Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Insights - The acquisition of Hebei Kangda enhances the company's position in the northern home care market, leveraging dual brand synergy for growth [2][3]. - The company plans to acquire 100% equity of Hebei Kangda for up to 450 million RMB, which is a leading player in the northern home care sector with a strong customer base [9]. - The acquisition is expected to improve the company's competitiveness in the home care category in the northern region, optimizing its industrial layout and enhancing market penetration [9]. Financial Summary - The company forecasts total revenue growth from 1,616 million RMB in 2023 to 2,428 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [10]. - Net profit is projected to increase from 175 million RMB in 2023 to 278 million RMB in 2027, with a growth rate of 12% [10]. - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.16, 0.19, and 0.21 RMB respectively, with a target price set at 4.35 HKD based on a 25X PE for 2025 [9][10].

Investment Rating - The report assigns a "Buy" rating for the company [7] Core Insights - The company achieved total revenue of 20.38 billion yuan in Q3 2025, a year-on-year increase of 101.8%, with net loss significantly narrowing to 0.38 billion yuan. Total deliveries reached 116,007 units, up 149.3%, marking a historical high. The comprehensive gross margin exceeded 20% for the first time, reaching 20.1%, indicating a notable improvement in profitability [1][4] - The company has launched a "dual power" strategy combining pure electric and range-extended vehicles to address user range anxiety. The first range-extended model, X9 EREV, was launched in November 2025, featuring a 63.3 kWh battery and a conversion efficiency exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models are expected in Q1 2026, alongside four new models in 2026, including two SUVs based on the MONA platform [2] - The company is transitioning from "smart cars" to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. The model is set to be fully deployed in Ultra models by Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [3] - The company forecasts revenues of 75.8 billion yuan, 132.1 billion yuan, and 166.3 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%. The net profit attributable to the parent company is projected to be -1.55 billion yuan, 2.00 billion yuan, and 6.13 billion yuan for the same years [4][5]

Investment Rating - The report initiates coverage with a rating of "Buy" for MTR Corporation [2][6] Core Insights - MTR Corporation has established itself as the core operator of Hong Kong's rail transit since its inception in 1975, with a significant focus on local line construction and expansion into international markets [5][16] - The "Rail + Property" development model allows MTR to finance railway projects through land development rights granted by the government, which is expected to drive long-term growth as the Hong Kong real estate market recovers [5][47] - The company has a progressive dividend policy, with expected dividends per share increasing from HKD 1.06 in 2015 to HKD 1.31 in 2024, maintaining dividends even during losses [5][43] Financial Data and Profit Forecast - Revenue projections for MTR Corporation are as follows: - 2023: HKD 56,982 million - 2024: HKD 60,011 million - 2025E: HKD 57,117 million - 2026E: HKD 55,584 million - 2027E: HKD 58,152 million - Net profit attributable to shareholders is forecasted as: - 2023: HKD 7,784 million - 2024: HKD 15,772 million - 2025E: HKD 16,203 million - 2026E: HKD 20,166 million - 2027E: HKD 10,138 million - The company is expected to maintain a dividend yield of approximately 4.4% from 2025 to 2027 [4][6] Business Model and Operations - MTR Corporation operates under a "Rail + Property" model, which integrates railway operations with property development to fund infrastructure projects [5][47] - The company is actively involved in multiple new railway and station projects to enhance connectivity in densely populated areas of Hong Kong [51][52] - The Hong Kong rail operations are expected to see a recovery in passenger numbers, with total passenger volume projected to reach 1.953 billion in 2024, recovering towards pre-pandemic levels [79] Valuation and Target Price - The estimated enterprise value of MTR Corporation is HKD 2,766 billion, with a 20% discount applied due to diversified operations, leading to a target equity value of HKD 2,213 billion [6] - The target price is set at HKD 35.55 per share, indicating a potential upside of 19% from the current market value [6]

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HKD 77.40 [7][18]. Core Insights - JD Health is expected to continue strong revenue growth in 4Q25, with a projected year-on-year increase of 22.7% to RMB 20.26 billion, driven by the increasing online penetration of pharmaceuticals and the company's competitive advantages in supply chain management [2][15]. - The company is anticipated to achieve a non-IFRS operating profit of RMB 260 million in 4Q25, reflecting a non-IFRS operating profit margin of 1.3%, an improvement of 0.4 percentage points year-on-year [2]. - The report highlights the importance of monitoring the supply iteration of new medical products, the impact of weight-loss drugs entering the medical insurance list, the penetration of AI medical applications, and the expansion of JD Health's O2O business [1]. Revenue and Profit Forecast - JD Health's total revenue for 4Q25 is expected to grow by 22.7% year-on-year to RMB 20.26 billion, with pharmaceuticals projected to see over 30% growth in GMV [2][15]. - For the full year of 2025, revenue is forecasted to increase by 25% to RMB 72.7 billion, with a non-IFRS operating profit of RMB 4.11 billion, corresponding to a non-IFRS operating profit margin of 5.7%, an improvement of 1.2 percentage points year-on-year [2][15]. Offline Business Development - JD Health is set to open over 200 new offline pharmacy stores in the second half of 2025, with 150 stores expected to open in 4Q25, enhancing user reach and brand exposure [3]. - The company's medical insurance payment coverage has expanded to 8 cities, including Shanghai, which is anticipated to drive user penetration and performance growth [3]. New Product Launches and AI Integration - JD Health continues to strengthen partnerships with upstream medical brands, achieving multiple collaborations for new drug launches, thereby enhancing its channel value [4]. - The report notes the positive reception of JD Health's AI doctor, which has achieved a satisfaction rate of 98%, reinforcing its capabilities in internet medical services [4]. Profitability Adjustments - The profit forecasts for 2025-2027 have been raised by 11.6%, 15.6%, and 22.4% respectively, due to improved revenue expectations and the anticipated release of operating leverage [5][15]. - The target valuation for 2026 has been adjusted to a non-IFRS PE of 30.0x, reflecting a premium over comparable companies, driven by JD Health's efficiency in the pharmaceutical market and its advantages in AI medical applications [18].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - The company delivered a total of 37,508 vehicles in December 2025, representing a year-on-year increase of 2.2% and a month-on-month increase of 2.1% [2][4]. - For the entire year of 2025, the company achieved cumulative deliveries of 429,000 vehicles, marking a significant year-on-year growth of 125.9% [2][4]. - The launch of the new X9 model has been particularly strong, with 5,424 units delivered in December, achieving a month-on-month increase of 68% and a year-on-year increase of 289% [6]. - The company is expected to continue its growth trajectory with new models like the P7+ and G7 set to be released, enhancing its sales cycle [6]. - The overseas market has also shown promising growth, with 45,000 vehicles delivered internationally in 2025, reflecting a year-on-year increase of 96% [6]. - The company anticipates Q4 2025 deliveries to be between 125,000 and 132,000 units, which would represent a year-on-year growth of 36.6% to 44.3% [6]. Summary by Relevant Sections Sales Performance - December 2025 deliveries totaled 37,508 vehicles, with a year-on-year growth of 2.2% and a month-on-month growth of 2.1% [2][4]. - Cumulative deliveries for 2025 reached 429,000 vehicles, up 125.9% year-on-year [2][4]. New Product Launches - The X9 model has seen strong performance, with December deliveries reaching 5,424 units, marking a record for the model [6]. - Upcoming releases of the P7+ and G7 models are expected to further boost sales [6]. International Expansion - The company delivered 45,000 vehicles in international markets in 2025, a 96% increase year-on-year [6]. - The company has established a presence in 60 countries and regions globally, with local production in Malaysia starting in December 2025 [6]. Future Outlook - The company is positioned for significant revenue growth, with projected revenues of approximately 75.1 billion and 112.1 billion for 2025 and 2026, respectively [6]. - The anticipated price-to-sales ratios for 2025 and 2026 are 1.8 and 1.2, respectively, supporting the "Buy" rating [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The transformation and upgrade projects are continuously being realized, highlighting the value of high dividends [5] - The company has a stable dividend policy, with a payout ratio increasing from around 40% (2013-2016) to approximately 50% (2017-2024), with total dividends of 11.8 billion HKD during 2018-2024 [7] - The company is expected to see profit growth from its logistics park transformation projects, with projected net profits of 36.4 billion, 36.5 billion, and 28.0 billion HKD for 2025-2027, corresponding to P/E ratios of 5.8, 5.8, and 7.5 respectively [7] Financial Performance - Revenue projections for the company are as follows: 20,523.8 million HKD in 2023, decreasing to 15,570.6 million HKD in 2024, and then gradually increasing to 17,250.2 million HKD by 2027, with a CAGR of 5.2% from 2026 to 2027 [6] - The net profit attributable to shareholders is forecasted to be 1,901.6 million HKD in 2023, increasing to 3,637.9 million HKD in 2025, before declining to 2,795.9 million HKD in 2027 [6] - The company's earnings per share (EPS) is expected to be 0.80 HKD in 2023, reaching 1.49 HKD in 2025, and then slightly decreasing to 1.14 HKD in 2027 [6] Market Data - The closing price of the company's stock is 8.60 HKD, with a market capitalization of 21,016.13 million HKD [3] - The company's asset-liability ratio stands at 58.62% [3]

品可以分分或叫 2026 年 01 月 05 日 #== W (01024) 可灵迭代用户有望增长, One 系列模型持续提振主业 报告原因:强调原有的投资评级 ( | 市场数据: | 2026 年 01 月 02 日 | | --- | --- | | 收盘价（港币） | 66.25 | | 恒生中国企业指数 | 9168.99 | | 52 周最高/最低（港币) | 92.60/38.15 | | H 股市值（亿港币） | 2.861.66 | | 流通 H 股（百万股） | 4.319.48 | | 汇率（港币/人民币） | 0.9032 | 年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 联系人 任梦妮 A0230521100005 renmn@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 | | 2023A | 2024A | 2025E | 2026E | 20 ...

Investment Rating - The report assigns a rating of "5.7" to the company, suggesting it is worth attention [12]. Core Insights - The company is a high-quality cathode copper manufacturer, ranking fifth among Chinese producers and is the only Chinese company in the top five in both the Democratic Republic of Congo (DRC) and Zambia [1]. - The company has experienced rapid sales growth, with total sales increasing from 7,056.7 tons in 2022 to 19,868.9 tons in 2024, representing a compound annual growth rate (CAGR) of +67.8% [2]. - The global cathode copper market is expected to see a supply shortage of approximately 5.8 million tons by 2029, which is likely to drive up copper prices [3]. - The company benefits from a strong business presence in resource-rich regions of Africa, particularly in DRC and Zambia, and has a strategic capacity layout that aligns with China's "going out" strategy [4]. Company Overview - The company produced approximately 16,000 tons of cathode copper in DRC and 5,000 tons in Zambia in 2024, with a market share of 0.9% in DRC and ranking first in Zambia [1]. - The company’s revenue for 2022, 2023, and 2024 was approximately RMB 637.3 million, RMB 675.7 million, and RMB 1,769.8 million, respectively, with a CAGR of +66.7% [2]. - The company has four production facilities, including two copper smelters in Zambia and one in DRC, and is constructing a cobalt processing plant in China [12]. Industry Status and Outlook - The downstream applications for cathode copper include deep processing enterprises, trading companies, and sectors such as new energy and electronics manufacturing [3]. - Global cathode copper production is projected to grow from 21.9 million tons in 2025 to 24.7 million tons by 2029, with a CAGR of 3.0% [3]. - The average copper price in China is expected to rise from RMB 749,000 in 2024 to RMB 775,000 in 2025 [3]. Use of Proceeds - Approximately 80% of the funds raised (or HKD 834.1 million) will be used to expand core business operations, including enhancing the wet metallurgy capacity of the DRC copper smelter and increasing cobalt hydroxide production lines [6]. Cornerstone Investors - Key cornerstone investors include Glencore, Stoneylake Global, North Rock, and others, with total subscriptions amounting to USD 60.255 million, representing 42.50% of the shares offered [7].

Investment Rating - The report assigns a rating of 4.9 for the IPO, indicating a reasonable pricing based on the company's performance, industry outlook, and valuation [11] Core Insights - The company, Hongxing Cold Chain, is a provider of frozen food storage and rental services, with a significant operational base in Hunan Province, China [1] - The company has a strong market position, being the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [3] - The revenue projections for the company show a decline in 2023, followed by growth in 2024 and a slight increase in the first half of 2025, with expected revenues of RMB 2 billion, RMB 2.3 billion, and RMB 1.2 billion respectively [2] Company Overview - Hongxing Cold Chain offers services including sorting, classification, packaging, inventory tracking, and rental of frozen food stores, with a total storage capacity exceeding 1 million cubic meters [1] - The company has served over 700 clients, maintaining a utilization rate of over 88% for its storage services and over 94% for its rental services during the historical performance period [1] Industry Status and Outlook - The frozen food storage service market in China is projected to reach RMB 25.6 billion by 2024, with a compound annual growth rate (CAGR) of 4.2% from 2020 to 2024 [3] - The frozen food store rental service market is expected to grow from RMB 2.2 billion in 2024 to RMB 2.9 billion by 2029, with a CAGR of 6.0% from 2025 to 2029 [3] Advantages and Opportunities - The company can provide a complete cold chain service matrix and possesses an automated technological foundation [4] Weaknesses and Risks - The industry faces intense competition and high levels of homogeneity, which may impact the company's warehouse utilization and rental rates, subsequently affecting performance [5] Fundraising and Use of Proceeds - The company anticipates a net fundraising amount of HKD 250 million, with approximately 57.5% allocated for building a new processing plant and expanding storage facilities [10]

公司概览 豪威集团（以下简称"公司"）作为全球化Fabless半导体设计龙头企业，以CMOS 图像传感器（CIS）为核心产品，根据弗若斯特沙利文数据，2024年按图像传感器 解决方案收入计算，位列全球第三，市场份额达13.7%，在行业内具备显著的品牌 知名度和市场认可度。其业务覆盖智能手机、汽车、医疗、安防及新兴市场（机 器视觉、智能眼镜、端侧AI）等高增长领域，产品矩阵丰富且应用场景广泛，形 成了多元化的收入支撑体系。 公司采用Fabless业务模式，专注于半导体产品设计与销售，通过与全球领先的晶 圆代工、封装测试厂商建立长期战略合作，既规避了重资产运营的资本支出压力， 又能快速获取前沿制造技术，实现对市场需求的灵活响应。同时，公司保留核心 测试环节，内部测试设施与外部协作相结合，既保障了产品质量控制，又强化了 设计迭代能力，尤其适配汽车等对产品可靠性要求极高的市场需求。 公司业绩呈现强劲复苏态势，2024年实现收入257.07亿元，同比增长22.5%，净利 润32.79亿元，同比大幅增长501.2%；2025年上半年收入139.44亿元，净利润20.20 亿元，净利率提升至14.5%。毛利率持续优化，20 ...