Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [1] Core Insights - The company reported Q4 2025 revenue of $2.823 billion, a year-on-year increase of 9% (or 7% excluding foreign currency effects), and operating profit of $187 million, up 25% (or 23% excluding foreign currency effects) [5][6] - Same-store sales growth accelerated in Q4 2025, with system sales up 7% year-on-year, and same-store sales up 3% [6] - The company plans to exceed 20,000 stores by 2026, with a net addition of over 1,900 stores, accelerating from 2025 [7] Revenue Performance - Q4 2025 same-store sales growth was driven by KFC and Pizza Hut, with KFC's same-store sales up 3% and Pizza Hut's up 1% [6] - The company expects continued growth in same-store revenue and system sales in 2026, projecting high single-digit growth [6] Store Expansion - In Q4 2025, the company added 587 new stores, bringing the total to 18,101 [7] - The company achieved a net addition of 1,706 stores in 2025, meeting its target of 1,600-1,800 new stores [7] Profitability Improvement - Q4 2025 restaurant profit margin improved to 13.0%, up 0.7 percentage points year-on-year [8] - The core operating profit for Q4 2025 was $185 million, a 23% increase year-on-year, driven by operational efficiency and favorable commodity prices [8] New Business Developments - The company made significant progress in new business initiatives, including the expansion of KFC Coffee and KPRO, which contributed to sales growth [9] - New product offerings, such as KFC's spicy chicken and Pizza Hut's handmade thin-crust pizza, attracted younger consumers and drove sales [9] Financial Forecast and Valuation - The report raises the net profit forecast for 2026-2027 to $1.027 billion and $1.109 billion, respectively, with an EPS of $2.90 for 2026 [10] - The current stock price corresponds to a P/E ratio of 17x for 2026, indicating strong growth potential for the leading Western fast-food company [10]

Investment Rating - The report assigns a "Buy" rating for Chery Automobile (09973.HK) for the first time [1]. Core Insights - Chery Automobile is transitioning towards globalization and intelligence, with a focus on multiple brands to meet diverse market demands. The company has established a clear equity structure involving state-owned assets, strategic investors, and management, which enhances operational efficiency and strategic alignment [8][13]. - The financial outlook is positive, with significant revenue growth driven by the expansion of new energy vehicles and increasing overseas sales. The report forecasts a substantial increase in net profit from 11.95 billion yuan in 2023 to 25.38 billion yuan by 2027 [1][17]. - Chery's brand strategy includes five distinct brands: Chery, Jetour, Exeed, iCAR, and Zhijie, each targeting different market segments and customer needs [38][39]. Summary by Sections 1. Basic Information - Chery Automobile was founded in 1997 and has evolved from a local manufacturer to a global technology-driven automotive enterprise. The company has a clear equity structure that balances state ownership, strategic investments, and management control [13][14]. - The company has seen rapid revenue growth from 2022 to 2024, primarily due to the increasing contribution of new energy vehicles and sustained overseas revenue growth [17][18]. 2. Existing Brand System - Chery's main brand targets the mainstream market with a focus on high cost-performance and diverse powertrain options. Jetour emphasizes family travel and off-road capabilities, while Exeed targets high-end users. iCAR is aimed at younger consumers with a focus on personalization, and Zhijie leverages collaboration with Huawei for smart experiences [38][39]. 3. Export Strategy - Chery has a well-established export strategy that began in developing markets and is now expanding into key markets like Russia and Europe. The company has adapted its product offerings and distribution channels to suit local market conditions [55][60]. - The Tiggo series is central to Chery's product strategy, with a focus on multiple brands and energy types to cater to different regional markets [65]. 4. Technological Foundation - Chery is enhancing its platform-based manufacturing capabilities and pursuing a dual-track strategy of self-research and collaboration with leading technology partners. The company aims to consolidate its R&D efforts to improve efficiency and innovation [8][34]. 5. Profit Forecast and Investment Advice - The report projects Chery's net profit to reach 18.41 billion yuan in 2025, with a corresponding P/E ratio indicating a favorable valuation compared to peers. The strong momentum in new energy development and solid export positioning justify a higher valuation for the company [1][17].

本报告导读： 同店维持正增，肯德基 TA 企稳。 投资要点： | 财务摘要(百万美元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,303 | 11,797 | 12,666 | 13,412 | 14,137 | | (+/-)% | 3.0% | 4.4% | 7.4% | 5.9% | 5.4% | | 毛利润 | 2,331 | 2,561 | 3,085 | 3,424 | 3,786 | | 净利润（归母） | 911 | 929 | 1,005 | 1,062 | 1,143 | | (+/-)% | 10.2% | 2.0% | 8.2% | 5.7% | 7.6% | | PE | | 19.02 | 17.51 | 15.89 | 14.32 | | PB | | 3.16 | 3.29 | 2.94 | 2.64 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 股票研究 /[Table_Date] 2026.02.05 同店销 ...

Investment Rating - The investment rating for Yum China (9987) is maintained as "Buy" [1] Core Insights - Same-store sales continue to show positive growth, with KFC's transaction average stabilizing [2] - The report forecasts a steady increase in revenue and net profit over the next few years, with a target price set at 500.00 HKD based on a 22x PE for 2026 [10] - The company is experiencing an increase in delivery sales, which now account for 53% of total sales, up from 51% in the previous quarter [10] Financial Summary - Total revenue is projected to grow from 11,303 million USD in 2024 to 14,137 million USD in 2028, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4] - Net profit attributable to shareholders is expected to rise from 911 million USD in 2024 to 1,143 million USD in 2028, with a notable increase of 10.2% in 2024 [4] - The company’s PE ratio is projected to decrease from 19.02 in 2025 to 14.32 in 2028, indicating improving valuation metrics [4] Operational Performance - In Q4 2025, the company reported a revenue of 2.823 billion USD, a year-on-year increase of 9% [10] - Operating profit for Q4 2025 was 187 million USD, up 25% year-on-year, with an operating margin of 6.6% [10] - The total number of stores reached 18,101 by the end of 2025, marking a 10% year-on-year increase [10] Profitability Metrics - The restaurant profit margin improved to 13.0% in Q4 2025, up 0.7 percentage points year-on-year, driven by reduced costs in food, packaging, and rent [10] - KFC's restaurant profit margin was 14.0%, while Pizza Hut's was 9.9%, both showing improvements compared to the previous year [10]

锅圈（2517.HK）2025 年业绩预告点评 业绩兑现优秀，聚力共进迈步 2026 glmszqdatemark 相对走势 -10% 40% 90% 140% 2025/2 2025/8 2026/1 锅圈 恒生指数 相关研究 [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 6,470 | 7,802 | 9,378 | 11,296 | | 增长率（%） | 6.2 | 20.6 | 20.2 | 20.5 | | 经调整净利润 | 311 | 463 | 589 | 728 | | 增长率（%） | 3.1 | 48.9 | 27.3 | 23.6 | | EPS(基于经调整净利润） | 0.11 | 0.17 | 0.21 | 0.27 | | P/E(基于经调整净利润） | 34 | 22 | 18 | 14 | | P/B | 3.3 | 3.1 | 2.8 | 2.5 | 资料来源：Wind，国联民生证券研究所预测（注：股 ...

资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 1 月 30 日收盘价,汇率 1HKD=0.89RMB） | 推荐 | 首次评级 | | --- | --- | | 当前价格： | 4.26 港元 | 锅圈（2517.HK）2025 年业绩预告点评 业绩兑现优秀，聚力共进迈步 2026 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 6,470 | 7,802 | 9,378 | 11,296 | | 增长率（%） | 6.2 | 20.6 | 20.2 | 20.5 | | 经调整净利润 | 311 | 463 | 589 | 728 | | 增长率（%） | 3.1 | 48.9 | 27.3 | 23.6 | | EPS(基于经调整净利润） | 0.11 | 0.17 | 0.21 | 0.27 | | P/E(基于经调整净利润） | 34 | 22 | 18 | 14 | | ...

Investment Rating - The investment rating for the company is set at ★★★☆☆ for basic factors and valuation, ★☆☆☆☆ for performance growth, ★★☆☆☆ for industry representation, ★★★☆☆ for industry prosperity, and ★★★★☆ for market conditions [5]. Core Insights - The company holds a leading market position with a global market share of 20.6% in the heat shrink materials industry, ranking first globally, and a domestic market share of 58.5% in China [2]. - The company has demonstrated significant competitive advantages as one of the largest providers of heat shrink materials and communication cable products, benefiting from the strong expansion of high-speed data communication and power transmission [2]. - The company possesses a broad intellectual property portfolio, including 540 invention patents and 1,490 utility model patents in China, showcasing its strong technical capabilities and industry leadership [3]. Financial Summary - The company's revenue for the fiscal year ending December 31 is projected to grow from 53.37 billion RMB in 2022 to 69.20 billion RMB in 2024, with net profit increasing from 6.60 billion RMB to 9.21 billion RMB during the same period [4]. Market Offering - The company plans to issue 1.40 billion shares, with a maximum fundraising amount of 28.12 billion HKD at an offering price of 20.09 HKD per share [6]. - The subscription period for the shares is from February 5 to February 10, with the listing date set for February 13 [6].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 22.90 and a fair value of HKD 37.45 [4]. Core Insights - Lingbao Gold has undergone over 20 years of transformation focusing on gold resource development, establishing a structure of five major gold mines and one smelting processing enterprise [10][16]. - The company is expected to enter a cycle of increased reserves and production over the next five years, with strategic plans to enhance its scale and establish itself as a leading gold mining enterprise [10][60]. - The ongoing interest rate reduction cycle is anticipated to support a steady rise in gold prices, which will positively impact the company's performance starting in 2026 [10]. - Earnings forecasts indicate significant growth, with expected EPS of RMB 1.18, 2.57, and 3.03 for the years 2025, 2026, and 2027 respectively, leading to a projected PE valuation of 13 times for 2026 [10]. Summary by Sections Company Overview - Lingbao Gold has developed a resource structure comprising five major gold mines and one smelting enterprise, with a total gold reserve of approximately 131.8 tons as of the end of 2024 [10][21]. - The company aims to solidify its foundation and expand its scale, targeting both domestic and international markets for resource integration [10][60]. Industry Analysis - The report highlights that the gold pricing system is expected to remain favorable, with gold prices projected to rise due to a weakening US dollar and lower real interest rates [10][60]. - The gold sector is anticipated to experience a valuation recovery as companies' performances improve with rising gold prices [10]. Financial Projections and Investment Recommendations - Revenue forecasts for the company show a growth trajectory, with expected revenues of RMB 10.53 billion in 2023, increasing to RMB 21.89 billion by 2027 [3]. - The report suggests that the company's strategic acquisitions and resource expansions will support its growth, leading to a fair value estimate of HKD 37.45 per share [10].

化学制药 | 总股本(百万股) | 2,595.70 | | --- | --- | | 流通股本(百万股) | 2,595.70 | | 市价(港元) | 11.42 | | 市值(百万港元) | 29,642.87 | | 流通市值(百万港元) | 29,642.87 | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524070001 Email：muys@zts.com.cn | 基本状况 | | --- | | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉琦 | | 营业收入（百万元） | | 6,640 | 6,635 | 7,690 | 9,009 | 10,427 | | | | 增长率 yoy% | | 4% | 0% | 16% | 17% | 16% | | ...

可灵 3.0 有望进一步推进技术前沿 买入（维持） 核心观点 快手-W 01024.HK 公司研究 | 动态跟踪 核心观点：1 月初可灵海外出圈后，整个 1 月看收入和 DAU 端都保持相对高位，热度持 续性表现好。目前数据意义在于整体稳在更高水位后，从 1 月初主要在低 ARPU 地区流 量扩圈（如东南亚、中亚等）→高付费能力地区收入震荡爬升，预期后者对可灵 ARR 提升作用更大。此外新一代可灵 3.0 版本内测中，统一架构下工作流衔接性更好，且区 别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿水平。产品层面更侧重于 专业创作各环节提效，若年前能全量使用，有望延续 1 月产品热度，带动需求释放。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年经调整归母净利润为 204/225/259 亿元。维持此前给予公司 26 年 18xPE 估值，对应合理价值为 4,048 亿 CNY，折合 4,542 亿 HKD（港币兑人 民币汇率 0.891），目标价 104.36 港元/股，维持"买入"评级。 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可 灵技术迭代不及预期 公司主要 ...