上 市 公 司 商业贸易 2025 年 05 月 23 日 滔搏 (06110) ——业绩符合预期，派发特别股息提升股东回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 05 月 22 日 | | --- | --- | | 收盘价（港币） | 3.09 | | 恒生中国企业指数 | 8557.64 | | 52 周最高/最低（港币） | 5.82/2.11 | | H 股市值（亿港币） | 191.62 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0886 | 一年内股价与基准指数对比走势： -58% -8% 42% HSCEI 滔搏 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | 货币单位：人民 ...

生物制品 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师：穆奕杉 执业证书编号：S0740524070001 Email：muys@zts.com.cn | 总股本(百万股) | 2,398.58 | | --- | --- | | 流通股本(百万股) | 2,398.58 | | 市价(港元) | 19.98 | | 市值(百万港元) | 47,923.65 | | 流通市值(百万港 | 47,923.65 | | 元) | | 报告摘要 基本状况 事件：5 月 20 日公司公告，与辉瑞就 PD1×VEGF 双抗 SSGJ707 签订授权许可协 议，授予对方在全球（除外中国大陆）开发、生产、商业化的权益。公司将收到合作 方辉瑞支付的 12.5 亿美元首付款，潜在 48 亿美元开发、监管和销售里程碑，及净销 售额双位数的特许分成。该首付款金额 12.5 亿美金为中国创新药 Lisence out 之最， 再次刷新记录。 1、《业绩超预期，近上市管线将兑 风险提示：在研 ...

2025 年 5 月 23 日 公司研究 聚焦大麦+IP 衍生品，阿里鱼增速亮眼 ——阿里影业（1060.HK）FY25 业绩点评 要点 事件：公司 FY25 实现营收 67.02 亿元人民币（yoy+33%），实现毛利润 24.78 亿元（yoy+23%），对应毛利率 37.0%，同比下降 3.1pct；实现经调整 EBITA 为 8.09 亿元，同比增长 61%；实现归母净利润 3.64 亿元，同比增长 28%。 FY25 大麦增长保持稳健，IP 衍生品业务收入超市场预期：1）电影科技与投资 制作宣发平台收入 27.1 亿元（yoy-9.6%），主要原因系投资部分电影票房不及 预期。a）电影票务方面，淘票票会员体系打通电影与演出消费，用户黏性高， 降幅低于行业；云智保持国内出票领先，并拓展中国香港及东南亚市场。b）电 影投资制作及宣发方面，重点储备影片数量约 40 部，其中投资待映项目数量约 20 部，自主研发与合制项目数量约 20 部。c）科技业务方面，公司加大 AI、数 字人及虚拟拍摄投入，已建成 4 个虚拟影棚，应用于多部影视项目降低成本；推 出 5 个新数字人；灯塔 AI 接入大模型，提升宣发及票 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of 13.8 billion (up 16% year-on-year), operating profit of 3.6 billion (margin of 26%), and adjusted net profit of 4.2 billion (up 3% year-on-year) [4][7] - The international business continues to show strong growth, driven by favorable visa-free policies, with overseas OTA platform bookings up 60% year-on-year and inbound tourism bookings more than doubling [4][5] - The company expects revenue for 2025, 2026, and 2027 to be 61.4 billion, 68.5 billion, and 76.5 billion respectively, with year-on-year growth rates of 15%, 12%, and 12% [7] Financial Performance Summary - Q1 2025 revenue breakdown: accommodation booking revenue of 5.5 billion (up 23% year-on-year), transportation ticketing revenue of 5.4 billion (up 8% year-on-year), and other business revenue of 1.4 billion (up 33% year-on-year) [4] - The company anticipates adjusted net profits of 18.7 billion, 21.8 billion, and 24.7 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3%, 16%, and 14% [7][10] - The total market capitalization is 34.79 billion HKD [9]

网易-S 09999.HK 公司研究 | 季报点评 PC 游戏趋势亮眼驱动经营杠杆提升 ——网易（9999.HK）25Q1 点评 核心观点 盈利预测与投资建议 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 103468 | 105295 | 114089 | 124468 | 133770 | | 同比增长 (%) | 7.23% | 1.77% | 8.35% | 9.10% | 7.47% | | 营业利润(百万元) | 27709 | 29584 | 36475 | 39319 | 43293 | | 同比增长 (%) | 41.17% | 6.77% | 23.29% | 7.80% | 10.11% | | 归属母公司净利润(百万元) | 29417 | 29698 | 36002 | 38134 | 41464 | | 同比增长 (%) | 44.64% | 0. ...

耐世特（1316.HK） 2025-5-23 星期五 | 目标价： | 7.61 港元 | | --- | --- | | 现 价： | 元 6.14 | | 预计升幅： | 24% | 重要数据 | 日期 | 2025-5-22 | | --- | --- | | 收盘价（港元） | 6.14 | | 总股本（亿股） | 25.1 | | 总市值（亿港元） | 155.2 | | 净资产（亿港元） | 158.5 | | 总资产（亿港元） | 271.8 | | 52 周高低（港元） | 6.64/2.29 | | 每股净资产（港元） | 6.31 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 | 耐世特汽车系统（香港） | 44.03% | | --- | --- | | 北京亦庄国际汽车投资 | 20.92% | 相关报告 研究部 姓名：杨森 SFC：BJO644 | SFC：BJO644 | | --- | | 电话：0755-21519178 | | Email：yangsen@gyzq.com.hk | 买入 主业盈利能力回升，构建完善的线控底盘产品组合 【投资要点】 ➢ 汽车转 ...

Investment Rating - The report maintains a "Buy" rating for Leap Motor (零跑汽车) [2][7][17] Core Insights - The company reported a total sales volume of 87,600 vehicles in Q1 2025, representing a year-on-year increase of 162.1% but a quarter-on-quarter decrease of 27.6% [5] - Total revenue for Q1 2025 reached 10.02 billion RMB, up 187.4% year-on-year but down 25.6% quarter-on-quarter [5] - Gross margin improved to 14.9%, an increase of 16.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, exceeding expectations despite a decline in sales volume [5][7] - The net profit attributable to shareholders was -130 million RMB, a reduction in losses by 880 million RMB year-on-year but an increase in losses by 210 million RMB quarter-on-quarter [5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 16.75 billion RMB - 2024: 32.16 billion RMB - 2025E: 62.59 billion RMB - 2026E: 81.44 billion RMB - 2027E: 99.89 billion RMB - Year-on-year growth rates are projected at 35% for 2023, 92% for 2024, and 95% for 2025 [6][8] - The net profit attributable to shareholders is expected to turn positive in 2025 with a forecast of 155 million RMB, followed by 1.75 billion RMB in 2026 and 3.34 billion RMB in 2027 [6][8] Strategic Developments - The company is focusing on cost reduction and strategic partnerships to enhance gross margins, with a target of achieving over 10% gross margin for the full year of 2025 [7] - The launch of the B10 model, which is positioned as a high-value intelligent vehicle, has generated significant interest, with over 30,000 orders within 48 hours of its release [7] - The company aims to increase its sales volume to over 500,000 vehicles in 2025, supported by the introduction of new models and expansion into overseas markets [7]

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Insights - The company reported Q1 2025 earnings with total revenue of 13.8 billion (up 16% YoY), operating profit of 3.6 billion (margin of 26%), and adjusted net profit of 4.2 billion (up 3% YoY), all exceeding Bloomberg consensus estimates [4][7] - The international business continues to show strong growth, with overseas OTA platform bookings up 60% YoY and inbound tourism bookings more than doubling, driven by strategic investments and favorable visa policies [4][5] - The company expects revenues of 61.4 billion, 68.5 billion, and 76.5 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of 18.7 billion, 21.8 billion, and 24.7 billion for the same years [7][10] Summary by Sections Q1 2025 Performance - Overall revenue reached 13.8 billion (YoY +16%), slightly above consensus estimates by 0.22% - Operating profit was 3.6 billion (margin of 26%), exceeding consensus by 7.34% - Adjusted net profit was 4.2 billion (YoY +3%), surpassing consensus by 8.99% [4] Business Segment Performance - Accommodation booking revenue was 5.5 billion (YoY +23%), above consensus by 1.39% - Transportation ticketing revenue was 5.4 billion (YoY +8%), slightly above consensus by 0.20% - Vacation business revenue was 0.9 billion (YoY +7%), below consensus by 5.90% - Business travel management revenue was 0.6 billion (YoY +12%), above consensus by 4.36% - Other business revenue was 1.4 billion (YoY +33%), slightly below consensus by 0.96% [4] International Business Growth - The overseas OTA platform's booking volume increased by 60% YoY, with inbound tourism bookings more than doubling, largely due to strategic positioning and visa policy benefits - Inbound tourist numbers surged by 40.2% YoY, with 75% of visitors from visa-free countries, particularly from South Korea, Thailand, Malaysia, and Indonesia, where hotel orders increased by over 240% [4][5] Future Revenue and Profit Projections - Expected revenues for 2025, 2026, and 2027 are 61.4 billion, 68.5 billion, and 76.5 billion respectively, with YoY growth rates of +15%, +12%, and +12% - Adjusted net profit projections for the same years are 18.7 billion, 21.8 billion, and 24.7 billion, with YoY growth rates of +3%, +16%, and +14% [7][10]

耐世特（1316.HK） 2025-5-23 星期五 | 目标价： | 7.61 港元 | | --- | --- | | 现 价： | 元 6.14 | | 预计升幅： | 24% | 重要数据 | 日期 | 2025-5-22 | | --- | --- | | 收盘价（港元） | 6.14 | | 总股本（亿股） | 25.1 | | 总市值（亿港元） | 155.2 | | 净资产（亿港元） | 158.5 | | 总资产（亿港元） | 271.8 | | 52 周高低（港元） | 6.64/2.29 | | 每股净资产（港元） | 6.31 | 数据来源: Wind 、国元证券经纪(香港)整理 | 耐世特汽车系统（香港） | 44.03% | | --- | --- | | 北京亦庄国际汽车投资 | 20.92% | 相关报告 研究部 姓名：杨森 SFC：BJO644 | SFC：BJO644 | | --- | | 电话：0755-21519178 | | Email：yangsen@gyzq.com.hk | 买入 主业盈利能力回升，构建完善的线控底盘产品组合 【投资要点】 ➢ 汽车转向系统正逐 ...

——网易（9999.HK）25Q1 点评 网易-S 09999.HK 公司研究 | 季报点评 PC 游戏趋势亮眼驱动经营杠杆提升 核心观点 盈利预测与投资建议 ⚫ 公司暴雪游戏陆续恢复运营，后期有《漫威秘法狂潮》、《命运群星》等手游预期 将陆续上线驱动增长。我们预测公司 25~27 年归母净利润为 360/381/415 亿元（原 25~26 为 326/348 亿元，因根据财报上调毛利率、投资收入，下调销售费率调整盈 利预测）。我们采用 SOTP 估值，给予目标价 210.13 港币/193.03 人民币 （HKD/CNY=0.92），维持"买入"评级。 风险提示 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 103468 | 105295 | 114089 | 124468 | 133770 | | 同比增长 (%) | 7.23% | 1.77% | 8.35% | 9 ...