复星国际（00656.HK） 综合/综合Ⅱ 2026 年 03 月 12 日 投资评级：买入（维持） | 日期 | 2026/3/11 | | --- | --- | | 当前股价(港元) | 4.030 | | 一年最高最低(港元) | 6.810/3.420 | | 总市值(亿港元) | 329.12 | | 流通市值(亿港元) | 329.12 | | 总股本(亿股) | 81.67 | | 流通港股(亿股) | 81.67 | | 近 3 个月换手率(%) | 14.67 | 股价走势图 数据来源：聚源 -40% -20% 0% 20% 40% 2025-03 2025-07 2025-11 复星国际 恒生指数 相关研究报告 《资产提质增效，全球化运营持续深 化 — 港 股 公 司 信 息 更 新 报 告 》 -2025.9.2 《计提一次性减值影响业绩表现，核 心根基稳健—港股公司信息更新报 告》-2025.4.3 减值影响利润表观体现，风险出清迎新增长 ——港股公司信息更新报告 | 初敏（分析师） 程婧雅（分析师） | | --- | | chumin@kysec.cn chengjingya@k ...

深耕自免赛道，差异化管线布局全面 荃信生物-B(2509) 荃信生物首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 张澄(分析师) | 010-58067988 | zhangcheng5@gtht.com | S0880525040130 | | | | 陈铭(分析师) | 021-23219164 | chenming7@gtht.com | S0880525100004 | [当前价格 Table_CurPrice] (港元)： | 18.90 | | 郑琴(分析师) | 021-23219808 | zhengqin@gtht.com | S0880525040108 | | | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | [Table_Market] 交易数据 | | 本报告导读： 外 公 司 ( 中 国 香 港 证 券 研 究 报 告 请务必阅 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][4][14]. Core Insights - The company achieved a revenue of 8.321 billion yuan this quarter, representing a year-on-year growth of 8%. The breakdown includes: 1) Value-added services revenue of 3.3 billion yuan, up 6% year-on-year, with over 25.3 million premium members, reflecting a 13% increase; 2) Advertising revenue of 3 billion yuan, up 27% year-on-year, driven by the release of potential advertising inventory and significant growth in various advertising formats; 3) Game revenue of 1.5 billion yuan, down 14% year-on-year, primarily due to a high base from the previous year; 4) IP derivatives and other income of 480 million yuan, up 3% year-on-year [1][6][7]. - The adjusted net profit for the company was 880 million yuan, with an adjusted net profit margin of 11%, an increase of 5 percentage points compared to the same period last year. The adjusted operating profit was 840 million yuan, with an adjusted operating profit margin rising from 6% to 10% [7][14]. Financial Forecasts - Revenue projections for 2026 and 2027 have been adjusted to 33.7 billion yuan and 37.3 billion yuan, respectively, reflecting increases of 3.2% and 2.2%. An additional revenue forecast for 2028 is set at 41.2 billion yuan. Adjusted net profit estimates for 2026 and 2027 are 3.3 billion yuan and 4.2 billion yuan, with adjustments of -3% and -8% due to increased investments in AI [2][14][19]. - The company’s projected PE ratio for 2026 is approximately 24x, indicating a favorable valuation relative to its earnings growth [2][14]. Operational Data - The company reported a daily active user (DAU) count of 113 million, an increase of 10% year-on-year, and a monthly active user (MAU) count of 366 million, up 8% year-on-year. The average user engagement time was 107 minutes, also reflecting an 8% year-on-year increase [7][14]. - The company has repurchased 14.7 million USD worth of shares this quarter, with a total repurchase amount of 131 million USD since November 2024, leaving approximately 70 million USD remaining in the repurchase program [2][7].

Investment Rating - The report maintains an "Outperform" rating for the company [2][4][14]. Core Insights - The company achieved a revenue of 8.321 billion yuan this quarter, representing a year-on-year growth of 8%. The breakdown includes: 1) Value-added services revenue of 3.3 billion yuan, up 6% year-on-year, with over 25.3 million premium members, reflecting a 13% increase; 2) Advertising revenue of 3 billion yuan, up 27% year-on-year, driven by the release of potential advertising inventory and significant growth in various advertising formats; 3) Game revenue of 1.5 billion yuan, down 14% year-on-year, primarily due to a high base from the previous year; 4) IP derivatives and other income of 480 million yuan, up 3% year-on-year [1][6][7]. - The adjusted net profit for the company was 880 million yuan, with an adjusted net profit margin of 11%, an increase of 5 percentage points compared to the same period last year. The adjusted operating profit was 840 million yuan, with an adjusted operating profit margin rising from 6% to 10% [7][14]. - The management indicated that part of the incremental profit will be invested in AI, focusing on enhancing creator productivity and optimizing content recommendation efficiency, which is expected to lead to a profit decline of 500 to 1,000 million yuan in 2026 [1][7]. Financial Forecasts - Revenue projections for 2026 and 2027 have been adjusted to 33.7 billion yuan and 37.3 billion yuan, respectively, with increases of 3.2% and 2.2%. An additional revenue forecast for 2028 is set at 41.2 billion yuan [2][14]. - Adjusted net profit forecasts for 2026 and 2027 are 3.3 billion yuan and 4.2 billion yuan, reflecting decreases of 3% and 8% due to increased investments in AI [2][14]. - The company’s projected PE ratio for 2026 is approximately 24x [2][14].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | 老铺黄金 | [Table_StockAndRank] (6181.HK) | | --- | --- | | 投资评级 | 买入 | 上次评级 买入 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 老铺黄金：发布正面盈利预告，经营业绩高增， 渠道质量再上新台阶 [Table_ReportDate] 2026 年 3 月 12 日 [Table_S 事件：公司发布 ummary]正面盈利公告。公司基于截至 2025 年 12 月 31 日止的年度 初步经营情况，预计 2025 年有望实现收入 270.0-280.0 亿元人民币，若取 中 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|首次覆盖报告 市场表现： | 基本数据 | 2026 | 年 | 03 | 月 11 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 115.30 | | | 一年内最高/最低（港 | | | | 201.60/73.80 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 25,983.56 | | | 流通市值（百万港元） | | | | | 25,983.56 | | | 资产负债率（%） | | | | | 56.60 | | | 资料来源：聚源数据 | | | | | | | 卧安机器人(06600.HK) 证券分析师 赵梦妮 SAC：S1350525050005 zhaomengni@huayuanstock.com 投资评级： 买入（首次） ——AI 具身家庭机器人龙头，商业闭环+垂类应用多点开花 投资要点： 基于自研 AI 具身核心技术，率先在海外市场实现家庭机器人商业模式闭环，将产品能力 复用开发新的垂类赛道， ...

研究报告 Research Report 11 Mar 2026 [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$43.50 目标价 HK$51.12 HTI ESG 4.7-1.1-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$91.31bn / US$11.67bn 日交易额 (3 个月均值) US$28.37mn 发行股票数目 2,099mn 自由流通股 (%) 79% 1 年股价最高最低值 HK$61.20-HK$24.50 注：现价 HK$43.50 为 2026 年 03 月 11 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 11.3% 11.7% 25.5% 绝对值（美元） 11.2% 11.0% 24.6% 相对 MSCI China 16.9% 14.7% 19.9% [Table_Profit] Rmb mn Dec-25A Dec-26E Dec-27E Dec-28E Revenue 87,488 ...

证券研究报告 计算机 | 软件开发 港股|首次覆盖报告 hyzqdatemark 2026 年 03 月 11 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 | 基本数据 | 2026 | 年 | 03 月 10 | | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 10.63 | | | 一年内最高/最低（港 | | | | 13.32/9.87 | | | 元） | | | | | | | 总市值（百万港元） | | | | 31,105.61 | | | 流通市值（百万港元） | | | | 9,913.13 | | | 资产负债率（%） | | | | 2 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 15.64 per share based on a 16X PE valuation for 2026 [8]. Core Insights - The company is a leading player in the social media sector, particularly in the Middle East and North Africa (MENA) market, with a strong focus on social products and innovative business models [8][14]. - The company's revenue is expected to grow significantly, with projected net profits of CNY 921 million, CNY 1,214 million, and CNY 1,464 million for 2025, 2026, and 2027 respectively, reflecting growth rates of 91.8%, 31.8%, and 20.6% [8][32]. - The company has successfully expanded its product offerings and market presence through acquisitions and innovative strategies, leading to a robust growth trajectory [8][22]. Summary by Sections Company Overview - The company, established in 2009, has developed a diverse portfolio of social networking applications and games, focusing on the MENA market while also exploring opportunities in Southeast Asia and North America [14][15]. - The company has a stable ownership structure, with significant shares held by the founding team and institutional investors [26][30]. Social Products - The company's social products, including MICO, YoHo, TopTop, and SUGO, have shown strong performance, with MICO transitioning into a mature phase while new products are rapidly gaining traction [8][45]. - The revenue contribution from social products has increased significantly, with the MENA region becoming the primary market, accounting for over 70% of total revenue [46][45]. Innovative Business - The gaming segment has entered a profit recovery phase, with flagship products like "Alice's Dream: Merge Games" contributing significantly to revenue [8][22]. - The company is also exploring new business avenues such as social e-commerce and AI-driven content creation, which are expected to contribute to future growth [8][22]. Financial Projections - The company forecasts substantial revenue growth, with main revenue expected to reach CNY 50.92 billion in 2024, reflecting a year-on-year increase of 53.9% [32]. - The EBITDA is projected to grow from CNY 837 million in 2023 to CNY 1,687 million by 2027, indicating strong operational efficiency [2][32]. Market Position - The company has established a strong market position in the MENA region, leveraging its product replication and localization strategies to enhance operational efficiency and cultural fit [46][22]. - The innovative approach to product development and market expansion has positioned the company favorably against competitors in the social media landscape [8][22].

证券研究报告 | 2026年03月11日 哔哩哔哩-W（09626.HK） 优于大市 2025Q4 点评：广告业务增长亮眼，公司加大 AI 投入力度 本季度收入增长亮眼：本季度公司实现营业收入 83.21 亿元，同比+8%， 分拆看，1）增值服务收入 33 亿元，同比+6%，收入增长稳健，大会员 数量超 2530 万，我们测算同比+13%，充电业务快速增长，同比增速超 100%；2）广告业务收入 30 亿元，同比+27%，主要由于潜力广告库存释 放，除信息流场景外，搜索、PC 大屏、小程序等场景广告消耗同比增长 超 60%，部分超 200%，广告 eCPM 在技术升级带动下持续提升，Q4 前五 大广告投放行业分别为游戏、数码家电、网服、电商、汽车，Q4 广告主 要受益于 AI 应用竞争和即时零售大战带来的增量投放需求；3）游戏收 入 15 亿元，同比-14%，主要受去年同期三谋高基数影响，此外，自研 买断制游戏《逃离鸭科夫》2025 年 10 月上线首三周销量破 300 万份， 跻身国内年度最畅销单机游戏，位列历史第三，目前正开发主机及移动 版，持续挖掘 IP 潜力；3）IP 衍生品及其他收入 4.8 亿元， ...