Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has entered into a strategic cooperation framework agreement with L Catterton, aiming for global market expansion and optimization of capital structure [1][2]. - The partnership will leverage L Catterton's extensive investment experience in the consumer goods sector to enhance the company's high-end beauty brand positioning and facilitate overseas retail channel expansion [2]. - The company has shown strong sales performance, with a 32% year-on-year increase in sales across major platforms for the period from January to November 2025, indicating robust growth in both makeup and skincare categories [3]. Financial Projections - The company forecasts revenue growth from 2,886 million RMB in 2023 to 8,812 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.9% [4][10]. - Net profit is projected to increase from 662 million RMB in 2023 to 2,041 million RMB in 2027, reflecting a strong growth trajectory [4][10]. - Earnings per share (EPS) are expected to rise from 1.35 RMB in 2023 to 4.16 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 19 over the same period [4][10]. Profitability and Valuation Metrics - The company maintains a high gross margin, projected at around 84% for the next few years, indicating strong pricing power and cost management [12]. - Return on equity (ROE) is expected to remain robust, with estimates of 42.8% in 2023 and stabilizing around 33.4% by 2027 [12]. - The valuation metrics suggest a decreasing trend in P/E and P/B ratios, indicating potential for investment attractiveness as earnings grow [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the reduction in shareholding by major shareholders has been completed, which is expected to contribute to the creation of a high-end luxury beauty ecosystem [5] - The company has signed a strategic cooperation framework agreement with L Catterton Asia Advisors to assist in global market expansion, acquisitions, and strategic investments [8] - The company's strong sales performance in both online and offline channels supports the positive outlook for its future profitability [8] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2023: 2,885.96 million RMB - 2024: 3,884.69 million RMB (growth of 34.61%) - 2025: 5,153.06 million RMB (growth of 32.65%) - 2026: 6,608.46 million RMB (growth of 28.24%) - 2027: 8,340.36 million RMB (growth of 26.21%) [7] - Net profit forecasts are: - 2023: 661.9 million RMB - 2024: 880.6 million RMB (growth of 33.0%) - 2025: 1,212.7 million RMB (growth of 37.7%) - 2026: 1,580.4 million RMB (growth of 30.3%) - 2027: 2,030.8 million RMB (growth of 28.5%) [7] - Earnings per share (EPS) estimates are: - 2023: 3.31 RMB - 2024: 2.18 RMB - 2025: 2.47 RMB - 2026: 3.22 RMB - 2027: 4.14 RMB [7] Strategic Developments - The company plans to utilize the proceeds from the share reduction for investments in the beauty-related industry and personal improvements [8] - The collaboration with L Catterton aims to leverage their global investment network to enhance the company's brand presence in high-end retail channels [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved a record high in overall package volume in 2025, reaching 30.13 billion packages, a year-on-year increase of 22.2% [2] - The Southeast Asian market showed strong performance with a package volume of 7.66 billion in 2025, up 67.8% year-on-year, capturing a market share of 32.8% [2] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, also demonstrated significant growth, with a package volume of 400 million in 2025, a 43.6% increase year-on-year [2] Summary by Relevant Sections Overall Package Volume - In Q4 2025, the company achieved a total package volume of 8.46 billion, a 14.5% increase year-on-year, with an average daily volume of 92 million packages [1] - The total package volume for 2025 was 30.13 billion, with an average daily volume of 82.5 million packages, reflecting a 22.6% year-on-year growth [2] Southeast Asia Market - In Q4 2025, the company recorded a package volume of 2.44 billion in Southeast Asia, a remarkable 73.6% increase year-on-year, with an average daily volume of 26.5 million packages [1] - The company maintained its leading market share in Southeast Asia for six consecutive years, with a 5.4 percentage point increase from the previous year [2] New Markets - The new markets achieved a package volume of 130 million in Q4 2025, a 79.7% increase year-on-year, with an average daily volume of 1.45 million packages [1] - The company is actively expanding its presence in new markets, leveraging partnerships with e-commerce platforms like TikTok and Mercado Libre [1] Financial Forecasts - The adjusted net profit for 2025-2027 is projected to be $400 million, $710 million, and $990 million, respectively, with corresponding P/E ratios of 33.1x, 18.8x, and 13.5x [10] - Revenue is expected to grow from $10.26 billion in 2024 to $17.39 billion in 2027, reflecting a compound annual growth rate of approximately 16% [12]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Lin Qingxuan, founded in 2003, is a leading high-end domestic skincare brand in China, known for its "oil-based skincare" concept and camellia oil facial essence, focusing on anti-wrinkle and firming skincare products [6][8] - The company has experienced rapid growth, with revenue reaching 1.05 billion yuan in the first half of 2025, a year-on-year increase of 98%, and a net profit margin of 17.3% [6][14] - The market for oil-based skincare is expanding, with a projected market size of 11 billion yuan by 2025, driven by consumer awareness and the rise of domestic brands [6][51] Company Overview - Lin Qingxuan is recognized as a pioneer in the "oil-based skincare" market, with its camellia oil essence being a flagship product that has sold over 45 million bottles since its launch [6][19] - The company operates a multi-channel sales strategy, with 554 physical stores and a significant online presence, particularly on platforms like Douyin, where it holds a 72% market share in its category [6][30][66] - The founder, Sun Laichun, holds a significant stake in the company, which enhances stability and strategic direction [11] Financial Performance - Revenue has grown from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a compound annual growth rate (CAGR) of 32.42% [14][15] - The gross profit margin for the camellia oil essence has increased from 33% in 2022 to 48% in the first half of 2025, contributing to overall profitability [19][24] Market Dynamics - The "oil-based skincare" market is characterized by a shift towards high-end products, with a significant portion of the market now held by domestic brands [51][53] - Lin Qingxuan leads the market with a 12% share in facial essence sales, outperforming competitors on major e-commerce platforms [55][57] - The demand for oil-based skincare products is driven by a growing understanding of skin barrier science and the need for lipid-based protection [51][64] Product Strategy - The product lineup includes 230 SKUs, with the camellia oil essence accounting for 46% of revenue and 48% of gross profit [19][24] - The company emphasizes the use of natural ingredients and has positioned itself as a high-end brand through effective marketing and product differentiation [6][64] Sales Channels - The company has successfully integrated online and offline sales channels, with online sales accounting for 65% of total revenue in the first half of 2025 [30][66] - Douyin is identified as the primary sales channel for the company, reflecting the effectiveness of live-streaming and visual marketing strategies [66]

从清华实验室到港股 AI 新贵，关注模型迭代 与生态飞轮 投资评级（暂无） | 项目[Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 124.54 | 312.41 | 785.00 | 1,550.00 | 3,219.00 | | 同比（%） | 116.93 | 150.86 | 151.27 | 97.45 | 107.68 | | 归母净利润(百万元) | -787.96 | -2,956.49 | -4,563.36 | -3,320.10 | -2,512.06 | | 同比（%） | -449.58 | -275.21 | -54.35 | 27.24 | 24.34 | | Non-GAAP 净利润（百万元） | -621.00 | -2,465.60 | -3,386.96 | -2,801.20 | -2,462.06 | | 同比（%） | -537.58 | -297.04 | -37.37 | 17.29 | 12.11 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company is positioned to benefit from the accelerating domestic semiconductor equipment replacement and improved order visibility driven by advanced packaging technology [1]. - The company has a comprehensive equipment matrix in advanced packaging, with a leading market share in TCB (Thermal Compression Bonding) and has upgraded its HB (Hybrid Bonding) equipment for mass production [8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 141.14 billion, HKD 165.73 billion, and HKD 189.05 billion, respectively, reflecting year-on-year growth rates of 6.69%, 17.42%, and 14.07% [8]. Summary by Sections 1. Market Performance - The company has experienced a significant market performance shift, with a 44% increase compared to the previous year, while the semiconductor index has shown varied performance [4]. 2. Profit Forecast - The company’s revenue is projected to decline by 24.10% in 2023, followed by a gradual recovery with expected growth rates of 6.69%, 17.42%, and 14.07% from 2025 to 2027 [7]. - The net profit is forecasted to recover from a low of HKD 345 million in 2024 to HKD 1.715 billion by 2027, indicating a strong rebound in profitability [7]. 3. Valuation Recovery - The company is expected to benefit from the long-term trend of advanced packaging, with a clear growth logic supported by order recovery and improved profit structure [8]. - The company’s TCB market share is projected to reach 35%-40% by 2027, with a total potential market exceeding USD 1 billion [66]. 4. Advanced Packaging Growth - The advanced packaging market is anticipated to surpass traditional packaging by 2025, driven by the increasing demand for AI and high-performance computing [36]. - The global advanced packaging market is expected to grow at a CAGR of approximately 10% until 2023, with significant contributions from government policies and diverse downstream demand [37]. 5. Geopolitical and Domestic Market Dynamics - The company is expected to gain market share in China due to the acceleration of domestic substitution and geopolitical factors, with a focus on local supply chain control [8]. - The company has established a strong local presence in China, with a significant portion of its revenue derived from the region, indicating a strategic advantage in the domestic market [35].

即时点评 重获 IMM2510 全球权利，海外研发有望加速推进 【事件】 公司与 Axion 订立终止协议，收回此前授予 Axion 的全球开发及商业化 权利，仅保留 Axion 逐步结束临床开发活动的有限许可。本次终止不影 响宜明昂科已从 Axion 收取的 35 百万美元首付款及里程碑付款。 【点评观点】 ➢ 公司重新获得 IMM2510 及 IMM27M 全球权利 因为合作方 Axion（Instil Bio 的全资附属公司）开发进度严重滞后及履约 面临挑战，公司重新获得 IMM2510 及 IMM27M 全球权利，公司重掌海 外临床研发的主导权，将加速全球开发节奏。 宜明昂科-B（1541.HK） 2026-1-7 星期三 ➢ IMM2510 的 ORR 及 PFS 数据优秀 在 2025 年世界肺癌大会（WCLC）上公布的 PD-L1xVEGF 双抗 （IMM2510）数据显示，17 例可评估疗效的 sq-NSCLC 患者客观缓解率 (ORR)为 35.3%(6/17)，疾病控制率(DCR)达 76.5%(13/17)。中位缓解持续 时间(DoR)为 7.59 个月(95% CI: 4.07–NA) ...

市公司 不断运输 2026 年 01 月 07 日 第速递-W 东南亚及新市场业务量高增，上调盈利预测 报告原因：有信息公布需要点评 撸持(维持) | 市场数据: | 2026年01月06日 | | --- | --- | | 收盘价（港币） | 11.20 | | 恒生中国企业指数 | 9244.24 | | 52 周最高/最低 (港币) | 11.34/4.53 | | H 股市值 (亿港币) | 1.005.49 | | 流通 H 股 (百万股) | 8.897.93 | | 汇率（港币/人民币） | 0.9014 | 一年内股价与基准指数对比走势: 130% 资料来源：Bloomberg 相关研究 《极兔速递-W (01519) 点评: 东南亚维持 高景气,新市场打开新增长曲线》 2025/10/15 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | 2023 | | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万美元) | 8849 | 10259 | 12406 | 15573 ...

上 市 公 司 交通运输 ——东南亚及新市场业务量高增，上调盈利预测 报告原因：有信息公布需要点评 增持（维持） | 市场数据： | 2026 年 01 月 06 日 | | --- | --- | | 收盘价（港币） | 11.20 | | 恒生中国企业指数 | 9244.24 | | 52 周最高/最低（港币） | 11.34/4.53 | | H 股市值（亿港币） | 1,005.49 | | 流通 H 股（百万股） | 8,897.93 | | 汇率（港币/人民币） | 0.9014 | 一年内股价与基准指数对比走势： -20% 30% 80% 130% HSCEI 极兔速递-W 资料来源：Bloomberg 相关研究 《极兔速递-W（01519）点评：东南亚维持 高 景 气 ， 新 市 场 打 开 新 增 长 曲 线 》 2025/10/15 证券分析师 2026 年 01 月 07 日 极兔速递-W (01519) 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 王易 A0230525050001 wangyi@swsresearch.com 范晨轩 A ...

证券研究报告 雅迪控股 (1585 HK) 港股通 看好两轮车龙头优势持续巩固 | 华泰研究 | | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 07 日│中国香港 | | 其他交运设备 | 目标价(港币): | 18.63 | | 公司发布正面盈利预告，预计 29 亿元（同比增长超过 | | | 25 年纯利不少于 | | 刘俊 SAC No. S0570523110003 | 研究员 karlliu@htsc.com | | 128%），同比高增主要系电动两轮车销售增加、产品结构优化。我们看好 | | | | | SFC No. AVM464 | +(852) 3658 6000 | SFC No. AVM464 边文姣 研究员 SAC No. S0570518110004 bianwenjiao@htsc.com SFC No. BSJ399 +(86) 755 8277 6411 SAC No. S0570522110001 SFC No. BTK945 宋亭亭 研究员 ...