[Table_Title] 【 广 发 纺 服 & 海 外 】 裕 元 集 团 （00551.HK） FY25 制造业务逆势增长，零售业务暂时承压，持续高分红 [Table_Summary] 核心观点： 盈利预测：（本文美元兑港元汇率采取 1: 0.128） | [Table_ 单位Finance] :美元百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 8,182 | 8,031 | 8,346 | 8,676 | 8,969 | | 增长率（%） | 3.7% | -1.8% | 3.9% | 4.0% | 3.4% | | EBITDA | 1,018 | 519 | 857 | 873 | 904 | | 归母净利润 | 392 | 381 | 388 | 422 | 449 | | 增长率（ % ） | 42.8% | -2.9% | 1.7% | 8.8% | 6.5% | | EPS（元/股） | 0.24 | 0.24 | 0.24 | 0.26 | 0.28 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank 康哲药业(0867.HK) 投资评级 买入 上次评级 买入 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@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] 营收结构优化，自研+合作+投资扩展创新版图 [Table_ReportDate] 2026 年 03 月 19 日 [Table_S 事件：202ummar 6 年y]3 月 16 日，公司发布 2025 年年度业绩。2025 年公司实现 营业额 82.12 亿元（同比+9.9%），全按药品销售收入计算的营业额为 93.86 亿元（同比+8.9%），实现正常化年度溢利 17.76 亿元（同比+3.6%）。 点评： ➢ 独家/品牌及创新产品占比六成，磷酸芦可替尼乳膏商业化进展可喜 按产品类型对公司营收进行拆分，独家/品牌产品 ...

公司研究 [Table_ReportType] 公司点评报告 | | | | | | 上次评级 无评级 [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 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@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] 思摩尔国际：业务多点开花、费用管控优异， HNB 放量可期 [Table_ReportDate] 2026 年 3 月 19 日 证券研究报告 [Table_S 事件：公司发布 ummary] 2025 年业绩公告。全年实现收入 142.56 亿元（同比 +20.8%），期内溢利 10.62 亿元（同比-18.5%），剔除股份支付费用后、经 调整后期内溢利 15.30 亿元（同比+1.4%）；其中 H2 实现收入 82.43 亿元（同 比+21.9%），期内溢利 5.69 亿元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company achieved a revenue of 7.366 billion yuan in 2025, a year-on-year decrease of 9.3%, with a net loss attributable to shareholders of 776 million yuan, primarily due to an impairment of goodwill related to New Classics Media [3] - The company expects to see a recovery in revenue growth in 2026, with projected revenues of 8.002 billion yuan, representing a year-on-year increase of 8.6% [4] - The report highlights the positive impact of AI on IP commercialization, which is expected to drive growth in the company's revenue streams [3] Financial Summary and Valuation Metrics - Revenue for 2025 is reported at 7,366 million yuan, with a projected increase to 8,002 million yuan in 2026 [4] - The net profit for 2025 is a loss of 776 million yuan, with a forecasted return to profitability in 2026 with a net profit of 1,090 million yuan [4] - The gross margin for 2025 is 46.1%, with a slight improvement expected in subsequent years [4] - The projected P/E ratios for 2026, 2027, and 2028 are 24.1, 21.0, and 19.2 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company achieved a revenue of 7.366 billion yuan in 2025, a year-on-year decrease of 9.3%, with a net loss attributable to shareholders of 776 million yuan, primarily due to an impairment of goodwill related to New Classics Media [3] - The company expects to see a recovery in revenue growth in 2026, with projected revenues of 8.002 billion yuan, representing a year-on-year increase of 8.6% [4] - The report highlights the positive impact of AI on IP commercialization, which is expected to drive growth in the company's revenue streams, particularly in online business and IP derivatives [3][4] Financial Summary and Valuation Metrics - Revenue for 2025 is reported at 7,366 million yuan, with a projected increase to 8,002 million yuan in 2026 [4] - The net profit for 2025 is a loss of 776 million yuan, with a forecasted return to profitability in 2026 with a net profit of 1,090 million yuan [4] - The gross margin for 2025 is 46.1%, with a slight improvement expected in subsequent years [4] - The projected P/E ratios for 2026, 2027, and 2028 are 24.1, 21.0, and 19.2 respectively, indicating a potential for valuation improvement as profitability returns [4]

Investment Rating - The report maintains a "Recommendation" rating for Li Auto-W (02015.HK) [1] Core Views - Li Auto reported a net profit of 0.2 billion yuan in Q4 2025, marking a year-on-year decline of 35 billion yuan but a quarter-on-quarter increase of 6.4 billion yuan. The total revenue for Q4 2025 was 28.8 billion yuan, down 35% year-on-year but up 5.2% quarter-on-quarter. For the full year 2025, revenue was 112.3 billion yuan, a 22% decline year-on-year, with a net profit of 1.1 billion yuan, down 69 billion yuan year-on-year [1][7] Financial Performance Summary - **Revenue and Profitability**: - Q4 2025 revenue was 28.8 billion yuan, with a year-on-year decrease of 35% and a quarter-on-quarter increase of 5.2%. The full-year revenue for 2025 was 112.3 billion yuan, down 22% year-on-year. The net profit for Q4 2025 was 0.2 billion yuan, a decrease of 35 billion yuan year-on-year but an increase of 6.4 billion yuan quarter-on-quarter [1][7] - **Sales Volume**: - In Q4 2025, the sales volume was 109,000 vehicles, down 31% year-on-year but up 17% quarter-on-quarter. The average selling price (ASP) for vehicles was 250,000 yuan, down 19,000 yuan year-on-year and 28,000 yuan quarter-on-quarter [1][7] - **Gross Margin**: - The gross margin for Q4 2025 was 17.8%, a decrease of 2.4 percentage points year-on-year but an increase of 1.5 percentage points quarter-on-quarter. The vehicle gross margin was 16.8%, down 2.9 percentage points year-on-year but up 1.3 percentage points quarter-on-quarter [1][7] - **Cost and Expenses**: - R&D expense ratio was 10.5%, up 5.0 percentage points year-on-year, while SG&A expense ratio was 9.2%, up 2.2 percentage points year-on-year [1][7] Future Outlook - **New Model Launches**: - The company plans to launch a new generation of L9 and a new version of L9 Livis in Q2 2026, with the L9 Livis priced at 559,800 yuan. The i6 model is expected to contribute significantly to sales in 2026, with monthly delivery capacity projected to reach 20,000 units [1][7] - **Organizational Improvements**: - Li Auto has restructured its R&D organization to enhance efficiency and reduce the iteration cycle for AI model training from two weeks to one day. Sales channel reforms are also underway to improve operational quality [1][7] - **Sales and Revenue Forecasts**: - The sales forecasts for 2026-2027 have been adjusted down to 500,000 and 520,000 vehicles, respectively. Revenue forecasts for the same period have been revised to 131.3 billion and 140.2 billion yuan. Net profit forecasts have also been adjusted to 0.96 billion and 3.81 billion yuan for 2026 and 2027, respectively [1][7]

证券研究报告 港股通 中国东方教育 (667 HK) 利润弹性及高分红如期兑现 2025 年公司办学层次进一步跃升，贵阳新东方烹饪高级技工学校升格为技 师学院，叠加已有的安徽万通、山西冶金技师学院，技师学院累计达 3 所， 有望拓宽职教升学通道以增强生源吸引力。区域布局方面，四川、山东等多 省职教产业园已投入运营，通过集中实训与行政资源摊薄固定成本，提升单 校运营效率。此外，公司战略性布局宠业、照护服务新赛道，院校筹建基本 完成，宠业有望年内开始招生，成为新增长极。 维持"买入"评级 考虑到宠业、照护服务等新专业的初期投入，我们微调 26-28 年经调整净利 润预测至 10.02/12.00/14.51 亿元（较前次-3%/-8%/-），基于可比公司 Wind 一致预期均值给予 18.43x 2026E PE（前值：20x 26PE），对应目标价 9.36 港元（前值：10.30 港元），维持"买入"评级。 风险提示：在校生人数增长不及预期；职教产业园建设进展或运营效益低于 规划；公办职校分流及行业竞争加剧；职业教育政策变动风险。 | 华泰研究 | | 年报点评 | 投资评级(维持): | 买入 | | -- ...

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 757.33 HKD, down from the previous 792 HKD, corresponding to a 20.8x PE valuation for 2026 [6][5]. Core Insights - Tencent's 4Q25 performance met expectations, with a revenue growth of 12.7%, slightly above consensus estimates. The company plans to increase AI investments in 2026, with a focus on enhancing its agent capabilities [1][2]. - The report highlights Tencent's strategic shift towards AI products, with the launch of OpenClaw and related applications, indicating a competitive edge in the AI landscape [2][3]. - Tencent Cloud achieved an adjusted operating profit of 5 billion RMB in 2025, marking a turnaround, while the company anticipates a doubling of AI-related investments in 2026 [3][5]. Financial Performance - In 4Q25, Tencent's domestic game revenue grew by 15%, with significant contributions from new titles. The report suggests monitoring the revenue from upcoming games in March and April [4][28]. - The adjusted net profit for Tencent is projected to be 290.6 billion RMB for 2026, reflecting a slight decrease due to increased AI spending [32][5]. - The report forecasts Tencent's revenue for 2026 to be 845.1 billion RMB, with a growth rate of 12.4% [10][32]. AI Product Development - Tencent is intensifying its AI product development, with significant investments in the Claw product line, which includes QClaw and WorkBuddy, aimed at enhancing user engagement and operational efficiency [2][13]. - The company is focusing on integrating AI into its existing platforms, with plans for deeper integration of AI capabilities into WeChat [3][13]. - The report notes that Tencent's AI products are expected to evolve from general models to more specialized applications across various sectors, enhancing long-term competitiveness [2][3]. Game Revenue and Projections - The report emphasizes the strong performance of Tencent's gaming segment, with expectations for new game releases to drive revenue growth in the upcoming quarters [4][28]. - The anticipated launch of "Honor of Kings World" in April 2026 is projected to generate 3-6 billion RMB in its first year, leveraging the existing user base of the original game [28][29]. - Overall, Tencent's gaming revenue is expected to continue its upward trajectory, supported by new titles and seasonal events [25][28].

上 市 公 司 社会服务 2026 年 03 月 19 日 中国东方教育 (00667) ——职教培训人次重回增长，经营效率显著提升 投资要点： 中国东方教育发布 2025 年报，公司 25 年收入 46.16 亿元，同比增长 12.1%。经调整归母净 利润 7.92 亿元，同比增长 50.9%。经调整净利率 17.2%，同比提升 4.4 个百分点。业绩符合 预期。 职业技能培训景气提升，公司招生增长提速：25 年公司新培训人次 15.1 万人，同比增长 5.5%。 五大技能培训板块（烹饪、汽修、电脑、西点和美业）新培训人次同比均实现增长。其中美业 增速最高为 20.3%，烹饪，汽修，电脑，西点增速分别为 2.8%，9.6%，5.5%和 0.8%。我们 预计受高考落榜生数量持续增加，高中毕业生职业技能培训市场将迎来持续景气提升。受 21 至 25 年高中持续扩招推动，高中阶段毕业生于该阶段增加了 236.6 万人，总毕业人数从 21 年 1196 万增长至 25 年 1432 万。而同一时期大学招生增长停滞，5 年间仅扩招了 34 万人（从 21 年的 1036 万人增长至 25 年的 1071 万人）。我们 ...

2026年03月19日 证券研究报告 | 心动公司（2400.HK） 游戏研发能力持续验证，TapTap平台生态繁荣 公司研究 · 海外公司深度报告 互联网 · 互联网Ⅱ 投资评级：优于大市（首次） | 证券分析师：张伦可 | 证券分析师：王颖婕 | 证券分析师：陈淑媛 | | --- | --- | --- | | 0755-81982651 | 0755-81983057 | 021-60375431 | | zhanglunke@guosen.com.cn | wangyingjie1@guosen.com.cn | chenshuyuan@guosen.com.cn | | S0980521120004 | S0980525020001 | S0980524030003 | 请务必阅读正文之后的免责声明及其项下所有内容 核心结论 心动公司构建了"内容+平台"的双轮驱动体系，通过高质量的自研游戏（如《出发吧麦芬》、《心动小镇》）为TapTap平台提供独家优质内容驱动用户 增长，TapTap凭借"零分成、不联运"模式吸引精品开发者入驻，借助玩家反馈反哺内容创作，形成相互支撑、互为补充的独特商业闭环 。 组 ...