证券研究报告 交通运输 | 航运港口 港股|公司点评报告 hyzqdatemark 2026 年 01 月 29 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 33.00/15.70 风险提示。美国关税政策变化；经济增长不及预期；红海复航；美国对航运港口相 关政策的变化；地缘政治风险。 | 资产负债率（%） | 22.55 | 盈利预测与估值（美元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资料来源：聚源数据 | | | 2023 | 2024 | 2025E | 2026E | 2027E | | | | 营业收入（百万美元） | 2,429 | 3,05 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中烟香港(6055.HK) 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 中烟香港：提升烟叶采购上限，加码区域布局 [Table_ReportDate] 2026 年 1 月 29 日 [Table_S 事件：公司近日发布公告。 ummary] 1）签订与 Leaf Trading（关联公司）的烟草销 售框架协议，26-28 年年度交易上限分别为 670/840/980 万港元；2）与中 烟国际（北美）签订烟叶产品出口至新地区的框架协议（公司及中烟北美均 为中国烟草总公司附属公司），并上调年度交易上 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康耐特光学(2276.HK) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 康耐特光学：募资加速 XR 业务投资，贡献长期成长 动能 [Table_ReportDate] 2026 年 01 月 29 日 [Table_S 事件：公司发布公告，已同意不少于 ummary] 6 名承配人按照每股 52 港元 （较 1 月 26 日折价 11.1%；较 20 日均价折价 7.8%）认购公司 2700 万股份（占总股本比例约 5.63%）。总募集资金（剔除佣金 后）约 14 亿港元。根据公司公告，1）40%资金将用于建设 X ...

Investment Rating - The report maintains a "Strong Buy" rating for Alibaba Group (09988.HK) [1][4][6] Core Views - The report highlights the competitive advantage and profit improvement potential of Alibaba Cloud, especially in light of recent price increases by major overseas cloud service providers like AWS and Google Cloud due to a supply-demand imbalance driven by surging AI demand [1][3] - Alibaba Cloud, as the leading player in the AI cloud market, is expected to benefit from the industry's pricing trends and maintain strong growth and profitability [3][4] Financial Projections - For FY2026-2028, the projected non-GAAP net profits are estimated at 92.4 billion, 134.4 billion, and 180.9 billion respectively, reflecting a significant recovery and growth trajectory [4] - The report anticipates a target price of HKD 194 per share based on a 10x PE for the Chinese e-commerce group and a 10x PS for the cloud intelligence group [4][6] Financial Data Summary - The main revenue for FY2024 is projected at 941.2 billion, with a growth rate of 8%, and expected to reach 1,320.9 billion by FY2028 [5][11] - Adjusted EBITA for FY2026 is expected to decline to 101.3 billion, followed by a strong recovery in FY2027 and FY2028 [5][11] - The report indicates a net profit margin of 8.5% for FY2024, improving to 10.8% by FY2028 [12]

上 市 公 司 纺织服饰 2026 年 01 月 28 日 安踏体育 (02020) —— 收购 PUMA 29%的股权，推进多品牌全球化战略 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2026 年 01 月 28 日 | | --- | --- | | 收盘价（港币） | 77.00 | | 恒生中国企业指数 | 9512.24 | | 52 周最高/最低（港币） | 106.30/73.55 | | H 股市值（亿港币） | 2,153.42 | | 流通 H 股（百万股） | 2,796.65 | | 汇率（港币/人民币） | 0.8943 | 一年内股价与基准指数对比走势： -9% 11% 31% 51% 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 12/31 HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 投资要点： 财务数据及盈利预测 | 货币单位：人民币 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | - ...

[Table_Title] 【 广 发 纺 服 & 海 外 】 安 踏 体 育 （02020.HK） 收购彪马 29.06%股权，深入推进公司战略 [Table_Summary] 核心观点： | [Table_ 单位 Finance] :人民币百万元 | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | | 主营收入 | | | 62,356 | 70,826 | 77,464 | 85,221 | 94,684 | | 增长率（ | % | ） | 16.2% | 13.6% | 9.4% | 10.0% | 11.1% | | EBITDA | | | 19,708 | 23,861 | 24,689 | 26,748 | 29,797 | | 归母净利润 | | | 10,236 | 15,596 | 13,142 | 14,325 | 16,198 | | 增长率（ | % | ） | 34.9% | 52.4% | -15.7% | 9.0% | 13.1% | ...

证券研究报告 | 公司深度报告 2026 年 01 月 28 日 乐舒适（02698.HK） 深耕新兴市场卫品蓝海，本土化运营筑就成长护城河 消费品/轻工纺服 公司凭借在非洲等新兴市场的深度本地化生产和渠道布局，实现了持续的业绩 高增长与盈利能力提升，2022-2024 年营业收入及经调净利润 CAGR 达 19%和 130%，成长能力凸显。公司在核心品类的竞争优势突出，品牌不断深化，看好 公司在高成长的新兴市场的长期价值空间。 强烈推荐（首次） 目标估值：NA 当前股价：32.74 港元 基础数据 | 总股本（百万股） | 620 | | --- | --- | | 香港股（百万股） | 620 | | 总市值（十亿港元） | 20.3 | | 香港股市值（十亿港元） | 20.3 | | 每股净资产（港元） | 0.3 | | ROE（TTM） | 55.7 | | 资产负债率 | 46.1% | | 主要股东 | 沈延昌 | | 主要股东持股比例 | 54.753% | 股价表现 % 1m 6m 12m 绝对表现 2 31 31 相对表现 -3 25 -3 资料来源：公司数据、招商证券 -15 -10 ...

Investment Rating - The report gives a "Buy" rating for the company, Tuhu (途虎-W) [2][5]. Core Insights - Tuhu has established itself as a leading integrated online and offline automotive service platform in China, with a strong financial performance and a solid growth trajectory [1][2]. - The automotive aftermarket industry is experiencing significant growth due to increasing vehicle ownership and aging vehicle structures, which drives demand for maintenance and repair services [1][2]. - Tuhu is well-positioned to benefit from the ongoing industry trends, including the rise of electric vehicles, by expanding its service offerings and enhancing its operational efficiency [1][2]. Financial Performance - Tuhu achieved a revenue of RMB 13.601 billion in 2023, with a year-on-year growth rate of 17.8%. The company is projected to reach revenues of RMB 20.664 billion by 2027, maintaining a growth rate of approximately 11.9% annually [4]. - The net profit attributable to the parent company was RMB 6.703 billion in 2023, with a significant increase of 413.8% year-on-year. The net profit is expected to grow to RMB 1.055 billion by 2027 [4]. - The company's earnings per share (EPS) is projected to increase from RMB 8.11 in 2023 to RMB 1.28 in 2027, reflecting a strong upward trend in profitability [4]. Market Position and Strategy - Tuhu has built a vast service network with 7,205 service stations across China, covering over 300 cities and nearly 1,800 counties, making it a leading independent automotive service brand [13]. - The company utilizes a light-asset franchise model for its offline expansion, enhancing operational efficiency and service quality through standardized processes and strict quality control [2][10]. - Tuhu's online platform has accumulated a large user base of 150 million registered users, leveraging digital tools to improve customer experience and service delivery [13][16]. Industry Outlook - The automotive service market in China is expected to grow significantly, driven by the increasing number of vehicles and the shift towards electric vehicles, which will create new service demands [1][2][42]. - The DIFM (Do It For Me) service model is the dominant service mode in China, with independent automotive service channels gaining market share due to their cost-effectiveness [42][44].

证券研究报告·海外公司点评·其他互联网服务 曹操出行（02643.HK） 配股加速全球 Robotaxi 布局，深化出行全场 景服务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,668 | 14,657 | 20,674 | 26,235 | 32,365 | | 同比(%) | 39.80 | 37.40 | 41.05 | 26.90 | 23.37 | | 归母净利润（百万元） | (1,916.48) | (1,250.77) | (1,102.42) | (273.67) | 891.83 | | 同比(%) | 2.82 | 34.74 | 11.86 | 75.18 | 425.87 | | EPS-最新摊薄（元/股） | (3.39) | (2.21) | (1.95) | (0.48) | 1.58 | | P/E（现价&最新摊薄） | (9.37) | (14.36) | (16.2 ...

Investment Rating - The report assigns a "Buy" rating for the company, Tuhu (09690.HK), as a leading player in the automotive aftermarket, emphasizing its continuous expansion of the integrated online and offline platform [2]. Core Insights - Tuhu has established a strong position in the automotive aftermarket, with a robust growth trajectory in revenue and net profit, alongside improving gross margins and healthy cash flow [1][2]. - The company is well-positioned to benefit from the ongoing growth in China's automotive ownership and the aging vehicle structure, which drives demand for maintenance and repair services [1][2]. - Tuhu's strategic focus on electric vehicle services and the expansion of its charging network is expected to capture new growth opportunities in the evolving automotive service landscape [1][2]. Financial Summary - Revenue is projected to grow from RMB 13.6 billion in 2023 to RMB 20.7 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11.9% [4]. - Net profit is expected to increase significantly from RMB 647 million in 2025 to RMB 1.1 billion in 2027, reflecting a strong growth rate of 28.5% [4]. - The company's earnings per share (EPS) is forecasted to rise from RMB 0.78 in 2025 to RMB 1.28 in 2027, indicating a positive trend in profitability [4]. Business Model and Market Position - Tuhu operates an integrated online and offline automotive service platform, leveraging a large user base and high customer retention through digital tools for efficient service delivery [2][10]. - The company has built a vast network of standardized service outlets using a light-asset franchise model, enhancing operational efficiency and market coverage [2][10]. - Tuhu's revenue structure is primarily driven by automotive products and services, with over 90% of revenue coming from individual end customers, indicating a strong focus on consumer needs [30][31].