SDICSI 2025 年 11 月 21 日 光大环境 (257.HK) 公司启动回 A 上市，利好价值重估 光大环境近期发布公告，公司董事会已批准可能进行发行人民币股份及人民币股 份在深交所上市的初步建议；建议发行人民币股份需取决并受限于市场情况、股 东大会的批准以及必要的监管批准。公司"回 A 上市"正式启动，如果成功上 市，公司融资渠道进一步拓宽，A 股环保-垃圾焚烧发电股份估值较港股高，利 于公司估值提升。我们维持盈利预测，目前股价对应 2026 年股息率 5.1%，具吸 引力。我们维持"买入"评级，维持目标价 5.80 港元（按同业比较法估值）对 应 2025 年 10 倍预测 PE。 报告摘要 政策支持下，光大环境"回 A 上市"进程正式启动。今年 6 月 10 日，中共中央 办公厅及国务院办公厅发布《关于深入推进深圳综合改革试点深化改革创新扩大 开放的意见》其中提出健全金融服务实体经济的激励约束机制，允许在香港联合 交易所上市的粤港澳大湾区企业，按照政策规定在深圳证券交易所上市。光大环 境是政策发布后，第一家公告拟发行人民币股份并于深交所上市的港股上市公 司。根据光大环境公告，公司董事会已批准 ...

Investment Rating - The report maintains a "Buy" rating for the company, Lenovo, with a target price adjusted to HKD 14.00 from the previous HKD 16.00, reflecting a 12.5% decrease [5][7]. Core Insights - Lenovo reported a revenue of USD 20.45 billion for 2QFY26, representing a year-over-year increase of 14.6%, surpassing Bloomberg's consensus estimate by 1.7%. The Non-HKFRS net profit attributable to shareholders was USD 512 million, up 25.2% year-over-year, exceeding the company's prior guidance by approximately 19% [1][5]. - The company benefits from a strong position in the global PC market, holding the largest market share and demonstrating robust supply chain management capabilities, which enhances its resilience against industry cycles [1][2]. - The AI-related business has become a core growth driver, with its revenue contribution reaching 30% and a year-over-year increase of 13 percentage points [1][5]. Summary by Sections IDG (Intelligent Devices Group) - IDG's revenue increased by 11.8% year-over-year, with an operating profit margin of 60%. The global PC market share rose by 1.8 percentage points to 25.6%, marking a record high [2]. - Driven by mixed AI demand, PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to 33% of total shipments [2]. ISG (Infrastructure Solutions Group) - ISG's revenue grew by 23.7% year-over-year, primarily due to strong demand for cloud infrastructure and enterprise solutions. The AI server business recorded high double-digit revenue growth [3]. - The Neptune liquid cooling technology saw a revenue increase of 154% year-over-year, reinforcing the company's leadership in energy-efficient AI infrastructure [3]. SSG (Solutions and Services Group) - SSG achieved an 18.3% year-over-year revenue growth, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [4]. - The project and solution services, along with operational services, accounted for 60% of SSG's total revenue, indicating a stable growth trajectory [4]. Financial Projections - The report projects a slight decrease in Non-HKFRS net profit estimates for FY26, FY27, and FY28 by 1.8%, 1.7%, and 1.7% respectively, with expected profits of USD 1.66 billion, USD 1.85 billion, and USD 2.08 billion [5][10]. - The expected Non-HKFRS EPS for FY26, FY27, and FY28 is projected to be USD 0.12, USD 0.14, and USD 0.15 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [5][10].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's third-quarter performance showed revenue of 11.86 billion yuan, with a year-on-year increase of 11.1% and a quarter-on-quarter increase of 0.3%. The net profit attributable to the parent company was 2.52 billion yuan, reflecting a year-on-year increase of 5.3% and a quarter-on-quarter increase of 30.2%. The significant growth in profitability is primarily attributed to the rise in express delivery prices under the "anti-involution" policy [1][2] - The report anticipates that the "anti-involution" policy will continue to support the company's performance in the fourth quarter, alongside the traditional peak season for e-commerce, leading to further increases in both delivery volume and revenue per package [1][4] Summary by Sections Financial Performance - In Q3, the company achieved a single-package revenue of 1.22 yuan, with a quarter-on-quarter increase of 0.02 yuan. The total express delivery volume reached 9.57 billion packages, showing a year-on-year growth of 9.7% but a quarter-on-quarter decline of 2.8% due to seasonal factors and rising prices affecting lower-value packages [2][3] - The single-package cost increased to 0.91 yuan, with a quarter-on-quarter rise of 0.09 yuan. The adjusted operating profit per package was 0.25 yuan, down 0.08 yuan year-on-year but stable quarter-on-quarter [3] Industry Outlook - The report indicates that the express delivery industry is shifting from a focus on volume growth to high-quality development due to the "anti-involution" policy. The overall growth rate of express delivery volume is expected to slow down, but the company, as a market leader with a 19.4% market share, is less affected by the reduction in low-value package demand [4][5] Earnings Forecast and Valuation - The earnings forecast for the company has been raised, with net profit estimates for 2025, 2026, and 2027 adjusted to 89.8 billion yuan, 106.6 billion yuan, and 121.1 billion yuan respectively. However, the valuation multiple has been lowered to 15.2x for 2025E PE, and the target price has been reduced by 10% to 185.9 HKD / 23.9 USD [5][11]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨哔哩哔哩-W（09626.HK） [Table_Title] B 站 2025Q3 财报点评：广告增速依然保持强 劲，新游表现值得期待 报告要点 [Table_Summary] B 站 25Q3 实现营收 76.9 亿元，同比增长 5%，实现毛利润 28.2 亿元，同比增长 11%；毛利 率同比增加 1.8pct 达 36.7%，实现连续第 13 个季度环比提升；Non-GAAP 净利润为 7.9 亿 元，同比增长 233%。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_scodeMsg2] 哔哩哔哩-W（09626.HK） cjzqdt11111 [Table_Title B 站 2025Q32] 财报点评：广告增速依然保持强 劲，新游表现值得期待 [Table_Summary2] 事件描述 B 站 25Q3 实现营收 76.9 亿元，同比增长 5%，实现毛利润 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 340.37 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 32.5%, with an adjusted net profit of 32.82 billion RMB, up 73.5% [2]. - The AIoT platform has connected over 1.035 billion IoT devices, marking a 20.2% increase year-on-year, surpassing major global competitors [2]. - The company is focusing on high-end smartphone positioning, with the Xiaomi 17 series seeing over 80% of its sales from Pro and Pro Max models, and a 24.1% share in the high-end smartphone market in mainland China [3]. - The IoT and consumer products segment achieved a revenue of 27.6 billion RMB in Q3 2025, with a gross margin of 23.9%, up 3.2 percentage points year-on-year [3]. - The internet services segment saw a revenue increase of 10.8% year-on-year, with overseas internet service revenue growing by 34.9% [4]. - The automotive business is showing positive trends, with the YU7 model delivering 108,796 units, a 32.6% increase quarter-on-quarter, contributing to profitability [4]. Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 113.12 billion RMB, a 22.3% increase year-on-year, and an adjusted net profit of 11.31 billion RMB, up 80.9% [2]. Business Analysis - The smartphone segment generated 46 billion RMB in revenue in Q3 2025, with a global shipment of 43.4 million units, maintaining a market share of 16.7% globally and 13.6% in China [3]. - The IoT and consumer products segment's revenue reached 27.6 billion RMB, with a focus on smart home appliances and a new factory for smart appliances [3]. Internet Services - The internet services segment's revenue was 9.4 billion RMB in Q3 2025, with a notable increase in overseas revenue [4]. Automotive Business - The automotive segment is on track with the YU7 model's deliveries, indicating a positive trend towards profitability despite some margin pressures [4]. Profit Forecast and Valuation - The adjusted EPS forecasts for 2025, 2026, and 2027 are 1.7, 2.0, and 2.6 RMB respectively, with corresponding PE ratios of 23.89, 20.53, and 15.03 [5].

[Table_Title] 研究报告 Research Report 20 Nov 2025 云锋金融 Yunfeng Financial (376 HK) Web2+Web3 双轮驱动 Web2+Web3 Dual Engines Ling Tan ling.ml.tan@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Please see APPENDIX 1 for English summary) Table_summary] 事件 2025 年 11 月 14 日，云锋金融（376 HK）出席海通国际举办的小组会，核心围绕股东结构、Web 2 客户基础、Web 3 业务战略及未来盈利路径等关键议题展开交流。 点评 "Web 2 + Web 3" 双循环生态系统：云锋金融集团（0376.HK）是一家创新型金融科技企业，集团主营业务涵盖保 险、证券经纪、资产管理及金融科技四大核心领域。 核心股东包括云锋金融控股有限公司和美国万通人寿保险公司（全美五大寿险公司之一）。1) 虞锋先生，云锋基 金创办人兼集团董事长，持股云锋金融 45.02%；2) 美国万通（M ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 79, representing a potential upside of 51% from the current price of HKD 52.25 [2][5][8]. Core Insights - The company is expected to achieve significant growth, targeting 1 million vehicle sales by 2026, with a projected revenue of RMB 1 billion and a net profit of RMB 5 billion [7][8]. - The company has a strong product pipeline with multiple new models set to launch in 2026, which will help solidify its market position and expand its market share [6][8]. - The company has demonstrated impressive sales growth, achieving a 97.3% year-on-year increase in revenue for Q3, with a net profit of RMB 1.5 billion [10]. Financial Projections - The company forecasts vehicle sales of 610,000, 970,000, and 1,260,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of RMB 68.6 billion, RMB 116.7 billion, and RMB 157.8 billion [8][9]. - The projected net profits for the same years are RMB 670 million, RMB 4.85 billion, and RMB 8.69 billion, leading to a price-to-earnings ratio of 105x, 14.4x, and 8.0x for 2025, 2026, and 2027, respectively [8][9]. Market Expansion - The company is expanding its sales channels, aiming to exceed 1,000 outlets by the end of this year and 1,500 by the end of next year, focusing on lower-tier cities to tap into the potential of the new energy vehicle market [7][8]. - The company has seen rapid growth in overseas markets, with October sales reaching 12,000 units and expectations for November orders to exceed 15,600 units [11].

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is experiencing accelerated growth in its core automotive business, driven by the rapid adoption of new energy vehicles in Europe, while also making significant strides in new business areas such as robotics, liquid cooling, and low-altitude economy [10][18]. Summary by Sections Company Overview - The company is a global leader in automotive exterior parts and has successfully expanded into the battery box business since 2017, becoming one of the top players in this sector. The ongoing increase in the penetration of new energy vehicles in Europe is expected to further boost the company's core business growth [3][7]. Business Performance - The company is entering a capacity harvesting phase, with operational efficiency improving and profitability on an upward trajectory. The capital expenditure peaked in 2022 at 34.1 billion, but is projected to decrease significantly in 2024, supporting future dividend increases [6][26]. Battery Box Business - As one of the largest battery box suppliers globally, the company benefits from Europe's clear carbon reduction goals and the resurgence of electric vehicle subsidies. The penetration rate of new energy vehicles in Europe is expected to reach approximately 19.6% in 2024, with significant growth anticipated in subsequent years [7][49]. New Business Ventures - The company is strategically diversifying into multiple business areas, including robotics, liquid cooling, and low-altitude economy, which are expected to create new growth trajectories. The robotics sector is projected to see significant advancements by 2025, while liquid cooling is becoming increasingly important due to rising energy efficiency demands [8][9]. Financial Projections - The company is expected to see substantial increases in net profit, with projections of 28.1 billion, 33.1 billion, and 40.6 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 12.9X, 11.0X, and 8.9X [10][18].

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company has demonstrated strong operational resilience through its multi-brand strategy, with Amer Sports reporting a 30% year-on-year revenue growth in Q3 2025, exceeding market expectations [8] - The company has adjusted its earnings forecasts for 2025-2027, projecting earnings per share of 4.69, 5.29, and 6.02 RMB respectively, down from previous estimates [3][9] - The target price is set at 112.89 HKD, based on a 22x PE valuation for 2025 [3][9] Financial Performance Summary - Revenue (in million RMB): - 2023A: 62,356 - 2024A: 70,826 - 2025E: 78,573 - 2026E: 86,489 - 2027E: 95,347 - Year-on-year growth rates: 16.2%, 13.6%, 10.9%, 10.1%, 10.2% [3][12] - Operating Profit (in million RMB): - 2023A: 15,367 - 2024A: 16,595 - 2025E: 18,143 - 2026E: 20,123 - 2027E: 22,545 - Year-on-year growth rates: 36.8%, 8.0%, 9.3%, 10.9%, 12.0% [3][12] - Net Profit Attributable to Parent Company (in million RMB): - 2023A: 10,236 - 2024A: 15,596 - 2025E: 13,175 - 2026E: 14,846 - 2027E: 16,886 - Year-on-year growth rates: 34.9%, 52.4%, -15.5%, 12.7%, 13.7% [3][12] - Earnings Per Share (in RMB): - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.69 - 2026E: 5.29 - 2027E: 6.02 [3][12] - Gross Margin: - 2023A: 62.6% - 2024A: 62.2% - 2025E: 61.9% - 2026E: 62.2% - 2027E: 62.6% [3][12] - Net Margin: - 2023A: 16.4% - 2024A: 22.0% - 2025E: 16.8% - 2026E: 17.2% - 2027E: 17.7% [3][12] - Return on Equity (ROE): - 2023A: 18.3% - 2024A: 23.4% - 2025E: 17.3% - 2026E: 17.1% - 2027E: 17.0% [3][12]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of HKD 50.00, indicating a potential upside of 28.8% from the current closing price of HKD 38.82 [1][17]. Core Insights - The automotive business turned profitable in Q3 2025, while the smartphone segment's gross margin is expected to be impacted by rising storage prices [2][7]. - Revenue for Q3 2025 reached RMB 113.121 billion, a 22% year-on-year increase, while adjusted net profit was RMB 11.311 billion, up 81% year-on-year, exceeding market expectations [8][7]. - The report anticipates a decline in smartphone gross margin due to increased storage costs, projecting a smartphone gross margin of 9.4% for 2026, down from a previous estimate of 12.1% [7][9]. Financial Overview - Revenue projections for Xiaomi Group are as follows: RMB 270.97 billion in 2023, RMB 365.91 billion in 2024, RMB 466.58 billion in 2025, RMB 534.02 billion in 2026, and RMB 599.21 billion in 2027, with respective year-on-year growth rates of -3.2%, 35.0%, 27.5%, 14.5%, and 12.2% [3][18]. - Adjusted net profit is expected to grow from RMB 17.475 billion in 2023 to RMB 46.045 billion in 2027, with significant growth in 2025 projected at RMB 44.456 billion [3][18]. - The report highlights a decrease in the expected gross margin for the smartphone segment, projecting a gross margin of 22.3% for 2025, down from previous estimates [9][20]. Market Position and Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the total valuation for Xiaomi Group at approximately RMB 1,280.046 million for 2026, based on a P/E ratio of 23 times for the smartphone and AIoT segment and a P/S ratio of 2.0 for the automotive and AI segment [10][9]. - The automotive business is projected to face increased competition and a reduction in gross margin due to a half reduction in purchase tax and rising raw material costs [7][9].