on-year growth of 152.90% [6]. Product Portfolio - The company's product mix is heavily weighted towards gaming, accounting for 93% of its revenue, while film and television production contribute 6.28% [2]. - Upcoming games such as "Yihuan" and "Zhu Xian 2" are expected to enhance the company's market position and revenue streams [4]. Cost Management - The company has successfully reduced its R&D workforce from 3,993 to 2,575, which is expected to improve efficiency and profitability [4]. - The reduction in expenses has led to a significant improvement in the company's financial metrics, with a notable decrease in the expense ratios for sales, management, and R&D [4]. Market Outlook - The anticipated launch of "Yihuan" is expected to generate over RMB 5 billion in its first year, significantly boosting the company's gaming segment [4]. - The company is projected to maintain a positive growth trajectory, with net profits expected to continue increasing through 2027 [6].

2025 年 7 月 15 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 100 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2025/7/14) | | 82.24 | | 上证指数(2025/7/14) | | 3519.65 | | 股价 12 个月高/低 | | 95.04/37.84 | | 总发行股数(百万) | | 261.66 | | A 股数(百万) | | 261.66 | | A 市值(亿元) | | 215.19 | | 主要股东 | | 钱鹏鹤 | | | | (17.19%) | | 每股净值(元) | | 15.81 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 6.0 22.3 | 63.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-23 | 39.05 | 买进 | | 产品组合 | | | --- | --- | | 无线通信模组 | 98.67% | ...

| 2025 年 07 月 10 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 16.0 | 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/7/9) | | 12.70 | | 上证指数(2025/7/9) | | 3493.05 | | 股价 12 个月高/低 | | 19.01/11.64 | | 总发行股数(百万) | | 3420.23 | | A 股数(百万) | | 3420.23 | | A 市值(亿元) | | 434.37 | | 主要股东 | | 上海圆通蛟龙 | | | | 投资发展(集 | | | | 团)有限公司 | | | | (30.31%) | | 每股净值(元) | | 9.15 | | 股价/账面净值 | | 1.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.1 -0.9 | -8.3 | | 近期评等 | | | | 评等 | | --- | | 前日收盘 | | 出刊日期 | | 产品 ...

2025 年 7 月 10 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(港币) | 22 | 公司基本资讯 | 产业别 | | 汽车 | | --- | --- | --- | | H 股价(2025/07/9) | | 17.00 | | 恒生指数(2025/07/9) | | 23,892.3 | | 股价 12 个月高/低 | | 19.97/7.33 | | 总发行股数(百万) | | 10,084.17 | | H 股数(百万) | | 10,084.17 | | H 市值(亿元) | | 1,352.41 | | | | Proper Glory | | 主要股东 | | Holding | | | | Inc.(25.24%) | | 每股净值(元) | | 8.71 | | 股价/账面净值 | | 1.95 | | 一个月 | 三个月 一年 | | | 股价涨跌(%) -1.11% | 29.11% 97.11% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2 ...

m 2025 年 7 月 9 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(元) | RMB 40 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/7/8) | | 33.91 | | 深证成指(2025/7/8) | | 10588.39 | | 股价 12 个月高/低 | | 34.95/17.21 | | 总发行股数(百万) | | 637.75 | | A 股数(百万) | | 630.92 | | A 市值(亿元) | | 213.95 | | 主要股东 | | 阜新金胤能源 | | | | 咨询有限公司 | | | | (38.93%) | | 每股净值(元) | | 11.68 | | 股价/账面净值 | | 2.90 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 19.7 35.8 | 60.3 | | 近期评等 | | | | 风电装备产品 | 93% | | --- | --- | | 新能源发电 | 5.8% | 机构投资者占流通 A 股比 ...

2025 年 7 月 9 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 45 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2025/7/8) | | 34.21 | | 深证成指(2025/7/8) | | 10588.39 | | 股价 12 个月高/低 | | 35.56/18.69 | | 总发行股数(百万) | | 781.64 | | A 股数(百万) | | 643.39 | | A 市值(亿元) | | 220.10 | | 主要股东 | | 赵延平 | | | | (19.84%) | | 每股净值(元) | | 4.67 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 9.7 21.7 | 77.1 | 近期评等 | | | | 产品组合 | | | --- | --- | | 地理空间信息 | 18.1% | | 机器人与无人驾驶 | 5.7% | | 建筑与基建 | 32.4% | | 资源与公共事业 | 43.8% | 机构投资者占流通 A ...