m 2026 年 3 月 6 日 | 沈嘉婕 | | --- | | H70455@capital.com.tw | | 目标价(元/港元) 106HKD | 公司基本资讯 | 产业别 | 汽车 | | --- | --- | | H 股价(2026/03/05) | 92.6 | | 恒生指数(2026/03/05) | 25,321.3 | | 股价 12 个月高/低 | 157.53/88.50 | | 总发行股数(百万) | 9117.20 | | H 股数(百万) | 3683.40 | | H 市值(亿元) | 3410.83 | | 主要股东 | 王传福 (16.90%) | | 每股净值(元) | 26.41 | | 股价/账面净值 | 3.51 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 1.48% -6.61% -22.3% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-8 | 103.9 | 买进 | | 产品组合 | | | C o m p a n y U p d a t e C h i n a R ...

| 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-8 | 103.9 | 买进 | | 产品组合 | | | C o m p a n y U p d a t e m 2026 年 3 月 6 日 | 沈嘉婕 | | --- | | H70455@capital.com.tw | | 目标价(元/港元) 106HKD | 公司基本资讯 | 产业别 | 汽车 | | --- | --- | | H 股价(2026/03/05) | 92.6 | | 恒生指数(2026/03/05) | 25,321.3 | | 股价 12 个月高/低 | 157.53/88.50 | | 总发行股数(百万) | 9117.20 | | H 股数(百万) | 3683.40 | | H 市值(亿元) | 3410.83 | | 主要股东 | 王传福 (16.90%) | | 每股净值(元) | 26.41 | | 股价/账面净值 | 3.51 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 1.48% -6.61% -22.3% | 近期评等 C h i n a R ...

其 d 阿 2026 年 3 月 5 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 185.00 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2026/3/4) | | 150.31 | | 上证指数(2026/3/4) | | 4082.47 | | 股价 12 个月高/低 | | 188.88/61.6 | | 总发行股数(百万) | | 1222.20 | | A 股数(百万) | | 1146.43 | | A 市值(亿元) | | 1723.19 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (12.66%) | | 每股净值(元) | | 10.57 | | 股价/账面净值 | | 14.21 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -11.1 | 27.3 98.4 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-11-05 | 128.91 | 买 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [7]. Core Insights - The company is positioned to benefit significantly from the rapid growth in AI demand, particularly in the CXL interconnect chip market, which is expected to see a compound annual growth rate (CAGR) exceeding 170% from 2025 to 2030 [9]. - The company reported a substantial increase in revenue and net profit for 2025, with revenue reaching RMB 54.56 billion, a year-on-year growth of 49.94%, and net profit of RMB 22.36 billion, up 58.4% [9]. - The company is expected to continue its growth trajectory, with projected net profits of RMB 31.2 billion, RMB 39.2 billion, and RMB 49.9 billion for 2026, 2027, and 2028 respectively, reflecting year-on-year growth rates of 40%, 25%, and 25% [9]. Summary by Relevant Sections Company Overview - The company operates in the electronics industry, with a current stock price of RMB 150.31 as of March 4, 2026, and a market capitalization of RMB 172.32 billion [2]. - The stock has shown a 12-month high of RMB 188.88 and a low of RMB 61.6, indicating significant volatility [2]. Financial Performance - The company achieved a net profit of RMB 1.38 billion in 2024, with projections for 2025 at RMB 2.24 billion, and further increases to RMB 3.12 billion, RMB 3.92 billion, and RMB 4.89 billion by 2028 [8]. - The earnings per share (EPS) are expected to rise from RMB 1.13 in 2024 to RMB 4.00 in 2028, reflecting strong growth potential [8]. Market Position - The company is recognized as a global leader in CXL chips, which are crucial for the emerging demand in memory pooling and high-speed storage solutions driven by AI advancements [9]. - The report highlights that major domestic internet companies are entering a competitive phase for computing power, which is expected to drive demand for the company's products [9].

| 2026 年 03 月 02 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 141 | 公司基本信息 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2026/3/2) | | 121.51 | | 上证指数(2026/3/2) | | 4162.88 | | 股价 12 个月高/低 | | 172/63.78 | | 总发行股数(百万) | | 90.83 | | A 股数(百万) | | 90.83 | | A 市值(亿元) | | 110.37 | | 主要股东 | | 上海步进信息 | | | | 咨询有限公司 | | | | (37.71%) | | 每股净值(元) | | 14.27 | | 股价/账面净值 | | 8.51 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -15.4 | 23.0 25.9 | 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 ( ...

2026 年 3 月 2 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 28 | 公司基本资讯 | 产业别 | | | 传媒 | | --- | --- | --- | --- | | A 股价(2026/2/27) | | | 21.59 | | 深证成指(2026/2/27) | | | 14495.09 | | 股价 12 个月高/低 | | 23.68/10.04 | | | 总发行股数(百万) | | | 1939.97 | | A 股数(百万) | | | 1827.73 | | A 市值(亿元) | | | 394.61 | | 主要股东 | | 完美世界控股 | | | | | 集团有限公司 | | | | | | (22.32%) | | 每股净值(元) | | | 3.65 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 21.6 52.4 | | 94.7 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-02-02 | 18.44 | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][9]. Core Insights - The company is expected to achieve significant revenue growth in 2025, with projected revenue of RMB 38.24 billion, representing a year-on-year increase of 60.25%. The net profit is forecasted to reach RMB 10.799 billion, a growth of 108.81% [6]. - The strong demand for computing power is driving the company's performance, with a notable increase in the shipment of high-speed optical modules. The company anticipates continued high growth in 2026, supported by the accelerated shipment of 1.6T products and advancements in silicon photonics technology [6]. - The company maintains its position as a global leader in the optical module sector, with its 1.6T optical module products entering the testing phase and expected to begin mass shipments in the second half of 2026 [6]. - Profitability is projected to improve further, with Q4 gross profit expected to increase by 35% and overall gross margin anticipated to rise by approximately 2 percentage points [6]. Financial Summary - The company’s net profit for 2025 is estimated at RMB 10.799 billion, with a year-on-year growth of 108.81%. The earnings per share (EPS) for 2025 is projected to be RMB 9.72, with a price-to-earnings (P/E) ratio of 63 [8]. - Revenue forecasts for the upcoming years are as follows: RMB 70.704 billion in 2026 and RMB 104.819 billion in 2027, with corresponding net profits of RMB 22.432 billion and RMB 32.371 billion [10]. - The company’s cash flow from operating activities is expected to be RMB 8.485 billion in 2026, indicating strong cash generation capabilities [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to see significant growth in HSD (High-level Driving System) in 2026, with the demand for Level 3 (L3) autonomous driving solutions anticipated to increase, suggesting a strong market opportunity [7][9]. - The company has a robust product portfolio that includes multiple solutions for mid to high-level autonomous driving, actively expanding its partnerships with automotive manufacturers [7][9]. - The report forecasts net profits for the company to reach -57.7 million RMB in 2025, -29 million RMB in 2026, 2 million RMB in 2027, and 21 million RMB in 2028, with corresponding EPS of -0.39, -0.20, 0.01, and 0.14 RMB respectively [9][10]. Summary by Sections Company Overview - The company operates in the machinery and equipment industry, with a current H-share price of 8.16 HKD as of February 26, 2026, and a market capitalization of 0 billion [3]. Recent Ratings - The last rating update was on June 24, 2025, with a closing price of 6.37 HKD and a "Buy" recommendation [4]. Financial Projections - The projected net profit for 2024 is 2,347 million RMB, with subsequent years showing a decline into losses before returning to profitability in 2027 and 2028 [10]. - Revenue from product sales is expected to grow from 2,384 million RMB in 2024 to 18,543 million RMB in 2028, indicating a strong upward trend in sales [12]. Market Trends - The report highlights that the penetration rate of vehicles equipped with urban NOA (Navigation on Autopilot) reached 15.1% in 2025, up by 5.6 percentage points from 2024, reflecting a growing acceptance of advanced driving technologies [9]. - The commercial rollout of L3 autonomous driving technology is expected to accelerate, with a projected market size for autonomous driving chips exceeding 100 billion RMB [9].

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 2 月 27 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(港币) | 10.2 | 公司基本资讯 | 产业别 | | 机械设备 | | | | --- | --- | --- | --- | --- | | H 股价(2026/02/26) | | | | 8.16 | | 恒生指数(2026/02/26) | | 26,381.0 | | | | 股价 12 个月高/低 | | 10.81/4.62 | | | | 总发行股数(百万) | | 14,651.88 | | | | H 股数(百万) | | 12,527.50 | | | | H 市值(亿元) | | | | 0.00 | | | 恒泰信托(香港) | | | | | 主要股东 | | 有限公司 | | | | | | (16.53%) | | | | 每股净值(元) | | | | 0.82 | | 股价/账面净值 | | | | 9.92 | ...

| 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | 20.5RMB | 2026 年 2 月 27 日 m 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2026/2/26) | 18.16 | | 上证指数(2026/2/26) | 4146.63 | | 股价 12 个月高/低 | 27.75/14.89 | | 总发行股数(百万) | 4501.99 | | A 股数(百万) | 4501.99 | | A 市值(亿元) | 817.56 | | 主要股东 | 通威集团有限 | | | 公司(45.24%) | | 每股净值(元) | 9.27 | | 股价/账面净值 | 1.96 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.8 -21.0 -15.2 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | -- | -- | -- | | | 产品组合 | | | | | 光伏 | | | 66% | | ...