阳光保险（06963.HK）深度报告 从高 ROE 到高股息：资负双轮驱动的价值跃迁 2025 年 07 月 09 日 ➢ 阳光保险集团：寿险与财险双轮驱动高质量增长，保费收入增长加速，投资 收益企稳，内含价值持续提升。阳光保险以寿险与财险双轮驱动为核心，构建均 衡发展的业务格局。以"新阳光战略"深化业务协同，推动寿险队伍结构优化、 财险数据化升级，叠加资管多元配置能力，夯实高质量发展基础。保费收入保持 快速增长，增速高于行业平均水平，主要得益于寿险新单业务和财险非车险业务 的强劲发展，以及多渠道营销策略的持续发力。投资收益阶段性承压但已经企稳， 2024 年综合投资收益率 6.5%。内含价值持续提升，截至 2024 年末，内含价值 1157.6 亿元，同比+11.2%，公司业务规模的持续扩大和盈利能力的增强。 ➢ 阳光人寿：银保价值释放与结构优化双轮驱动，稳居行业第二梯队。阳光人 寿以银保渠道价值深耕+代理人队伍质态提升为核心增长极，2024 年总保费 804.5 亿元，同比+7.8%，市场份额稳步升至 2.2%。银保渠道依托传统险占比跃 升至 66.6%，趸交占比下降至 25.6%，驱动 NBVM 显著优 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 茶饮 2025 年 07 月 09 日 霸王茶姬 (CHA) ——高端现制茶饮第一，打造全球化的现代东方茶品牌 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 7 月 8 日 | | --- | --- | | 收盘价（美元） | 28.01 | | 纳斯达克 100 指数 | 22702.25 | | 52 周最高/最低（港币） | 41.80/25.26 | | 美股市值（亿美元） | 53 | | 流通股数（百万股） | 118 | | 汇率（美元/人民币） | 7.17 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《蜜雪集团（02097）深度：现制茶饮第一， 平价锚定，供应链为基》 2025/05/07 《古茗（01364）深度：大众现制茶饮第一， 最大规模冷链赋能》 2025/04/09 证券分析师 贾梦迪 A0230520010002 jiamd@swsresearch.com 联系人 贾梦迪 (8621)23297818× jiamd@swsresearch.com 投资要点： 财务数据及 ...

公司研究 证 券 研 究 报 告 中国飞鹤（06186.HK）2025 年中报预告点评 推荐（下调） 业绩低于预期，加大分红回购力度 事项： ❖ 公司发布 2025 年中报预告。25H1 预计实现收入 91-93 亿，同比下滑 7.9%- 9.9%，预计实现净利润 10-12 亿，同比下滑 36%-47%。公司预计 25Q3 渠道 库存调整到位，全年收入指引低个位数增长。此外，公司年内拟投入不少于 10 亿资金回购股份，用于后续出售或员工股权激励；且预期 25 年分派股息不少 于 20 亿元，去年同期 27.2 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 20,749 | 20,766 | 22,054 | 23,119 | | 同比增速(%) | 5.6% | 0.1% | 6.2% | 4.8% | | 归母净利润(百万) | 3,570 | 3,025 | 3,602 | 3,992 | | 同比增速(%) | ...

丨证券研究报告丨 港股研究丨公司点评丨滔搏（6110.HK） [Table_Title] 零售符合预期，期待业绩复苏 报告要点 [Table_Summary] 滔搏发布 FY2026Q1（2025 年 3-5 月）零售数据，零售同比中单位数下滑，表现符合预期。截 至 2025 年 5 月 31 日，公司直营门店毛销面积环比-1.3%，同比-12.3%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 滔搏发布 FY2026Q1（2025 年 3-5 月）零售数据，零售同比中单位数下滑，表现符合预期。 截至 2025 年 5 月 31 日，公司直营门店毛销面积环比-1.3%，同比-12.3%。 事件评论 丨证券研究报告丨 2025-07-09 港股研究丨公司点评 滔搏（6110.HK） cjzqdt11111 [Table_Title2] 零售符合预期，期待业绩复苏 [Table_Summary2] 事件描述 ...

证券研究报告 | 2025年07月08日 古茗（01364.HK） 优于大市 区域深耕成就万店规模，打造中端茶饮高成长新范式 古茗：中端现制茶饮赛道 NO.1，稳扎稳打成就万店规模。2010 年创始人王 云安在浙江台州开设首店，其后开启全国扩张。2024 年底，古茗门店数达 9914 家，是门店规模最大的中端（10-17 元）现制茶饮品牌，也是全价格带 下仅次于蜜雪集团规模的第二大现制茶饮品牌。2025 年 2 月 12 日公司成功 登陆港交所。2024 年，古茗营收 87.9 亿元/+14.5%；经调净利润 15.4 亿元 /+5.7%，收入/经调整净利润/门店规模 CAGR（2021-2024 年）分别为 26%/26%/20%增速靓丽。加盟模式主导，商品销售&持续支持加盟费是创收核 心，王云安、戚侠、阮修迪及潘萍萍 4 人为一致行动人，持股比例为 72.67%。 如何看待中端现制茶饮这门生意？中端茶饮能够较好地兼顾消费者品质要 求与性价比的双重诉求，已成为现制茶饮赛道"最大公约数"消费者选择。 灼识咨询数据显示，2025 年中端现制茶饮市场规模约 1615 亿元，规模占比 51.9%，CAGR（2024 ...

证券研究报告 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 康耐特光学：传统业务产品结构改善，智能眼 镜配套方案持续落地 [Table_ReportDate] 2025 年 07 月 08 日 报告内容摘要: [Table_S 事件：公司发布公告， ummary] 2025H1 归母净利润同比增速不低于 30%，根据我们测 算，利润体量至少为 2.71 亿元+，我们预计利润增速优于收入。公司为全球镜 片龙头，我们预计 H1 标准化镜片保持平稳增长、高折射率&功能性镜片等高价、 高毛利产品增长较快，产品结构持续优化、价格带&盈利中枢延续向上。 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康耐特光学(2276.HK) 投资评级 上次评级 智能眼镜行业销量高增，公司客户合作快速突破。根据 IDC，25Q1 全球智能眼 镜出货量为 148.7 万台（同比+82.3%，预计全年销量为 1451.8 万台/增速为 42.5%），其中音频和音频拍摄眼镜市场 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 7.32 HKD, indicating an expected relative return of over 20% within six months [5][56]. Core Viewpoints - Zhejiang Shibao is positioned as a leading enterprise in the automotive steering system sector in China, with a focus on the development, manufacturing, and sales of steering systems. The company has successfully transitioned from traditional hydraulic systems to electric power steering (EPS) and is set to launch steer-by-wire systems in 2026 [1][4]. - The company has experienced significant revenue growth due to the introduction of new products and expansion into new customer segments, particularly with the rise of electric vehicles and new energy commercial vehicles [2][3][4]. Summary by Sections Company Overview - Zhejiang Shibao, established in 1993, is a key player in the automotive steering system industry in China, transitioning from mechanical and hydraulic steering systems to electric power steering [12][18]. - The company serves a diverse customer base, with 82% of revenue from passenger vehicles and 18% from commercial vehicles in 2024 [19][22]. Development Stages - From 2015 to 2019, the company faced challenges with revenue growth not translating into profit due to high costs and quality issues affecting exports [2][25]. - Post-2020, the company capitalized on the recovery of the automotive market and expanded its customer base, leading to improved capacity utilization and profitability [2][40]. Embracing New Technologies - The company is actively pursuing steer-by-wire technology, which eliminates mechanical linkages and enhances vehicle design flexibility. Initial production is expected in 2026 [3][51]. - In the commercial vehicle sector, the company has developed electric hydraulic and electric steering systems, aligning with new emission standards and increasing demand for energy-efficient solutions [3][55]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 35.1 billion, 43.7 billion, and 52.0 billion CNY, with corresponding net profits of 2.7 billion, 3.8 billion, and 5.1 billion CNY, reflecting significant growth rates [4][56]. - The company is valued at a 20X PE ratio for 2025, leading to a target market capitalization of 55 billion HKD [4][56].

股票研究 /[Table_Date] 2025.07.08 股东结构优化顺利，龙头经营稳步向上 美丽田园医疗健康(2373) 6935023 | 风险提示：客流低于预期、生美-医美导流不及预期、行业竞争恶化。 | | --- | | [Table_Finance] 财务摘要（百万人民币） | 2021 | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 1780.74 | 1635.41 | 2145.07 | 2572.20 | 3076.26 | 3313.03 | 3590.85 | | (+/-)% | 18.5 | -8.2 | 31.2 | 19.9 | 19.6 | 7.7 | 8.4 | | 毛利润 | 833.79 | 717.84 | 977.10 | 1190.00 | 1444.49 | 1557.17 | 1701.49 | | 净利润 | 193.48 | 103.11 | 215.66 | 228.46 | 307.65 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth rates of 25.5%, 22.64%, and 23.76% for the years 2025, 2026, and 2027 respectively [5]. Core Insights - The company has issued a positive profit forecast, expecting a net profit growth of no less than 30% year-on-year for the first half of 2025 [2]. - The growth in the first half of 2025 is primarily driven by the increase in sales of high refractive index and functional lenses, leading to an optimized product mix and rising average selling prices [3]. - The smart glasses industry is accelerating, with a significant increase in global shipments, indicating a growing market opportunity for the company [3]. - The company's customization capabilities and technological advantages are expected to drive both volume and price increases, supported by strategic partnerships and new production lines [4]. Financial Projections - The company forecasts revenues of 2,472 million RMB in 2025, with a growth rate of 19.94%, and net profits of 538 million RMB, reflecting a growth rate of 30.96% [9]. - The projected diluted earnings per share for 2025 is 1.12 RMB, with a price-to-earnings ratio of 32.07 [9]. - The return on equity (ROE) is expected to be 25.32% in 2025, indicating strong profitability [9].

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].