传媒/数字媒体 快手-W（01024.HK） 2025 年 11 月 21 日 投资评级：买入（维持） | 日期 | 2025/11/20 | | --- | --- | | 当前股价(港元) | 64.950 | | 一年最高最低(港元) | 92.600/38.150 | | 总市值(亿港元) | 2,808.05 | | 流通市值(亿港元) | 2,808.05 | | 总股本(亿股) | 43.23 | | 流通港股(亿股) | 43.23 | | 近 3 个月换手率(%) | 57.74 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-11 2025-03 2025-07 快手-W 恒生指数 相关研究报告 《Q2 经调整净利润大增，可灵 AI 商 业价值加速释放—港股公司信息更新 报告》-2025.8.22 《AI 赋能成效显著，可灵 AI 商业化 变现加速—港股公司信息更新报告》 -2025.5.30 ——港股公司信息更新报告 方光照（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 业绩稳步增长，看好 AI 赋能主 ...

Investment Rating - The report assigns an "Outperform" rating to Beauty Farm Medical and Health Industry, expecting a relative return exceeding 10% over the next 12-18 months [24]. Core Insights - Beauty Farm has articulated a clear strategy centered around the "Three Super" initiatives: Super Brand, Super Chain, and Super Digitalization, aiming to build core competitive advantages in the beauty services industry [2][9]. - The company targets to establish operational entities with revenues exceeding RMB 100 million in 20 core cities, which contribute approximately 40% of the industry revenue, with a solid foundation already in place as 8 cities have achieved this target [3][10]. - Recent operational performance shows strong momentum, with same-store sales growth of 6-8% and collection growth accelerating to low double digits, indicating robust endogenous growth [4][11]. Summary by Sections Strategic Overview - The "Three Super" strategy focuses on enhancing brand value, expanding chain operations, and leveraging digitalization to deepen customer relationships and operational efficiency [2][9]. - The company has integrated three premium brands to secure a strong position in the high-end market and aims to enhance customer experience through personalized services [2][9]. Growth Strategy - The goal is to increase the number of cities generating over RMB 100 million in revenue from 8 to 20 in the near term, with a focus on developing Shanghai and Beijing into "super cities" with revenues exceeding RMB 1 billion each [3][10]. - The growth will be driven by both organic growth and strategic acquisitions, leveraging successful past experiences in markets like Chongqing and Xi'an [3][10]. Financial Performance - The company has demonstrated exceptional profit enhancement capabilities, with significant improvements in revenue per store and profit margins post-acquisition [4][11]. - Strong cash flow generation is projected, with estimated operating cash flow of approximately RMB 1 billion for FY25, supporting future shareholder returns and strategic acquisitions [4][11]. Industry Context - The beauty services industry in China is highly fragmented, with nearly 90% of operations being single-store, presenting significant opportunities for consolidation driven by branding, chainification, and digitalization [5][12]. - The company anticipates a decrease in the total number of industry stores, while the market share and profitability of leading players with strong branding and digital capabilities will increase significantly [5][12]. M&A Strategy - Proven M&A integration capabilities are a key engine for executing the Super Chain strategy, with over 30 successful transactions completed historically [6][13]. - The recent integration of Naturade has validated the effectiveness of the company's platform-based empowerment model, with expectations of similar success from the newly acquired DECLÉOR [6][13].

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨香港交易所（00388.HK） [Table_Title] 港交所 10 月跟踪：港股交投处于历史高位，赴 港上市持续贡献增量市值 报告要点 [Table_Summary] 截止 10 月底，公司 PE 为 34.77x，处于 2016 年以来历史 39%的分位，具备一定的配置性价 比，预计伴随互联互通政策持续加码香港资本市场，港股市场流动性将持续抬升，市场整体活 跃度及估值有望随之提升。预计公司 2025-2027 年实现收入及其他收益 304/334/358 亿港元， 归母净利润为 176/188/205 亿港元，对应 PE 估值分别为 30.4/28.4/26.1 倍，给予买入评级。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 香港交易所（00388.HK） cjzqdt11111 [T ...

Investment Rating - The investment rating for Lenovo Group is maintained at "Buy" [2] Core Views - Lenovo Group's revenue for FY25/26Q2 increased by 14.6% year-on-year to $20.45 billion, exceeding Bloomberg's expectations by 1.7% [8] - The company's adjusted net profit rose by 26.7% year-on-year to $510 million, surpassing Bloomberg's forecast by 0.3% [8] - The AI PC segment is accelerating its penetration, with a penetration rate reaching 33% [8] - The mobile phone business achieved record sales, with revenue of $15.11 billion, exceeding expectations by 3.7% and showing a year-on-year growth of 11.8% [8] - The Infrastructure Solutions Group (ISG) reported strong order reserves, with revenue of $4.09 billion, a year-on-year increase of 23.7% [8] - The Solutions and Services Group (SSG) achieved record quarterly revenue of $2.56 billion, marking 18 consecutive quarters of double-digit growth [8] - Future adjusted net profit growth is projected at 16.9%, 9.9%, and 13.3% for FY25/26, FY26/27, and FY27/28, respectively [8] Financial Performance Summary - Revenue projections (in million USD): - 2024A: 56,864 - 2025A: 69,077 - 2026E: 77,184 - 2027E: 82,925 - 2028E: 89,545 - Net profit projections (in million USD): - 2024A: 1,011 - 2025A: 1,384 - 2026E: 1,649 - 2027E: 1,891 - 2028E: 2,137 - EPS projections (in CNY): - 2024A: 0.08 - 2025A: 0.11 - 2026E: 0.13 - 2027E: 0.15 - 2028E: 0.17 - PE ratios: - 2025A: 11.89 - 2026E: 9.38 - 2027E: 8.18 - 2028E: 7.23 [5][9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.80, corresponding to a 10x forecast PE for 2025 [1][4][6]. Core Insights - The company has officially initiated the process for a "back to A-share" listing, which is expected to enhance its valuation as A-share environmental companies generally have higher valuations compared to their Hong Kong counterparts [2][3]. - The proposed issuance of up to 800 million A-shares aims to raise funds for business development and working capital, with the new shares representing approximately 11.52% of the expanded share capital post-issuance [2][3]. - The average PE for A-share environmental companies is projected at 13.4x for 2025, compared to 9.2x for Hong Kong-listed companies, indicating a 46% valuation premium for A-shares [3][11]. - The company has achieved positive free cash flow since 2024, driven by operational efficiency and increased cash inflows from its heating and steam supply business [3][4]. - The company is expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan [4]. Financial Summary - The company’s revenue for FY 2023 is reported at HKD 32,090 million, with a projected decline to HKD 29,513 million in FY 2025, followed by a slight recovery in subsequent years [10][12]. - Net profit is expected to decrease from HKD 4,429 million in FY 2023 to HKD 3,568 million in FY 2025, with a gradual increase to HKD 3,975 million by FY 2027 [10][12]. - The company’s dividend yield is projected to be 5.1% in 2026, making it an attractive investment option [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, Lenovo, with a target price adjusted to HKD 14.00 from the previous HKD 16.00, reflecting a 12.5% decrease [5][7]. Core Insights - Lenovo reported a revenue of USD 20.45 billion for 2QFY26, representing a year-over-year increase of 14.6%, surpassing Bloomberg's consensus estimate by 1.7%. The Non-HKFRS net profit attributable to shareholders was USD 512 million, up 25.2% year-over-year, exceeding the company's prior guidance by approximately 19% [1][5]. - The company benefits from a strong position in the global PC market, holding the largest market share and demonstrating robust supply chain management capabilities, which enhances its resilience against industry cycles [1][2]. - The AI-related business has become a core growth driver, with its revenue contribution reaching 30% and a year-over-year increase of 13 percentage points [1][5]. Summary by Sections IDG (Intelligent Devices Group) - IDG's revenue increased by 11.8% year-over-year, with an operating profit margin of 60%. The global PC market share rose by 1.8 percentage points to 25.6%, marking a record high [2]. - Driven by mixed AI demand, PC revenue grew by 17% year-over-year, with AI PC penetration increasing by 16 percentage points to 33% of total shipments [2]. ISG (Infrastructure Solutions Group) - ISG's revenue grew by 23.7% year-over-year, primarily due to strong demand for cloud infrastructure and enterprise solutions. The AI server business recorded high double-digit revenue growth [3]. - The Neptune liquid cooling technology saw a revenue increase of 154% year-over-year, reinforcing the company's leadership in energy-efficient AI infrastructure [3]. SSG (Solutions and Services Group) - SSG achieved an 18.3% year-over-year revenue growth, maintaining double-digit growth for 18 consecutive quarters, with an operating profit margin exceeding 22% [4]. - The project and solution services, along with operational services, accounted for 60% of SSG's total revenue, indicating a stable growth trajectory [4]. Financial Projections - The report projects a slight decrease in Non-HKFRS net profit estimates for FY26, FY27, and FY28 by 1.8%, 1.7%, and 1.7% respectively, with expected profits of USD 1.66 billion, USD 1.85 billion, and USD 2.08 billion [5][10]. - The expected Non-HKFRS EPS for FY26, FY27, and FY28 is projected to be USD 0.12, USD 0.14, and USD 0.15 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [5][10].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's third-quarter performance showed revenue of 11.86 billion yuan, with a year-on-year increase of 11.1% and a quarter-on-quarter increase of 0.3%. The net profit attributable to the parent company was 2.52 billion yuan, reflecting a year-on-year increase of 5.3% and a quarter-on-quarter increase of 30.2%. The significant growth in profitability is primarily attributed to the rise in express delivery prices under the "anti-involution" policy [1][2] - The report anticipates that the "anti-involution" policy will continue to support the company's performance in the fourth quarter, alongside the traditional peak season for e-commerce, leading to further increases in both delivery volume and revenue per package [1][4] Summary by Sections Financial Performance - In Q3, the company achieved a single-package revenue of 1.22 yuan, with a quarter-on-quarter increase of 0.02 yuan. The total express delivery volume reached 9.57 billion packages, showing a year-on-year growth of 9.7% but a quarter-on-quarter decline of 2.8% due to seasonal factors and rising prices affecting lower-value packages [2][3] - The single-package cost increased to 0.91 yuan, with a quarter-on-quarter rise of 0.09 yuan. The adjusted operating profit per package was 0.25 yuan, down 0.08 yuan year-on-year but stable quarter-on-quarter [3] Industry Outlook - The report indicates that the express delivery industry is shifting from a focus on volume growth to high-quality development due to the "anti-involution" policy. The overall growth rate of express delivery volume is expected to slow down, but the company, as a market leader with a 19.4% market share, is less affected by the reduction in low-value package demand [4][5] Earnings Forecast and Valuation - The earnings forecast for the company has been raised, with net profit estimates for 2025, 2026, and 2027 adjusted to 89.8 billion yuan, 106.6 billion yuan, and 121.1 billion yuan respectively. However, the valuation multiple has been lowered to 15.2x for 2025E PE, and the target price has been reduced by 10% to 185.9 HKD / 23.9 USD [5][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In Q3 2025, the company achieved revenue of 7.69 billion yuan, representing a year-on-year growth of 5%. The gross profit reached 2.82 billion yuan, with a year-on-year increase of 11%. The gross margin improved by 1.8 percentage points to 36.7%, marking the 13th consecutive quarter of sequential improvement. The Non-GAAP net profit was 790 million yuan, showing a significant year-on-year growth of 233% [2][5]. Revenue Performance - The advertising revenue for Q3 2025 was 2.57 billion yuan, up 23% year-on-year and 5% quarter-on-quarter, driven by improved advertising product supply and algorithmic enhancements. The revenue from value-added services was 3.02 billion yuan, reflecting a 7% year-on-year increase, primarily due to higher income from paid memberships. Revenue from IP derivatives and other businesses reached 580 million yuan, boosted by successful offline events. However, mobile game revenue declined by 17% year-on-year to 1.51 billion yuan, attributed to high base effects from a previous title [9]. Operational Metrics - The community ecosystem of the company remains vibrant, with Daily Active Users (DAU) reaching 117 million (up 9% year-on-year) and Monthly Active Users (MAU) at 376 million (up 8% year-on-year). The average daily usage time increased by 6 minutes to 112 minutes. Approximately 2.5 million content creators earned income on the platform, with average earnings per creator rising by 22% year-on-year. The number of premium members reached 25.4 million, and the retention rate for formal members after 12 months was 80% [9]. Profitability Analysis - The gross profit for Q3 2025 increased by 11% to 2.82 billion yuan, driven by growth in high-margin businesses and effective cost control. The gross margin improved by 1.8 percentage points to 36.7%. Sales expenses decreased by 13% year-on-year, mainly due to reduced marketing costs for games, while R&D expenses remained stable. The Non-GAAP net profit of 790 million yuan represented a year-on-year increase of 233%, and the net operating cash flow was 2.02 billion yuan, indicating nine consecutive quarters of positive operating cash flow, suggesting a healthy business cycle [9].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 340.37 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 32.5%, with an adjusted net profit of 32.82 billion RMB, up 73.5% [2]. - The AIoT platform has connected over 1.035 billion IoT devices, marking a 20.2% increase year-on-year, surpassing major global competitors [2]. - The company is focusing on high-end smartphone positioning, with the Xiaomi 17 series seeing over 80% of its sales from Pro and Pro Max models, and a 24.1% share in the high-end smartphone market in mainland China [3]. - The IoT and consumer products segment achieved a revenue of 27.6 billion RMB in Q3 2025, with a gross margin of 23.9%, up 3.2 percentage points year-on-year [3]. - The internet services segment saw a revenue increase of 10.8% year-on-year, with overseas internet service revenue growing by 34.9% [4]. - The automotive business is showing positive trends, with the YU7 model delivering 108,796 units, a 32.6% increase quarter-on-quarter, contributing to profitability [4]. Summary by Sections Performance Review - For Q3 2025, the company achieved a revenue of 113.12 billion RMB, a 22.3% increase year-on-year, and an adjusted net profit of 11.31 billion RMB, up 80.9% [2]. Business Analysis - The smartphone segment generated 46 billion RMB in revenue in Q3 2025, with a global shipment of 43.4 million units, maintaining a market share of 16.7% globally and 13.6% in China [3]. - The IoT and consumer products segment's revenue reached 27.6 billion RMB, with a focus on smart home appliances and a new factory for smart appliances [3]. Internet Services - The internet services segment's revenue was 9.4 billion RMB in Q3 2025, with a notable increase in overseas revenue [4]. Automotive Business - The automotive segment is on track with the YU7 model's deliveries, indicating a positive trend towards profitability despite some margin pressures [4]. Profit Forecast and Valuation - The adjusted EPS forecasts for 2025, 2026, and 2027 are 1.7, 2.0, and 2.6 RMB respectively, with corresponding PE ratios of 23.89, 20.53, and 15.03 [5].

Investment Rating - The report does not explicitly state an investment rating for Yunfeng Financial (376 HK) Core Insights - Yunfeng Financial operates as an innovative fintech enterprise with core businesses in insurance, securities, asset management, and fintech, leveraging a "Web2 + Web3" dual ecosystem strategy [2][15] - The company aims to integrate Web2 and Web3 business synergies to enhance customer value through cross-selling and expand its customer base [20] - The strategic vision is to build a next-generation Web3 financial service ecosystem, promoting the concept of "Tokenize Everything, Connect the Globe" [20] Summary by Sections Shareholder Structure - Core shareholders include Yunfeng Financial Holdings Limited (45.02% stake) and MassMutual (23.65% stake), with a partnership with Ant Group [3][16] Licensing and Regulatory Framework - The group holds Hong Kong SFC Licenses Type 1, 4, and 9, and has upgraded its Type 1 License to support virtual asset trading and management services [17][3] Web3 Strategic Focus - The company has identified four core strategic focuses for its Web3 initiatives, including the tokenization of real-world assets and the establishment of a compliant virtual asset trading platform [18][21] Competitive Advantages - Yunfeng Financial's competitive advantages include a robust enterprise ecosystem, a stable core insurance business, early blockchain infrastructure investments, and a strong talent pool in Web3 [5][19] Customer Engagement Strategy - The company plans to utilize its existing client base and sales network, including 4,000 insurance agents, to cross-sell virtual asset trading services [20]