Investment Rating - The report initiates coverage on 澜起科技 (Lianqi Technology) H-shares with a "Buy" rating and a target price of 268 HKD; it also reinstates a "Buy" rating for A-shares with a target price of 227 RMB [1] Core Insights - 澜起科技 is recognized as a leader in memory interconnect chips, with a projected market share of 36.8% based on 2024 revenue calculations. The growth is expected to be driven by increasing demand for advanced memory interconnect technology due to cloud computing and AI infrastructure [1] - The company is anticipated to achieve a compound annual growth rate (CAGR) of 35% in revenue from 2025 to 2032, supported by growing demand and rapid product expansion [1] - High expectations for 澜起科技's net profit in 2026 and 2027 are noted, with forecasts exceeding market expectations by 13% and 16% respectively, reflecting optimism regarding new product introductions leading to higher revenue [1]

中国信达(01359):营运数据仍疲弱,评级"中性",目标价1.1港元 摩根大通 不过，公司2025年营运数据依然疲弱，房地产业务亏损加剧，不良资产管理业务复苏缓慢，该行预期趋势 将延续至2026年。目前公司市账率(PB)为0.23倍，2026年预测股本回报率为2.8%，估值相对其他H股金融公司 并不吸引。 摩根大通发布研报称，重新覆盖中国信达(1.19,0.00,0.00%)(01359)，予"中性"评级，目标价由0.65港 元升至1.1港元。该行指，公司股价自2024年9月24日以来上升102%，跑赢同期恒指升幅，反映市场情绪改善， 以及投资者对公司业务复苏的预期升温。 ...

里昂发布研报称，丘钛科技(8.61,0.19,2.26%)(01478)2025年纯利同比增长435%，处于盈利预告的高端。 撇除出售收益，经调整纯利同比增长144%至6.82亿元人民币。2025年非手机摄像头模组出货量及收入均高于公 司指引，而据丘钛科技表示，强劲增长将在2026年持续。尽管行业面临不利因素，公司预期手机摄像头模组出 货量将同比增长5%以上。该行维持"跑赢大市"评级，惟目标价由15.7港元下调至10.3港元。 里昂证券 丘钛科技(01478):降目标价至10.3港元,维持"跑赢大市"评级 ...

宁德时代(03750):升目标价至655港元,评级"与大市同步" 摩根士丹利发布研报称，已更新宁德时代(03750)的风险回报预测，其去年业绩表现胜该行预期7%，因此 上调了集团今年及以后的盈利预测。更重要的是，受惠于资本效率提升，公司净现金状况较预期更强劲。大摩 亦上调了集团储能电池出货量的假设，以反映在全球电力容量短缺背景下，因推理需求增长所驱动的、来自AI 数据中心的潜在机会。基于EV/EBITDA方法，叠加人民币升值，大摩将宁德时代H股目标价上调12%，从585港元 升至655港元，评级"与大市同步"。 摩根士丹利 ...

Investment Rating - The report upgrades the investment rating of Bilibili (BILI.US) and Bilibili-W (09626) to "Overweight" [1] Core Insights - The target price for Bilibili's US stock is raised from $27 to $35, while the target price for its Hong Kong stock is increased from HKD 210 to HKD 270 [1] - The report suggests that investors should take advantage of the current low stock price, as the company's strategy to increase AI investments is deemed correct [1] - AI has already become a driving factor for user engagement and advertising revenue growth, and this trend is expected to continue in the coming years [1] - The company is projected to achieve steady profit growth this year, supported by strong operational leverage, even with AI investments [1] - Adjusted net profit is expected to grow by 25% in 2025, accelerating to 41% and 30% in 2027 and 2028, respectively [1] - A recent reduction in App Store commission rates by Apple is anticipated to positively impact several of Bilibili's business segments, with an estimated positive effect of about 3% [1]

理想汽车公布2025年第四季业绩后，该行下调2026至2028年预测，销量预测下调5%至22%，基于管理层对 2026年销量指引低于预期，以及改款车型推出步伐放缓;毛利率预测下调0.4至1.0个百分点，基于2026年第一 季及全年指引低于预期，以及销量及收入减少;因此，纯利预测下调21%至34%。 高盛发布研报称，理想汽车-W(66.85,-4.45,-6.24%)(02015)公布的2025年第四季业绩符合预期，惟2026 年第一季及全年预测的销量及毛利率指引逊于预期。高盛将理想汽车目标价由93港元下调至74港元，评级 由"买入"下调至"中性"。该行预期理想汽车将进入连续两季的纯利亏损扩大，销量增长乏力及车辆毛利率 受压，主要由于缺乏新车型推出、原材料及内存成本上涨，以及低利润率车型占比提高。 理想汽车-W(02015):下调评级至"中性",降目标价至74港元 美国高盛 ...

证券研究报告 电能实业 (6 HK) 2025 年澳洲/港灯溢利贡献同比+4/+1%，英国溢利贡献基本持平 2025 年澳洲业务贡献溢利 14.61 亿港元（yoy+4%），主因 1）SA Power Networks（SAPN）已于 2025/7/1 步入新规管期，准许回报率提升 1.37pct 至 6.12%；2）Australian Gas Networks（AGN）和 Multinet Gas Networks 受益于维多利亚省新引入的供气接驳费带来的收入增长。2025 年港灯稳健 运营，随资本开支投入转固增厚固定资产净额，贡献溢利 10.51 亿港元（yoy +1%）。2025 年英国业务贡献溢利 32.10 亿港元，同比基本持平，其中 1） UKPN 受去年同期高基数影响溢利贡献同比小幅下滑；2）2024 年收购的 Phoenix Energy、UK Renewables Energy 均首次贡献全年溢利。此外，公 司已于 2026 年 1 月完成 UK Rails 业务的出售，我们测算将为公司带来~3 亿港元溢利贡献；公司预计 UKPN 股权出售交易将于 2026 年 6 月底前完成。 随受规管 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [12] Core Insights - The company achieved a revenue of 64.73 billion yuan in 2025, representing a year-on-year growth of 101.3%. The gross margin reached a record high of 14.5%, up by 6.1 percentage points year-on-year, with a quarterly gross margin of 15% in Q4 2025 [5][6] - The company turned profitable in 2025 with a net profit of 540 million yuan, marking a significant turnaround from previous losses [5][6] - The company is set to launch new models in 2026, including the A series and D series, which are expected to fill gaps in the current product lineup and contribute to increased sales [8] Financial Performance Summary - Revenue projections for the company are as follows: 32.16 billion yuan in 2024, 64.73 billion yuan in 2025, 100.81 billion yuan in 2026, 138.68 billion yuan in 2027, and 163.5 billion yuan in 2028, with growth rates of 92%, 101%, 56%, 38%, and 18% respectively [4] - The company’s net profit is projected to reach 4.82 billion yuan in 2026, 7.35 billion yuan in 2027, and 9.25 billion yuan in 2028, with year-on-year growth rates of 796%, 52%, and 26% respectively [4] - The earnings per share (EPS) is expected to be 0.38 yuan in 2025, 3.39 yuan in 2026, 5.17 yuan in 2027, and 6.51 yuan in 2028 [4] Market Position and Expansion - The company ranked first among new energy vehicle manufacturers in terms of export volume, with 67,000 vehicles exported in 2025 and over 100,000 cumulative exports by February 2026 [7] - The company is actively expanding into the South American market, with new models launched in Brazil and plans for further growth in this region [7] Future Outlook - The introduction of the A and D series models is anticipated to drive domestic sales upward, while the new factory in Spain is expected to commence production of the B10 model in October 2026 [8] - Despite adjustments in profit forecasts due to industry challenges, the company is expected to maintain strong growth driven by new vehicle cycles and international expansion [8]

MONGOL MINING（0975.HK）2025 年业绩公告点评 业绩短期筑底，黄金投产打开增长空间 glmszqdatemark 风险提示：金矿提产速度不及预期；钢铁需求下滑；蒙古国政策变动风险。 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入 | 823 | 1,228 | 1,430 | 1,497 | | 增长率（%） | -20.8 | 49.2 | 16.4 | 4.6 | | 归母净利润 | 6 | 186 | 300 | 337 | | 增长率（%） | -97.5 | 2944.0 | 61.8 | 12.1 | | EPS | 0.01 | 0.18 | 0.29 | 0.32 | | P/E | 226 | 7 | 5 | 4 | | P/B | 1.1 | 1.0 | 0.8 | 0.7 | 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 3 月 18 日收盘价,汇率 1USD=7.8HKD） ...

海外营收高增，全球扩张表现亮眼 布鲁可(0325) 布鲁可公司 2025 年业绩公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | [当前价格 Table_CurPrice] (港元)： | 63.55 | 本报告导读： 公司营业收入大幅增长，净利润扭亏为盈，其中海外市场收入同比增长近四倍。 投资要点： [Table_PicQuote] 52周股价走势图 拼搭角色类玩具 -57% -35% -13% 10% 32% 55% 2025/3 2025/7 2025/11 2026/3 布鲁可 恒生指数 [Table_Report] 相关报告 拼搭类产品销量增长，业务扩张毛利波动 20 ...