证 券 研 究 报 告 理想汽车-W（02015.HK）2025 年三季报点评 推荐（下调） MEGA 召回拖累净利，公司进入新一轮发展期 港股公司 事项： 理想汽车发布 2025 年三季报，3Q25 实现营收 274 亿元，同比-36%，环比- 10%；归母净利润-6.2 亿元，同比-34 亿元，环比-17 亿元。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 144,460 | 111,595 | 153,319 | 180,380 | | 同比增速(%) | 16.6% | -22.7% | 37.4% | 17.6% | | 归母净利润(百万元) | 8,032 | 1,053 | 6,332 | 10,278 | | 同比增速(%) | -31.4% | -86.9% | 501.2% | 62.3% | | 每股盈利(元) | 3.79 | 0.49 | 2.96 | 4.80 | | 市盈率(倍) ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 28 Nov 2025 最新动态 动向解读 环球富盛理财有限公司 华新水泥 Huaxin Cement (6655.HK) 三季度归母净利润同比增长 120.73%，海外多业务发展持续取得进展 Benefiting from increase in gold prices and volume & Expansion through M&A and Financing 策略建议 ➢ 盈利预测。我们预测公司 2025-2027 年归母净利润分别为 29.69 亿元、33.12 亿元、36.71 亿元。结合可比公司 估值，给予公司 2026 年 10.5 倍 PE，按照港元兑人民币 0.91 汇率计算，对应目标价为 18.34 港币，首次覆盖 给予"增持"评级。 See the last page for disclaimer 1 [Table_header2] ➢ 三季度归母净利润同比增长 120.73%。25Q3，公司实现营收 89.86 亿元，同比增长 5.95 ...

Investment Rating - The investment rating for Chow Tai Fook (01929.HK) is "Buy" (maintained) [1] Core Views - The company reported a revenue of HKD 38.986 billion for FY2026H1, a year-on-year decrease of 1.1%, while the net profit attributable to shareholders was HKD 2.534 billion, an increase of 0.1% [5] - The company is actively pursuing brand transformation and product optimization, which has led to an upward revision of profit forecasts for FY2026-2028 [5] - Same-store sales in mainland China showed a recovery with a year-on-year increase of 2.6% in FY2026H1, and a significant growth of 38.8% from October 1 to November 18, 2025 [6] Financial Summary and Valuation Metrics - For FY2026E, the company is expected to achieve a revenue of HKD 90.018 billion, with a net profit of HKD 8.247 billion, reflecting a year-on-year growth of 39.4% [9] - The projected EPS for FY2026E is HKD 0.83, with corresponding P/E ratios of 16.7, 14.9, and 13.7 for FY2026E, FY2027E, and FY2028E respectively [9] - The gross margin for FY2026H1 was reported at 30.5%, slightly down by 0.9 percentage points, benefiting from rising gold prices and an increase in the proportion of high-margin products [6]

证券研究报告·海外公司点评·软件服务(HS) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,120 | 1,649 | 2,171 | 3,407 | 4,343 | | 同比(%) | 111.22 | 47.20 | 31.63 | 56.96 | 27.49 | | 归母净利润（百万元） | (4,336.63) | (481.83) | (228.12) | 58.07 | 378.66 | | 同比(%) | (107.63) | 88.89 | 52.66 | 125.46 | 552.07 | | EPS-最新摊薄（元/股） | (8.95) | (0.99) | (0.47) | 0.12 | 0.78 | | P/S（现价&最新摊薄） | 12.48 | 8.48 | 6.44 | 4.10 | 3.22 | [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 28 ...

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6]. Core Insights - In Q3 2025, Xiaomi achieved a record high profit with total revenue of 113.12 billion yuan, representing a year-over-year increase of 22.3% and a quarter-over-quarter decrease of 2.4%. Adjusted net profit reached 11.31 billion yuan, up 80.9% year-over-year and 4.4% quarter-over-quarter. The gross margin improved to 22.9%, an increase of 2.5 percentage points year-over-year and 0.4 percentage points quarter-over-quarter [2][4]. - The smart electric vehicle (EV) business reported its first quarterly profit, generating an operating income of 700 million yuan. In Q3 2025, the company delivered 109,000 new vehicles, with automotive revenue reaching 28.3 billion yuan and a gross margin of 25.5% [2][3]. - The smartphone and AIoT business remained stable, with smartphone revenue of 46 billion yuan and a global shipment of 43.3 million units, maintaining a market share of 13.6%. The newly launched Xiaomi 17 series saw a sales increase of approximately 30% in its first month [3][4]. Summary by Sections Financial Performance - Q3 2025 total revenue was 113.12 billion yuan, with adjusted net profit at 11.31 billion yuan. The gross margin was 22.9% [2][4]. - The company expects net profit for 2025-2027 to be 43 billion, 51.4 billion, and 62.3 billion yuan respectively, with year-over-year growth rates of 82%, 19%, and 21% [4][5]. Business Segments - The smartphone segment generated 46 billion yuan in revenue, while the IoT and lifestyle products segment brought in 27.6 billion yuan, with a gross margin of 23.9% [3][4]. - The smart EV segment achieved a revenue of 28.3 billion yuan, with a gross margin of 25.5% [2][3]. Research and Development - R&D expenses reached 9.1 billion yuan in Q3 2025, reflecting a year-over-year increase of 52.1%. The company continues to invest heavily in core technologies to enhance its ecosystem [3][4].

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 11 月 27 日 [Table_Title] 剔除减值影响后稳健增长，资本开支回落 [Table_Title2] 中教控股(0839.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0839 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 3.91/2.13 | | 目标价格(港元)： | | 总市值(亿港元) | 77.01 | | 最新收盘价(港元)： | 2.75 | 自由流通市值(亿港元) | 77.01 | | | | 自由流通股数(百万) | 2,800.31 | [Table_Summary] 事件概述 FY2025 公司收入/经调整 EBITDA/净利/归母净利分别为 73.63/41.69/5.06/9.78 亿元、同比 增 长 11.9%/10.5%/0.8%/132.3%；归母净利主要受海南学校就商誉及无形资产确认的非现金减值计提 17.06 亿元影 响，调整项合计为 17.74 亿元（无形资产减值 17 ...

Investment Rating - The report suggests a cautious subscription for Tianyu Semiconductor (2658.HK) [4] Core Insights - The company focuses on the manufacturing of self-produced silicon carbide (SiC) wafers, which are essential raw materials for power semiconductor devices. Compared to traditional semiconductor materials like silicon, SiC offers significant performance advantages, making it suitable for high-voltage, high-temperature, and high-frequency environments [2] - According to Frost & Sullivan, the company ranks as the third-largest SiC wafer manufacturer in China, with a market share of 6.7% by revenue and 7.8% by volume as of 2024 [2] - The global market for SiC power semiconductor devices is projected to grow significantly, from USD 600 million in 2020 to USD 3.2 billion in 2024, representing a compound annual growth rate (CAGR) of 49.8%. The market is expected to reach USD 15.8 billion by 2029, with a CAGR of 40.5% from 2025 to 2029 [3] Summary by Sections IPO Details - The IPO price is set at HKD 58 per share, with a total fundraising amount of HKD 1.6711 billion. The total number of shares offered is approximately 3,007,050 shares, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - The company's revenues for 2022, 2023, and 2024 were RMB 436.86 million, RMB 1,171.21 million, and RMB 519.62 million, respectively. The net profits for the same years were RMB 6.95 million, RMB 101.44 million, and RMB -492.45 million, indicating a decline in 2024 primarily due to reduced market prices and overseas sales of SiC wafers [3] Market Position - The company has an annual production capacity of approximately 420,000 6-inch and 8-inch wafers, making it one of the largest producers in China for these sizes [2] - The presence of Huawei's Hubble Technology as an investor is expected to provide significant growth opportunities for the company in the medium to long term [4]

IPO 申购指南 遇见小面（2408.HK） 建议谨慎申购 2025-11-27 星期四 | 【招股详情】 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | 招银国际 | | | | | | | | | 上市日期 | 年 2025 | 月 12 | 5 | 日(周五) | | | | | | 招股价格 | 5.64-7.04 | | 港元（中位数 | | 6.34 | 港元） | | | | 集资额 | 5.516 | | | | | 亿港元（扣除包销费用和全球发售有关的估计费用） | | | | 每手股数 | 500 股 | | | | | | | | | 入场费 | 3,555.51 | 港元 | | | | | | | | 招股日期 | 2025 年 | 11 月 | 27 | 日-2025 | 年 | 12 月 2 | 日 | | | 国元证券认购截止日期 | 2025 年 | 12 月 | 1 日 | | | | | | | 招股总数 | 9736.45 | | | | | 万股(可予调 ...

长青游戏持续修复，《燕云十六声》全球表 现亮眼 ——网易（9999.HK）25Q3 点评 网易-S 09999.HK 公司研究 | 季报点评 核心观点 盈利预测与投资建议 ⚫ 公司暴雪游戏陆续恢复运营，长青游戏《燕云十六声》海内外表现优异。2026 年期 待《遗忘之海》上线驱动增长。我们预测公司 25~27 年归母净利润为 362/398/450 亿元（原 25~27 为 363/390/433 亿元，因根据游戏表现及 Q3 财报调整收入、毛利 率，费率等，从而调整盈利预测）。我们采用 SOTP 估值，给予目标价 248.49 港币 /226.29 人民币（HKD/CNY=0.91），维持"买入"评级。 风险提示 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 103468 | 105295 | 113480 | 122977 | 138188 | | 同比增长 (%) | 7 ...

⚫ 公司暴雪游戏陆续恢复运营，长青游戏《燕云十六声》海内外表现优异。2026 年期 待《遗忘之海》上线驱动增长。我们预测公司 25~27 年归母净利润为 362/398/450 亿元（原 25~27 为 363/390/433 亿元，因根据游戏表现及 Q3 财报调整收入、毛利 率，费率等，从而调整盈利预测）。我们采用 SOTP 估值，给予目标价 248.49 港币 /226.29 人民币（HKD/CNY=0.91），维持"买入"评级。 风险提示 新游戏表现不及预期；版号审批不确定性；游戏净利率波动性较大；直播竞争加剧 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 103468 | 105295 | 113480 | 122977 | 138188 | | 同比增长 (%) | 7.23% | 1.77% | 7.77% | 8.37% | 12.37% | | 营业利润(百万元) | 27709 | 29584 | 36157 | 39580 | ...