Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 98.59 [1][6]. Core Insights - The company reported a revenue of USD 370.28 million for 2025, representing a year-over-year increase of 37.8%, and a net profit of USD 28.44 million, up 135% year-over-year, exceeding consensus expectations [6][9]. - The growth in revenue is attributed to the expansion of case numbers in the domestic market due to grassroots market development and increased market share, as well as a rise in overseas case numbers driven by brand recognition [6][7]. - The company is expected to achieve a revenue growth of 22% year-over-year in 2026, with adjusted net profit projected to grow by 32% [6][9]. Summary by Sections Financial Performance - For 2025, the company achieved a revenue of USD 370.28 million and a net profit of USD 28.44 million, with adjusted net profit at USD 43.77 million [5][6]. - The total number of cases reached 532,000, marking a 48% year-over-year increase [6][8]. Domestic Business - The domestic market generated USD 207 million in revenue for 2025, a 10.1% increase year-over-year, with case numbers growing to 276,000, up 26.3% year-over-year [7][8]. - The company anticipates reaching 325,000 cases in 2026, representing an 18% year-over-year increase, driven by deeper penetration into lower-tier cities and the introduction of early orthodontic products [7][8]. Overseas Business - The overseas market generated USD 163 million in revenue for 2025, a significant 102.5% increase year-over-year, with case numbers climbing to 256,000, up 82.1% year-over-year [8][9]. - The company expects to achieve monthly profitability by the end of 2026, supported by improved operational efficiency and the launch of international products [8][9]. Profitability Forecast and Valuation - The adjusted EPS for 2026 is projected at USD 0.34, with a target price based on a 37x PE ratio, aligning with comparable companies [9][11]. - The report indicates an upward revision in revenue forecasts due to strong overseas case growth and improved domestic market share [9][11].

2026 年 3 月 31 日 公司研究 传统业务维持稳健，关注 XR 新业务进展 ——康耐特光学（2276.HK）2025 年业绩点评 买入(维持) 当前价：46.64 港元 作者 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 联系人：沈昱恒 021-52523686 shenyuheng@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.07 | | 总市值(亿港元)： | 236.43 | | 一年最低/最高(港元) | 20.85-66.5 | | 近 3 月换手率（%）： | 35.38 | 股价相对走势 -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 康耐特光学 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | ...

[Table_Title] 【 广 发 汽 车 & 海 外 】 敏 实 集 团 （00425.HK） 25 年分红率预计提升至 30% [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 23,147 | 25,737 | 30,283 | 35,874 | 42,562 | | 增长率（ % ） | 12.8% | 11.2% | 17.7% | 18.5% | 18.6% | | EBITDA | 4,547 | 3,621 | 5,756 | 6,391 | 7,322 | | 归母净利润 | 2,319 | 2,692 | 3,164 | 3,842 | 4,766 | | 增长率（ % ） | 21.9% | 16.1% | 17.5% | 21.4% | 24.0% | | EPS（元/股） | 2.00 | 2.28 | 2.68 | 3.25 | 4.03 ...

31 Mar 2026 华润万象生活 China Resources Mixc Lifestyle Services (1209 HK) 2025 业绩符合预期，提质增效驱动业绩高质量增长 2025 Results in Line, with quality improvement and efficiency enhancement driving high-quality growth 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo [Table_Title] 研究报告 Research Report 购物中心零售额强劲增长，市场份额稳步提升，写字楼建强一体化能力。购物中心精准把握消费趋势，零售额同 比增长 23.7%、可比增长 12.2%，显著跑赢社零增速，重奢与非奢项目双线增长，在营 135 个项目中 54 个项目位居 区域首位，市场份额与龙头地位稳步提升。购物中心年内到访客流 20.4 亿人次，同比增长 32.7%，商业会员总数 7488 万，同比增长 31.3%，会员消费贡献超千亿。业主端租金收入同比增长 16.9%至 307 亿元，NOI 同比增长 17.8% 至 201 亿元，NO ...

研究报告 Research Report 31 Mar 2026 农夫山泉 Nongfu Spring (9633 HK) 竞争中韧性凸显，低基数下高增长 Resilience stands out amid competition, high growth off a low base [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$46.92 目标价 HK$59.80 HTI ESG 3.1-3.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$236.23bn / US$30.15bn 日交易额 (3 个月均值) US$37.56mn 发行股票数目 5,035mn 自由流通股 (%) 36% 1 年股价最高最低值 HK$56.10-HK$32.45 注：现价 HK$46.92 为 2026 年 03 月 31 日收盘价 资料来源： Factset 1mth ...

2026 年 03 月 31 日 中航科工(02357.HK) 洪都收入增长喜人；前瞻布局全倾转飞控 事件：2025 年营收 894.42 亿元，同比+2.84%；归母净利润 17.65 亿元，同比-19.30%；扣非归母净利润 12.76 亿元，同比-23.15%。 998948045 航空配套系统收入稳增，整机/配套毛利率有所承压 我们预计公司 26/27 年归母净利润为 19.4/21.3 亿元，增速分别为 9.8%/10.1%。我们选择中航沈飞、中航成飞、江航装备为可比公司， 26/27 年可比公司平均 PE 为 48/38 倍，考虑到公司是我国航空装备 整机及重点配套企业，我们给予公司 2026 年 20 倍 PE，12 个月目标 价 4.86 港元，首次给予买入-A 的投资评级。（注：报告发布当日港 元/人民币汇率 0.8813） 风险提示：下游需求不及预期、产品降价风险、估值波动等。 | [Table_Finance1] （亿元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主 ...

证券研究报告 | 公司点评报告 2026 年 03 月 31 日 达势股份（01405.HK） 费用优化提速业绩释放，门店网络持续扩张 消费品/商业 达势股份发布 2025 年财报，报告期内公司实现营收 53.8 亿元/+24.8%；实现 经调整净利润 1.88 亿元/+43.3%，2025 年公司共有直营门店 1315 家/+30.5%。 得益于较强的品牌势能，公司于一线及非一线区域均有望保持持续扩张，预计 2026 年新开门店 350 家，短期同店受基数及新区域扩展影响虽有压力，但长期 来看开店逻辑依旧坚韧，看好公司后续利润持续释放，维持"增持"评级 ❑ 风险提示：市场竞争加剧，原材料价格上升，居民消费意愿低于预期。 财务数据与估值 | 会计年度 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 4314 | 5382 | 6624 | 8006 | 9321 | | 同比增长 | 41% | 25% | 23% | 21% | 16% | | 营业利润(百万元) | 1 ...

联邦制药（03933.HK） 周期见底回暖，公司价值低估 消费品/生物医药 2025 年，公司实现营业收入 132.1 亿元，同比下降 4.0%；毛利 55.1 亿元，同 比下降 9.3%；归母净利润 20.9 亿元，同比下降 21.6%。业绩下滑主要受传统 周期性业务拖累，但创新药对外授权收益提供了有力补充。 创新管线价值凸显。公司创新转型战略在 2025 年取得里程碑式突破，与全 球代谢药物巨头诺和诺德就 GLP-1/GIP/GCG 三靶点激动剂 UBT251 达成 独家许可协议，获得 1.8 亿美元预付款（扣税后确认为 14.4 亿元人民币收 入），并有权获得最高 18 亿美元的潜在里程碑付款及分层销售提成。此 次交易不仅为当期利润提供了重要贡献，更标志着公司研发实力获得 MNC 的认可，为后续管线价值释放打开了空间。 UBT251 展现出全球领先的潜力。 风险提示：新药研发不及预期风险、产品价格下滑风险、政策风险等。 | 财务数据与估值 | | --- | | 会计年度 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.196 billion yuan for 2025, representing a year-on-year increase of 2.5%, while net profit was 222.25 million yuan, a decrease of 0.93% year-on-year. Adjusted net profit was 241 million yuan, up 2.8% year-on-year [8] - The second half of 2025 showed a recovery in growth, with revenue of 1.133 billion yuan, a year-on-year increase of 9.6% [8] - The company is focusing on synergistic development across three major brands, with strong performance in Oolong and black tea categories. The core brand, Baima, accounted for 89.4% of total revenue [8] - The company is enhancing its online and offline channels, achieving nationwide coverage with a total of 3,773 stores by the end of 2025, including 3,538 franchise stores [8] - The gross profit margin improved to 55.6%, driven by increased self-production, while the sales expense ratio decreased to 32.3% [8] - The company is expected to maintain stable profitability, with projected net profits of 255 million yuan in 2026 and 294 million yuan in 2027 [8] Financial Summary - Total revenue projections for 2024A to 2028E are as follows: 2,143 million yuan (2024A), 2,196 million yuan (2025A), 2,384 million yuan (2026E), 2,643 million yuan (2027E), and 2,866 million yuan (2028E) [1] - Net profit projections for the same period are: 224.34 million yuan (2024A), 222.25 million yuan (2025A), 255.16 million yuan (2026E), 294.35 million yuan (2027E), and 326.03 million yuan (2028E) [1] - The company’s P/E ratios are projected to decrease from 7.87 in 2024A to 5.41 in 2028E, indicating a favorable valuation trend [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Xiaomi Group (1810.HK) [6] Core Insights - The company is positioned as a rare platform that has scaled in three major sectors: global smartphones, consumer AIoT, and smart electric vehicles. As of Q4 2025, Xiaomi ranks among the top three in global smartphone shipments for 22 consecutive quarters, with a projected market share of 13.3% by 2025. The AIoT platform is expected to connect 1.08 billion devices by the end of 2025, establishing a leading position in the consumer IoT market. The automotive segment is projected to deliver 411,000 vehicles in 2025, with strong early demand for the new Xiaomi SU7 model [6][10][12]. Financial Data and Profit Forecast - Total revenue projections (in million CNY) for Xiaomi Group are as follows: - 2024: 365,906.35 - 2025: 457,286.69 - 2026E: 539,450.02 - 2027E: 656,374.58 - 2028E: 801,697.62 - Year-on-year growth rates are expected to be 35.04% for 2024, 24.97% for 2025, and 17.97% for 2026 [5][18]. - Net profit projections (in million CNY) are: - 2024: 23,658.13 - 2025: 41,643.39 - 2026E: 33,830.95 - 2027E: 43,178.52 - 2028E: 54,244.52 - The report anticipates a significant increase in net profit for 2025, with a year-on-year growth rate of 76.02% [5][18]. Business Segments and Valuation - The report estimates that by 2026, the mobile and AIoT business will generate revenue of 375 billion CNY, with a net profit of 31.9 billion CNY. The automotive and AI innovation business is expected to generate 164.4 billion CNY in revenue, with a net profit of 3.3 billion CNY. The valuation method applied is a sum-of-the-parts (SOTP) approach, assigning a PE of 20x for the mobile and AIoT business and a PS of 1.5x for the automotive segment [16][18]. - The target total market capitalization for 2026 is estimated at approximately 10,018 billion HKD, representing an upside potential of 19% from the current market value [6][16]. Key Assumptions - Revenue growth is driven by strong performance in the automotive sector, with expected growth rates of 55%, 50%, and 40% for the automotive business from 2026 to 2028. The report identifies 2026 as a pivotal year for the company, marking a transition to a more profitable phase as the automotive scale effects become evident [6][12]. Catalysts - Key catalysts for growth include the successful launch of new automotive models, expansion in overseas markets, and advancements in AI technology. The report emphasizes the importance of monitoring order conversion rates for the new SU7 model and the company's progress in international markets [6][12].