和黄医药：ATTC 平台驱动创新发展，核心产品商业化优化 走势比较 2026 年 03 月 11 日 公司点评 买入/维持 和黄医药(00013) 昨收盘:22.80 医药 (30%) (18%) (6%) 6% 18% 30% 25/3/11 25/5/12 25/7/13 25/9/13 25/11/14 26/1/15 股票数据 | 总股本/流通(亿股) | 8.72/8.72 | | --- | --- | | 总市值/流通(亿港元) | 221.92/221.92 | | 12 个月内最高/最低价 | 30.75/18.36 | | (港元) | | 相关研究报告 <<和黄医药：首个 ATTC 管线将进入 临床，癌症精准治疗有望升级>>-- 2025-11-05 <<和黄医药：赛沃替尼新适应症获 批，ATTC 管线将进入临床开发>>-- 2025-08-12 <<和黄医药：核心产品增长强劲，开 启可持续盈利篇章>>--2025-04-06 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：张懿 ...

[盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 8,506 | 27,303 | 37,541 | 47,039 | | 增长率（%） | 167.5 | 221.0 | 37.5 | 25.3 | | 归母净利润 | 1,473 | 4,862 | 7,128 | 9,392 | | 增长率（%） | 253.9 | 230.1 | 46.6 | 31.8 | | EPS | 8.33 | 27.51 | 40.33 | 53.14 | | P/E | 75 | 23 | 15 | 12 | | P/B | 28.0 | 14.3 | 8.0 | 5.1 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 3 月 12 日收盘价，汇率 1HKD=0.92RMB） 老铺黄金（6181.HK）2025 年业绩预告点评 业绩延续高增，提价强化高端定位 glmszqdatemark | 推荐 | 维持评级 | | --- ...

[主要财务指标 Indicator_FinchinaSimpleHK] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,810 | 9,646 | 11,594 | 13,406 | | 同比增速(%) | 20.7% | 23.5% | 20.2% | 15.6% | | 归母净利润(百万) | 433 | 577 | 716 | 858 | | 同比增速(%) | 87.8% | 33.3% | 24.1% | 19.9% | | 每股盈利(元) | 0.16 | 0.21 | 0.26 | 0.31 | | 市盈率(倍) | 21 | 16.0 | 13 | 11 | | 市净率(倍) | 3.0 | 2.6 | 2.4 | 2.3 | 证 券 研 究 报 告 全年饱满达成，景气有望延续 目标价：5.0 港元 事项： 公司发布公告，2025 年收入 78.1 亿元，同比增长 20.7%；净利润 4.54 亿元， 同比增长 88.2%；核心经营利润为 4.61 亿元，同比增加 48.2% ...

证 券 研 究 报 告 全年饱满达成，景气有望延续 目标价：5.0 港元 事项： 公司发布公告，2025 年收入 78.1 亿元，同比增长 20.7%；净利润 4.54 亿元， 同比增长 88.2%；核心经营利润为 4.61 亿元，同比增加 48.2%。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,810 | 9,646 | 11,594 | 13,406 | | 同比增速(%) | 20.7% | 23.5% | 20.2% | 15.6% | | 归母净利润(百万) | 433 | 577 | 716 | 858 | | 同比增速(%) | 87.8% | 33.3% | 24.1% | 19.9% | | 每股盈利(元) | 0.16 | 0.21 | 0.26 | 0.31 | | 市盈率(倍) | 21 | 16.0 | 13 | 11 | | 市净率(倍) | 3.0 | 2.6 | 2.4 | ...

证券研究报告 | 2026年03月13日 五矿资源（01208.HK） 优于大市 受益于铜产品量价齐增，盈利能力持续改善 2025 年归母净利润同比增长 215%。2025 年营业收入 62.18 亿美元，同比增 长 38.8%；归母净利润 5.09 亿美元，同比增长 215%。受电力限制、钴出口 配额影响，公司 100%持股的 Kinsevere 矿山计提了 2.9 亿美元资产减值。公 司利润大幅增长主要受益于主力矿山 Las Bambas 铜矿，2025 年邦巴斯铜矿 净利润 11.75 亿美元，归母净利润 7.34 亿美元，同比增加 4.28 亿美元。邦 巴斯铜矿满产运行后，生产成本摊低，同时贵金属金银价格大幅上涨，抵扣 铜生产成本后，成本进一步下降。2025 年邦巴斯铜矿 C1 成本降至 1.12 美元 /磅（折合 2469 美元/吨），达到近几年来最低。 邦巴斯铜矿维持高产，成本进一步下降。2025 年邦巴斯铜矿铜矿 41.1 万吨， 副产 8.6 万盎司黄金、526 万盎司白银、2910 吨钼。邦巴斯铜矿自 2016 年 投产以来，一直受生产不稳定困扰，随着 2024 年下半年开始满产，以及副 产 ...

证券研究报告 老铺黄金 (6181 HK) 港股通 继续看好同店增长与利润率提升空间 2026 年 3 月 12 日│中国香港 老铺黄金发布 2025 年正面盈利预告：预计实现收入 270-280 亿元，同比增 长 217-229%；净利润 48-49 亿元，同比增长 226-233%；经调整净利润 50-51 亿元，同比增长 233-240%；区间中值对应经调整净利率为 18.4%，同比 +0.7pct。公司 2025 年净利润超市场预期（Wind 一致预期为 47.3 亿元）， 验证公司作为高端黄金龙头的高成长势头。2026 年以来，我们观察到老铺 线上、线下销售热度高企，2 月底完成年内首次调价后有望缓解金价上涨带 来的成本压力。我们继续看好公司在品牌、产品和渠道方面的竞争优势和国 内外成长潜力。维持"买入"评级。 品牌、产品、渠道三维共振带动公司 2025 年业绩超预期 2025 年公司在品牌、产品、渠道等多个方面取得亮眼进展。1）老铺黄金品 牌影响力持续扩大，带动线上、线下渠道营收大幅增长；2）产品持续优化 迭代，年内新品受到市场好评，对消费者持续保持较强吸引力；3）相较 2024 年，公司 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the local market index [8]. Core Insights - The company is expected to achieve significant net profit growth in 2025, with a forecasted net profit of no less than 1.5 billion RMB, a substantial increase from 44 million RMB in 2024 [10]. - The successful issuance of 468 million HKD in convertible bonds will accelerate the company's AI+ gaming strategy, enhancing operational efficiency and growth potential [10]. - The company has a rich pipeline of new games for 2026, which is anticipated to drive revenue growth, including titles like "King's Legend 2" and "New Moon Continent" [10]. Financial Summary - Total revenue is projected to decline from 6,514.59 million RMB in 2023 to 4,607.70 million RMB in 2025, before rebounding to 5,621.05 million RMB in 2026 and 6,432.11 million RMB in 2027, reflecting a growth rate of 22.0% in 2026 [4]. - Net profit is expected to recover dramatically from a loss of 3.62 million RMB in 2024 to 1,571.99 million RMB in 2025, with a projected profit of 1,208.54 million RMB in 2026 and 1,495.21 million RMB in 2027 [4]. - The company’s PE ratio is forecasted to improve significantly from 98.94 in 2023 to 5.80 in 2025, indicating a more favorable valuation as earnings recover [4]. Game Product Pipeline - The company has developed a diverse product matrix, including popular IPs such as "Legend," "Miracle," and "Blood of the River," with several new titles set for release in 2026 [12]. - Key upcoming games include "King's Legend 2," "New Moon Continent," and "Douluo Dalu: The Legend of the Evil," which are expected to contribute to future revenue growth [12].

13 Mar 2026 | | LI US | 2015 HK | | --- | --- | --- | | | HOLD | HOLD | | | Maintain | Maintain | | TP | US$18.00 | HK$70.00 | | Prior TP | US$18.00 | HK$70.00 | | Up/Downside | 1.0% | (0.2%) | | Current Price | US$17.8 | HK$70.2 | China Auto CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US/2015 HK) Await redesigned L9 amid lingering challenges Maintain HOLD. While we still believe Li Auto is an outstanding company and could make a comeback with its solid cash position ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Viewpoints - The company officially launched its second-generation VLA (Vision-Language-Action model) intelligent driving system on March 2, which supports full-scene assisted driving and is expected to push autonomous driving from niche to mainstream usage [3][5]. - The 2026 model of the Xiaopeng X9 electric vehicle was also launched on the same day, featuring five variants priced between 309,800 and 369,800 yuan, with significant upgrades in intelligent driving and comfort configurations [3][15]. - The second-generation VLA has improved response time by 80% and increased reasoning efficiency by 12 times, allowing vehicles to respond intuitively to sudden road conditions [4][8]. - The company has adjusted its revenue forecasts for 2025, 2026, and 2027 to 76 billion, 105 billion, and 140.2 billion yuan respectively, and net profits to -1.7 billion, 1 billion, and 4.1 billion yuan respectively [4][24]. Summary by Relevant Sections Product Launch and Features - The second-generation VLA system enables end-to-end decision-making by eliminating traditional intermediate steps, enhancing the vehicle's adaptability to various driving conditions [4][11]. - The 2026 Xiaopeng X9 features a high-voltage platform and AI battery, with a maximum range of 750 km and a charging time of just 8 minutes for 400 km of range [23][24]. Market Position and Strategy - The company aims to penetrate the high-end intelligent driving market with models priced under 200,000 yuan, promoting equality in high-level intelligent driving access [4][24]. - The product matrix includes new intelligent driving models, Robotaxi, and flying cars, aiming to redefine future mobility [4][24]. Financial Projections - The company has revised its revenue and profit forecasts due to external factors like industry subsidies and raw material costs, indicating a cautious outlook while maintaining an "Outperform the Market" rating [4][24].

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨香港交易所（00388.HK） [Table_Title] 港交所 2 月跟踪：联储降息预期下降致使海外 流动性收紧，港股交投仍然维持历史高位 报告要点 [Table_Summary] 截至 2026 年 3 月 9 日，公司 PE 为 29.06x，处于 2016 年以来历史 12%的分位，具备一定的 配置性价比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市 场整体活跃度及估值有望随之提升。预计公司 2026-2028 年实现收入及其他收益 365/391/413 亿港元，归母净利润为 226/241/256 亿港元，对应 PE 估值分别为 22.9/21.4/20.2 倍，给予买 入评级。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 香港交易所（00388.HK） ...