Investment Rating - The investment rating for WuXi AppTec (2268 HK) is maintained at "Buy" with a target price of HKD 82.24 [8][14]. Core Insights - WuXi AppTec is expected to see significant revenue growth in 2025, with revenue, gross profit, net profit, and adjusted net profit projected to increase by over 45%, 70%, 38%, and 65% year-on-year, respectively [1][2]. - The company plans to acquire Dongyao Pharmaceutical for approximately HKD 3.09 billion, which is anticipated to enhance its competitive edge and capacity [5][6]. - The demand for Contract Research, Development, and Manufacturing Organization (CRDMO) services is expected to rise as global Antibody-Drug Conjugate (ADC) pipelines commercialize [1][3]. Revenue and Profit Forecast - Revenue for 2025 is estimated at approximately HKD 59.6 billion, with a gross profit of HKD 21.1 billion and a net profit of HKD 14.7 billion [2][12]. - The gross margin is projected to be around 35.4%, an increase of about 5 percentage points from 2024, indicating strong operational efficiency [2][12]. - Adjusted net profit is expected to grow by over 65% for the year, despite a decline in profit margins in the second half of 2025 due to foreign exchange impacts and rising expense ratios [2][12]. Project Pipeline - The company signed 70 new iCMC projects in 2025, with 22 being molecular projects, contributing to a total of 252 iCMC projects [3]. - WuXi AppTec is expected to lead in the development of new conjugated molecules, with over half of the new projects being innovative types [3]. - The global market share is projected to increase from 21.7% in 2024 to over 24% in 2025 [3]. Capacity Expansion - The company is expanding its production capacity, with existing DP capacity in Wuxi being maintained and expanded in 2025 [4]. - New production facilities in Singapore are expected to be operational by mid-2025, with additional overseas capacity coming online in 2026 [4]. - The acquisition of the Hefei base is expected to enhance peptide development and production capabilities, with an annual capacity exceeding 40 kg [4]. Acquisition of Dongyao - The acquisition of Dongyao Pharmaceutical is expected to strengthen WuXi AppTec's existing competitive position, as Dongyao has significant production capabilities and a strong client base [5][6]. - Dongyao operates two antibody bulk production lines and three independent ADC bulk production workshops, which will complement WuXi AppTec's offerings [5]. Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to HKD 15.9 billion, HKD 22.4 billion, and HKD 31.6 billion, respectively, reflecting a CAGR of 39% [6][12]. - The target price is based on a PEG ratio of 1.06x for 2026, aligning with comparable companies in the sector [6][14].

证券研究报告 李宁 (2331 HK) 港股通 "荣耀金标"及科技营销蓄力奥运年 | 华泰研究 | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 1 月 16 日│中国香港 | 服装 | 目标价(港币): | 22.76 | | 李宁公布 2025 年四季度运营情况：公司销售点（不包括李宁 YOUNG）整 | | 樊俊豪 | 研究员 | | 体零售流水按年同比低单位数下降，降幅环比收窄。分月度来看，我们预计 | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | | 10 月受国庆中秋双节带动表现稍好，但 11-12 月受消费环境及暖冬影响有 | | | | | 所转弱。整体来看，公司在复杂的零售环境中主动控制库存与风险，尽管 | | 张霜凝* | 研究员 | | Q4 及元旦后消费情绪仍较弱，但库销比已回归健康水平。管理层对 | 2025 | SAC No. S0570525070015 zhangshuangning@htsc. ...

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) with an updated target price of HKD 67.75, reflecting a potential upside from the current price of HKD 54.65 [4][8]. Core Insights - Meta is planning to double the production capacity of its AI glasses, Ray-Ban, by the end of this year, indicating strong confidence in the smart eyewear market [2]. - The upcoming launch of the 千问 APP by Alibaba is expected to showcase how AI can enhance operational efficiency [2]. - 康耐特光学 is positioned as a leading lens manufacturer and is actively developing its smart eyewear segment, which is anticipated to become a significant growth driver [8]. Financial Summary - Total revenue projections for 康耐特光学 are as follows: - 2024A: HKD 2,061 million - 2025E: HKD 2,347 million - 2026E: HKD 2,835 million - 2027E: HKD 3,380 million - The revenue growth rates are projected at 17.1% for 2024, 13.9% for 2025, 20.8% for 2026, and 19.2% for 2027 [4][9]. - Net profit estimates are: - 2024A: HKD 428 million - 2025E: HKD 564 million - 2026E: HKD 696 million - 2027E: HKD 869 million - Corresponding net profit growth rates are 31.0% for 2024, 31.7% for 2025, 23.3% for 2026, and 25.0% for 2027 [4][9]. - Earnings per share (EPS) are projected to increase from HKD 0.89 in 2024 to HKD 1.81 in 2027 [4][9]. Market Position and Strategy - 康耐特光学 is actively collaborating with leading 3C companies to expand its smart eyewear offerings, which is expected to enhance its market presence and profitability [8]. - The report highlights the integration of AI capabilities in products like the 夸克 AI glasses, which are expected to drive sales through enhanced user experiences [8].

Investment Rating - The report maintains a "Buy" rating for Li Ning [5] Core Insights - Li Ning's Q4 2025 revenue met expectations, with a slight year-on-year decline in overall revenue. Offline channel revenue decreased in the low single digits, while e-commerce revenue remained flat [1] - The children's clothing segment, Li Ning YOUNG, is expected to continue its steady growth, with 1,518 stores by the end of Q4 2025, reflecting a net increase of 50 stores since the beginning of the year. The inventory turnover ratio is projected to be between 4 and 5, indicating a healthy level [2] - For 2025, the company is expected to report a net profit attributable to shareholders of 2.742 billion yuan, a 9% year-on-year decline. Revenue is anticipated to show slight growth [2] - In 2026, the company plans to enhance its marketing efforts and test new store formats, projecting a revenue growth of 6.5% and a net profit increase of 5.8% to 2.901 billion yuan [3] Financial Summary - Revenue for 2025 is estimated at 29.269 billion yuan, with a year-on-year growth rate of 2.1%. The net profit for 2025 is projected at 2.742 billion yuan, reflecting a decline of 9% [4] - The earnings per share (EPS) for 2025 is expected to be 1.06 yuan, with a price-to-earnings (P/E) ratio of 16.6 times [4] - The company’s return on equity (ROE) is projected to be 10.0% in 2025, with a gradual increase to 10.6% by 2027 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's retail performance showed a low single-digit decline in sales for the fourth quarter ending December 31, 2025, with offline channels experiencing a mid-single-digit decline and e-commerce remaining flat. The total number of sales points in China was 6,091, a net decrease of 41 from the previous quarter [2][3] - The fourth quarter saw a narrowing decline in sales compared to the third quarter, primarily due to a reduction in the decline of offline channels. The inventory turnover ratio improved to 4-5 months, and new product launches were frequent, including the opening of flagship stores and outdoor stores [2][3][5] - The company is expected to benefit from effective cost control and government subsidies, leading to an upward revision of profit forecasts for 2025-2027, with projected net profits of 26.2 billion, 28.0 billion, and 32.9 billion yuan respectively [2][11] Summary by Sections Retail Performance - For the fourth quarter, the company's sales point performance (excluding Li Ning YOUNG) recorded a low single-digit decline year-on-year. The offline channel saw a mid-single-digit decline, while e-commerce remained stable. The total number of sales points decreased by 41 from the previous quarter [2][3] Sales and Discounts - The fourth quarter saw a low single-digit decline in sales, which improved compared to the third quarter. Retail and wholesale channels experienced low and mid-single-digit declines respectively, while e-commerce remained flat. The discount levels deepened slightly, with inventory turnover improving to 4-5 months [4][5] New Products and Store Formats - The company launched a series of new products in the fourth quarter, including innovative running shoes designed for wet weather. Additionally, the company opened its first outdoor specialty store and a flagship "Dragon Store" in Beijing, targeting the middle-class consumer segment [5][11] Financial Forecasts - The company revised its profit forecasts upward, expecting net profits of 26.2 billion, 28.0 billion, and 32.9 billion yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -13.1%, +7.0%, and +17.3% [11][12]

研究报告 Research Report 15 Jan 2026 李宁 LI NING (2331 HK) 4Q25 营运表现点评：4Q25 流水符合预期，上调 25 年净利率指引 4Q25 Operating Review: GMV in Line with Expectations; 25E Net Profit Margin Guidance Raised [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$19.55 目标价 HK$22.30 HTI ESG 0.8-2.2-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$50.53bn / US$6.48bn 日交易额 (3 个月均值) US$42.39mn 发行股票数目 2,585mn 自由流通股 (%) 86% 1 年股价最高最低值 HK$20.28-HK$13.96 注：现价 HK$19.55 为 20 ...

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1] Core Insights - The company reported a strong sales performance at the end of the year, with a total sales amount of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, maintaining a top-three ranking in the industry [6] - The company has actively acquired land, with 33 plots purchased in 2025, corresponding to a planned construction area of 3.39 million square meters and a total land price of 91.7 billion yuan [7] - Regular income showed steady growth, with total regular income reaching 51.15 billion yuan in 2025, a year-on-year increase of 6.5% [8] Summary by Sections Sales Performance - In December, the company achieved a sales amount and area growth of 28.1% and 29.1% year-on-year, respectively, with significant contributions from major cities [6] Land Acquisition - The average land acquisition price was 27,024 yuan per square meter, with a land acquisition intensity of 39% [7] Regular Income - The rental income from operational real estate (shopping centers, office buildings, hotels) was 32.94 billion yuan, reflecting a year-on-year increase of 12.8% [8] Financial Summary - The projected net profit for 2025-2027 is 21.71 billion, 24.07 billion, and 26.37 billion yuan, respectively, with corresponding EPS of 3.05, 3.37, and 3.70 yuan [5][9]

证券研究报告|港股公司点评报告 [Table_Date] 2026 年 01 月 15 日 [Table_Title] Q4 流水承压，关注新店型和新产品发展 [Table_Title2] 李宁(2331.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2331 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 20.28/14.52 | | 目标价格(港元)： | | 总市值(亿港元) | 505.33 | | 最新收盘价(港元)： | 19.55 | 自由流通市值(亿港元) | 505.33 | | | | 自由流通股数(百万) | 2,584.81 | [Table_Summary] 事件概述 李宁发布最新运营状况，25Q4 李宁（不包括李宁 YOUNG）流水同比实现低单位数下降，其中线下/电商分 别为中单位数下降/持平，零售/批发分别为低单位数下降/中单位数下降。 大股东持续增持，李宁/李麒麟先生持股比例由年初的 10.7%/10.6%提升至 14.8%/14.4%，回购价格在 14.96-1 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Insights - The company reported a retail revenue growth of approximately 10% year-on-year for its main brand and children's clothing in Q4 2025, with e-commerce platform revenue showing a high double-digit growth [2][6]. - The company is expanding its super stores rapidly, with 126 super stores established by the end of 2025, which is expected to significantly enhance sales performance and drive retail growth [9]. - The company is projected to achieve net profits of 1.26 billion, 1.37 billion, and 1.50 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9, 8, and 7, indicating a relatively low valuation [9]. Summary by Sections Retail Performance - The company maintained a retail growth rate of about 10% in Q4 2025, outperforming peers, with stable discount and inventory levels [9]. Store Expansion - The rapid expansion of super stores is expected to meet consumer demand for cost-effective shopping and significantly contribute to retail growth [9]. Financial Projections - Revenue projections for the company are as follows: 10.07 billion in 2024, 11.19 billion in 2025, 12.33 billion in 2026, and 13.48 billion in 2027, with respective growth rates of 20%, 11%, 10%, and 9% [11]. - The projected earnings per share (EPS) are 0.56, 0.61, 0.66, and 0.72 for the years 2024 to 2027 [11].

中国海外宏洋集团 （00081.HK） 2026 年 01 月 15 日 投资评级：买入（首次） | 日期 | 2026/1/14 | | --- | --- | | 当前股价(港元) | 2.020 | | 一年最高最低(港元) | 2.640/1.600 | | 总市值(亿港元) | 71.90 | | 流通市值(亿港元) | 71.90 | | 总股本(亿股) | 35.59 | | 流通港股(亿股) | 35.59 | | 近 3 个月换手率(%) | 14.76 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2025-01 2025-05 2025-09 中国海外宏洋集团 恒生指数 中海品牌铸就下沉龙头，低线布局"剩者为王" ——港股公司首次覆盖报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编 ...