Investment Rating - The report maintains a "Buy" rating for Li Ning Company [6] Core Views - The signing of the Chinese Olympic Committee in the first half of 2025 marks the beginning of a new product and marketing cycle for Li Ning, with potential for brand strength recovery and performance improvement [1][14] - Despite short-term pressures from fluctuating consumer environments, the company is positioned for a potential upward trend in stock price if revenue or profit improves in the medium to long term [1][4] Company Overview - Li Ning's revenue and net profit for the first half of 2025 are projected at 14.8 billion and 1.7 billion yuan, respectively, reflecting a year-on-year change of +3.3% and -11% [1][15] - The company has faced challenges since 2022, with a decline in brand revenue in the third and fourth quarters of 2025 [1][15] - The current channel structure is primarily wholesale, with revenue contributions of 46% from wholesale, 23% from direct sales, and 29% from e-commerce as of the first half of 2025 [15] Industry Trends - The demand for sports footwear and apparel among residents is resilient, with a projected market size of 260.2 billion yuan by 2024 and a CAGR of 9% from 2025 to 2029 [2] - The diversification and specialization of sports participation are becoming more pronounced, with increased demand for professional products driven by rising participation in running and social sports [2] Competitive Strength - The Olympic cycle is expected to enhance Li Ning's brand power and strengthen sponsorship in niche categories [2][3] - The company is focusing on professional running shoes and outdoor products, which are anticipated to contribute to revenue growth [3][4] Product Insights - In the first half of 2025, the revenue breakdown by category is as follows: running (34%), basketball (17%), training (16%), and sports lifestyle (29%), with running and training categories showing a growth of 15% each [3][15] - Li Ning is emphasizing the development of running shoes and enhancing the technological attributes of its training series [3] Channel Insights - As of the first half of 2025, Li Ning operates 4,821 franchise stores and 1,278 direct stores, with plans to open new store types focusing on Olympic and outdoor series products [3] - E-commerce revenue grew by 7% year-on-year to 4.3 billion yuan, accounting for 29% of total revenue, indicating a stable growth strategy in this channel [3] Profit Forecast and Investment Recommendations - The projected net profits for Li Ning from 2025 to 2027 are 2.742 billion, 2.901 billion, and 3.302 billion yuan, with growth rates of -9%, +5.8%, and +13.8%, respectively [4][5] - The current market capitalization corresponds to a PE ratio of 17 times for 2026, suggesting potential for valuation improvement as the company's Olympic marketing strategy and product optimization continue [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 113.00 HKD for 2026, based on a 20x PE valuation [3][5]. Core Insights - The main brand of the company is experiencing short-term revenue pressure, but the mid-term outlook remains positive due to the company's multi-brand internationalization strategy [2][9]. - The company has adjusted its earnings forecasts for 2025-2027, projecting earnings per share of 4.71, 5.09, and 5.70 RMB respectively, slightly down from previous estimates [3][10]. - The company is expected to face challenges in the competitive landscape of the mass sports sector, but new store formats and product iterations are anticipated to support stable growth in the mid-term [9][10]. Financial Performance Summary - Revenue (in million RMB) is projected to grow from 62,356 in 2023 to 92,805 in 2027, with year-on-year growth rates decreasing from 16.2% in 2023 to 8.8% in 2027 [4]. - Operating profit is expected to increase from 15,367 million RMB in 2023 to 21,369 million RMB in 2027, with a growth rate of 36.8% in 2023, tapering to 10.6% by 2027 [4]. - Net profit attributable to the parent company is forecasted to rise from 10,236 million RMB in 2023 to 15,931 million RMB in 2027, with a significant increase of 52.4% in 2024, followed by a decline of 15.5% in 2025 [4]. - The company’s gross margin is expected to remain stable around 62% over the forecast period, while net margin is projected to fluctuate between 16.4% and 22.0% [4][12]. Brand Performance Insights - The main brand is under pressure in the short term, but is expected to stabilize in the mid-term due to improvements in e-commerce and new store formats [9]. - The Fila brand showed improvement in Q4 and is expected to maintain steady growth starting in 2026 due to recent brand and product optimizations [9]. - Other brands, particularly Descente and KOLON, have shown strong growth, with revenue increasing by 35%-40% year-on-year in Q4, and are expected to continue outperforming the overall sportswear industry [9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7-181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to balance the market, reclaiming pricing power and fostering a healthy commercial ecosystem based on real consumer demand [2] - The overseas market presents significant potential, with many global markets still in their early stages and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - Key financial indicators show a significant increase in revenue, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The company's earnings per share (EPS) are projected to rise from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5]

Investment Rating - The report does not explicitly provide an investment rating for the company [2]. Core Insights - The report highlights that CK Hutchison Holdings is in discussions with Liberty Global to sell its Irish telecommunications business for €1.5 billion, which may indicate a strategic move to exit a challenging telecommunications sector [4]. - Key catalysts for the company include asset disposals, large-scale share buybacks, and increased dividends [5]. - The company operates in various sectors including telecommunications, retail, infrastructure, and ports, with a workforce of over 300,000 employees across approximately 50 countries [7]. Company Overview - CK Hutchison Holdings is a diversified global enterprise with operations in telecommunications, retail, infrastructure, ports, and related services [7]. - The company is currently negotiating the sale of its 3 Ireland business, which had 4.94 million active customers and generated total revenue of €630 million in 2024, contributing 0.6% to the group's underlying EBIT [8]. - The average revenue per user (ARPU) for 3 Ireland was €7.78 in 2024, reflecting a 10% year-over-year decline [8]. Financial Information - As of January 19, 2026, the stock price was HKD 60.2, with a market capitalization of USD 28.07 billion [9]. - The market consensus target price is HKD 61.02 [9]. - Major shareholder includes Li Ka-shing with a 30.43% stake [9].

证券研究报告 小菜园 (999 HK) 港股通 强化性价比优势拥抱高质量增长 2026 年 1 月 21 日│中国香港 餐饮 | 华泰研究 | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 1 月 21 日│中国香港 | 餐饮 | 目标价(港币): | 11.41 | | 2025 年餐饮行业整体表现受到外卖补贴节奏扰动较明显，中低客单价大众 | | 樊俊豪 | 研究员 | | 日常品类在较大幅度补贴下性价比优势显著放大、阶段性需求表现占优。回 | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | SFC No. BDO986 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (港币 截至 1 月 20 日) | 8.81 | | -- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report discusses the future growth potential of the company, emphasizing its existing competitive advantages and strategies for expansion [4][14] - The company is positioned to leverage its supply chain efficiencies and product innovation to enhance profitability and market share [14][57] Summary by Sections Current Competitive Advantages - The company focuses on a product strategy centered around "high quality and price" and "freshness," meeting diverse consumer needs through frequent innovation and market coverage [3][14] - It has established a robust supply chain that supports efficient raw material delivery and cost optimization, creating a competitive barrier [3][14] - The company employs a strategy of supporting franchisees with low entry barriers, enhancing profitability for partners and solidifying its presence in lower-tier markets [3][14] Future Growth Potential - The company plans to expand its store count significantly, with a target of approximately 21,000 stores in the medium term, doubling its current number [22][34] - It aims to improve store efficiency by increasing product variety and targeting different consumer segments, thereby enhancing customer frequency and overall sales [16][36] - The long-term vision includes positioning itself as a "fresh convenience store," broadening its market reach to meet diverse consumer demands [5][57] Financial Projections - Revenue projections for 2025-2027 are estimated at 12.9 billion, 16.4 billion, and 20.0 billion RMB, representing year-on-year growth rates of 47%, 27%, and 22% respectively [7] - Net profit forecasts for the same period are 2.73 billion, 2.96 billion, and 3.65 billion RMB, with growth rates of 85%, 8%, and 23% respectively [7] - The company's price-to-earnings (P/E) ratios are projected to be 22, 20, and 16 for the years 2025, 2026, and 2027, indicating potential for valuation improvement compared to peers [7][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion yuan (up 16% or more) [6]. - The company is implementing a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the beauty industry's value landscape [6][7]. - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its market presence [7]. - The strategic acquisition of brands has led to significant improvements in profitability, with net profit margins increasing post-acquisition [7]. - The company aims to establish a "super brand, super chain, and super digitalization" strategy to enhance its competitive edge and customer experience [8]. Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 3,007 million yuan, with a year-on-year growth of 16.9% [10]. - The expected net profit for 2025 is 342 million yuan, reflecting a year-on-year increase of 49.6% [10]. - The company's gross margin is projected to be 47.7% in 2025, with a net margin of 12.3% [10]. - The earnings per share (EPS) for 2025 is estimated at 1.4 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion HKD (up 16% or more) and adjusted net profit of no less than 3.8 billion HKD (up 40% or more) [6] - The company is focusing on a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the value of the beauty industry [6] - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its business footprint [7] - The company aims to establish a "super brand, super chain, and super digitalization" strategy to create new value spaces in the beauty industry [8] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 3,007 million HKD, representing a year-on-year growth of 16.9% [10] - The net profit for 2025 is expected to be 342 million HKD, reflecting a year-on-year increase of 49.6% [10] - The projected EPS for 2025 is 1.4 HKD, with a corresponding P/E ratio of 18.0 times [10]

证券研究报告 | 2026年01月20日 2026年01月21日 创新实业（02788.HK） 优于大市 蒙东低成本绿电铝，海外项目助力产能高增长 公司是一家氧化铝和电解铝生产企业，电解铝营收占比90%。公司成立于2012 年，十几年间在蒙东霍林河建成 6*330MW 燃煤自备电机组和 78.8 万吨电解 铝产能，在山东滨州建成 300 万吨氧化铝产能，于 2025 年 11 月在港交所上 市。 产能地理位置优越，盈利能力行业领先。公司氧化铝产能靠近滨州港和黄骅 港，进口铝土矿内陆运费低廉，相比河南和山西等内陆产能，运费带来的氧 化铝成本优势在 200 元/吨以上。公司电解铝产能位于蒙东霍林河地区，使 用蒙东低热值褐煤发电炼铝，褐煤热值低、销售半径小，绝对价格和波动幅 度小于市场煤，公司近期自发电成本仅 0.3 元/度含税。相比新疆电解铝产 能聚集区，公司更靠近氧化铝产区和电解铝消费地，氧化铝运费和铝产品外 运费都低于新疆电解铝。公司净利率一直处于行业领先地位。 蒙东 1750MW 绿电并网后，煤电成本优势转变为绿电成本优势，同时实现低 碳和降本两个目标。公司 1750MW 风电光伏项目预计 2026 年全部 ...

证券研究报告 | 公司点评报告 2026 年 01 月 21 日 TCL 电子（01070.HK） 索尼战略合作催化价值重估，业绩预告大超预期 消费品/家电 公司短期与索尼战略合作催化价值重估，叠加 2025 年业绩超预期增长及 AI 创新业务雷鸟持续领先行业；长期全球高端电视市场份额持续提升，面板一体 化及全球产能布局构筑核心壁垒，重申"强烈推荐"投资评级。 q 风险提示：索尼交易尚存在不确定，海外贸易摩擦升级，面板价格大幅上涨。 强烈推荐（维持） 目标估值：NA 当前股价：10.89 港元 基础数据 | 总股本（百万股） | 2521 | | --- | --- | | 香港股（百万股） | 2521 | | 总市值（十亿港元） | 27.5 | | 香港股市值（十亿港元） | 27.5 | | 每股净资产（港元） | 6.8 | | ROE（TTM） | 10.2 | | 资产负债率 | 78.6% | | 主要股东 | TCL 实业控股股份有限公司 | | 主要股东持股比例 | 54.5376% | 股价表现 % 1m 6m 12m 绝对表现 4 4 84 相对表现 0 -3 48 资料来源：公司数据 ...