Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence. The fundamental logic has been strengthened, although profit forecasts for 2025-2027 have been revised downwards due to increased industry competition. Expected net profits for 2025-2027 are projected at $0.33 billion (-$0.05), $0.48 billion (-$0.07), and $0.61 billion (-$0.10), representing year-on-year growth of 0.3%, 43.0%, and 27.9% respectively. The current stock price corresponds to P/E ratios of 18.7, 13.1, and 10.2 for the respective years [4] Summary by Sections Business Performance - The coconut water industry is experiencing intensified competition in 2025. The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, and is expected to continue leading the market in 2026. The secondary brand, Inno Coco, faced sales pressure throughout the year but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026, creating a second growth curve for the company [5] Strategic Partnerships - In September 2025, the company signed a strategic cooperation agreement with COFCO's subsidiary, COFCO Mingzhuanghui, marking a significant acceleration in its domestic market strategy. This partnership leverages COFCO Mingzhuanghui's extensive network of over one million terminals and diverse channel resources to help the company overcome regional barriers and achieve nationwide product coverage, laying a solid foundation for high growth and regional expansion. Additionally, the collaboration enhances brand image through the endorsement of a state-owned enterprise, improving national exposure and consumer recognition [6] Operational Efficiency - In November 2025, the company established its China headquarters in the Hongqiao International Central Business District through a partnership with Shanghai Xihongqiao Science and Technology Development Co., Ltd. This move will facilitate the building of a core team in Shanghai, including sales, marketing, and channel management personnel, aimed at addressing industry challenges such as channel disorder and price inconsistencies, thereby enhancing localized management and response efficiency [7] Financial Summary - The company's projected revenue for 2023A is $87 million, with a year-on-year growth of 0.0%. For 2024A, revenue is expected to reach $158 million, reflecting a growth of 80.3%. The estimates for 2025E, 2026E, and 2027E are $186 million, $249 million, and $311 million respectively, with corresponding year-on-year growth rates of 17.8%, 34.1%, and 24.6%. The net profit for 2023A is projected at $17 million, with a growth of 0.0%, and is expected to reach $33 million in 2024A, maintaining the same level in 2025E, before increasing to $48 million and $61 million in 2026E and 2027E respectively, with growth rates of 43.0% and 27.9% [9]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨华润电力（00836.HK） [Table_Title] 下半年电量增速环比改善，全年业绩降幅有望收 窄 报告要点 [Table_Summary] 2025 年公司附属电厂累计售电量达到 2267.90 亿千瓦时，同比增加 7.00%；其中 2025 年下半 年公司完成售电量 1248.10 亿千瓦时，同比增长 9.77%。2025 年下半年公司售电量增速环比 明显改善，预计下半年公司营业收入能够实现稳健增长，但受制于电价下行压力，营收增速预 计仍低于电量增速；2025 年公司售电量实现稳健增长，全年主业营收展望平稳。2025 年下半 年燃料成本仍保持一定同比降幅，公司下半年业绩展望稳健，但受上半年煤炭生产业务偏弱以 及高基数影响的拖累，2025 年公司业绩预计仍面临一定压力，但降幅有望收窄。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 张子淳 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：B ...

紫金黄金国际（2259.HK）动态报告 金龙腾跃，势启新章 glmszqdatemark 2026 年 01 月 27 日 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2,990 | 5,285 | 8,255 | 9,359 | | 增长率（%） | 32.2 | 76.8 | 56.2 | 13.4 | | 归母净利润 | 481 | 1,561 | 3,382 | 3,928 | | 增长率（%） | 108.9 | 224.3 | 116.6 | 16.2 | | EPS | 0.18 | 0.58 | 1.26 | 1.47 | | P/E | 149 | 46 | 21 | 18 | | P/B | 30.8 | 10.1 | 6.8 | 5.0 | 资料来源：ifind，国联民生证券研究所预测（注：股价为 2026 年 1 月 26 日收盘价,汇率 1HKD=0.1283USD） | 推荐 | 维持评级 | | --- ...

哈尔滨电气 (1133 HK) 全年利润大幅超预期 2026 年 1 月 27 日│中国香港 电气设备 公司发布年度业绩盈喜，利润大幅超预期 哈尔滨电气发布 2025 年业绩盈喜，预计 25 年实现归母净利润 26.5 亿元， 同比大增 57%（24 年公司归母净利润 16.86 亿元），超出 VA 预期 10.5%。 利润增长主要系公司新增设备订单兑现带来营收增长，叠加内部管理提效+ 高毛利订单兑现提振盈利能力。公司作为国内传统电源设备龙头"三大电气" 之一，我们认为其有望受益于：1）国内电力需求增长和最高负荷上行，煤 气水核等传统电源保供价值凸显，"十五五"规划再次强调多能并举；2） 数据中心带动海外缺电主线延续，海外燃机紧供需下公司小燃机或有望实现 出口。我们维持"买入"评级，给予公司目标价 27.05 港币。 证券研究报告 传统基荷电源需求带动设备订单高增，四代核电布局打开增长空间 我们预测全国用电量 2025-30 年或维持 CAGR 6%，最高负荷同步上行，电 力系统"安全充裕"有赖于煤水核等可控装机予以保障。最新"十五五"国 网固定资产投资预计达 4 万亿元，较"十四五"增长 40%，且此前"十 ...

证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 3、投资建议：看好主品牌发挥跑步品类优势销售稳健增长，专业运动品牌快速增长盈利提升。公司聚焦 跑步领域、发挥跑步品类专业优势，四季度在气温和春节延迟的负面因素影响下，主品牌流水保持同比持 平，跑鞋品类及核心系列"两千公里"、"冠军家族"表现亮眼；专业运动品牌索康尼环比提速至 30%以 上增长，全年 30%的增速达成管理层此前指引。我们看好未来主品牌聚焦大众市场获得稳健增速，索康尼 和迈乐分别聚焦"双精英人群"和户外，保持较快增速，并在未来 3-5 年盈利持续提升。我们维持盈利预 测，预计 2025-2027 年净利润分别为 14.0/14.9/16.0 亿元，同比增长 13.2%/5.9%/7.7%。维持 6.1-6.6 港 元的合理估值区间，对应 2026 年 11-12x PE，维持"优于大市"评级。 评论： 第四季度特步主品牌流水同比持平、折扣保持稳定，库存小幅上升；索康尼流水增长 30%，迈乐流水增 长双位数 公司公告：1 月 23 日，公司发布 2025 年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠 ...

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 the company, 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, for 140,000 and 50,000 shares at 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 company is focusing on diversifying its IP matrix and enhancing its platform-based operational capabilities, which are expected to meet the growing demand in the collectible toy market [2][7]. Financial Summary - Total revenue (in million HKD) is forecasted as follows: 2024A: 13,038, 2025E: 37,195, 2026E: 52,533, 2027E: 64,823 [2][8]. - Net profit (in million HKD) is projected as follows: 2024A: 3,125, 2025E: 12,235, 2026E: 17,475, 2027E: 21,734 [2][8]. - Earnings per share (in HKD) are expected to rise 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].

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 ...