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]

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

上 市 公 司 公 司 研 究 / 公 司 点 评 社会服务 2025 年 12 月 25 日 新东方-S (09901) ——经营效率提升，利润率扩张提速 报告原因：调整投资评级 买入（上调） | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（港币） | 43.58 | | 恒生中国企业指数 | 8915.12 | | 52 周最高/最低（港币） | 49.90/31.20 | | H 股市值（亿港币） | 751.92 | | 流通 H 股（百万股） | 1,591.46 | | 汇率（港币/人民币） | 0.9067 | 一年内股价与基准指数对比走势： -33% 17% 67% HSCEI 新东方-S 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 A0230513030001 huangzhe@swsresearch.com 投资要点： 我们预计新东方 2QFY26 收入 11.65 亿美元，同比增长 12.2%。其中教育业务（含文旅）实现 收入 ...

Investment Rating - The investment rating for China Jinmao (00817.HK) is maintained at "Buy" [5] Core Views - The company has shown strong sales performance against market trends, with profit recovery expected to continue through the cycle. The sales amount for the first half of 2025 reached 53.4 billion, a year-on-year increase of 19.6%, marking its entry into the top 10 in the full-caliber sales ranking by CRIC [6][17]. - The company is actively reserving core land parcels to ensure long-term profitability, with projected net profits for 2025-2027 estimated at 1.11 billion, 1.56 billion, and 1.62 billion respectively, and corresponding EPS of 0.08, 0.12, and 0.12 [5][9]. Summary by Sections Sales Performance and Land Acquisition - The company has adjusted its development strategy since 2023, leading to a continuous improvement in fundamentals after hitting a low point. The sales performance in the first half of 2025 was strong, with a focus on acquiring core land parcels to secure long-term profitability [17]. - The sales amount for the first half of 2025 was 53.4 billion, with a year-on-year increase of 19.6%. The average signed price for residential properties rose to 22,000 yuan per square meter [24]. - The company has adopted a dual-focus strategy, acquiring 41 projects since 2024, all concentrated in core cities and areas, with an average sales net profit margin exceeding 10% [29]. Investment Properties and Property Services - The investment property segment has been operating steadily, providing stable cash flow despite revenue declines due to the pandemic since 2020. The company focuses on high-quality asset management and gradually exits low-efficiency assets [59]. - The property service segment has seen a year-on-year growth of 11% in management scale, reaching 1.1 million square meters in the first half of 2025, with 85% of new projects located in strategically important cities [7]. Financial Status and Debt Structure - The company has maintained a robust financial status, optimizing its domestic and foreign debt structure and reducing financing costs. The average financing cost for new domestic and foreign financing in the first half of 2025 was 2.70%, down by 0.69 percentage points from the end of 2024 [8]. - The company has successfully issued multiple low-interest bonds, and its debt structure remains healthy, with all three red lines maintained in the green [8]. Profitability Forecast and Investment Recommendations - The company is expected to see a recovery in profitability, with projected revenues for 2025-2027 showing a positive trend. The projected net profit for 2025 is 1.11 billion, with a corresponding P/E ratio of 13.5 [9][5]. - The report maintains a "Buy" rating based on the company's strong sales performance, strategic land acquisitions, and expected recovery in profitability [5].

全球业务高速发展，具身智能研发加速 ——极智嘉-W（02590.HK）首次覆盖报告 本报告导读： 公司作为全球最大的仓储履约类机器人解决方案提供商，全球业务高速发展，收入 和订单均稳健增长，持续加大具身智能方向研发投入，未来业绩增速有望超预期。 投资要点： | 财务摘要（百万人民币） | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2409 | 3125 | 4030 | 5117 | | (+/-)% | 12% | 30% | 29% | 27% | | 毛利润 | 837 | 1153 | 1520 | 1956 | | 净利润 | -832 | 137 | 332 | 606 | | (+/-)% | 26% | 116% | 143% | 83% | | PE | 0.00 | 230.71 | 95.06 | 52.02 | 究 报 告 票 研 究 证 券 研 请务必阅读正文之后的免责条款部分 资料来源：Wind，HTI 研究 股 海 外 公 司 ( 中 国 香 港 ) 股票研究 /[Table_ ...

证券研究报告 传媒 | 广告营销 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 24 日 投资评级： 增持（首次） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 联系人 魏桢 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 24 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 6.00 | | | 一年内最高/最低（港 | | | | 17.64/3.37 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 5,710.43 | | | 流通市值（百万港元） | | | | | 5,710.43 | | | 资产负债率（%） | | | | | 23.32 | | | 资料来源：聚源数据 | | | | | | | 巨星传奇(06683.HK) ——下一站，巨星 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 weizhen@huayuanstock. ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

上 市 公 司 公 司 研 究 / 公 司 深 证 券 研 究 报 告 度 | 市场数据： | 2025 年 12 月 23 日 | | --- | --- | | 收盘价（港币） | 147.20 | | 恒生中国企业指数 | 8913.83 | | 52 周最高/最低（港币） | 186.20/77.35 | | H 股市值（亿港币） | 28,098.95 | | 流通 H 股（百万股） | 19,088.96 | | 汇率（港币/人民币） | 0.9070 | 一年内股价与基准指数对比走势： 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵令伊 A0230518100003 zhaoly2@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 李秀琳 A0230525070005 lixl2@swsresearch.com 联系人 夏嘉励 A0230522090001 xiajl@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中 ...

首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | [当前价格 Table_CurPrice] (港元)： | 400.40 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | | 本报告导读： AGI 技术产业化先行者； 山海大模型赋能生活和医疗类 AI 业务快速落地。AI 解 决方案和医疗市场快速增长。 AGI 技术产业化的先行者 云知声(9678) 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | -- ...