公司概览 豪威集团（以下简称"公司"）作为全球化Fabless半导体设计龙头企业，以CMOS 图像传感器（CIS）为核心产品，根据弗若斯特沙利文数据，2024年按图像传感器 解决方案收入计算，位列全球第三，市场份额达13.7%，在行业内具备显著的品牌 知名度和市场认可度。其业务覆盖智能手机、汽车、医疗、安防及新兴市场（机 器视觉、智能眼镜、端侧AI）等高增长领域，产品矩阵丰富且应用场景广泛，形 成了多元化的收入支撑体系。 公司采用Fabless业务模式，专注于半导体产品设计与销售，通过与全球领先的晶 圆代工、封装测试厂商建立长期战略合作，既规避了重资产运营的资本支出压力， 又能快速获取前沿制造技术，实现对市场需求的灵活响应。同时，公司保留核心 测试环节，内部测试设施与外部协作相结合，既保障了产品质量控制，又强化了 设计迭代能力，尤其适配汽车等对产品可靠性要求极高的市场需求。 公司业绩呈现强劲复苏态势，2024年实现收入257.07亿元，同比增长22.5%，净利 润32.79亿元，同比大幅增长501.2%；2025年上半年收入139.44亿元，净利润20.20 亿元，净利率提升至14.5%。毛利率持续优化，20 ...

Investment Rating - The investment rating for Kuaishou-W (01024) is maintained as "Buy" [2] Core Insights - Kuaishou's AI model, Keling, has seen significant updates, including the launch of the world's first unified multimodal video model, Keling O1, and the audio-visual synchronization model, Keling 2.6, which are expected to drive user growth and payment rates [7][8] - The One series of end-to-end generative models continues to boost the core business, with improvements in marketing and e-commerce driving revenue growth [19] - The company has adjusted its revenue and profit forecasts for 2025-2027, maintaining a "Buy" rating despite macroeconomic pressures [7] Financial Data and Earnings Forecast - Revenue projections for Kuaishou are as follows: - 2023A: 113,470 million RMB - 2024A: 126,898 million RMB - 2025E: 142,185 million RMB - 2026E: 155,153 million RMB - 2027E: 169,326 million RMB - Adjusted net profit forecasts are: - 2023A: 10,271 million RMB - 2024A: 17,716 million RMB - 2025E: 20,228 million RMB - 2026E: 22,284 million RMB - 2027E: 25,470 million RMB - The projected earnings per share (EPS) are: - 2023A: 2.38 RMB - 2024A: 4.12 RMB - 2025E: 4.74 RMB - 2026E: 5.22 RMB - 2027E: 5.96 RMB - The return on equity (ROE) is expected to be 21% in 2027 [6][21] User Growth and Product Development - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax and Midjourney by the end of December 2025 [7] - The Keling 2.6 model offers a pricing advantage over competitors such as Google Veo3.1 and Sora2, with video generation costs being lower [10] - The OneRec model has improved marketing revenue by approximately 4%-5% and enhanced e-commerce order volume by 5% through better product matching [19][13]

证券研究报告 | 公司更新 | 互联网电商 阿里巴巴-W(09988) 报告日期：2026 年 01 月 05 日 阿里千问破局，云业务利润率提升可期 ——阿里巴巴更新报告 投资要点 阿里巴巴 25Q3 的资本开支达到 314.28 亿人民币，同比增幅达到 85.12%，处于 高速增长期。阿里巴巴 25Q2、25Q3 连续两个季度自由现金流下降引发市场担 忧。公司 25Q3 自由现金流为-218.4 亿，主要系 "外卖大战"和大幅增加资本开 支的影响。截至 25Q3，阿里巴巴集团账面仍有 2923 亿人民币净现金和其他流动 性投资，为新业务投入提供保障。 阿里云的 EBITA Margin 相较于亚马逊 AWS、微软智能云的经营利润率还有较大 的差距，但可以从 google cloud 过去的经验印证：随着规模的提升（规模效应的 释放），公有云业务的利润提升弹性大。这也意味着随着阿里云规模的增长，在 跨越早期高投入的阶段后，长期利润率提升的确定性较高，且利润率提升空间 大。与此同时，阿里云出海也会带来规模提升、盈利能力提升的影响。 ❑ 检验与催化：阿里巴巴智能云业务集团利润率提升。 ❑ 盈利预测与估值 我们预 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company aims to become a world-class automotive enterprise, targeting sales of 1 million units in 2026 and 4 million units in the long term [4][5] - The company has established a comprehensive self-research and platform-based manufacturing system, achieving a sales volume of approximately 597,000 units in 2025, marking a significant improvement in its fundamentals [2][3] - The strategic investment from FAW Group, acquiring approximately 5% equity for about HKD 3.74 billion, highlights the recognition of the company's long-term strategy [3] Sales and Financial Projections - The company expects to achieve sales of 600,000, 1,040,000, and 1,420,000 units in 2025, 2026, and 2027 respectively, with corresponding revenues of RMB 68.3 billion, RMB 123.5 billion, and RMB 168.8 billion [5][11] - The net profit attributable to the parent company is projected to be RMB 6.6 million, RMB 51.1 million, and RMB 82.5 million for the years 2025, 2026, and 2027 respectively [5][11] Strategic Developments - The company has signed a powertrain cooperation agreement with FAW, focusing on the joint development of range-extended and plug-in hybrid vehicles, with the first model expected to be mass-produced in 2026 [3] - The D-series models, including D19 and D99, are set to launch in 2026, enhancing the company's high-end product lineup [3][4] Market Expansion - The company plans to leverage Stellantis' distribution channels to export over 60,000 vehicles in 2025, entering 35 countries with more than 800 overseas stores [2][4] - The strategic cooperation with FAW and Stellantis is expected to drive growth and profitability during the upcoming new vehicle cycle [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leading player in the affordable beverage market, with a focus on high-quality products priced around 6 RMB (approximately 1 USD) [15] - The company has established a robust supply chain and a unique market position through its "high-quality and affordable" brand strategy, which has resonated well with consumers [15] - The report forecasts significant growth in revenue and net profit, with expected net profits of 58.5 billion, 65.2 billion, and 73.0 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32%, 12%, and 12% [1] Summary by Relevant Sections 1. Company Overview - The company operates over 46,000 stores globally, making it the largest beverage chain in terms of store count, with a product output ranking first in China and second globally [15] - The company has a concentrated ownership structure, with the founders holding 81.14% of shares, which enhances management stability and strategic alignment [24] 2. Business Model - Revenue primarily comes from the sale of goods and equipment to franchisees, with 94% of revenue derived from product sales [33] - The company has a vertically integrated supply chain, allowing for cost advantages and efficient operations, which contribute to a stable gross margin above 30% [34] 3. Market Position and Growth Potential - The affordable beverage segment is expected to continue growing rapidly, driven by increasing consumer demand and market penetration in lower-tier cities [15] - The company aims to expand its store count to approximately 70,000 in China and 10,000 to 15,000 in Southeast Asia, with potential growth in the Americas as well [15] 4. Financial Projections - The report provides detailed financial forecasts, projecting total revenue to reach 39.635 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 11.33% from 2023 to 2027 [1] - The expected earnings per share (EPS) for 2025 is projected at 15.40 RMB, with a price-to-earnings (P/E) ratio of 23.81 [1]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Insights - The report highlights the rapid growth potential of the domestic intelligent driving chip industry, with a significant increase in penetration rates expected in the coming years. The company is well-positioned to benefit from this trend [10][17]. - The company has a strong R&D team with extensive experience, which enhances its product development capabilities and market competitiveness [49]. - The report emphasizes the importance of collaboration with Tier 1 manufacturers and algorithm providers to drive commercialization and expand market presence [61]. Summary by Sections 1. Overall Dimension - The intelligent driving chip market is expected to grow rapidly due to increasing penetration rates driven by technological advancements, policy support, and rising consumer demand. The penetration rates for L2, L2.5, and L2.9 configurations are projected to increase significantly by 2030 [17][20]. - The report notes that only a few OEMs are likely to achieve self-developed chips due to high costs and complexities involved in chip development [29][33]. - Geopolitical factors are expected to drive the domestic market share of intelligent driving chips, with a focus on increasing localization [41][42]. 2. Product Dimension - The company is continuously iterating its products, with a focus on developing a mature ecosystem. The A1000 series has already achieved significant market penetration, and the upcoming C1200 family is expected to meet evolving automotive architecture needs [49][55]. - The C1200 family is designed to support central computing architectures and is expected to be commercially viable soon, with significant advancements in safety and performance [55][57]. 3. Ecosystem Dimension - The company positions itself as a Tier 2 supplier, collaborating with leading Tier 1 manufacturers and algorithm firms to enhance its market offerings. This strategy aims to provide OEMs with substantial value and differentiation in their intelligent driving solutions [61]. - The report discusses the limitations of a tightly integrated hardware-software model, as seen in the case of Mobileye, and suggests that a more flexible approach will be beneficial for OEMs [61]. 4. Growth Potential - The company is expanding its capabilities into the robotics sector, leveraging its automotive-grade chip technology to capture new market opportunities. The SesameX platform is a key initiative in this regard [10][27]. - Revenue forecasts indicate substantial growth, with expected revenues of 834 million in 2025, 1.38 billion in 2026, and 2.11 billion in 2027, reflecting year-on-year growth rates of 75.8%, 65.5%, and 52.8% respectively [8].

Investment Rating - The report assigns a rating of "Buy" for the company [4]. Core Insights - The report highlights a rich pipeline for the company in 2026, with expectations for significant clinical data readouts, including results for HER2 ADC, B7H3 ADC, and TROP2 ADC [12][19]. - The target price for the company has been raised to HKD 455.56 based on DCF valuation methods, reflecting increased confidence in the potential global sales peak for several ADC products [8][12]. Financial Summary - Total revenue is projected to grow from RMB 1,462 million in 2023 to RMB 2,516 million by 2027, with a notable increase of 23% in 2026 [3]. - Gross profit margin is expected to improve from 34% in 2025 to 51% in 2027, indicating a positive trend in profitability [3]. - Net profit is forecasted to decrease from RMB -757 million in 2025 to RMB -321 million in 2027, showing a gradual reduction in losses [3]. Pipeline Developments - HER2 ADC DB1303 is undergoing global registration clinical trials for multiple indications, with expected results in 2026 [12][11]. - B7H3 ADC DB1311 is anticipated to initiate a global Phase III clinical trial for 2L CRPC in 2026, following promising data from earlier studies [13][12]. - TROP2 ADC DB1305 is expected to demonstrate comparable efficacy to competitors in the market, with a focus on combination therapies [19][21]. Market Position - The company is positioned to compete effectively in the ADC market, with a strong emphasis on innovative therapies and strategic partnerships [12][19]. - The report notes the potential for the company's ADCs to become next-generation standard treatments in oncology, particularly in combination with other therapies [12][19].

Group 1 - The investment rating for the company is "Recommended" [3] - The core viewpoint of the report emphasizes that the company is positioned as a global source for new drug development, leveraging innovative gene editing technology and a robust antibody platform to drive growth [8][9] - The report highlights three main business segments: preclinical products and services, antibody platform, and clinical research organization (CRO) services, all of which are experiencing high growth due to favorable industry conditions [8][30] Group 2 - The company is expected to achieve significant revenue growth, with projected revenues of 9.80 billion RMB in 2024, 13.52 billion RMB in 2025, and 18.11 billion RMB in 2026, reflecting compound annual growth rates (CAGR) of 41.96% from 2019 to 2024 [2][30] - The net profit is forecasted to increase dramatically, with estimates of 34 million RMB in 2024, 155 million RMB in 2025, and 321 million RMB in 2026, indicating a CAGR of 362.6% from 2024 to 2025 [2][30] - The company has established a strong international presence, with overseas revenue accounting for 68% of total revenue in the first half of 2025, driven by a mature U.S. subsidiary and a diverse customer base [16][43] Group 3 - The report outlines the company's innovative gene editing technology as a key competitive advantage, enabling the development of customized animal models and enhancing the efficiency of drug development processes [48][51] - The antibody development business is expected to grow significantly, with revenues projected to reach 3.18 billion RMB by 2024, supported by a large library of antibody sequences and a flexible revenue model [39][40] - The company has a well-defined growth strategy, focusing on expanding its international market share and enhancing its service offerings to meet the evolving needs of pharmaceutical companies [8][30]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 15.97 and a fair value of HKD 19.99 [4]. Core Insights - The company is the world's largest sports shoe manufacturer, driven by both manufacturing and retail operations, with a potential performance turnaround expected [1][9]. - The manufacturing business is expected to see revenue and profitability improvements due to various factors, including a recovery in order placements from brand clients and a favorable market environment in 2026 [9]. - The retail business is actively pursuing multi-channel and refined operations, which are anticipated to lead to a performance rebound [9]. Summary by Sections Company Overview - The company is the largest sports shoe manufacturer globally, with a market share based on annual production [14]. - It has a significant workforce of 285,500 employees, with 265,500 in manufacturing and 20,700 in retail [14]. - The company achieved a revenue of USD 8.182 billion in FY2024, reflecting a year-on-year growth of 3.7% [2][14]. Manufacturing Business - The manufacturing segment contributed 68.7% of total revenue and 85.2% of profit in FY2024, with revenues of USD 5.621 billion, up 11.1% year-on-year [17]. - The average selling price (ASP) for shoes was USD 20.25, down 5.1% year-on-year due to a higher concentration of high-end products in previous years [17]. - The company has a diversified production base across several countries, with significant output from Indonesia, Vietnam, and China [15][17]. Retail Business - The retail segment, operated through the subsidiary BaoSheng International, generated USD 2.561 billion in FY2024, a decrease of 9.5% year-on-year [24]. - The company is optimizing its store network, reducing the number of direct-operated stores to 3,448 while improving average store size [24]. - The retail business is expected to benefit from improved discount rates and effective inventory management [9]. Financial Projections - The company forecasts earnings per share (EPS) of USD 0.23, USD 0.26, and USD 0.28 for FY2025, FY2026, and FY2027, respectively [9]. - The report estimates a fair value of HKD 19.99 per share based on a sum-of-the-parts valuation method [9]. Market Performance - The company's stock price has shown significant volatility, with a historical increase of 2044.24% since its listing in 1992, although it has faced challenges in recent years due to external market conditions [46]. - The company’s price-to-earnings (P/E) ratio has fluctuated between 7 and 18 times, indicating a relatively low valuation compared to historical levels [46].

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 智能眼镜首次纳入国补，看好消费级产品渗 透率加速提升 事项： ❖ 25 年 12 月 30 日，国家发改委、财政部发布 2026 年国补政策，首次将智能眼 镜纳入补贴范围，补贴标准为 15%，单件补贴上限 500 元（单件产品售价不超 过 6000 元）。根据测算，智能眼镜价格超过 3300 元基本可以全额享受国补。 评论： 其他轻工Ⅲ 2025 年 12 月 31 日 | 目标价：63.63 | 港元 | | --- | --- | | 当前价：51.80 | 港元 | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com ❖ 风险提示：智能眼镜发展不及预期、国内渠道拓展不及预期、行业竞争加剧。 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...