[Table_scodeMsg1] 港股研究丨公司深度丨云顶新耀（01952.HK） [Table_Title] 云顶新耀深度系列报告（一）：自免肾病龙头 Biopharma，耐赋康+维适平塑造双增长极 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 云顶新耀是一家专注于创新药和疫苗研发、制造及商业化的生物制药公司。近年来逐步形成了 License-in 引进大单品、自研高门槛管线的双轮驱动格局。作为系列报告的第一篇，本篇报告 将聚焦公司引进的肾病、自免领域的大单品（耐赋康、EVER001、艾曲莫德等）。具体来说， 耐赋康在 IgA 肾病领域临床证据全面，或将成为基石疗法之一；EVER001 有望填补原发性膜 性肾病对因治疗空白；艾曲莫德黏膜愈合优势明确，强势切入中重度 UC 小分子口服药市场。 整体来看，公司重磅品种放量趋势显著，远期空间巨大，将持续夯实公司增长基石。 彭英骐 刘长洪 请阅读最后评级说明和重要声明 2 / 46 %% %% %% %% 分析师及联系人 [Table_Author] SAC：S049052403000 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

IPO 申购指南 果下科技（2655.HK） 建议谨慎申购 2025-12-8 星期一 【招股详情】 | 保荐人 | 光大证券国际 | | | | | --- | --- | --- | --- | --- | | 上市日期 | 2025 年 月 | 12 | 16 日(周二) | | | 招股价格 | 港元 20.1 | | | | | 集资额 | 605.6 | | 百万港元（扣除包销费用和全球发售有关的估计费用） | | | 每手股数 | 股 100 | | | | | 入场费 | 2,030.26 | 港元 | | | | 招股日期 | 年 2025 | 12 | 月 日-2025 年 月 日 8 12 11 | | | 国元证券认购截止日期 | 2025 年 | 12 | 月 10 日 | | | 招股总数 | 33,852,900 | | 股(可予调整及视乎超额配售权的行使情况而定) | | | 国际配售 | 30,467,600 | | 股(可予调整及视乎超额配售权的行使情况而定)，约占 | 90% | | 公开发售 | 3,385,300 | | 股(可予调整及视乎超额配售权的行使情况而定)， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4]. Core Insights - The company's ADAS (Advanced Driver Assistance Systems) laser radar products continue to grow, with sales reaching 185,600 units in Q3 2025, a year-on-year increase of 34%. Specifically, laser radar products for ADAS applications saw a 14.3% increase, with 150,000 units sold [1]. - The Robotaxi business is advancing, with significant partnerships established, including a collaboration with Didi Autonomous Driving for L4 Robotaxi equipped with RoboSense laser radar. The company has also signed mass production agreements with several leading Robotaxi and Robotruck firms [2]. - The company is expected to turn a profit in Q4 2025, with a record monthly delivery of over 120,000 laser radar units in October 2025, marking a key point for improving operational efficiency [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 1.19 billion yuan, a year-on-year growth of 1.24%, but incurred a net loss of 252 million yuan [1]. - The adjusted net profit forecast for 2025-2027 is projected at -176 million yuan, 207 million yuan, and 573 million yuan respectively, with corresponding P/E ratios of -138.82, 29.86 [4][11]. Revenue Growth Projections - Revenue is expected to grow significantly from 1.649 billion yuan in 2024 to 5.417 billion yuan in 2027, with annual growth rates of 47%, 37%, 59%, and 51% respectively [6][13]. Product Development and Market Expansion - The company has successfully secured production orders from 31 automotive manufacturers and suppliers, with a total of 134 models, and has achieved SOP (Start of Production) for 47 models from 15 manufacturers [1]. - The sales of laser radar products for robotics and other applications surged by 393.1% year-on-year, with 35,500 units sold in Q3 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is accelerating the commercialization of AR waveguide technology through the acquisition of Dispelix, which is expected to be completed in the first half of 2026. This acquisition aims to enhance synergies between Dispelix's expertise in waveguide design and the company's strengths in optics and precision manufacturing [3] - The company is collaborating with ByteDance to launch the "Doubao AI Phone," which represents a shift from a "tool" to an "intelligent agent" through advanced AI capabilities [4] - The company is also involved in the development of the Quark AI Glasses S1, which features a high-precision audio pickup system to enhance AI voice interaction experiences [5] Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [9][11] - The expected growth rates for revenue are 34% for 2025, 18% for 2026, and 12% for 2027, while net profit growth rates are projected at 143% for 2025, 41% for 2026, and 19% for 2027 [11][12]

国补高基数带电承压，开拓新业务亏损加 大 京东集团-SW 公司研究 | 动态跟踪 核心观点 盈利预测与投资建议 ⚫ 我们调整盈利预测，预测公司 2025-2027 年收入为 13040/13479/14230 亿元（原 2025-2027 年预测为 13382/14151/14981 亿元），经调整归母净利润为 263/225/442 亿元（原 2025-2027 年预测为 271/438/525 亿元）。参考可比公司给 予 2026 年 11X PE 估值，加上公司股权投资价值计算得公司目标市值为 5023 亿 元，对应每股股价 173.32 港元（人民币兑港币汇率 1.100），维持"买入"评级。 风险提示：外卖亏损收缩不及预期，以旧换新政策效果不及预期，行业竞争加剧。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,084,662 | 1,158,819 | 1,303,975 | 1,347,877 | 1,423,025 | | 同比增 ...

港股研究报告|2025 年 12 月 08 日 "一药多效"核心产品 HTD1801 商业化进程提速在即，心肾代谢系统疾病(CKM)基石 疗法市场空间广阔——君圣泰医药-B(02511.HK)投资价值分析报告 公司核心产品的商业化进程预计将于年内迎来提速 2025 年 10 月，公司核心产品 HTD1801 在中国 2 型糖尿病患者中开展的两项 III 期临床 试验已顺利完成，并完成 52 周数据读出。2025 年 12 月，与达格列净头对头的 III 期试 验数据公布。该产品用于治疗 T2DM 适应症的研发已进入最后冲刺阶段，预计将于 2025 年底进入新药上市申请阶段。 HTD1801 产品一药多效，CKM 基石疗法市场空间广阔 HTD1801 为一款全球首创的口服抗炎及代谢调节剂，该产品已被美国 FDA 授予 2 项快 速通道资格认定。HTD1801 是具有独特双机制的新分子实体，通过激活 AMPK 与抑制 NLRP3 的双机制协同互补，旨在综合治疗心肾代谢系统疾病。HTD1801 在显著改善血 糖代谢的同时，其在护肾、护心、保肝、抗炎、减重等多个方面具有广泛疗效。HTD1801 一药多效、区别于其他糖 ...

证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

证券研究报告 | 2025年12月04日 2025年12月06日 2025年12月08日 金蝶国际（00268.HK） 优于大市 企业 SaaS 服务领军者，AI 赋能重构管理软件 企业管理解决方案完善，积极推进 AI 落地。公司是全球领先的企业管理云 SaaS 服务商，构建了覆盖企业全生命周期的数字化解决方案，主要产品包括 企业级 AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、星辰。公司自 2011 年 开启云转型，2025H1 公司云服务收入占公司收入比重达 83.74%。随着订阅 模式的成熟，公司收入持续提升，2020-2024 年间 CAGR 达 16.84%，近年来 销售毛利率、净利率均有所回升。 云原生 EBC 重构管理软件，为 AI 落地的必要方案。公司与 Gartner 共同提 出企业数字化管理进入后 ERP 时代，开始向云原生 EBC 转型。EBC 把原本封 闭的功能模块重新拆分成可被 AI 调用的能力服务，成为企业 AI 落地必要的 接口层。公司为云原生 EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在 ERP 换代需求推 动下，央国企引领 ...

%% %% research.95579.com 1 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司深度丨海底捞（06862.HK） [Table_Title] 海底捞深度报告：以服务立身，凭供应链致远 %% %% 报告要点 [Table_Summary] 海底捞是一家品牌矩阵丰富、管理特色突出、供应链壁垒深厚的大型餐饮企业。我们看好海底 捞主要基于：1、海底捞主品牌的极致服务深入人心，在下沉市场仍有开店潜力，新品牌矩阵加 速构建，打造了主品牌筑基+新品牌破局的双轮驱动的成长蓝图；2、海底捞单店模型优势突出， 翻台率高，运营效率与盈利能力强劲，奠定扎实的业绩基础；3、供应链体系成熟，从源头把控 食材品质，为全国门店提供稳定、统一、安全的食材保障。未来，公司有望在餐饮市场持续领 航。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] ...