2025 年 7 月 4 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 210 | 公司基本资讯 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/7/4) | | 178.02 | | 上证指数(2025/7/4) | | 3461.15 | | 股价 12 个月高/低 | | 256.99/115.5 | | 总发行股数(百万) | | 626.15 | | A 股数(百万) | | 626.15 | | A 市值(亿元) | | 1114.66 | | 主要股东 | | 上海创业投资 | | | | 有限公司 | | | | (15.02%) | | 每股净值(元) | | 32.27 | | 股价/账面净值 | | 5.52 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.1 -4.8 | 28.7 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-04-24 | 187.35 | 买进 | | 2024 ...

2025 年 06 月 27 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 5.4 | 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2025/06/26) | 4.62 | | 恒生指数(2025/06/26) | 24,325.4 | | 股价 12 个月高/低 | 4.94/3.5 | | 总发行股数(百万) | 11,544.13 | | H 股数(百万) | 11,544.13 | | H 市值(亿元) | 423.39 | | 主要股东 | 高德康 (63.63%) | | 每股净值(元) | 1.47 | | 股价/账面净值 | 3.15 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 2.67% 19.07% 8.69% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-12-02 | 4.05 | 买进 | | 2024-06-27 | 4.33 | 买进 | | 2023-12-01 | 3.28 | 买进 ...

2025 年 6 月 26 日 | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 500 元 | 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2025/6/26) | | 437.91 | | | 深证成指(2025/6/26) | | 10343.48 | | | 股价 12 个月高/低 | | 490.03/278.13 | | | 总发行股数(百万) | | | 534.52 | | A 股数(百万) | | | 534.06 | | A 市值(亿元) | | | 2338.70 | | 主要股东 | | 北京七星华电 | | | | | 科技集团有限 | | | | | | 责任公司 | | | | | (33.36%) | | 每股净值(元) | | | 60.05 | | 股价/账面净值 | | | 7.29 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 2.0 | 5.3 | 34.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | - ...

2025 年 6 月 26 日 何利超 H70529@capital.com.tw 目标价(元) 18 公司基本资讯 | 产业别 | | 传媒 | | --- | --- | --- | | A 股价(2025/6/26) | | 14.93 | | 深证成指(2025/6/26) | | 10343.48 | | 股价 12 个月高/低 | | 16.23/6.68 | | 总发行股数(百万) | | 1939.97 | | A 股数(百万) | | 1827.73 | | A 市值(亿元) | | 272.88 | | 主要股东 | | 完美世界控股 | | | | 集团有限公司 | | | | (22.32%) | | 每股净值(元) | | 3.42 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 18.8 32.3 | 95.5 | 近期评等 出刊日期 前日收盘 评等 | 产品组合 | | | --- | --- | | 游戏 | 93.00% | | 影视剧制作 | 6.28% | 机构投资者占流通 A 股比例 | 基金 | 11.6% | | --- | --- | | 一般法 ...

2025 年 06 月 25 日 赵旭东 H70556@capital.com.tw 目标价(元) 24 | 工业机器人及成套设备 | 75.7% | | --- | --- | | 自动化核心部件及运动控制系统 | 24.3% | 机构投资者占流通 A 股比例 | 基金 | 8.9% | | --- | --- | | 一般法人 | 47.8% | 股价相对大盘走势 C o m p a n y U p d a t e 公司基本资讯 | 产业别 | 机械设备 | | --- | --- | | A 股价(2025/6/24) | 19.99 | | 深证成指(2025/6/24) | 10217.63 | | 股价 12 个月高/低 | 28/11.42 | | 总发行股数(百万) | 867.02 | | A 股数(百万) | 782.41 | | A 市值(亿元) | 156.40 | | 主要股东 | 南京派雷斯特 | | | 科技有限公司 | | | (29.40%) | | 每股净值(元) | 2.11 | | 股价/账面净值 | 9.46 | | | 一个月 三个月 一年 | | 股价涨跌(%) ...

近期评等 阿 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 . 朱吉翔 C0050@capital.com.tw 目标价(元) 28.0 公司基本资讯 | 产业别 | 电子 | | --- | --- | | A 股价(2025/6/24) | 23.39 | | 深证成指(2025/6/24) | 10217.63 | | 股价 12 个月高/低 | 30.41/16.99 | | 总发行股数(百万) | 3491.50 | | A 股数(百万) | 3084.32 | | A 市值(亿元) | 721.42 | | 主要股东 | 歌尔集团有限 | | | 公司(15.90%) | | 每股净值(元) | 9.50 | | 股价/账面净值 | 2.46 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 10.9 -11.7 28.0 | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 产品组合 | | | | 电声器件 | | 58.4% | | 电子配件 | | 41.6% | | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 100 [2][4]. Core Insights - The upcoming launch of the G7 model is expected to boost sales, with monthly sales projected to reach 40,000 units [5][7]. - The company has shown a significant year-on-year sales increase of 293% from January to May, with May sales alone reaching 33,500 units, a 230% increase [7]. - The company is undergoing a major product cycle from 2025 to 2026, which is anticipated to lead to a rapid expansion in sales and a turnaround to profitability [5][7]. Company Overview - The company operates in the automotive industry, with a current H-share price of HKD 74.35 and a market capitalization of approximately HKD 123.73 billion [3]. - Major shareholder is He Xiaopeng, holding 18.78% of shares [3]. - The company has a total of 1,906.21 million shares issued, with 1,557.50 million H-shares [3]. Financial Projections - Projected net profits for 2025, 2026, and 2027 are expected to be -1.81 billion, 840 million, and 5.83 billion RMB respectively, with corresponding EPS of -0.97, 0.44, and 3.1 RMB [5][9]. - The current P/E ratios for 2026 and 2027 are estimated at 153 and 22 times respectively [5][9]. Product Strategy - The G7 model, set to launch in early July, features self-developed chips and advanced AI capabilities, positioning it competitively against models like the Tesla Model Y [5][7]. - The company is focusing on enhancing its product lineup with several new models scheduled for release, including the P7 and a large range-extended SUV [7].

| 产品组合 | | --- | | 工业机器人 | 9.6% | | --- | --- | | 注塑机、配套设备 | 17.8% | | 数控机床 | 10.7% | | 自动化应用系统 | 16.7% | | 智能能源及环境管理 | 42.8% | | 系统 | | 公司基本信息 | 产业别 | | 机械设备 | | --- | --- | --- | | A 股价(2025/6/23) | | 31.97 | | 深证成指(2025/6/23) | | 10048.39 | | 股价 12 个月高/低 | | 43.5/9.37 | | 总发行股数(百万) | | 476.97 | | A 股数(百万) | | 337.69 | | A 市值(亿元) | | 107.96 | | 主要股东 | | 吴丰礼 | | | | (30.32%) | | 每股净值(元) | | 5.87 | | 股价/账面净值 | | 5.44 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -6.2 | -0.2 166.6 | 2025 年 06 月 24 日 赵旭东 H70556@capital.co ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [5][9]. Core Insights - The company is positioned to benefit from the rapid increase in high-level advanced driver-assistance systems (ADAS) penetration, with expectations of significant revenue growth driven by partnerships with major automotive manufacturers like BYD [5][7]. - The projected net profits for 2025, 2026, and 2027 are estimated to be -1.81 billion, -0.99 billion, and 0.11 billion RMB respectively, with corresponding EPS of -0.14, -0.07, and 0.01 RMB [7][8]. Company Overview - The company operates in the mechanical equipment industry and focuses on providing third-party ADAS solutions, including self-developed high-performance chips and intelligent driving algorithms [5][7]. - As of June 23, 2025, the H-share price was 6.37 HKD, with a market capitalization of approximately 884.24 billion HKD [2]. Financial Performance - The company reported a revenue of 2.38 billion RMB in 2024, with a year-on-year growth of 54%, and anticipates a revenue increase of 50% in 2025 [5][7]. - The gross margin for the company is reported at 77%, indicating strong profitability in its operations [5]. Market Potential - The penetration rate of high-level NOA (Navigation on Autopilot) is currently low, with only 8.6% of vehicles equipped with such features in 2024, suggesting significant growth potential as these technologies become more widespread [7]. - The market for intelligent driving chips is expected to exceed 100 billion RMB, with a projected annual growth rate of over 50% from 2025 to 2027 [7]. Future Projections - The company plans to raise over 4.7 billion HKD through a share placement to optimize its capital structure and support business expansion [7]. - The anticipated financial performance includes a net profit turnaround by 2027, with expectations of positive earnings for the first time in several years [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of 124 CNY, indicating a potential upside from the current price of 106.88 CNY [1][3]. Core Insights - The company has shown strong performance during the 618 shopping festival, with its brands ranking highly on major e-commerce platforms, suggesting a competitive edge in the pet food market [10]. - The company is expected to benefit from the expansion of its production capacity in Thailand, which will double its output and enhance its product offerings, thereby improving its gross margin [12]. - The financial forecasts indicate a steady increase in net profit and earnings per share (EPS) over the next few years, with net profits projected to reach 795 million CNY in 2025, 964 million CNY in 2026, and 1.147 billion CNY in 2027 [11][12]. Company Overview - The company operates in the food industry, specifically focusing on pet food, with a product mix that includes staple grains (51.30%) and snacks (47.35%) [4]. - As of June 23, 2025, the company's market capitalization is approximately 191.34 billion CNY, with a total of 400.04 million shares issued [2]. Financial Performance - The company reported a net profit of 267 million CNY in 2022, with projections of 429 million CNY in 2023 and 625 million CNY in 2024, reflecting significant year-on-year growth rates [11]. - The projected earnings per share (EPS) are expected to grow from 0.74 CNY in 2022 to 1.99 CNY in 2025, indicating a robust growth trajectory [11]. Market Position - The company has established a strong market presence, with its brands achieving top rankings in various categories on e-commerce platforms, which is expected to enhance brand visibility and sales [10][12]. - The strategic focus on high-end product offerings and digital transformation is anticipated to further strengthen the company's competitive position in the pet food market [12].