[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].

研究报告 Research Report 28 Jan 2026 西锐 Cirrus Aircraft (2507 HK) 调研反馈：产品叠加服务铸就的护城河 US site tour feedback: great product paired with excellent service build a durable moat 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$61.00 目标价 HK$70.20 HTI ESG 2.6-3.3-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$22.33bn / US$2.86bn 日交易额 (3 个月均值) US$4.35mn 发行股票数目 365.99mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$73.40-HK$20.55 注：现价 HK$61.00 为 2026 年 01 月 28 日收盘价 资料来源： Factset ...

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) | (16.29) | (65.62) | 20.14 | [Table_Tag] [T ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6]. Core Insights - The Chinese beauty industry is transitioning from "incremental expansion" to "stock game," with the market expected to reach a scale of 465.3 billion yuan by 2025, reflecting a 5.1% year-on-year growth, marking the maturity of the market [1][6]. - Domestic brands are gaining market share due to their understanding of local consumer needs and agile operations, shifting from market participants to leaders [1]. - The competition has evolved from traffic acquisition to a systematic comparison of brand strength, product technology, and sustainable innovation capabilities [1]. Summary by Relevant Sections Company Performance - The company has successfully transitioned from a "single-core drive" to a "platform group" strategy, with its main brand, Han Shu, contributing 3.344 billion yuan in revenue in the first half of 2025, driven by the expansion into men's skincare and high-end hair care [2]. - The second growth curve represented by the "Yi Ye" brand has seen a revenue surge of 146.5% year-on-year to 397 million yuan [2]. Long-term Growth Strategy - The company has set a clear goal to achieve 30 billion yuan in sales by 2030, supported by three core drivers: scientific research outcomes, brand category expansion, and deepening global layout [3]. - The application of AI in production and marketing, along with talent development, is expected to enhance operational efficiency and support the long-term revenue target [3]. Financial Projections - Revenue is projected to grow from 4.191 billion yuan in 2023 to 12.646 billion yuan in 2027, with a compound annual growth rate (CAGR) of 56.6% in 2024 and 27.4% in 2025 [4]. - Net profit is expected to increase from 461 million yuan in 2023 to 1.609 billion yuan in 2027, with a significant growth rate of 213.5% in 2024 [4]. - Earnings per share (EPS) are forecasted to rise from 1.16 yuan in 2023 to 4.04 yuan in 2027, reflecting strong profitability [4].

2026 年 01 月 28 日 思摩尔国际(06969.HK) 回购彰显长期信心 HNB 业务稳步增长 两日耗资近 2 亿港元，连续大额回购彰显长期信心 根据公司公告，12 月 11 日与 12 月 12 日，公司进行了两次回购。11 日以 12.26 港元/股的均价回购了 814 万股、耗资 9977 万港元，12 日以 12.48 港元/股的均价回购 799 万股、耗资 9976 万港元，受托人 持有的股份占公司总股的比例从购买前的 1.2853%上升到了 1.5457%。此次大额回购彰显了管理层对公司价值和未来业务增长的 长期信心。 25Q3 营收创历史新高，HNB 持续放量反馈积极 公司 2025 年第三季度营收约人民币 41.97 亿元，同比增长 27.2%， 表现亮眼，主要受益于战略客户在全球主要市场成功推出加热不燃烧 （HNB）新品。同时全球监管趋严加速不合规产品出清，公司作为合 规龙头充分享受到了政策红利，电子雾化业务稳健增长。旗舰新品带 动自有品牌业务份额提升。Q3 经调整净利约 4.44 亿元，同比增长 4.0%。剔除股份支付后的期间费用增速低于收入增速，费用管控优异。 投资建议：思摩尔 ...

[Table_Info1] 紫金黄金国际(02259.HK) 贵金属/有色金属 [Table_Date] 发布时间：2026-01-28 [Table_Title] 证券研究报告 / 港股公司报告 Allied Gold 收购彰显魄力&眼光，符合紫金风范 ---紫金黄金国际收购 Allied Gold 100%股权点评 [Table_Summary] 事件：紫金黄金国际拟以 44 加元/股，总对价 55 亿加元（约 280 亿人民 币），以现金方式收购 Allied Gold 100%股权，较 1/23 收盘价 41.75 加元 /股溢价约 5.39%（Allied Gold 在多伦多和纽约交易所两地上市）。本次交 易还需要经过 Allied Gold 股东大会投票支持，以及中国、加拿大有关部 门批准。 Allied Gold 包括非洲三大金矿项目，权益资源量 455 吨。①马里 Sadiola 金矿 80%权益；②科特迪瓦金矿综合体，含 Bonikro 项目 89.9%权益 +Agbaou 项目 85%权益；③埃塞俄比亚 Kurmuk 金矿 100%权益。资源量 角度看，Allied Gold 总资源量 5 ...