Investment Rating - The report assigns a "Buy" rating for the company, Mijue Group (2097.HK), marking its first coverage [4]. Core Insights - Mijue Group is positioned as the world's largest ready-to-drink beverage company, leveraging an end-to-end supply chain system and a network of 53,000 stores to establish a leading position in the ready-to-drink tea market. Revenue projections for 2025, 2026, and 2027 are estimated at RMB 335.5 billion, RMB 403.0 billion, and RMB 443.9 billion, respectively, with corresponding net profits of RMB 60.0 billion, RMB 74.0 billion, and RMB 84.1 billion, reflecting year-on-year growth rates of 35.1%, 20.1%, and 10.1% [4][6]. Company and Industry Analysis - The ready-to-drink beverage industry in China is experiencing rapid growth, with the ready-to-drink tea market size reaching approximately RMB 258.5 billion in 2023. The company focuses on the research, production, and sales of ready-to-drink tea and freshly brewed coffee, operating under the brands Mijue Ice City and Lucky Coffee, which target price points of RMB 6-8 and RMB 5-10, respectively. The company operates on a franchise model, generating revenue primarily from selling equipment and providing franchise services [4][6]. - Mijue Group's supply chain advantages include a comprehensive procurement network across 38 countries, five production bases ensuring 100% self-sourcing of core ingredients, and a logistics system that allows for rapid delivery to 90% of domestic county-level administrative regions within 12 hours. This infrastructure supports consistent product quality and cost efficiency, reinforcing the company's market leadership with a market share of approximately 49.6% in the ready-to-drink tea sector [4][5][6]. Key Assumptions - The company anticipates steady expansion in store numbers, particularly in lower-tier markets, with projected revenue from product and equipment sales of RMB 326.8 billion, RMB 392.2 billion, and RMB 431.4 billion for 2025, 2026, and 2027, respectively. The gross margin is expected to improve gradually, reaching 31.5% by 2027 [4][6]. - Revenue from franchise fees and related services is projected to grow significantly, with estimates of RMB 8.7 billion, RMB 10.9 billion, and RMB 12.5 billion for the same years, reflecting a robust growth trajectory supported by an expanding store network [4][6]. Financial Data and Profitability Forecast - The company forecasts total revenue of RMB 20.3 billion in 2023, increasing to RMB 44.4 billion by 2027, with a compound annual growth rate (CAGR) of 49.6% from 2023 to 2024 and 10.1% from 2026 to 2027. Net profit is expected to rise from RMB 3.1 billion in 2023 to RMB 8.4 billion in 2027, with corresponding net profit growth rates of 57.1% and 13.7% [6][21]. - The report highlights a projected gross margin improvement from 29.5% in 2023 to 33.0% in 2027, alongside a net margin increase from 15.7% to 19.0% over the same period [6][21].

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) [4][6] Core Insights - The acquisition of East China Pipeline Design Institute enhances the company's pipeline transportation business qualifications, expected to improve overall competitiveness [2] - The company has seen rapid growth in new contracts, with a total of 913 billion yuan signed in the first three quarters of 2025, representing a year-on-year increase of 24.4% [3] - The company is well-positioned to benefit from the modernization of China's industrial system and the high-quality development of the petrochemical industry, particularly in the Middle East market [3] Summary by Sections Acquisition and Business Expansion - The company announced the acquisition of 100% equity in East China Pipeline Design Institute for 191 million yuan, which will strengthen its integrated EPC service capabilities from design to procurement and construction [1][2] - The East China Pipeline Design Institute, established in 1993, has a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [2] Market Growth and Contract Acquisition - The company has accelerated its market expansion, achieving a 24.4% year-on-year increase in new contracts, with domestic contracts growing by 16.3% and overseas contracts by 38.6% [3] - The total uncompleted contract amount reached 2,155 billion yuan, a 24.8% increase year-on-year, indicating strong future revenue potential [3] Financial Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 2.595 billion, 2.760 billion, and 2.902 billion yuan respectively, with corresponding EPS of 0.59, 0.63, and 0.66 yuan per share [4] - The company is expected to maintain a low valuation with high dividend value, supported by its resource advantages from Sinopec Group [4]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company is expected to achieve a compound annual growth rate (CAGR) of mid-single to double digits in volume growth, supported by increased orders from existing customers and new customer acquisitions. The expansion in Indonesia and Bangladesh is anticipated to contribute to stable revenue growth. Profitability is expected to improve due to enhanced efficiency in new factories, with a long-term potential for net profit margin enhancement through product mix improvement and cost optimization. The projected net profits for 2025, 2026, and 2027 are $160 million, $170 million, and $190 million, respectively, corresponding to price-to-earnings (PE) ratios of 11, 10, and 9 times. Given the high visibility of orders, profit improvement potential, stable customer mix, and high dividend yield, the current valuation is considered low, with a projected dividend yield of 6.9% in 2025 at a 75% payout ratio [3][10]. Company Overview - The company is a leading high-end footwear manufacturer, providing ODM services primarily for top global brands such as Nike, Prada, and Balenciaga. It has undergone a strategic shift towards high-end product manufacturing and optimized production capacity in Southeast Asia since 2019, resulting in significant improvements in profit margins and capital returns. In 2024, the company is projected to achieve revenues of 11.1 billion yuan and a net profit of 1.2 billion yuan, positioning it within the second tier of domestic footwear manufacturers while maintaining a favorable profit margin [6][19]. Industry Analysis - The demand side of the industry is witnessing structural opportunities, with the U.S. apparel sector nearing the end of inventory destocking. Most brands in the sports segment have healthy inventory levels, although the retail recovery trend remains unclear. The high-end segment is expected to see a performance rebound by Q3 2025, with the personal luxury goods market anticipated to return to moderate growth next year, benefiting related suppliers [6][47]. Company Quality - The company focuses on high-end manufacturing, establishing a differentiated competitive advantage while achieving superior pricing (over 200 yuan) and profitability (gross margin of 20%-25%). High R&D spending and competitive salary levels support its leading design and development capabilities, with a significant increase in high-end customer numbers. The sports segment, which is currently thriving, is expected to provide strong order certainty and profitability. The company has diversified its customer base, with Nike orders accounting for nearly 40% of total orders, ensuring stable growth [9][10][19]. Production Efficiency - The company has established a manufacturing system centered in China, with major production bases in Southeast Asia. By 2024, the production capacity distribution is expected to be 24% in China, 52% in Vietnam, and 20% in other Asian regions. The company boasts superior labor productivity, with per capita output second only to a major competitor, and is continuously enhancing automation to improve efficiency [9][10][19].

丨证券研究报告丨 [Table_Summary] 滔搏发布 FY2026Q3（2025 年 9 月-2025 年 11 月）零售数据，零售流水同比高单下滑，截至 2025 年 11 月 30 日，直营门店毛销售面积较上一季末减少 1.3%，较去年同期减少 13.4%。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 [Table_scodeMsg1] 港股研究丨公司点评丨滔搏（06110.HK） [Table_Title] 经营短期承压，修复仍需时间 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 滔搏（06110.HK） cjzqdt11111 [Table_Title2] 经营短期承压，修复仍需时间 事件评论 丨证券研究报告丨 2025-12-25 港股研究丨公司点评 [Table_Rank] 投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价（HKD） 2.98 注： ...

公司深度研究 | 中石化炼化工程 中石化旗下高股息能化工程龙头，海外发力加速开拓 证券研究报告 2025 年 12 月 25 日 中石化炼化工程（02386.HK）首次覆盖报告 【核心结论】中石化炼化工程是国内最大的能化工程企业之一，专业技术实 力领先，控股股东中石化实力雄厚，集团内业务基本盘有保障，海外业务加 速开拓，贡献业绩增量。此外，公司财务表现良好，分红比例持续较高，股 息率超过 5%，有望为投资者提供较为稳定的收益。我们给予公司 2026 年 13 倍 PE，对应目标价为 9.50 港元/股，首次覆盖，给予"买入"评级。 行业层面：1）"两桶油"稳居市场龙头，石化行业营收较为稳健，但利润持 续承压：2025H1 石化行业营收同比略下滑 2.6%，利润总额同比下滑 10.3%； 中国石油、中国石化"两桶油"在石油化工行业市场份额合计 36.8%。2）"减 油增化"趋势明显，石化产品仍有需求空间：2025M1-11，中国乙烯表观消 费量同比+9.94%，进口依赖度 7.14%，国产替代需求仍有增长空间；中国 化学纤维制造业固投同比增速 12.1%，行业景气度较高。3）政策支持煤化 工发展：据煤化工网微信 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Insights - The company, Lao Pu Gold (6181.HK), is positioned as the first brand in high-end traditional gold craftsmanship, leveraging its scarcity for high growth potential [1]. - The company has successfully differentiated itself in a highly competitive jewelry market by implementing a fixed pricing model that decouples product value from raw material costs, and by utilizing unique craftsmanship techniques [4]. - Revenue projections for the company are optimistic, with expected net profits of RMB 52.3 billion, RMB 73.0 billion, and RMB 91.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 254.8%, 39.7%, and 25.4% [4]. Financial Performance and Projections - The company’s total revenue is projected to grow from RMB 3,179.6 million in 2023 to RMB 44,765.6 million by 2027, with a compound annual growth rate (CAGR) of 145.7% from 2023 to 2025 [6]. - The net profit is expected to increase significantly from RMB 416.3 million in 2023 to RMB 9,157.8 million in 2027, with a CAGR of 340.4% from 2023 to 2025 [6]. - The gross margin is projected to remain stable, with values of 41.9% in 2023, 39.3% in 2025, and 40.7% in 2027 [27]. Market and Competitive Analysis - The domestic gold jewelry market is experiencing steady growth, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding at a much higher rate of 64.6% during the same period [4]. - The company has established a strong brand presence among high-net-worth individuals, with a significant overlap in clientele with luxury brands such as Louis Vuitton and Cartier [4]. - The company’s membership program has shown impressive growth, with loyal members contributing approximately 97% of sales revenue, significantly higher than the industry average of 60%-70% [4]. Strategic Initiatives - The company plans to maintain a controlled and high-quality store expansion strategy, with projections of 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively [4]. - The average revenue per store is expected to increase from RMB 2.0 billion in 2024 to RMB 5.1 billion in 2025, driven by enhanced brand positioning and store optimization [4]. - The online sales channel is anticipated to grow significantly, with projected revenues of RMB 43.9 billion, RMB 67.8 billion, and RMB 82.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 315.9%, 54.6%, and 22.1% [4].

Investment Rating - The report assigns an "Accumulate" rating to BOC Aviation (02588.HK) [6] Core Views - BOC Aviation is positioned to benefit from the rising aviation industry and the Federal Reserve's interest rate cuts, with a fleet of 483 aircraft, ranking fifth globally among aircraft leasing companies. The company is expected to see revenue growth from its global airline customer base and a decrease in funding costs due to lower interest rates, leading to an expansion of profit margins [2][6] - The aviation market is recovering strongly post-pandemic, with global available seat kilometers (ASK) returning to pre-pandemic levels by mid-2025. A shortage of aircraft supply due to delivery delays from Boeing and Airbus is expected to drive rental prices upward [2][3] Summary by Sections Company Overview - BOC Aviation, a leading aircraft leasing company backed by Bank of China, operates in 46 countries and regions, serving 88 airlines. The company has shown resilience and growth since its establishment in 1993 and its listing in Hong Kong in 2016 [22][23] Industry Analysis - The aviation leasing market is characterized by high concentration, with the top 20 companies holding a significant market share. The industry is currently in a recovery phase, with demand for air travel increasing, particularly in Europe and North America, while the Asia-Pacific region is expected to drive future growth [36][39][43] Competitive Advantages - BOC Aviation boasts a young fleet and long-term lease agreements, providing cost and liquidity advantages. The company is dynamically adjusting its debt structure to optimize financing costs, which are expected to decline as interest rates fall [3][12] Financial Projections - Revenue projections for BOC Aviation from 2025 to 2027 are estimated at $26.34 billion, $28.54 billion, and $29.39 billion, with corresponding net profits of $7.61 billion, $8.94 billion, and $9.64 billion. The earnings per share (EPS) are projected to be 8.53, 10.01, and 10.80 HKD respectively [4][12][13] Valuation and Target Price - The report suggests a target price of 84.37 HKD for BOC Aviation, based on a price-to-book (PB) ratio of 1.1 times, reflecting the company's strong position in the recovering aviation market and the anticipated decrease in funding costs [16]

公司深度研究 | 大麦娱乐 现实娱乐头部平台，演出票务与 IP 衍生双轮驱动 证券研究报告 2025 年 12 月 25 日 大麦娱乐（1060.HK）首次覆盖 演出：高景气赛道稳居龙头地位，内容+出海+品类驱动增长。现场演出市场 呈现"量价齐升"高景气度，据中国演出行业协会，2024 年大型演唱会票 房超 260 亿元，同比增长 78.1%。我们看好现场娱乐高景气度的持续性，需 求端，悦己与社交需求共振，多次观演比例提升；供给端，中低线城市与品 类多元化持续扩容。大麦稳居演出票务第一梯队，先发优势强，壁垒深厚， 高市占率的背后，是近 20 年的行业深耕，对上下游的深度整合，以及用户 消费习惯的培养与心智的养成。往后看，一方面，大麦受益于国内演出市场 的高景气度，另一方面，内容+出海+品类拓展亦打开向上空间。 IP：阿里鱼领跑授权蓝海，深化头部 IP 合作贡献业绩弹性。阿里鱼，全球 第六、中国第一大授权代理商，据 License Global，2024 年 GMV 达 41 亿 美元，以"IP2B2C"模式构建竞争壁垒，通过双边网络效应连接三丽鸥、 宝可梦等数百个优质 IP 与 10 万+淘系商家，全链条沉淀 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, indicating a positive outlook for the company compared to the market [2]. Core Insights - The company's profitability is continuously improving, driven by new channels and scenarios contributing to growth [1]. - The company has a well-established brand in the food and beverage industry, with a diversified product range including rice snacks, dairy beverages, and leisure foods [3]. - The company is actively expanding its marketing efforts and enhancing brand recognition through innovative advertising and product development [48]. Financial Performance - Revenue projections for FY2025-2027 are estimated at RMB 240.5 billion, RMB 246.5 billion, and RMB 252.7 billion, reflecting year-on-year growth rates of 2.3%, 2.5%, and 2.5% respectively [49]. - Net profit forecasts for the same period are RMB 41.7 billion, RMB 44.1 billion, and RMB 46.1 billion, with changes of -3.8%, +5.7%, and +4.6% respectively [49]. - The diluted EPS is expected to be RMB 0.35, RMB 0.37, and RMB 0.39 for FY2025, FY2026, and FY2027 respectively [49]. Business Segments - The dairy beverage segment is expected to grow steadily, contributing over 50% of total revenue, with a projected CAGR of approximately 3.7% from FY2018 to FY2024 [4]. - The rice snack business is anticipated to recover growth driven by new products and channels, with expected revenue growth rates of 3.5%, 2%, and 2% for FY2025-2027 [4]. - The leisure food segment, particularly candy, is projected to grow at rates of 5%, 4%, and 4% for FY2025-2027, benefiting from strong demand [4]. Market Dynamics - The food and beverage industry is experiencing a shift towards health-conscious products, with the dairy beverage market expected to reach RMB 1,697 billion by 2027, growing at a CAGR of 4.65% [25]. - The candy market is entering a low-growth phase, with expected growth rates stabilizing between 2% and 3% in the coming years [19]. - The overall market for leisure foods is projected to reach RMB 605.8 billion by 2028, with a CAGR of 4.4% [13]. Operational Efficiency - The company has implemented measures to control raw material costs and optimize operational efficiency, leading to an expected EBIT margin of 23.8%, 23.9%, and 24.1% for FY2025-2027 [5]. - The gross profit margin is projected to improve due to cost reductions in raw materials, particularly full-fat milk powder, which has seen a significant price decline [37][39]. Strategic Initiatives - The company is focusing on expanding new channels and enhancing marketing strategies to drive brand growth, including leveraging e-commerce and innovative product placements [41][47]. - The company has established overseas operations, with a factory in Vietnam contributing to growth in the Southeast Asian market [47].

Group 1 - Investment Rating: Buy (Initiating Coverage) [1] - The report highlights the "Four Highs" advantages of the company: high profitability, high dividends, high capacity growth, and high equity incentives [7] - The company has maintained a leading ROE from 2018 to 2024, primarily due to a high sales net profit margin averaging 36.97% [21] Group 2 - The company is a private enterprise integrated in coal production, transportation, and sales, with a high and stable dividend payout ratio [9][11] - The company has a current production capacity of 6.5 million tons of thermal coal and is expanding its capacity with two coking coal mines under construction [7][42] - The company has announced a total dividend of 657.68 million HKD for 2025, resulting in a dividend yield of 6.56% based on the market capitalization as of December 23 [7][32] Group 3 - The company’s revenue for 2025 is projected to be 5,406.45 million HKD, with a net profit of 1,288.04 million HKD, reflecting a year-on-year decrease of 38.95% [7] - The company’s cash flow generation capability is superior to its peers, with a cash flow ratio averaging 33.47% from 2020 to 2025H1 [27] - The company’s coal sales price for 5,000 kcal thermal coal is higher than that of major coal enterprises, with a price of 666 HKD per ton in 2024 [47]