特海国际 Super Hi International Holding (9658 HK) 点评报告：翻台率有所提升，多品牌计划稳步推进 Review Report: Table Turnover Rate Improves, and Diversified Brands Plan Advances Steadily 研究报告 Research Report 27 Nov 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 点评：外卖业务高速增长，多品牌计划稳步推进。3Q25 收入结构 上，①餐厅经营收入 2.0 亿美元，同比增长 ...

规模为先，强底盘龙头拐点将至 中通快递-W(02057) 证券研究报告 物流 / 公司深度研究报告 / 2025.11.27 投资评级:买入(首次) | 基本数据 | 2025-11-26 | | --- | --- | | 收盘价(元) | 162.10 | | 流通股本(亿股) | 5.98 | | 每股净资产(元) | 77.34 | | 总股本(亿股) | 8.04 | 最近 12 月市场表现 -10% 0% 10% 20% 29% 39% 中通快递-W 恒生指数 分析师 祝玉波 SAC 证书编号：S0160525100001 zhuyb01@ctsec.com | 联系人 王汉学 | | --- | | wanghx01@ctsec.com | 相关报告 请阅读最后一页的重要声明！ ❖ 三大决策"省际班车"+"有偿派费"+"股份改革"实现弯道超车。 公司凭借对加盟快递商业本质洞察开通省际班车、推行有偿派费、进行股份制 改革，最终在后期实现弯道超车，2016 年成为加盟制快递龙头。 ❖ 加盟快递行业龙头，业绩增长相对稳健。公司市占率排名在通达系中居首， 2025Q3 市占率 19.4%，较 2025H ...

Investment Rating - The report maintains a NEUTRAL rating for Li Auto with a target price of HK$81.34, reflecting a current price of HK$71.70 [2][6]. Core Insights - The one-off recall has disrupted quarterly earnings, but there is potential for a rapid recovery in Q4. The company reported a revenue of RMB 27.4 billion for Q3 2025, down 36% year-on-year and 10% quarter-on-quarter, with vehicle sales contributing RMB 25.9 billion [3][10]. - Li Auto is focusing on the 2026 facelifted L series as a growth driver, aiming to reclaim its leadership in the extended-range electric vehicle (EREV) segment. The company has started deliveries of the i6/i8 battery electric vehicle (BEV) models, enhancing its market presence [4][11]. - An organizational restructuring has been implemented to enhance decision-making speed and operational resilience, shifting back to a startup-style management approach [5][12]. Financial Summary - Revenue projections for 2025, 2026, and 2027 have been adjusted to RMB 111.6 billion, RMB 122.0 billion, and RMB 136.8 billion, respectively, reflecting a decrease of 14%, 28%, and 33% [6][13]. - The report indicates a non-GAAP net loss of RMB 360 million for Q3 2025, but underlying profitability is expected to return in Q4 2025 [3][10]. - The gross margin for Q3 was reported at 16.3%, with an underlying margin of 20.4% when excluding the recall impact [3][10].

Investment Rating - The investment rating for Alibaba-W (9988.HK) is "Buy" (maintained) [1] Core Views - The report highlights strong growth in cloud business and steady progress in domestic e-commerce commercialization, while also noting ongoing investments in instant retail [9] - The company reported a revenue of 247.8 billion yuan for FY2026Q2, reflecting a year-over-year increase of 5% and a quarter-over-quarter increase of 0.1% [10][11] - The adjusted EBITDA for the same period was 173 billion yuan, down 64% year-over-year [10][11] Summary by Sections Recent Performance - For FY2026Q2, Alibaba achieved a revenue of 247.8 billion yuan, with a net profit of 206 billion yuan, representing a year-over-year decline of 53% [10][11] - The company repurchased 17 million shares for a total of 253 million USD, with a remaining buyback capacity of 19.1 billion USD [10] Business Segments - **E-commerce**: The Chinese e-commerce group reported a revenue of 132.6 billion yuan, up 16% year-over-year, driven by a 10% increase in customer management revenue [12][32] - **Cloud Business**: The cloud segment saw a revenue increase of 34% to 39.8 billion yuan, with external cloud revenue growing by 29% [36] - **International Digital Commerce**: This segment achieved a revenue of 34.8 billion yuan, up 10% year-over-year, primarily due to improved operational efficiency [35] Financial Projections - Revenue projections for FY2026-2028 are set at 1,041.8 billion yuan, 1,160.5 billion yuan, and 1,282.1 billion yuan respectively, with corresponding net profits of 125.1 billion yuan, 149.3 billion yuan, and 184.5 billion yuan [9][37] - The target market capitalization for FY2027 is estimated at 3,345.5 billion yuan, with a target price of 175 yuan per share [9][38]

| 医药 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 11 月 27 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 31.58 | 港元 | 39.50↑ | +25.1% | | | 三生制药 (1530 HK) | | | | | | | 707 海外开发快速推进，蔓迪计划分拆聚焦创新主业；上调目标价 个股评级 买入 1 年股价表现 资料来源： FactSet 11/24 3/25 7/25 11/25 -100% 0% 100% 200% 300% 400% 500% 600% 1530 HK 恒生指数 股份资料 | 52周高位 (港元) | 35.90 | | --- | --- | | 52周低位 (港元) | 5.69 | | 市值 (百万港元) | 75,546.62 | | 日均成交量 (百万) | 21.32 | | 年初至今变化 (%) | 419.41 | | 200天平均价 (港元) | 27.32 | | 资料来源： FactSet | | 交银国际研究 公司更新 丁政宁 Ethan.Ding@b ...

2025 年 11 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——同程旅行（0780.HK）2025Q3 财报点评 相关报告 《同程旅行（0780.HK）2025Q2 财报点评：核心 OTA 增长亮眼，关注国际业务发展（买入）*旅游 及景区*陈梦竹，张娟娟，罗婉琦》——2025-08-20 《同程旅行（0780.HK）2025Q1 财报点评：利润 率持续改善，关注国际扩张表现（买入）*旅游及 景区*陈梦竹，张娟娟，罗婉琦》——2025-05-26 《同程旅行（0780.HK）2024Q4 财报点评：核心 OTA 盈利持续改善，关注国际扩张表现（买入）* 旅游及景区*陈梦竹，张娟娟，罗婉琦》—— 2025-03-25 事件: 2025 年 11 月 25 日公司发布 2025Q3 财报，2025Q3 公司实现收入 55 亿元（yoy+10.4%）；实现经调整净利润 10.6 亿元（yoy+17%），对应 经调整净利润 ...

Investment Rating - The investment rating for the company is Neutral [2][8]. Core Insights - The company experienced a loss in Q3 due to recall costs and supply chain bottlenecks, limiting short-term recovery, with expectations set for new products in 2026 [2][6]. - The stock price has adjusted approximately 40% from previous highs, reflecting most negative factors, and the recovery will depend on the resolution of supply chain issues and actual sales from new models [6][10]. Financial Overview - Revenue projections for the company are as follows: - 2023: 123,851 million RMB - 2024: 144,460 million RMB - 2025E: 123,190 million RMB - 2026E: 142,706 million RMB - 2027E: 151,853 million RMB - Year-on-year growth rates are projected to be 173.5% for 2023, 16.6% for 2024, -14.7% for 2025, 15.8% for 2026, and 6.4% for 2027 [5][10]. - Net profit estimates are as follows: - 2023: 11,704 million RMB - 2024: 8,032 million RMB - 2025E: 5,264 million RMB - 2026E: 6,056 million RMB - 2027E: 7,094 million RMB [5][12]. Market Performance - The company's stock closed at HKD 71.70 with a target price of HKD 80.84, indicating a potential upside of 12.7% [1][9]. - The market capitalization is approximately 237,697.31 million HKD, with a year-to-date change of -23.68% [4][10].

[Table_CoverStock] —爱康医疗(1789.HK)公司深度报告 [Table_ReportDate] 2025 年 11 月 27 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业联席首席 曹佳琳 医药行业分析师 S1500523080002 S1500524120003 S1500523080011 tangaijin@cindasc.com Hexin1@cindasc.com caojialin@cindasc.com "国内+海外"双轮驱动成长，数智化布局打造商业新模式 分析师 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 爱康医疗(1789.HK) 投资评级 买入 上次评级 [Table_Chart] -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/11/26 2025/02/26 2025/05/26 2025/08/26 爱康医疗 恒生综合指数 资料来源：ifind，信达证券研发中心 [Table_BaseData] 公司主要 ...

证券研究报告·海外公司点评·汽车(HS) 理想汽车-W（02015.HK） 2025 年三季报点评：业绩短期承压，构建具 身智能完整 AI 系统 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 123,851 | 144,460 | 113,377 | 138,050 | 191,210 | | 同比(%) | 173.48 | 16.64 | (21.52) | 21.76 | 38.51 | | 归母净利润（百万元） | 11,704.13 | 8,032.35 | 853.49 | 1,583.22 | 6,360.02 | | 同比(%) | 681.65 | (31.37) | (89.37) | 85.50 | 301.71 | | EPS-最新摊薄（元/股） | 5.47 | 3.75 | 0.40 | 0.74 | 2.97 | | P/E（现价&最新摊薄） | 11.93 | 17.39 | 1 ...

毛利率持续改善，在手资金充裕。2025Q3，公司毛利率为 14.5%，环比和 同比都有所改善，主要得益于规模效应、成本管控和产品组合优化以及其他 业务产生的收益等。Q3 经营活动产生的现金净额 48.8 亿元，自由现金流38.4 亿元，账面资金及等价物合计 339.2 亿元，公司在手资金充裕。 交付量突破新高，多款车型销量表现亮眼。公司 Q3 单季交付 173852 台， 同比增长 101.77%，环比增长 29.63%。10 月销量 70289 台，同比 84.11%， 月销量首次突破 7 万台，核心车型 C10 单月突破 2 万台，B01、B10、C11、 C16 等多车型实现月销破万。 公司点评 | 零跑汽车 Q3 毛利率持续改善，海外终端订单大幅增长 零跑汽车（09863.HK）跟踪点评 事件：2025Q3，零跑汽车收入 194.5 亿元，同比 97.3%；净利润 1.5 亿元； 毛利率为 14.5%，同比提升 6.4pct，环比提升 0.9pct。当季整车交付 173852 台，同比增长 101.77%。 Q3 研发投入增加，10 月发布全新旗舰 D 平台。Q3 研发费用 12.1 亿元，同 比增长 ...