Group 1 - Investment Rating: Buy (Initiating Coverage) [1] - The report highlights the "Four Highs" advantages of the company: high profitability, high dividends, high capacity growth, and high equity incentives [7] - The company has maintained a leading ROE from 2018 to 2024, primarily due to a high sales net profit margin averaging 36.97% [21] Group 2 - The company is a private enterprise integrated in coal production, transportation, and sales, with a high and stable dividend payout ratio [9][11] - The company has a current production capacity of 6.5 million tons of thermal coal and is expanding its capacity with two coking coal mines under construction [7][42] - The company has announced a total dividend of 657.68 million HKD for 2025, resulting in a dividend yield of 6.56% based on the market capitalization as of December 23 [7][32] Group 3 - The company’s revenue for 2025 is projected to be 5,406.45 million HKD, with a net profit of 1,288.04 million HKD, reflecting a year-on-year decrease of 38.95% [7] - The company’s cash flow generation capability is superior to its peers, with a cash flow ratio averaging 33.47% from 2020 to 2025H1 [27] - The company’s coal sales price for 5,000 kcal thermal coal is higher than that of major coal enterprises, with a price of 666 HKD per ton in 2024 [47]

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

上 市 公 司 公 司 研 究 / 公 司 点 评 社会服务 2025 年 12 月 25 日 新东方-S (09901) ——经营效率提升，利润率扩张提速 报告原因：调整投资评级 买入（上调） | 市场数据： | 2025 年 12 月 24 日 | | --- | --- | | 收盘价（港币） | 43.58 | | 恒生中国企业指数 | 8915.12 | | 52 周最高/最低（港币） | 49.90/31.20 | | H 股市值（亿港币） | 751.92 | | 流通 H 股（百万股） | 1,591.46 | | 汇率（港币/人民币） | 0.9067 | 一年内股价与基准指数对比走势： -33% 17% 67% HSCEI 新东方-S 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 A0230513030001 huangzhe@swsresearch.com 投资要点： 我们预计新东方 2QFY26 收入 11.65 亿美元，同比增长 12.2%。其中教育业务（含文旅）实现 收入 ...

Investment Rating - The investment rating for China Jinmao (00817.HK) is maintained at "Buy" [5] Core Views - The company has shown strong sales performance against market trends, with profit recovery expected to continue through the cycle. The sales amount for the first half of 2025 reached 53.4 billion, a year-on-year increase of 19.6%, marking its entry into the top 10 in the full-caliber sales ranking by CRIC [6][17]. - The company is actively reserving core land parcels to ensure long-term profitability, with projected net profits for 2025-2027 estimated at 1.11 billion, 1.56 billion, and 1.62 billion respectively, and corresponding EPS of 0.08, 0.12, and 0.12 [5][9]. Summary by Sections Sales Performance and Land Acquisition - The company has adjusted its development strategy since 2023, leading to a continuous improvement in fundamentals after hitting a low point. The sales performance in the first half of 2025 was strong, with a focus on acquiring core land parcels to secure long-term profitability [17]. - The sales amount for the first half of 2025 was 53.4 billion, with a year-on-year increase of 19.6%. The average signed price for residential properties rose to 22,000 yuan per square meter [24]. - The company has adopted a dual-focus strategy, acquiring 41 projects since 2024, all concentrated in core cities and areas, with an average sales net profit margin exceeding 10% [29]. Investment Properties and Property Services - The investment property segment has been operating steadily, providing stable cash flow despite revenue declines due to the pandemic since 2020. The company focuses on high-quality asset management and gradually exits low-efficiency assets [59]. - The property service segment has seen a year-on-year growth of 11% in management scale, reaching 1.1 million square meters in the first half of 2025, with 85% of new projects located in strategically important cities [7]. Financial Status and Debt Structure - The company has maintained a robust financial status, optimizing its domestic and foreign debt structure and reducing financing costs. The average financing cost for new domestic and foreign financing in the first half of 2025 was 2.70%, down by 0.69 percentage points from the end of 2024 [8]. - The company has successfully issued multiple low-interest bonds, and its debt structure remains healthy, with all three red lines maintained in the green [8]. Profitability Forecast and Investment Recommendations - The company is expected to see a recovery in profitability, with projected revenues for 2025-2027 showing a positive trend. The projected net profit for 2025 is 1.11 billion, with a corresponding P/E ratio of 13.5 [9][5]. - The report maintains a "Buy" rating based on the company's strong sales performance, strategic land acquisitions, and expected recovery in profitability [5].

Investment Rating - The report initiates coverage with an "Outperform" rating, forecasting net profit attributable to shareholders for 2025-2027 at 137 million, 332 million, and 606 million RMB, with revenues of 3.13 billion, 4.03 billion, and 5.12 billion RMB respectively [4][16]. Core Insights - The company is the world's largest provider of warehouse fulfillment robot solutions, experiencing rapid global business growth with stable revenue and order increases. In the first half of 2025, the company achieved revenue of 1.03 billion RMB, a year-on-year increase of 31.0%, and net loss attributable to shareholders narrowed by approximately 91.3% [4][17][18]. - The company is increasing its investment in embodied intelligence R&D, aiming to revolutionize traditional warehouse automation through "AI + robotics technology," which is expected to enhance gross margin performance and optimize operational efficiency [4][19]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,409 million, 3,125 million, 4,030 million, and 5,117 million RMB respectively, with year-on-year growth rates of 12%, 30%, 29%, and 27% [3][8]. - The gross profit for the same years is projected to be 837 million, 1,153 million, 1,520 million, and 1,956 million RMB, with corresponding net profits of -832 million, 137 million, 332 million, and 606 million RMB [3][5]. - The company’s PS valuation is set at 10.0x for 2026, leading to a reasonable market capitalization of 40.3 billion RMB and a target price of 32.76 HKD [4][9].

证券研究报告 传媒 | 广告营销 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 24 日 投资评级： 增持（首次） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 联系人 魏桢 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 24 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 6.00 | | | 一年内最高/最低（港 | | | | 17.64/3.37 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 5,710.43 | | | 流通市值（百万港元） | | | | | 5,710.43 | | | 资产负债率（%） | | | | | 23.32 | | | 资料来源：聚源数据 | | | | | | | 巨星传奇(06683.HK) ——下一站，巨星 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 weizhen@huayuanstock. ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

上 市 公 司 公 司 研 究 / 公 司 深 证 券 研 究 报 告 度 | 市场数据： | 2025 年 12 月 23 日 | | --- | --- | | 收盘价（港币） | 147.20 | | 恒生中国企业指数 | 8913.83 | | 52 周最高/最低（港币） | 186.20/77.35 | | H 股市值（亿港币） | 28,098.95 | | 流通 H 股（百万股） | 19,088.96 | | 汇率（港币/人民币） | 0.9070 | 一年内股价与基准指数对比走势： 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 赵令伊 A0230518100003 zhaoly2@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 李秀琳 A0230525070005 lixl2@swsresearch.com 联系人 夏嘉励 A0230522090001 xiajl@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][18] Core Insights - The company is a pioneer in AGI technology commercialization, with rapid deployment of AI solutions in daily life and healthcare sectors. The AI solutions and medical markets are experiencing fast growth [2][10] - The company is expected to achieve revenues of RMB 12.68 billion, RMB 19.43 billion, and RMB 26.59 billion for the years 2025 to 2027, representing year-on-year growth rates of 35%, 53%, and 37% respectively. The net profit attributable to the parent company is projected to be -RMB 2.45 billion, -RMB 1.35 billion, and -RMB 1.04 billion for the same years, with growth rates of 46%, 45%, and 23% respectively [10][18] Financial Summary - Total revenue is projected to grow from RMB 727.32 million in 2023 to RMB 2,659.25 million by 2027, with annual growth rates of 21.1%, 29.1%, 35.0%, 53.2%, and 36.9% [4][10] - Gross profit is expected to increase from RMB 294.51 million in 2023 to RMB 1,069.12 million in 2027 [4] - The company’s net profit is forecasted to improve from -RMB 375.46 million in 2023 to -RMB 103.67 million in 2027 [4] Market Position - The company ranks fourth in the Chinese AI solutions market, with a market size of RMB 1,804 billion in 2024 and a compound annual growth rate (CAGR) of 33.7% expected until 2030 [10] - In the daily life AI solutions market, the company holds the third position, while in the medical AI market, it ranks fourth [10] Business Segmentation - Revenue from daily life solutions is projected to grow significantly, with expected revenues of RMB 622.53 million in 2024, RMB 819.79 million in 2025, and RMB 1,250.88 million in 2026 [13] - The AI medical segment is anticipated to generate revenues of RMB 199.18 million in 2024, RMB 279.33 million in 2025, and RMB 445.58 million in 2026, with growth rates of 34.36%, 40.24%, and 59.52% respectively [13][14] Valuation - The report employs two valuation methods, resulting in a target price of HKD 451.33 based on a cautious approach [18] - The PS valuation method indicates a reasonable valuation of HKD 451.33, while the PSG method suggests a higher valuation of HKD 527.62 [17][18]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨吉利汽车（00175.HK） [Table_Title] 吉利汽车：吉利与极氪整合正式完成，回归"一 个吉利" 报告要点 [Table_Summary] 2025 年 12 月 22 日，吉利汽车宣布正式完成极氪私有化及合并相关事项交易，极氪已成为吉 利汽车全资附属公司，并于纽交所退市。此前公司公布选择股份对价的极氪持有人占合资格极 氪持有人约 70.8%，吉利汽车将为其配发及发行共计 777,228,611 股对价股份。选择或被视为 选择现金对价的极氪持有人，占合资格极氪持有人约 29.2%，吉利汽车将支付合计约 7.01 亿 美元现金。 分析师及联系人 1 [Table_scodeMsg2] 吉利汽车（00175.HK） cjzqdt11111 [Table_Title 吉利汽车：吉利与极氪整合正式完成，回归"一 2] 个吉利" [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% resea ...