首次覆盖:定价首饰高增，加快海外拓展 六福集团(0590) 六福集团 FY2026 中报业绩点评 家庭及个人用品 [Table_Industry] 本报告导读： 定价首饰驱动同店销售持续改善，首次进驻越南市场。 投资要点： 金价上行及定价首饰占比提升驱动毛利率提升，费用率优化。 FY26H1 毛利率 34.7%/同比+2.0pct，受益金价上升及定价首饰占比提 升：FY26H1 克重黄金铂金销售额 40.96 亿港元/同比+11.0%，毛利率 30.3%/同比+2.8pct；定价首饰销售额 22.76 亿港元/同比+67.9%，毛 利率 36.8%/同比-0.5pct，冰钻等新品带动批发收入占比大幅增加。 其他亏损净额占收入 5.6%/同比+3.1pct，金价上涨导致黄金借贷未 变现亏损净额增加；销售费用率 16.3%/同比-1.5pct，行政费用率 2.7%/同比-0.8pct，受益经营杠杆。 风险提示：金价波动影响销量、开店不及预期、同店大幅下滑等。 | 财务摘要(百万港元) | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company is expected to achieve steady growth in the first half of FY2026, with a notable performance in its main product line, down jackets, which showed resilience during the off-season [8] - The company’s revenue and profit are projected to accelerate in the second half of FY2026, supported by favorable inventory levels and an extended sales season due to the late Chinese New Year [8] - The company aims to maintain sustainable growth over the next three years through a dual-focus strategy on its down jacket core business and a multi-brand matrix [8] Financial Performance Summary - Revenue for FY2024A is projected at 23,214 million, with a year-on-year growth of 38.4%, and is expected to reach 34,759 million by FY2028E, with a CAGR of approximately 10.6% [3] - Operating profit is forecasted to grow from 4,398 million in FY2024A to 6,711 million in FY2028E, reflecting a steady increase in profitability [3] - Net profit attributable to the parent company is expected to rise from 3,074 million in FY2024A to 4,879 million in FY2028E, with a CAGR of 11.8% [3] - Earnings per share are projected to increase from 0.26 in FY2024A to 0.42 in FY2028E [3] Valuation Metrics - The target price is set at 6.36 HKD, based on a 17x PE ratio for FY2026 [3][9] - The company’s PE ratio is expected to decrease from 17.1 in FY2024A to 10.7 in FY2028E, indicating improving valuation attractiveness [3] - The PB ratio is projected to decline from 4.0 in FY2024A to 2.5 in FY2028E, suggesting a potential undervaluation over the forecast period [3]

[Table_Title] 研究报告 Research Report 1 Dec 2025 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 11 月 26 日，周大福珠宝集团发布 2026 财年中期业绩报告并召开业绩会。 周大福 Chow Tai Fook (1929 HK) 1HFY26 同店与 ASP 改善，管理层维持 FY26 收入指引 Same-Store Sales and ASP Improve in 1HFY26, Management Maintains FY26 Revenue Guidance 1HFY26收入小幅承压，公司通过费用优化实现营运利润率与股东回报双稳健。周大福自FY2025起变更了会计准则， 在现行会计结构下，周大福的黄金借贷公允价值变动已从"销售成本"重分类至"其 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health International [1][2][17]. Core Insights - JD Health International continues to show strong revenue and profit growth, with Q3 2025 revenue reaching RMB 17.12 billion, a year-on-year increase of 28.7%, and net profit of RMB 1.84 billion, up 97.2% year-on-year [3][13][14]. - The company has raised its full-year revenue growth guidance to approximately 22.0% from the previous 20.0%, and adjusted profit target to RMB 6.20 billion from RMB 5.60 billion, reflecting strong Q3 performance [4][15]. - The report highlights the company's effective marketing investments and improved bargaining power in the pharmaceutical category as key drivers of growth [14][16]. Financial Performance Summary - For FY 2025, revenue is projected to be RMB 71.05 billion, representing a 22.1% year-on-year growth, while adjusted profit is expected to be RMB 6.21 billion, a 30% increase [5][16]. - The gross profit margin is expected to improve to 24.6% in FY 2025, with a net profit margin of 7.5% [10][16]. - The company’s DCF valuation predicts an equity value of HKD 227.44 billion, corresponding to a target share price of HKD 71.07, reflecting a 4.3% increase in target price [5][17].

Investment Rating - The report does not explicitly state the investment rating for Bosideng International Holdings Core Insights - The principal brand of Bosideng drove growth in 1H25, while other business segments contracted year-on-year [1][3] - Total operating revenue for 1H25 was RMB 8.93 billion, a year-on-year increase of 1.4%, with profit attributable to owners rising by 5.3% to RMB 1.19 billion [2][8] - The gross profit margin for 1H25 was 50.0%, reflecting a slight year-on-year increase of 0.2 percentage points but a decrease of 7.3 percentage points from the previous half-year [2][8] - The company optimized inventory turnover days to 178 days, down from 189 days in the same period last year [2][8] Revenue Breakdown - Revenue from the Bosideng brand grew by 8.3% to RMB 6.57 billion, accounting for 73.6% of total revenue [3][9] - The ODM business saw a revenue decline of 11.7% year-on-year, while womenswear revenue decreased by 18.6% to RMB 250 million [3][9] - The diversified clothing business, primarily school uniforms, recorded a significant revenue drop of 45.3% to RMB 64 million [3][9] - Raw material sales revenue increased by 22.8% year-on-year, indicating strong demand in that segment [3][9] Operational Efficiency - The company employs a smart distribution center and integrated inventory management to enhance sales growth and manage inventory effectively [4][10] - The operational model allows for rapid response to market changes, contributing to a significant reduction in inventory turnover days [4][10] - AI technology is being utilized to drive apparel design and improve online operations, significantly reducing operational costs [4][10] Marketing Strategy - The company focuses on high-quality store openings in landmark commercial complexes to maximize brand exposure [5][12] - A refined operation model of "unique design per store, specific strategy per store" is being implemented [5][12] - During the Double Eleven shopping festival, the company achieved growth with lighter discounts, ranking first in several e-commerce platforms [5][12]

市公司 公用事业 2025 年 12 月 01 日 气量毛差承压 自由现金流再创新高 报告原因: 有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5.448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势: 37% 资料来源：Bloomberg 证券分析师 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 投资要点: 财务数据及盈利预测 | 2023/24 | | 2024/25 | 2025/26E | 2026/27E | 2027/28E | | --- | ...

上 市 公 司 公用事业 2025 年 12 月 01 日 中国燃气 (00384) | 市场数据： | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 8.60 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 8.85/5.97 | | H 股市值（亿港币） | 468.54 | | 流通 H 股（百万股） | 5,448.15 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势： -3% 17% 37% 57% 11/28 12/28 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 HSCEI 中国燃气 资料来源：Bloomberg 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com —— 气量毛差承压 自由现金流再创新 ...

公司派发末期股息 3.9 分，中期派息为 5.78 分，分红率维持 30%，对应股息率 3.98%。 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 12 月 01 日 [Table_Title] 存在一次性费用影响，期待明年招生恢复增 长及 AI 业务突破 [Table_Title2] 天立国际控股(1773.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1773 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.76/2.08 | | 目标价格(港元)： | | 总市值(亿港元) | 51.25 | | 最新收盘价(港元)： | 2.29 | 自由流通市值(亿港元) | 51.25 | | | | 自由流通股数(百万) | 2,109.26 | [Table_Summary] 事件概述 FY2025 集团总收入/年内利润/经调归母净利/经营性现金流分别为 35.89/6.48/6.18/8.53 亿元、同比增长 8.1%/16.5%/7.0%/3.1%，符合业绩预告。 ...

hyzqdatemark 2025 年 12 月 01 日 证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 证券分析师 符超然 SAC：S1350525050004 fuchaoran@huayuanstock.com 联系人 周宸宇 zhouchenyu@huayuanstock.com | 基本数据 | 2025 | 年 | 11 | 月 28 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.96 | | 一年内最高/最低（港 | | | | 5.37/3.46 | | 元） | | | | | | 总市值（百万港元） | | | | 57,683.58 | | 流通市值（百万港元） | | | | 57,683.58 | | 资产负债率（%） | | | | 42.99 | | 资料来源：聚源数据 | | | | | 波司登(03998.HK) 投资评级： 买入（维持） ——收入及利润正增长，全新设计师系列推动品牌价值提升 投资要点： 风险提示。新品推广不及预期风险，极端气候影响风险，内外需不及预期风险。 | 盈利预测与估值（人民 ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Meituan is increasing short-term investments to consolidate market share amid intensified competition, with expectations of profitability returning in 2026 and a projected net profit growth of 68.4% in 2027 [6][8] - The company's non-IFRS net profit forecasts for 2025-2027 have been revised down to -19.9 billion, 32.2 billion, and 54.2 billion CNY respectively, reflecting the competitive landscape and increased subsidies [6] - The report highlights that while the core business is facing challenges, new business segments are showing improvement, particularly in Hong Kong and the Middle East [7] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 276.7 billion CNY, with a year-over-year growth of 25.8%. Projections for 2025 and 2026 are 365.4 billion and 433.5 billion CNY respectively, with expected growth rates of 8.2% and 18.6% [10] - Adjusted net profit for 2025 is expected to be a loss of 19.9 billion CNY, improving to a profit of 32.2 billion CNY in 2026 and 54.2 billion CNY in 2027, with corresponding year-over-year growth rates of -145.5%, 261.4%, and 68.4% [10] - The report provides a diluted EPS forecast of -3.2, 5.2, and 8.7 CNY for 2025, 2026, and 2027 respectively, with P/E ratios of -29.1, 18.0, and 10.7 for the same years [10]