丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨小菜园（00999.HK） [Table_Title] 近期观点更新 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 报告要点 [Table_Summary] 小菜园在 2025 年 7 月实现高铁冠名列车首发与香港首店装修启动，双措并举推动品牌迈上新 台阶，11 月公司门店总数（含子品牌）突破了 800 家，12 月小菜园自营门店总数突破 810 家， 超额完成全年目标。看好公司未来围绕全球化、数字化与可持续化三大核心方向加速布局，供 应链赋能小菜园品牌继续加密现有城市、进驻新城市，"菜手"顺应消费趋势，成为公司第二大 品牌。公司定位契合当下餐饮行业消费趋势，在行业复苏下，有望凭借科学的标准化管理、完 备的供应链、优越的单店模型抢抓发展机遇。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 小菜园（00999.HK） cjzqdt111 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.40, corresponding to a FY27 PE of 22 times [6][5]. Core Insights - The company reported a retail revenue growth of 17.8% year-on-year for 3QFY26, with same-store sales growth (SSSG) accelerating across regions, particularly in mainland China and Hong Kong [1][2]. - The company is focusing on international expansion, having opened its first new image store in Singapore and planning further expansion into Thailand, Australia, North America, and the Middle East [4]. - The retail value of priced jewelry in mainland China has increased to 40.1%, supporting the resilience of the company's gross margin [3]. Summary by Sections Retail Performance - In 3QFY26, the company's retail revenue increased by 17.8% year-on-year, with same-store sales growth in mainland China and Hong Kong at 21.4% and 14.3% respectively [1][2]. - The growth was driven by rising gold prices and increased consumer enthusiasm for jewelry, particularly in mainland China [2]. Product and Brand Strategy - The company has successfully launched new products in its signature series, enhancing brand appeal and reaching younger consumers through collaborations, such as the blind box series with Hong Kong Disneyland [3]. - The retail value of priced jewelry in mainland China has risen by 10.7 percentage points year-on-year, indicating a strong consumer response to price adjustments [3]. Store Network and Expansion - The company is optimizing its store network by closing underperforming stores while opening new image stores, with a net closure of 228 stores in 3QFY26, a slowdown from previous quarters [4]. - The company has initiated international expansion, with plans to establish a retail presence in high-potential markets [4]. Financial Projections - The company forecasts net profits of HKD 81.2 billion, HKD 89.1 billion, and HKD 99.0 billion for FY26, FY27, and FY28 respectively [5][9]. - The report anticipates a PE ratio of 14 times for comparable companies in 2026, with the company positioned as an industry leader benefiting from ongoing same-store sales growth and channel adjustments [5].

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） | 218.77 | 640.08 | 414.00 | 471.00 | 563.00 | | 同比(%) | 31.12 | 192.58 | (35.32) | 13.77 | 19.53 | | 归母净利润（百万元） | (210.59) | 166.34 | (115.44) | (96.59) | (26.41) | | 同比(%) | 35.35 | 178.99 | (169.40) | 16.33 | 72.65 | | EPS-最新摊薄（元/股） | (0.22) | 0.17 | (0.12) | (0.10) | (0.03) | | P/E（现价&最新摊薄） | (45.43) | 57.52 | (82.88) | (99.05) | (362.23) | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·海外公 ...

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） | 218.77 | 640.08 | 414.00 | 471.00 | 563.00 | | 同比(%) | 31.12 | 192.58 | (35.32) | 13.77 | 19.53 | | 归母净利润（百万元） | (210.59) | 166.34 | (115.44) | (96.59) | (26.41) | | 同比(%) | 35.35 | 178.99 | (169.40) | 16.33 | 72.65 | | EPS-最新摊薄（元/股） | (0.22) | 0.17 | (0.12) | (0.10) | (0.03) | | P/E（现价&最新摊薄） | (45.43) | 57.52 | (82.88) | (99.05) | (362.23) | 证券研究报告·海外公司研究简报·药品及生物科技(HS) 康宁杰瑞制药-B（09966. ...

[Table_Page] 跟踪研究|房地产Ⅱ 证券研究报告 [Table_Title] 【广发地产&海外】华润万象生活 （01209.HK） | 盈利预测：（除非特别注明，否则报告货币为人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 主营收入 | 14,767 | 17,043 | 18,026 | 19,218 | 20,434 | | 增长率（ % ） | 22.9% | 15.4% | 5.8% | 6.6% | 6.3% | | EBITDA | 4,304 | 5,367 | 5,754 | 6,349 | 6,985 | | 归母净利润 | 2,929 | 3,629 | 3,928 | 4,361 | 4,824 | | 增长率（ % ） | 32.8% | 23.9% | 8.2% | 11.0% | 10.6% | | EPS（元/股） | 1.28 | 1.59 | 1.72 | 1. ...

[Table_Page] 跟踪研究|房地产Ⅱ 证券研究报告 | & 海 外 】 华 润 置 地 | [Table_Title] 【 广 发 地 产 | | --- | --- | | （01109.HK） | | 销售稳居前三，购物中心租金双位数增长 [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 | | 251,137 | 278,799 | 253,683 | 201,380 | 202,297 | | 增长率（ ） | % | 21.3% | 11.0% | -9.0% | -20.6% | 0.5% | | EBITDA | | 69,277 | 62,552 | 52,442 | 49,122 | 53,315 | | 归母净利润 | | 31,365 | 25,577 | 24,024 | 24,233 | 26,599 | | 增长率（ ） | % | ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The domestic baby products market in China is expected to grow from 121.8 billion CNY in 2020 to 144.1 billion CNY in 2024, with a CAGR of 4.3%. The durable goods segment is projected to grow at a CAGR of 7.2%, outpacing the consumer goods segment [3][58]. - The company has successfully transitioned from an ODM model to a global brand, with approximately 80% of its revenue coming from overseas markets, particularly Europe and North America [3][16]. - The company is expected to achieve a record net profit of 356 million HKD in 2024, with a forecasted recovery in profitability in 2026 as external disturbances diminish [4][37]. Summary by Sections Company Overview - Goodbaby International Holdings Limited is a leading global parenting products company, established in 1989, focusing on design, development, manufacturing, marketing, and sales of various child-related products [16][17]. - The company has a comprehensive global presence with over 6,000 employees and operates under three strategic brands: Cybex, gb, and Evenflo [16][17]. Financial Overview - The company has seen fluctuations in net profit, with a significant drop during 2021-2022 due to pandemic-related supply chain disruptions. However, a recovery is anticipated in 2024, with net profit reaching a historical high [4][37]. - Revenue projections for 2025-2027 are 1.50 billion HKD, 3.44 billion HKD, and 3.85 billion HKD, with growth rates of -58%, +129%, and +12% respectively [5][121]. Industry Analysis - The Chinese baby products market is characterized by category and tier differentiation, with a stable growth outlook for the overseas market, particularly in Europe and North America [3][58]. - The report highlights a structural growth opportunity in the baby durable goods sector, with a projected CAGR of 8.4% from 2024 to 2029 [58]. - The competitive landscape in the baby products industry is intensifying, with new brands emerging and existing brands facing pressure due to changing consumer preferences and sales channels [74][76]. Profitability Outlook - The company is expected to benefit from business adjustments, with net profit projected to recover in 2026 as external pressures ease and operational optimizations take effect [4][37]. - Cybex is highlighted as a strong growth driver, with a CAGR of 19.2% from 2014 to 2024, while Evenflo faces challenges due to tariff impacts [91][106].

[Table_Page] 公告点评|多元金融 证券研究报告 [Table_Title] 【广发非银&海外】中国船舶租赁 （03877.HK） 发行转债，提振交投活力 [Table_Summary] 核心观点： 措施旨在对冲债券持有方的权益市场波动风险-借入方通过卖空对应规 模的现有股份，平衡可转债发行对股价的短期影响，避免供需失衡引发 价格异动，保障发行过程的平稳推进。 盈利预测： [公司评级 Table_Invest] 买入 当前价格 2.23 港元 合理价值 2.93 港元 前次评级 买入 报告日期 2026-01-22 [Table_Contacts] [Table_PicQuote] 相对市场表现 -10% 0% 11% 21% 32% 42% 01/25 03/25 05/25 07/25 09/25 11/25 01/26 中国船舶租赁 恒生指数 | [分析师： Table_Author]陈福 | | --- | | SAC 执证号：S0260517050001 | | SFC CE No. BOB667 | | 0755-82535901 | | chenfu@gf.com.cn | | 分析师 ...

纺织服饰 2026 年 01 月 22 日 (02020) 全年各品牌增长指引达成，户外品牌内生动能依然强劲 市公司 报告原因:有业绩公布需要点评 (维持) | 市场数据: | 2026年01月21日 | | --- | --- | | 收盘价（港币） | 79.10 | | 恒生中国企业指数 | 9122.95 | | 52 周最高/最低（港币） | 106.30/73.55 | | H 股市值（亿港币） | 2,212.15 | | 流通 H 股（百万股） | 2.796.65 | | 汇率（港币/人民币） | 0.8978 | 一年内股价与基准指数对比走势: 57% 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 A0230523070002 liupei@swsresearch.com 申万宏源研究微信服务号 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company forecasts a net profit attributable to shareholders for 2025 to grow by no less than 30% year-on-year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1][4]. - A joint venture with Goer Optical has been established to accelerate the integration of the AI glasses supply chain, focusing on customized lenses and optical components for AI/AR/VR/MR applications [2][3]. - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025 and 18 million units in 2026, indicating exponential growth potential [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 23.51 billion, 27.65 billion, and 32.22 billion yuan respectively, with net profits of 5.65 billion, 7.03 billion, and 8.61 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to increase from 1.03 yuan in 2024 to 1.79 yuan in 2027, reflecting a strong growth trajectory [5]. - The net profit margin is expected to improve, with net profit margins of 20.8% in 2024 and reaching 26.7% by 2027 [5][13].