Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.40, corresponding to a FY27 PE of 22 times [6][5]. Core Insights - The company reported a retail revenue growth of 17.8% year-on-year for 3QFY26, with same-store sales growth (SSSG) accelerating across regions, particularly in mainland China and Hong Kong [1][2]. - The company is focusing on international expansion, having opened its first new image store in Singapore and planning further expansion into Thailand, Australia, North America, and the Middle East [4]. - The retail value of priced jewelry in mainland China has increased to 40.1%, supporting the resilience of the company's gross margin [3]. Summary by Sections Retail Performance - In 3QFY26, the company's retail revenue increased by 17.8% year-on-year, with same-store sales growth in mainland China and Hong Kong at 21.4% and 14.3% respectively [1][2]. - The growth was driven by rising gold prices and increased consumer enthusiasm for jewelry, particularly in mainland China [2]. Product and Brand Strategy - The company has successfully launched new products in its signature series, enhancing brand appeal and reaching younger consumers through collaborations, such as the blind box series with Hong Kong Disneyland [3]. - The retail value of priced jewelry in mainland China has risen by 10.7 percentage points year-on-year, indicating a strong consumer response to price adjustments [3]. Store Network and Expansion - The company is optimizing its store network by closing underperforming stores while opening new image stores, with a net closure of 228 stores in 3QFY26, a slowdown from previous quarters [4]. - The company has initiated international expansion, with plans to establish a retail presence in high-potential markets [4]. Financial Projections - The company forecasts net profits of HKD 81.2 billion, HKD 89.1 billion, and HKD 99.0 billion for FY26, FY27, and FY28 respectively [5][9]. - The report anticipates a PE ratio of 14 times for comparable companies in 2026, with the company positioned as an industry leader benefiting from ongoing same-store sales growth and channel adjustments [5].

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 218.77 | 640.08 | 414.00 | 471.00 | 563.00 | | 同比(%) | 31.12 | 192.58 | (35.32) | 13.77 | 19.53 | | 归母净利润（百万元） | (210.59) | 166.34 | (115.44) | (96.59) | (26.41) | | 同比(%) | 35.35 | 178.99 | (169.40) | 16.33 | 72.65 | | EPS-最新摊薄（元/股） | (0.22) | 0.17 | (0.12) | (0.10) | (0.03) | | P/E（现价&最新摊薄） | (45.43) | 57.52 | (82.88) | (99.05) | (362.23) | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·海外公 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 218.77 | 640.08 | 414.00 | 471.00 | 563.00 | | 同比(%) | 31.12 | 192.58 | (35.32) | 13.77 | 19.53 | | 归母净利润（百万元） | (210.59) | 166.34 | (115.44) | (96.59) | (26.41) | | 同比(%) | 35.35 | 178.99 | (169.40) | 16.33 | 72.65 | | EPS-最新摊薄（元/股） | (0.22) | 0.17 | (0.12) | (0.10) | (0.03) | | P/E（现价&最新摊薄） | (45.43) | 57.52 | (82.88) | (99.05) | (362.23) | 证券研究报告·海外公司研究简报·药品及生物科技(HS) 康宁杰瑞制药-B（09966. ...

Investment Rating - The report assigns a "Buy" rating to China Resources Mixc Lifestyle Services Limited (01209.HK) with a current price of HKD 43.44 and a fair value of HKD 48.72 [6][33]. Core Insights - The shopping center segment shows strong performance, with both scale and quality being emphasized. The company is expected to experience significant growth in its commercial operations, particularly in shopping centers, which are projected to drive revenue growth [2][33]. - The company is entering a critical development phase over the next five years, focusing on both expansion and high-quality service delivery. This includes a strategy to enhance customer flow and membership engagement [33]. Financial Forecasts - Revenue projections for 2023A to 2027E are as follows: - 2023A: RMB 14,767 million - 2024A: RMB 17,043 million (22.9% growth) - 2025E: RMB 18,026 million (5.8% growth) - 2026E: RMB 19,218 million (6.6% growth) - 2027E: RMB 20,434 million (6.3% growth) [3][14]. - EBITDA is forecasted to grow from RMB 4,304 million in 2023A to RMB 6,985 million in 2027E [3]. - Net profit attributable to shareholders is expected to increase from RMB 2,929 million in 2023A to RMB 4,824 million in 2027E, with a growth rate of 32.8% in 2023A and 10.6% in 2027E [3][14]. Revenue Breakdown - The company’s revenue is segmented into commercial and property channels: - Commercial channel revenue is projected to grow significantly, with shopping center revenue expected to increase by 16.5% in 2025, 14.0% in 2026, and 14.0% in 2027 [14][21]. - Property channel revenue is expected to grow at a slower pace, with community space revenue projected to decline by 2% in 2025, followed by modest growth in subsequent years [21][22]. Profitability Metrics - The overall gross margin is expected to improve from 35.6% in 2025 to 37.9% in 2027, driven by enhanced profitability in the commercial segment [22][24]. - The core net profit margin is projected to rise from 21.7% in 2025 to 23.5% in 2027, reflecting improved operational efficiency [30][32]. Investment Strategy - The report emphasizes the importance of balancing scale and quality in the company's growth strategy, with a focus on expanding its commercial footprint while maintaining high service standards [33]. - The fair value assessment is based on a price-to-earnings ratio of 23x, reflecting the company's historical performance and future growth potential [33].

[Table_Page] 跟踪研究|房地产Ⅱ 证券研究报告 | & 海 外 】 华 润 置 地 | [Table_Title] 【 广 发 地 产 | | --- | --- | | （01109.HK） | | 销售稳居前三，购物中心租金双位数增长 [Table_Summary] 核心观点： | [Table_ 单位 Finance] :人民币百万元 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入 | | 251,137 | 278,799 | 253,683 | 201,380 | 202,297 | | 增长率（ ） | % | 21.3% | 11.0% | -9.0% | -20.6% | 0.5% | | EBITDA | | 69,277 | 62,552 | 52,442 | 49,122 | 53,315 | | 归母净利润 | | 31,365 | 25,577 | 24,024 | 24,233 | 26,599 | | 增长率（ ） | % | ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The domestic baby products market in China is expected to grow from 121.8 billion CNY in 2020 to 144.1 billion CNY in 2024, with a CAGR of 4.3%. The durable goods segment is projected to grow at a CAGR of 7.2%, outpacing the consumer goods segment [3][58]. - The company has successfully transitioned from an ODM model to a global brand, with approximately 80% of its revenue coming from overseas markets, particularly Europe and North America [3][16]. - The company is expected to achieve a record net profit of 356 million HKD in 2024, with a forecasted recovery in profitability in 2026 as external disturbances diminish [4][37]. Summary by Sections Company Overview - Goodbaby International Holdings Limited is a leading global parenting products company, established in 1989, focusing on design, development, manufacturing, marketing, and sales of various child-related products [16][17]. - The company has a comprehensive global presence with over 6,000 employees and operates under three strategic brands: Cybex, gb, and Evenflo [16][17]. Financial Overview - The company has seen fluctuations in net profit, with a significant drop during 2021-2022 due to pandemic-related supply chain disruptions. However, a recovery is anticipated in 2024, with net profit reaching a historical high [4][37]. - Revenue projections for 2025-2027 are 1.50 billion HKD, 3.44 billion HKD, and 3.85 billion HKD, with growth rates of -58%, +129%, and +12% respectively [5][121]. Industry Analysis - The Chinese baby products market is characterized by category and tier differentiation, with a stable growth outlook for the overseas market, particularly in Europe and North America [3][58]. - The report highlights a structural growth opportunity in the baby durable goods sector, with a projected CAGR of 8.4% from 2024 to 2029 [58]. - The competitive landscape in the baby products industry is intensifying, with new brands emerging and existing brands facing pressure due to changing consumer preferences and sales channels [74][76]. Profitability Outlook - The company is expected to benefit from business adjustments, with net profit projected to recover in 2026 as external pressures ease and operational optimizations take effect [4][37]. - Cybex is highlighted as a strong growth driver, with a CAGR of 19.2% from 2014 to 2024, while Evenflo faces challenges due to tariff impacts [91][106].

[Table_Page] 公告点评|多元金融 证券研究报告 [Table_Title] 【广发非银&海外】中国船舶租赁 （03877.HK） 发行转债，提振交投活力 [Table_Summary] 核心观点： 措施旨在对冲债券持有方的权益市场波动风险-借入方通过卖空对应规 模的现有股份，平衡可转债发行对股价的短期影响，避免供需失衡引发 价格异动，保障发行过程的平稳推进。 盈利预测： [公司评级 Table_Invest] 买入 当前价格 2.23 港元 合理价值 2.93 港元 前次评级 买入 报告日期 2026-01-22 [Table_Contacts] [Table_PicQuote] 相对市场表现 -10% 0% 11% 21% 32% 42% 01/25 03/25 05/25 07/25 09/25 11/25 01/26 中国船舶租赁 恒生指数 | [分析师： Table_Author]陈福 | | --- | | SAC 执证号：S0260517050001 | | SFC CE No. BOB667 | | 0755-82535901 | | chenfu@gf.com.cn | | 分析师 ...

纺织服饰 2026 年 01 月 22 日 (02020) 全年各品牌增长指引达成，户外品牌内生动能依然强劲 市公司 报告原因:有业绩公布需要点评 (维持) | 市场数据: | 2026年01月21日 | | --- | --- | | 收盘价（港币） | 79.10 | | 恒生中国企业指数 | 9122.95 | | 52 周最高/最低（港币） | 106.30/73.55 | | H 股市值（亿港币） | 2,212.15 | | 流通 H 股（百万股） | 2.796.65 | | 汇率（港币/人民币） | 0.8978 | 一年内股价与基准指数对比走势: 57% 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 A0230523070002 liupei@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 | 货币单位: 人民币 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company forecasts a net profit attributable to shareholders for 2025 to grow by no less than 30% year-on-year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1][4]. - A joint venture with Goer Optical has been established to accelerate the integration of the AI glasses supply chain, focusing on customized lenses and optical components for AI/AR/VR/MR applications [2][3]. - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025 and 18 million units in 2026, indicating exponential growth potential [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 23.51 billion, 27.65 billion, and 32.22 billion yuan respectively, with net profits of 5.65 billion, 7.03 billion, and 8.61 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to increase from 1.03 yuan in 2024 to 1.79 yuan in 2027, reflecting a strong growth trajectory [5]. - The net profit margin is expected to improve, with net profit margins of 20.8% in 2024 and reaching 26.7% by 2027 [5][13].

上 市 公 司 纺织服饰 2026 年 01 月 22 日 安踏体育 (02020) —— 全年各品牌增长指引达成，户外品牌内生动能依然强劲 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 01 月 21 日 | | --- | --- | | 收盘价（港币） | 79.10 | | 恒生中国企业指数 | 9122.95 | | 52 周最高/最低（港币） | 106.30/73.55 | | H 股市值（亿港币） | 2,212.15 | | 流通 H 股（百万股） | 2,796.65 | | 汇率（港币/人民币） | 0.8978 | 一年内股价与基准指数对比走势： -8% 12% 32% 52% HSCEI 安踏体育 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 A0230523070002 liupei@swsresearch.com 注："每股收益"为归属普通股东净利润除以总股本 请务必仔细阅读正文之后的各项信息披露与声明 ...