Investment Rating - The investment rating for TCL Electronics is "Buy" [5]. Core Insights - The company has exceeded its equity incentive targets for 2025, with a strategic cooperation memorandum signed with Sony, accelerating its high-end and global strategies [2]. - The forecasted adjusted net profit for 2025 is between HKD 23.3 billion and HKD 25.7 billion, representing a year-on-year increase of 45% to 60% [9]. - The company maintains a leading position in the television market, with a projected global shipment of 30.41 million units in 2025, a 5.4% increase year-on-year [9]. Financial Summary - **Revenue Forecast (in thousand HKD)**: - 2023A: 78,986 - 2024A: 99,322 (+26%) - 2025E: 115,807 (+17%) - 2026E: 131,717 (+14%) - 2027E: 147,177 (+12%) [4] - **Net Profit Forecast (in million HKD)**: - 2023A: 744 - 2024A: 1,759 (+137%) - 2025E: 2,448 (+39%) - 2026E: 2,849 (+16%) - 2027E: 3,279 (+15%) [4] - **Valuation Ratios**: - PE: 2025E at 12.59, 2026E at 10.82, 2027E at 9.40 [4]. - PB: 2025E at 1.65, 2026E at 1.50, 2027E at 1.36 [4]. Strategic Developments - TCL Electronics has signed a strategic cooperation memorandum with Sony to establish a joint venture for home entertainment business, with TCL holding 51% and Sony 49% [9]. - The new company will operate under the "Sony" and "BRAVIA" brands, expected to start operations by April 2027 [9].

华福证券 成品家居 公 司 研 究 敏华控股（01999.HK） 关注内外销积极的边际变化 投资要点： 究 报 风险提示 告 国内外宏观环境风险，市场竞争加剧风险，外贸政策变化风险 | 财务数据和估值 | 2024A | 2025A | 2026E | 2027E 2028E | | | --- | --- | --- | --- | --- | --- | | 主营收入（百万港 | 18,411 | 16,903 | 16,392 | 16,757 | 17,424 | | 元） | | | | | | | 增长率 | 6% | -8% | -3% | 2% | 4% | | 归母净利润（百万港 | 2,302 | 2,063 | 2,067 | 2,120 | 2,208 | | 元） | | | | | | | 增长率 | 20% | -10% | 0% | 3% | 4% | | EPS（港元/股） | 0.59 | 0.53 | 0.53 | 0.55 | 0.57 | | 市盈率（P/E） | 7.8 | 8.7 | 8.7 | 8.5 | 8.2 | | 市净率（P/B） | 1.5 | 1.4 ...

| 研究報告 2026 年 01 月 23 日 上海寶濟藥業 | 02659.HK 步入商業化初期的生物技術公司 評級 買入 目標價 HK$ 111.30 上海寶濟藥業(02659.HK)為一家生物技術公司，利用合成生物技術開發及提供重組 生物藥物，專注於攻克治療選擇有限且製造工藝複雜的病症。集團現時專注於開發 四個戰略治療領域的候選藥物，包括 i) 大容量皮下給藥，ii) 抗體介導的自身免疫 性疾病，iii) 輔助生殖藥物，及 iv) 其他重組生物製品。集團已建立一條由一款已獲 批藥物、七款處於臨床階段的候選藥物及四項臨床前資產組成的產品管線。 產品於中國具有先發優勢: 產品已被認證有效並成功商業化: 重組人透明質酸酶及長效 FSH產品於國外部份地 區已經被使用及成功商業化，反映兩款藥物在市場上存在需求，同時能夠為藥企及 股東帶來經濟價值。根據國外的經驗，上海寶濟藥業(02659.HK)兩款核心產品 KJ017 及 SJ02 能夠成功商業化並取得利潤的確定性較創新藥物為高，特別是集團具有先 發優勢，且能夠基於國外企業的經驗上建立獨特的商業合作模式。 明確的商業化模式與時間表: 就即將及正在商業化的產品而言， ...

三季度经营平稳，机器人和液冷迎新增长 德昌电机控股(0179) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 石佳艺(分析师) | 021-38676666 | shijiayi@gtht.com | S0880525070001 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 投资要点： 股 票 研 究 本报告导读： 德昌电机 2025-2026 财年前三季度经营平稳，后续机器人和液冷产业发展将为公司 带来全新发展动力，维持"增持"评级。 股票研究 /[Table_Date] 2026.01.23 [Table_Industry] 运输设备业 | | | [当前价格 Table_CurPrice] (港元)： 30.66 | 财务摘要(百万美元) | 2025A | 2026E | 2027E | ...

Investment Rating - The report does not specify a clear investment rating for the company [6] Core Insights - The company has demonstrated strong operational capabilities in IP management, with recent product innovations leading to increased sales potential for Q1 [1][2] - Recent stock buybacks, totaling over 300 million HKD, reflect the company's confidence in its long-term growth prospects and indicate that the stock price is at a relatively low level [1][3] - The company has successfully launched new product lines that have gained significant market traction, suggesting a robust ability to diversify its IP portfolio [2] Summary by Sections Product Performance - The Pucky Knock Knock series blind boxes have gained popularity, showcasing the company's innovative approach to IP [2] - The company has also launched successful series for the New Year and Valentine's Day, indicating strong consumer demand [2] Stock Buyback Activity - The company repurchased 1.4 million shares at an average price of 161 HKD and 500,000 shares at 173 HKD, demonstrating confidence in its stock valuation [3] - The stock buybacks are seen as a strategic move to bolster market confidence and counteract short-selling pressures [3] Market Outlook - The company has a strong presence in overseas markets, with approximately 200 stores globally, and continues to expand its footprint [4] - Future revenue projections indicate significant growth, with expected revenues of 373.98 billion RMB in 2025, reflecting a year-over-year growth of 186.8% [12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 20.70, 15.25, and 12.26 respectively, suggesting that the current valuation is relatively low for a high-growth company [4][12]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) iteration wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its path to market [3]. - The company is expected to report significant clinical data in 2026, which could enhance its market position and revenue potential [9]. Financial Forecasts - Projected revenues for the company are as follows: 1,941 million RMB in 2024, 1,950 million RMB in 2025, 1,972 million RMB in 2026, and 2,100 million RMB in 2027, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% respectively [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million RMB in 2024, -247 million RMB in 2025, -386 million RMB in 2026, and -341 million RMB in 2027, showing a significant improvement in 2025 with a growth rate of 76.5% [4]. - Earnings per share (EPS) are expected to be -11.75 RMB in 2024, -2.76 RMB in 2025, -4.31 RMB in 2026, and -3.82 RMB in 2027 [4].

SDICSI 2026 年 1 月 23 日 泡泡玛特(9992.HK) IP 持续出圈印证运营能力，回购体现公司信心 事件：近期，公司在品类上做了更多的创新尝试，PUCKY 敲敲系列盲盒的出 圈、星星人怦然星动系列销售火热、以及新年马力全开系列毛绒受热捧，都印 证了公司对 IP 的运营能力，预计给 Q1 的销售带来更多增量。此外，公司近 日连续进行回购，1 月 19 日和 1 月 21 日共斥资超 3 亿港元进行回购，这也 彰显了公司对于中长期发展的信心。此前股价已从顶部下跌近 4 成，近期估值 开始修复，但仍处于合理偏低水平，推荐持续关注。 报告摘要 新品持续热销，有望给 Q1 的销售带来更多增量。近期，泡泡玛特 Pucky 敲敲 系列盲盒出圈，该产品是泡泡玛特旗下 IP 之一 Pucky 毕奇的最新系列"Pucky 敲敲系列搪胶毛绒挂件"，售价 99 元/盒，有"机敏"、"快乐"、"缘分"、"幸 运"、"智慧"、"财富"和隐藏款"成功"。产品特性是带有声音互动功能，通过 拍打毕奇脑袋，可以发出清脆的类似敲击木鱼的声音，符合当下打工人热爱玄 学的精神状态。该系列也因其敲击玩法被称为"电子木鱼"而出圈，和此 ...

曲公司 非領令融 2026 年 01 月 23 日 中国船舶積領 通过可转债实现低利率融资,特别分红重视股东回报 报告原因：有信息公布需要点评 (维持) | 市场数据: | 2026 年 01 月 22 日 | | --- | --- | | 收盘价（港币） | 2.14 | | 恒生中国企业指数 | 9114.3 | | 52 周最高/最低（港币) | 2.40/1.55 | | H 股市值（亿港币） | 132.66 | | 流通 H 股（百万股） | 6,199.22 | | 汇率（港币/人民币） | 0.8982 | 一年内股价与基准指数对比走势: 51% 31% 资料来源：Bloomberg 相关研究 证券分析师 王晨鉴 A0230525030001 wangcj@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 联系人 王晨鉴 A0230525030001 wangcj@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | 港元 | 2023 | 2024 | 2025E | 2026E | 20 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) innovation wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3]. - The company is expected to report multiple clinical data readouts in 2026, which could significantly impact its growth trajectory [9]. Financial Forecasts - Projected revenues for 2024, 2025, 2026, and 2027 are 1,941 million, 1,950 million, 1,972 million, and 2,100 million RMB respectively, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million, -247 million, -386 million, and -341 million RMB for the same years, reflecting growth rates of -193.8%, 76.5%, -56.1%, and 11.5% [4]. - Earnings per share (EPS) are expected to be -11.75, -2.76, -4.31, and -3.82 RMB for 2024, 2025, 2026, and 2027 respectively [4]. Clinical Development and Pipeline - The company is advancing its ADC pipeline, including DB-1316, which aims to address existing ADC resistance issues and is set to enter clinical stages soon [9]. - Collaborations with BioNtech are expected to yield significant clinical data in 2026, enhancing the company's competitive position in the ADC market [9].

上 市 公 司 非银金融 2026 年 01 月 23 日 中国船舶租赁 (03877) ——通过可转债实现低利率融资，特别分红重视股东回报 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2026 年 01 月 22 日 | | --- | --- | | 收盘价（港币） | 2.14 | | 恒生中国企业指数 | 9114.3 | | 52 周最高/最低（港币） | 2.40/1.55 | | H 股市值（亿港币） | 132.66 | | 流通 H 股（百万股） | 6,199.22 | | 汇率（港币/人民币） | 0.8982 | 一年内股价与基准指数对比走势： -9% 11% 31% 51% HSCEI 中国船舶租赁 资料来源：Bloomberg 相关研究 - 证券分析师 投资要点： 财务数据及盈利预测 | 港元 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,745 | 4,441 | 4,286 | 4,541 | 4,821 | | 同 ...