Investment Rating - The report maintains a "Buy" rating for the company with an increased target price of HKD 12.34, reflecting a potential upside of 13.5% based on a price-to-earnings ratio of 16.5 times FY26 earnings [1][7]. Core Insights - Recent breakthroughs in several innovative business areas, such as the launch of the Guangdong Zhanjiang green methanol project, significant revenue and orders in aerospace storage equipment, and investments in nuclear fusion energy, are expected to support long-term growth and higher valuations for the company [1][2][4]. - The green methanol project, which has an annual capacity of 50,000 tons, is China's first commercial-scale production of bio-methanol, utilizing low-cost agricultural waste as raw materials [2]. - The aerospace storage equipment segment is projected to generate over RMB 100 million in revenue and orders by 2025, supplying various domestic and international aerospace entities [3]. - The company has invested RMB 1 billion in a nuclear fusion energy enterprise, indicating a strategic move towards future energy solutions [4]. Financial Summary - The company reported revenues of RMB 23.626 billion in 2023, with a projected increase to RMB 27.235 billion by 2025, reflecting a growth rate of 10% [6]. - Shareholder net profit is expected to rise from RMB 1.114 billion in 2023 to RMB 1.225 billion in 2025, marking an 11.9% growth [6]. - Earnings per share are forecasted to increase from RMB 0.55 in 2023 to RMB 0.60 in 2025, with a corresponding decrease in the price-to-earnings ratio from 18.0 to 16.6 [6].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's overall revenue for Q4 experienced a low single-digit decline, with offline channels showing a moderate decrease while e-commerce remained stable [1] - The company anticipates a slight growth in total revenue for the year 2025, with strong contributions from specialized channels like badminton, which saw over 30% growth in the first three quarters [2] - The company is focusing on core professional sports and outdoor categories for growth, while also optimizing lifestyle products [2] - The sponsorship of the Chinese Olympic Committee is expected to enhance brand confidence and visibility, although translating this into sales will take time [2] Financial Summary - The projected total revenue for 2025 is estimated at 29,046 million, reflecting a 1% year-over-year growth [5] - The expected net profit for 2025 is 2,461 million, representing an 18% decline from the previous year [5] - The earnings per share (EPS) for 2025 is projected to be 0.95, with a price-to-earnings (P/E) ratio of 18.46 [3][5] - The company forecasts net profits of 24.61 billion, 26.83 billion, and 28.44 billion for the fiscal years 2025, 2026, and 2027, respectively [3]

Investment Rating - The investment rating for Luk Fook Holdings is not explicitly stated in the provided documents, but the overall performance and growth indicators suggest a positive outlook for the company [1][2]. Core Insights - The company reported a retail sales value increase of 26% year-on-year for the third quarter of FY2026, with mainland China contributing a 26% increase and markets outside mainland China showing a 20% increase [1]. - Same-store sales growth accelerated, with an overall increase of 15% year-on-year for the third quarter, driven by stronger performance in markets outside mainland China [2]. - The product mix is continuously optimizing, with a notable increase in the proportion of priced gold, which rose by 32% year-on-year [2]. - The company is maintaining a good pace of new product launches, including collaborations with cultural brands and innovative product designs [2]. Financial Performance - For FY2025, the company reported a revenue of 13,341 million HKD, with a projected increase to 15,580 million HKD in FY2026, representing a 17% growth [4]. - The net profit attributable to the parent company is expected to rise from 1,100 million HKD in FY2025 to 1,450 million HKD in FY2026, reflecting a 32% increase [4]. - Earnings per share (EPS) is projected to increase from 1.87 HKD in FY2025 to 2.47 HKD in FY2026 [4]. Store Expansion and Market Strategy - As of December 31, 2025, the company operated 3,073 stores, with 2,951 in mainland China and 122 in markets outside mainland China, indicating a strategic focus on expanding overseas [3]. - The company plans to open approximately 20 new stores overseas in the current fiscal year, reflecting its commitment to international market growth [3]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 11.1X, 9.5X, and 8.5X respectively, indicating a favorable valuation trend [3]. - The company's return on equity (ROE) is expected to improve from 8.33% in FY2025 to 10.41% in FY2026, showcasing enhanced profitability [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The report highlights Alibaba's unique position in the Chinese internet sector, leveraging AI to enhance consumer experiences across various platforms, aiming to create a one-stop solution for user needs [1] - The rapid growth of the Qianwen app, surpassing 100 million monthly active users, indicates significant commercial opportunities as AI is expected to handle 60%-70% of routine tasks in the digital world over the next two years [2] - Alibaba's comprehensive consumer ecosystem, covering various needs such as clothing, food, accommodation, transportation, and entertainment, is expected to strengthen user loyalty and support long-term performance growth [3] Summary by Sections Investment Rating - The target price is set at HKD 175.30 for the Hong Kong stock and USD 180.00 for the US stock, corresponding to 27.5x and 21.9x FY27-28 non-GAAP forecast PE [5][18] User Growth and Engagement - The Qianwen app has achieved over 100 million monthly active users within two months of launch, significantly exceeding management expectations [2] - The app supports over 400 task types, enhancing user engagement across various sectors, including education and healthcare [2] Ecosystem and Market Position - Alibaba has built a robust consumer ecosystem over nearly 30 years, covering essential consumer needs and creating competitive barriers through cross-channel marketing [3] - The introduction of additional transaction subsidies in the Qianwen app has provided a price advantage over competitors in food delivery and flight booking [4] Financial Projections - The non-GAAP net profit forecasts for FY26-28 are maintained at CNY 94 billion, CNY 110 billion, and CNY 138 billion respectively [5][16] - Revenue projections for FY26-28 are CNY 1,030 billion, CNY 1,120 billion, and CNY 1,218 billion, reflecting growth rates of 3.4%, 8.7%, and 8.8% respectively [10][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company has demonstrated a robust performance with a 10% growth in offline retail sales for both adult and children's segments in Q4 2025. The e-commerce platform also recorded high double-digit growth despite external disruptions [7] - The company has launched multiple new products and collaborations, enhancing its brand influence through technological innovations and partnerships [7] - The expansion of "super stores" has exceeded expectations, with 126 stores opened by the end of 2025, including 105 large-format stores and 21 children's stores [7] - The company is expected to see a steady increase in net profit, with projections of RMB 1.315 billion, RMB 1.489 billion, and RMB 1.684 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 14.50%, 13.20%, and 13.13% [6][7] Financial Summary - Revenue projections for the company are as follows: RMB 10,073.51 million in 2024, RMB 11,540.03 million in 2025, RMB 13,113.23 million in 2026, and RMB 14,773.90 million in 2027, with corresponding growth rates of 19.59%, 14.56%, 13.63%, and 12.66% [6][8] - The company's return on equity (ROE) is projected to be 12.25% in 2024, 12.75% in 2025, 12.60% in 2026, and 12.47% in 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 11.54 in 2023 to 6.59 in 2027, indicating an attractive valuation over time [6]

证券研究报告 | 2026年01月16日 六福集团（00590.HK） 同店进一步加速增长，海外拓展顺利 |  | 公司研究·公司快评 |  | 商贸零售·专业连锁Ⅱ | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 张峻豪 | 021-60933168 | zhangjh@guosen.com.cn | 执证编码：S0980517070001 | | 证券分析师： | 柳旭 | 0755-81981311 | liuxu1@guosen.com.cn | 执证编码：S0980522120001 | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | 执证编码：S0980523090004 | 事项： 公司公告：公司发布 2025 年 10-12 月经营数据，整体零售值同比增长 26%，同店销售增长 15%，均环比上 一季度实现加速。 国信零售观点：1）分区域看，全球市场均表现较好：中国香港同店销售增长 15%，中国澳门增长 22%，海 外增长 11%；中 ...

Investment Rating - The investment rating for WuXi AppTec (2268 HK) is maintained at "Buy" with a target price of HKD 82.24 [8][14]. Core Insights - WuXi AppTec is expected to see significant revenue growth in 2025, with revenue, gross profit, net profit, and adjusted net profit projected to increase by over 45%, 70%, 38%, and 65% year-on-year, respectively [1][2]. - The company plans to acquire Dongyao Pharmaceutical for approximately HKD 3.09 billion, which is anticipated to enhance its competitive edge and capacity [5][6]. - The demand for Contract Research, Development, and Manufacturing Organization (CRDMO) services is expected to rise as global Antibody-Drug Conjugate (ADC) pipelines commercialize [1][3]. Revenue and Profit Forecast - Revenue for 2025 is estimated at approximately HKD 59.6 billion, with a gross profit of HKD 21.1 billion and a net profit of HKD 14.7 billion [2][12]. - The gross margin is projected to be around 35.4%, an increase of about 5 percentage points from 2024, indicating strong operational efficiency [2][12]. - Adjusted net profit is expected to grow by over 65% for the year, despite a decline in profit margins in the second half of 2025 due to foreign exchange impacts and rising expense ratios [2][12]. Project Pipeline - The company signed 70 new iCMC projects in 2025, with 22 being molecular projects, contributing to a total of 252 iCMC projects [3]. - WuXi AppTec is expected to lead in the development of new conjugated molecules, with over half of the new projects being innovative types [3]. - The global market share is projected to increase from 21.7% in 2024 to over 24% in 2025 [3]. Capacity Expansion - The company is expanding its production capacity, with existing DP capacity in Wuxi being maintained and expanded in 2025 [4]. - New production facilities in Singapore are expected to be operational by mid-2025, with additional overseas capacity coming online in 2026 [4]. - The acquisition of the Hefei base is expected to enhance peptide development and production capabilities, with an annual capacity exceeding 40 kg [4]. Acquisition of Dongyao - The acquisition of Dongyao Pharmaceutical is expected to strengthen WuXi AppTec's existing competitive position, as Dongyao has significant production capabilities and a strong client base [5][6]. - Dongyao operates two antibody bulk production lines and three independent ADC bulk production workshops, which will complement WuXi AppTec's offerings [5]. Earnings Forecast and Valuation - Adjusted net profit forecasts for 2025, 2026, and 2027 are revised to HKD 15.9 billion, HKD 22.4 billion, and HKD 31.6 billion, respectively, reflecting a CAGR of 39% [6][12]. - The target price is based on a PEG ratio of 1.06x for 2026, aligning with comparable companies in the sector [6][14].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 22.76 [1][10]. Core Insights - The company reported a slight year-on-year decline in overall retail sales for Q4 2025, but the decline has narrowed compared to previous months. The sales performance in October was boosted by the National Day and Mid-Autumn Festival, while November and December saw a weakening due to the consumer environment and warm winter [6][10]. - Management is confident in achieving revenue and profit margin guidance for 2025, expecting revenue to remain flat and profit margins to increase in the high single digits. The upcoming Olympic year in 2026 is anticipated to drive marketing investments and resource allocation, potentially leading to a turning point in sales [6][10]. - The company is actively managing inventory and risks in a complex retail environment, with a healthy inventory-to-sales ratio returning to a range of 4-5 months [9][10]. Financial Performance - Revenue projections for the company are as follows: - 2024: RMB 28,676 million - 2025E: RMB 28,946 million (up 0.94%) - 2026E: RMB 30,023 million (up 3.72%) - 2027E: RMB 31,825 million (up 6.00%) [5][10]. - Net profit attributable to the parent company is projected to be: - 2024: RMB 3,013 million - 2025E: RMB 2,696 million (down 10.52%) - 2026E: RMB 2,769 million (up 2.73%) - 2027E: RMB 3,171 million (up 14.50%) [5][10]. - The company’s EPS (Earnings Per Share) is expected to be: - 2024: RMB 1.17 - 2025E: RMB 1.04 - 2026E: RMB 1.07 - 2027E: RMB 1.23 [5][10]. Channel Performance - In Q4 2025, offline channels (including retail and wholesale) saw a year-on-year decline in sales, while online sales remained flat. The direct sales channel performed better than wholesale, largely due to contributions from outlet stores [7][10]. - The company continues to expand its store network, with a total of 6,091 stores (excluding Li Ning YOUNG) as of Q4 2025, and plans to open more specialty stores in various categories [8][10]. Discount and Inventory Management - Overall discounts in Q4 2025 deepened slightly year-on-year and quarter-on-quarter, with offline discounts averaging around 65% due to increased clearance efforts for winter apparel amid warm weather [9][10]. - The company has effectively managed inventory levels, with the inventory-to-sales ratio returning to a healthy range, indicating good inventory management practices [9][10].

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) with an updated target price of HKD 67.75, reflecting a potential upside from the current price of HKD 54.65 [4][8]. Core Insights - Meta is planning to double the production capacity of its AI glasses, Ray-Ban, by the end of this year, indicating strong confidence in the smart eyewear market [2]. - The upcoming launch of the 千问 APP by Alibaba is expected to showcase how AI can enhance operational efficiency [2]. - 康耐特光学 is positioned as a leading lens manufacturer and is actively developing its smart eyewear segment, which is anticipated to become a significant growth driver [8]. Financial Summary - Total revenue projections for 康耐特光学 are as follows: - 2024A: HKD 2,061 million - 2025E: HKD 2,347 million - 2026E: HKD 2,835 million - 2027E: HKD 3,380 million - The revenue growth rates are projected at 17.1% for 2024, 13.9% for 2025, 20.8% for 2026, and 19.2% for 2027 [4][9]. - Net profit estimates are: - 2024A: HKD 428 million - 2025E: HKD 564 million - 2026E: HKD 696 million - 2027E: HKD 869 million - Corresponding net profit growth rates are 31.0% for 2024, 31.7% for 2025, 23.3% for 2026, and 25.0% for 2027 [4][9]. - Earnings per share (EPS) are projected to increase from HKD 0.89 in 2024 to HKD 1.81 in 2027 [4][9]. Market Position and Strategy - 康耐特光学 is actively collaborating with leading 3C companies to expand its smart eyewear offerings, which is expected to enhance its market presence and profitability [8]. - The report highlights the integration of AI capabilities in products like the 夸克 AI glasses, which are expected to drive sales through enhanced user experiences [8].

Investment Rating - The report maintains a "Buy" rating for Li Ning [5] Core Insights - Li Ning's Q4 2025 revenue met expectations, with a slight year-on-year decline in overall revenue. Offline channel revenue decreased in the low single digits, while e-commerce revenue remained flat [1] - The children's clothing segment, Li Ning YOUNG, is expected to continue its steady growth, with 1,518 stores by the end of Q4 2025, reflecting a net increase of 50 stores since the beginning of the year. The inventory turnover ratio is projected to be between 4 and 5, indicating a healthy level [2] - For 2025, the company is expected to report a net profit attributable to shareholders of 2.742 billion yuan, a 9% year-on-year decline. Revenue is anticipated to show slight growth [2] - In 2026, the company plans to enhance its marketing efforts and test new store formats, projecting a revenue growth of 6.5% and a net profit increase of 5.8% to 2.901 billion yuan [3] Financial Summary - Revenue for 2025 is estimated at 29.269 billion yuan, with a year-on-year growth rate of 2.1%. The net profit for 2025 is projected at 2.742 billion yuan, reflecting a decline of 9% [4] - The earnings per share (EPS) for 2025 is expected to be 1.06 yuan, with a price-to-earnings (P/E) ratio of 16.6 times [4] - The company’s return on equity (ROE) is projected to be 10.0% in 2025, with a gradual increase to 10.6% by 2027 [4]