证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

Investment Rating - The report maintains a "Strong Buy" rating for Pop Mart (09992.HK) with a target price of HKD 319.85 [2][7]. Core Insights - The company has conducted two share buybacks, demonstrating confidence in its long-term growth logic. The buybacks occurred on January 19 and 21, 2026, costing HKD 251 million and HKD 96 million, respectively, with average prices of HKD 179.60 and HKD 192.98 per share [2]. - The financial projections indicate significant revenue growth, with total revenue expected to reach HKD 13,038 million in 2024, growing to HKD 64,823 million by 2027, reflecting a compound annual growth rate (CAGR) of 106.9% in 2024 and 23.4% in 2027 [2][8]. - Net profit attributable to shareholders is projected to increase from HKD 3,125 million in 2024 to HKD 21,734 million in 2027, with a remarkable growth rate of 188.8% in 2024 and 24.4% in 2027 [2][8]. - The report highlights the company's strong IP platform and diversified product matrix, which are expected to continue meeting the demand in the trendy toy market. The ability to sustain and innovate across various IPs is emphasized as a key strength [2][7]. Financial Summary - Total revenue (in million HKD) is forecasted as follows: - 2024: 13,038 - 2025: 37,195 - 2026: 52,533 - 2027: 64,823 [2][8] - Net profit (in million HKD) projections are: - 2024: 3,125 - 2025: 12,235 - 2026: 17,475 - 2027: 21,734 [2][8] - Earnings per share (in HKD) are expected to grow from 2.33 in 2024 to 16.20 in 2027 [2][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 84 in 2024 to 12 in 2027, indicating improved valuation as earnings grow [2][8].

2026 年 01 月 27 日 顾向君 H70420@capitalcom.tw 目标价(HKD) 89 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2026/01/26) | 76.35 | | 恒生指数(2026/01/26) | 26,765.5 | | 股价 12 个月高/低 | 102.9/73.48 | | 总发行股数(百万) | 2,796.65 | | H 股数(百万) | 2,796.65 | | H 市值(亿元) | 2,158.46 | | | 汇丰国际信托 | | 主要股东 | 有限公司 | | | (53.01%) | | 每股净值(元) | 22.72 | | 股价/账面净值 | 3.36 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 0.44 -13.53 -6.55 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-09-02 | 94.85 | 买进 | | 2025-07-17 | 91.85 | 买进 | | 2025-03-19 | 97.90 | 买 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [5][12]. Core Insights - The company plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.28 billion), which will make it the largest shareholder of PUMA. This acquisition is expected to enhance the company's brand portfolio and international competitiveness [9]. - The company's main brand, ANTA, experienced low single-digit negative growth in Q4, which was below expectations due to market pressures and the timing of the Spring Festival. However, overall revenue remains stable, with FILA showing positive growth trends [9]. - For 2026, the company anticipates positive growth for its main brand through improvements in e-commerce planning, store optimization, and product enhancement. The outdoor brands are expected to maintain stable profitability despite a slowdown in growth rates due to base effects [9]. Financial Summary - The company forecasts net profits of RMB 132.48 billion, RMB 149.62 billion, and RMB 169.18 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -15%, +13%, and +13% [11]. - Earnings per share (EPS) are projected to be RMB 4.72, RMB 5.33, and RMB 6.02 for the same years, with corresponding price-to-earnings (P/E) ratios of 14x, 13x, and 11x [11]. - The total revenue is expected to reach RMB 79.36 billion in 2025, RMB 88.90 billion in 2026, and RMB 99.76 billion in 2027, reflecting a steady growth trajectory [13].

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

27 Jan 2026 CMB International Global Markets | Equity Research | Company Update CR Beverage (2460 HK) CR Beverage (2460 HK) - Leave Leave the worst behind in 2025 We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large marketing contracts and increased supply chain investments. Capacity expansion is slightly slower than market expectations, while channel reform is progressing faster. Beyond the stabilization of packaged wate ...

股票研究 /[Table_Date] 2026.01.27 生态与行业场景深耕，AI 驱动收入增长 AI 需求强劲，AI 智算云市场高速增长，公司大力投入 AI 业务，AI 已成公司增长 核心引擎。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,047 | 7,785 | 9,510 | 11,685 | 14,338 | | (+/-)% | -13.8% | 10.5% | 22.1% | 22.9% | 22.7% | | 毛利润 | 850 | 1,341 | 1,474 | 1,986 | 2,581 | | 归母净利润 | -2,176 | -1,967 | -942 | -759 | -717 | | (+/-)% | 18.1% | 9.6% | 52.1% | 19.4% | 5.5% | | PE | -9.74 | -11.01 | -28.61 | -35.50 | -37.55 | | PB | 3.28 | 4 ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Cloud (3896.HK) [6] Core Views - The cloud service industry is expected to undergo a valuation reshaping, driven by strong AI demand and cost pressures, leading to an imminent price increase across the sector [2] - Kingsoft Cloud is positioned to benefit from its unique ecosystem, particularly through its strategic partnership with Xiaomi, which enhances its AI capabilities and revenue potential [3] - The company is projected to achieve a revenue of 27 billion CNY in Q4 2025, representing a 22% year-on-year growth and a 10% quarter-on-quarter increase, primarily fueled by AI-driven public cloud business growth [1] Financial Projections - Revenue forecasts for Kingsoft Cloud have been revised upwards for 2026 and 2027 to 121 billion CNY and 140 billion CNY respectively, reflecting an increase of 9% and 11% [4] - The expected revenue growth rates are 22.3% for 2025 and 26.6% for 2026, with a projected revenue of 9.522 billion CNY in 2025 and 12.060 billion CNY in 2026 [5] - The adjusted EBITDA margin is anticipated to be around 22% in Q4 2025, indicating sustained profitability [1] AI Business Growth - Kingsoft Cloud's AI business is entering a harvest phase, with expected revenue growth of 85% year-on-year in Q4 2025, reaching 8.8 billion CNY [3] - The company has established a comprehensive AI training and deployment platform, enhancing its service offerings and operational efficiency [3] - The AI revenue is projected to maintain high double-digit growth into 2026, supported by ongoing demand from various sectors [3]

越秀地产（0123.HK）2025 年业绩预告点评 调整阶段业绩下滑，聚焦核心财务稳健 glmszqdatemark 事件 2026 年 1 月 23 日公司发布 2025 年业绩盈利警告，全年预计实现归母净利润 0.5 亿元至 1 亿元，同比降幅约 90%至 95%；预计实现核心净利润 2.5 亿元至 3.5 亿元，同比降幅约 80%至 85%。 行业调整阶段毛利率下降，当期业绩同比下滑。 公司 2025 年归母净利润同比下降主要原因：①2025 年行业仍处于调整阶段，公 司售楼业务的结转毛利率同比有所下降；②2025 年公司结转项目结构出现阶段 性变动，导致 2025 年结转项目的平均权益占比较 2024 年有所下降。 销售规模维持行业前十，投资聚焦核心城市。 公司 2025 年实现销售金额 1062 亿元，同比-7.3%，排名行业第 9；销售面积 295 万方，同比-24.7%。据中指数据，公司 2025 年在大湾区销售金额 332 亿元，居 区域榜单第二。公司拿地聚焦核心城市，2025 年获取优质土地 23 宗，超过 90% 的拿地金额集中在北上广深、杭州及成都 6 个核心城市。 财务状况安全稳健，" ...