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].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company, Aikang Medical, is a leading player in the domestic artificial joint market, benefiting from domestic centralized procurement and price increases, as well as successful international brand expansion. The orthopedic implant business is expected to maintain rapid growth. The company is also building a smart orthopedic ecosystem, with the K3 robot gradually commercializing, which is anticipated to support the strategic upgrade from a "manufacturer of implants" to a "provider of intelligent surgical solutions" [5][6][8] Summary by Sections 1. Company Overview - Aikang Medical is a leading enterprise in the domestic artificial joint sector, focusing on smart orthopedic surgical solutions. The company has developed a diversified business system covering hip and knee joint implants, as well as spinal and trauma implants [18][20] 2. Domestic Market Dynamics - The company is leveraging centralized procurement to increase market share and profitability. The domestic market is seeing a shift towards the replacement of imported products, with a significant increase in hospital coverage and market share. In the first half of 2025, the surgical volume in high-level hospitals increased by 33% [14][51] 3. International Market Strategy - The company employs a dual-brand strategy to capture international market growth. The "JRI" brand targets the high-end market in Europe, while the "AK" brand focuses on emerging markets, leading to a compound annual growth rate of 20.8% in overseas revenue from 2018 to 2024 [15][55] 4. Smart Solutions and Business Model - Aikang Medical is a pioneer in smart orthopedic solutions, establishing a comprehensive ecosystem for orthopedic surgery. The K3 robot is expected to enhance the company's ability to provide a new business model that integrates consumables, services, and equipment [7][17] 5. Financial Projections - The company is projected to achieve revenues of 1.548 billion yuan, 1.811 billion yuan, and 2.148 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 322 million yuan, 370 million yuan, and 437 million yuan [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is shifting back to a startup management model, focusing on user value and efficiency, while developing a complete AI system for embodied intelligence [3] - Due to structural adjustments in vehicle models, revenue forecasts for 2025-2027 have been revised downwards, with expected revenues of 113.4 billion, 138.1 billion, and 191.2 billion respectively, reflecting year-on-year changes of -22%, +22%, and +39% [4] - The company's AI investments are increasing, leading to a downward revision of net profit forecasts for 2025-2027 to 0.9 billion, 1.6 billion, and 6.4 billion respectively, with year-on-year changes of -90%, +86%, and +302% [4] Financial Projections - Total revenue for 2023 is projected at 123.85 billion, with a year-on-year growth of 173.48% [4] - The diluted EPS for 2025 is expected to be 0.40 yuan, with a P/E ratio of 163.67 [4] - The gross margin for Q3 2025 is reported at 16.3%, with a vehicle sales gross margin of 15.5% [11]

Investment Rating - The report assigns a "Buy" rating for the company, upgraded from a previous "Hold" rating [6]. Core Insights - In Q3 2025, the company reported revenue of 19.45 billion yuan, a year-on-year increase of 97.3%, and a net profit of 150 million yuan. The gross margin improved to 14.5%, up 6.4 percentage points year-on-year and 0.9 percentage points quarter-on-quarter. The total vehicle deliveries reached 173,852 units, marking a year-on-year growth of 101.77% [1][6]. - The company has seen a significant increase in R&D investment, with Q3 R&D expenses rising to 1.21 billion yuan, a 55.4% year-on-year increase. In October, the company launched its new flagship D platform, which includes six key technologies [2]. - The company is expanding its global footprint, with a notable increase in overseas terminal orders in October, more than doubling compared to September. As of September 30, 2025, the company established over 700 overseas sales and service outlets across various international markets [2]. Financial Summary - The company forecasts revenues of 64 billion yuan, 102.4 billion yuan, and 131.1 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 99%, 60%, and 28% [2][4]. - The projected net profit for 2025 is 936 million yuan, with a significant growth rate of 133.2% compared to the previous year. The earnings per share (EPS) is expected to be 0.66 yuan [4][6]. - The current price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.02, 0.64, and 0.50, respectively, indicating a favorable valuation outlook [2].

2025 年 11 月 27 日 公司研究 25Q3 盈利能力持续增长，国际业务与酒管业务表现亮眼 ——同程旅行（0780.HK）2025 年三季度业绩点评 要点 事件：公司发布 25Q3 业绩公告，25Q3 实现营收 55.09 亿元，同比+10.4%；实 现经调整净利润 10.60 亿元，同比+16.5%；经调整净利润率 19.2%，同比 +1.0pcts。 点评： 25Q3 核心 OTA 业务稳健增长，国际业务与酒店管理业务表现亮眼：25Q3 公司 核心 OTA 业务营收达到 46.09 亿元，同比+14.9%。分业务板块：1）25Q3 住宿 预订营收达到 15.79 亿元，同比+14.7%，主要系暑期旺季需求稳健，日均间夜 量创历史新高，同时公司重点满足用户对高品质酒店的需求，推动了平台上高品 质酒店预订量同比提升，ADR 亦持续改善。2）25Q3 交通票务营收达到 22.09 亿元，同比+9.0%。主要系公司持续丰富增值产品与服务，且国际机票业务保持 快速增长（25Q3 国际机票业务营收占交通票务总收入比例达 6%，同比提升 2.0pcts）。3）25Q3 其他业务营收达到 8.21 亿元，同比+3 ...

"IP+大店+体验"，重构零售渠道 名创优品(09896) 证券研究报告 商贸零售 / 公司跟踪研究报告 / 2025.11.27 投资评级:增持(维持) | 基本数据 | 2025-11-26 | | --- | --- | | 收盘价(元) | 38.14 | | 流通股本(亿股) | 12.38 | | 每股净资产(元) | 8.50 | | 总股本(亿股) | 12.38 | 最近 12 月市场表现 -20% -7% 5% 17% 29% 41% 名创优品 恒生指数 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 数据来源：wind 数据，财通证券研究所（以 2025 年 11 月 26 日收盘价计算） 请阅读最后一页的重要声明！ ❖ 场景化+策展式大店重构消费体验。乐园系大店凭借 IP 沉浸式体验拉升品 牌价值，涵盖三大核心店态。1）MINISO LAND：门店面积 1000-2000 ㎡， IP 产品占比 70- 80%。以 "城市 IP 沉 ...

Investment Rating - The report does not specify a clear investment rating for the company [7] Core Insights - The company is a leading manufacturer of photovoltaic cells, being one of the first to achieve mass production of TOPCon cells with a capacity of 44.4GW [2][3] - The company has rapidly increased its overseas revenue, which now contributes over 50% to total income, indicating a strong market presence outside of traditional markets [4] - The company has shown improvement in its financial performance, with a reduction in losses reported in the latest quarterly results [5] Company Overview - The company was listed on the Shenzhen Stock Exchange in 2017 and has expanded into the photovoltaic industry through acquisitions, including the purchase of Jietai Technology in 2021 [1] - It is the first company in the photovoltaic sector to be listed on both the A-share and H-share markets, providing a unique dual-platform advantage [1] - The company maintains a competitive edge in both N-type TOPCon and P-type PERC cells, holding a 24.7% market share in TOPCon cells among specialized manufacturers [2] Production Capacity - The company has established two production bases in Chuzhou and Huai'an, each with a capacity of 22.2GW, totaling 44.4GW annually [3] - The production facilities are equipped with advanced automation technology, allowing for rapid scaling of production capacity [3] Financial Performance - In the third quarter, the company reported revenues of 2 billion RMB, a 10% year-on-year increase, and a net loss of 155 million RMB, which is a reduction of approximately 100 million RMB compared to the previous year [5] - Cumulative revenue for the first three quarters of 2025 was 5.68 billion RMB, reflecting a 30.72% year-on-year decrease, primarily due to declining prices of TOPCon cells [5] Market Dynamics - The overseas market for photovoltaic products is experiencing rapid growth, with significant demand emerging from regions such as the Middle East, India, and Africa [4] - The company has established a sales network to enhance its competitiveness in international markets, including agreements with local clients in Turkey to boost production capacity [4] Valuation - The company's current stock price corresponds to a price-to-book (PB) ratio of less than 1, with H-shares trading at a discount of over 60% compared to A-shares, suggesting potential for valuation improvement [5]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a projected investment return exceeding 20% over the next 6-12 months [5][11]. Core Insights - In Q3 2025, the company reported revenue of 20.38 billion, a year-on-year increase of 101.8%, with a gross margin of 20.1%, up 4.8 percentage points year-on-year, and a net loss of 380 million [1][5]. - The automotive revenue for Q3 reached 18.05 billion, reflecting a year-on-year growth of 105%, with a gross margin of 13.1% [1][5]. - The company launched its second-generation VLA model on November 5, which is designed for multiple applications including cars and robots, with a full rollout planned for Q1 2026 [1][2]. - The company aims to achieve mass production of its new humanoid robot, IRON, by the end of 2026, targeting commercial applications [2]. - The company has initiated local production projects in Europe, with overseas deliveries exceeding 29,000 units in the first nine months of 2025, a 125% increase year-on-year [2]. - For Q4, the company projects delivery volumes between 125,000 and 132,000 units, representing a year-on-year growth of 37% to 44%, with total revenue expected to be between 21.5 billion and 23 billion [2]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 79 billion, 133.6 billion, and 159.8 billion respectively, with year-on-year growth rates of 93%, 69%, and 20% [3][5]. - The net profit for 2025 is projected at -1.36 billion, improving to 2.91 billion in 2026 and 6.54 billion in 2027, with significant growth rates of 76.49% and 314.31% respectively [3][5]. - The earnings per share (EPS) are expected to improve from -5.43 in 2023 to 3.42 in 2027 [3][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.685 billion yuan in Q3 2025, representing a year-over-year increase of 5.2% and a quarter-over-quarter increase of 4.7% [4] - The adjusted net profit attributable to the parent company for Q3 2025 was 786 million yuan, showing a significant year-over-year increase of 233% [4] - The gross margin for the third quarter was 36.7%, an increase of 1.8 percentage points year-over-year [4] - Mobile game revenue was 1.51 billion yuan, down 17.1% year-over-year due to a high base effect from the previous year [4] - Value-added services revenue reached 3.02 billion yuan, up 7.1% year-over-year, driven by growth in paid membership revenue [4] - Advertising revenue exceeded expectations at 2.57 billion yuan compared to the consensus of 2.51 billion yuan, marking a year-over-year increase of 22.7% [4] - IP derivatives and other revenue amounted to 580 million yuan, up 2.7% year-over-year [4] Business Performance - The company is focusing on long-term game operations, with the new game "Three Kingdoms: Hundred Generals Card" set to launch in Q1 2026 [5] - The game "Three Kingdoms: Strategize the World" continues to operate steadily, contributing to incremental growth in the gaming business [5] - The newly launched game "Escape from Duckkov" sold over 3 million copies in its first month, with peak online users exceeding 300,000 [5] - The core user metrics reached new highs, with daily active users (DAU) at 117 million, up 9% year-over-year, and monthly active users (MAU) at 376 million, up 8% year-over-year [6] - The average daily usage time per user increased by 6 minutes to 112 minutes, with the number of paying users reaching 35 million, up 17% year-over-year [6] Financial Forecast - The company is expected to achieve revenues of 30.18 billion yuan, 33.72 billion yuan, and 36.44 billion yuan for the years 2025, 2026, and 2027, respectively [7] - The adjusted net profit attributable to the parent company is projected to be 2.23 billion yuan, 3.60 billion yuan, and 4.42 billion yuan for the same years [7] - The previous forecasts for revenue and net profit have been slightly adjusted upwards [7] - The company maintains a gross margin forecast of 36.7% for 2025, increasing to 40.3% in 2026 and 40.9% in 2027 [10]