Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [4]. Core Insights - The company is expected to achieve a revenue of RMB 429.7-466.7 billion in 2025, representing a year-on-year growth of 16%-26%. The net profit attributable to shareholders is projected to be RMB 49.7-54.0 billion, also reflecting a growth of 16%-26% [5][6]. - The company plans to list in Hong Kong to accelerate its global expansion, aiming to enhance its commercial credibility and brand influence, particularly in high-end markets in Europe [6]. - The company is transitioning from a hardware provider to a platform-based enterprise by expanding into AI industrial software, with net profit forecasts of RMB 52.5 billion, RMB 63.5 billion, and RMB 73.8 billion for 2025, 2026, and 2027 respectively [6]. Financial Performance Summary - For 2025, the company anticipates a revenue range of RMB 429.7-466.7 billion, with a net profit of RMB 49.7-54.0 billion, and a non-GAAP net profit of RMB 47.6-51.7 billion [5]. - The company’s revenue is expected to grow significantly due to increased demand from downstream customers and strategic market opportunities in sectors like lithium batteries and semiconductors [6]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.9, RMB 2.3, and RMB 2.7 respectively, with corresponding price-to-earnings (P/E) ratios of 39, 32, and 28 [6][8].

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 significantly promote sodium batteries in commercial vehicles, passenger cars, battery swapping, and energy storage in 2026, which will help activate the incremental market for electric vehicles in cold regions [8]. - The company is projected to maintain its position as the global leader in battery shipments in 2025, with aggressive capacity expansion to meet strong demand [8]. - The company’s net profit is forecasted to be RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 37%, 31%, and 23% [10][12]. Company Overview - The company operates in the power equipment industry, with a current H-share price of HKD 511.00 as of February 10, 2026 [3]. - The company has a total issued share count of 4,563.85 million, with H-shares accounting for 155.92 million [3]. - The company’s major shareholder holds a 22.46% stake [3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion, respectively, with corresponding EPS of RMB 15.25, RMB 19.92, and RMB 24.57 [10][12]. - The H-share price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 29, 22, and 18 times, respectively [8][10]. Market Position - The company is expected to achieve a market share of 39.2% in power batteries and 30% in energy storage batteries by 2025, with year-over-year shipment growth rates of 35.7% and 80% respectively [8]. - The company is actively expanding its production capacity, with construction projects valued at RMB 37.366 billion underway, reflecting a 25.6% increase from the end of 2024 [8].

m 2026 年 2 月 11 日 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2025-10-20 | 366.5 | 买进 | | | 产品组合 | | | | | 动力电池 | | | 74% | | 储能电池 | | | 16% | | 电池材料 | | | 4% | 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 . 宁德时代 (03750.HK) Buy 买进 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(港币) | 456 | 公司基本资讯 | 产业别 | 电力设备 | H 股价(2026/02/10) | 511.00 | | | --- | --- | --- | --- | --- | | 恒生指数(2026/02/10) | 27,183.2 | 股价 12 个月高/低 | 610.5/0 | | | 总发行股数(百万) | 4,563.85 | H 股数(百万) | 155.92 | ...

2026 年 02 月 09 日 王睿哲 C0062@capital.com.tw 目标价(港币) 98 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/02/06) | | 79.50 | | 恒生指数(2026/02/06) | | 26560.00 | | 股价 12 个月高/低 | | 107.00 / 33.05 | | 总发行股数(百万) | | 1735.19 | | H 股数(百万) | | 1735.19 | | H 市值(亿港币) | | 1379.47 | | 主要股东 | | 俞德超(5.36%) | | 每股净值(港币) | | 9.8324 | | 股价/帐面净值 | | 8.0855 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.97 -6.69 139.82 | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/10/22 | 88.00 | 买进 | | 产品组合 | | | --- | --- | | 药品销售 | 87% ...

2026 年 02 月 09 日 王睿哲 C0062@capital.com.tw 目标价(港币) 98 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/10/22 | 88.00 | 买进 | | 产品组合 | | | --- | --- | | 药品销售 | 87% | | 企业授权产品 | 12% | | 研发收入 | 1% | 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 . 信达生物 (01801.HK) 买进（Buy） 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/02/06) | | 79.50 | | 恒生指数(2026/02/06) | | 26560.00 | | 股价 12 个月高/低 | | 107.00 / 33.05 | | 总发行股数(百万) | | 1735.19 | | H 股数(百万) | | 1735.19 | | H 市值(亿港币) | | 1379.47 ...

2026 年 02 月 06 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 26.5 | 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/2/5) | | 20.52 | | 恒生指数(2026/2/5) | | 26,885.24 | | 股价 12 个月高/低 | | 28.80/12.61 | | 总发行股数(百万) | | 2,670.43 | | H 股数(百万) | | 540.97 | | H 市值(亿港元) | | 111.01 | | | | 上海复星高科技 | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | 每股净值(元) | | 18.06 | | 股价/帐面净值 | | 1.14 | | | 一个月 | 三个月 一年 | | 股价涨跌(%) | -0.97% | -9.92% 62.68% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/12/10 | 21 ...

2026 年 02 月 06 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 26.5 | 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/2/5) | | 20.52 | | 恒生指数(2026/2/5) | | 26,885.24 | | 股价 12 个月高/低 | | 28.80/12.61 | | 总发行股数(百万) | | 2,670.43 | | H 股数(百万) | | 540.97 | | H 市值(亿港元) | | 111.01 | | | | 上海复星高科技 | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | 每股净值(元) | | 18.06 | | 股价/帐面净值 | | 1.14 | | | 一个月 | 三个月 一年 | | 股价涨跌(%) | -0.97% | -9.92% 62.68% | 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 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [11]. Core Insights - The company is focusing on enhancing its competitive edge by deploying high-end production capacity, with a significant investment of RMB 500 million in a new high-end pet staple food project in Shandong, expected to be completed by mid-2027 [11]. - The gross margin is projected to improve due to an increase in the proportion of high-end products, with gross margins expected to be 32.6%, 36.8%, and 42.3% from 2022 to 2024, respectively [11]. - The company is establishing a global production capacity layout, with projects in New Zealand and Thailand, aiming for a revenue target of RMB 9.65 billion by 2027 [11]. Financial Summary - The company’s net profit is forecasted to grow from RMB 709 million in 2025 to RMB 992 million in 2027, representing year-on-year growth rates of 13.5%, 19.1%, and 17.4% respectively [11]. - Earnings per share (EPS) are expected to increase from RMB 1.77 in 2025 to RMB 2.48 in 2027, with corresponding price-to-earnings (P/E) ratios of 36x, 30x, and 26x [11]. - Revenue projections show an increase from RMB 6.56 billion in 2025 to RMB 9.69 billion in 2027, reflecting the company's growth strategy and market positioning [14].

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [5][9]. Core Insights - The company is expected to achieve a net profit of between RMB 270 million and RMB 320 million in 2025, representing a year-on-year increase of 55% to 84%. The fourth quarter of 2025 is projected to show a turnaround with a net profit of RMB 20 million to RMB 70 million [5]. - The company has implemented significant reforms, leading to improved operational efficiency and a reduction in sales expense ratio by over 30% year-on-year. This has resulted in a marginal improvement in business operations [8]. - For 2026, the company anticipates continued operational improvements, with stable growth in its raw materials business and a positive trend in its medical terminal products, which saw a 14.5% year-on-year revenue increase in Q3 2025 [8]. Financial Summary - The company forecasts net profits of RMB 310 million, RMB 530 million, and RMB 600 million for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 76.4%, 72%, and 13.3% [8]. - Earnings per share (EPS) are projected to be RMB 0.64, RMB 1.10, and RMB 1.24 for the same years, with corresponding price-to-earnings (P/E) ratios of 70, 41, and 36 [8]. - The company's revenue is expected to be RMB 4.895 billion in 2025, with a gradual increase to RMB 5.980 billion by 2027 [11].

2026 年 2 月 2 日 | 何利超 | | --- | | H70529@capital.com.tw | | 目标价(元) 750 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/30) | | 649.00 | | 深证成指(2026/1/30) | | 14205.89 | | 股价 12 个月高/低 | | 658.8/66.86 | | 总发行股数(百万) | | 1111.12 | | A 股数(百万) | | 1105.50 | | A 市值(亿元) | | 7174.70 | | 主要股东 | | 山东中际投资 | | | | 控股有限公司 | | | | (10.93%) | | 每股净值(元) | | 23.75 | | 股价/账面净值 | | 27.33 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 6.4 | 32.4 545.8 | | 近期评等 | | | | 2025.11.06 | 买进 | 496.88 | | 2025.07.16 | 买进 | 174.81 | | 2025.04 ...