紫金黄金国际（2259.HK）动态报告 金龙腾跃，势启新章 glmszqdatemark 2026 年 01 月 27 日 [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 2,990 | 5,285 | 8,255 | 9,359 | | 增长率（%） | 32.2 | 76.8 | 56.2 | 13.4 | | 归母净利润 | 481 | 1,561 | 3,382 | 3,928 | | 增长率（%） | 108.9 | 224.3 | 116.6 | 16.2 | | EPS | 0.18 | 0.58 | 1.26 | 1.47 | | P/E | 149 | 46 | 21 | 18 | | P/B | 30.8 | 10.1 | 6.8 | 5.0 | 资料来源：ifind，国联民生证券研究所预测（注：股价为 2026 年 1 月 26 日收盘价,汇率 1HKD=0.1283USD） | 推荐 | 维持评级 | | --- ...

哈尔滨电气 (1133 HK) 全年利润大幅超预期 2026 年 1 月 27 日│中国香港 电气设备 公司发布年度业绩盈喜，利润大幅超预期 哈尔滨电气发布 2025 年业绩盈喜，预计 25 年实现归母净利润 26.5 亿元， 同比大增 57%（24 年公司归母净利润 16.86 亿元），超出 VA 预期 10.5%。 利润增长主要系公司新增设备订单兑现带来营收增长，叠加内部管理提效+ 高毛利订单兑现提振盈利能力。公司作为国内传统电源设备龙头"三大电气" 之一，我们认为其有望受益于：1）国内电力需求增长和最高负荷上行，煤 气水核等传统电源保供价值凸显，"十五五"规划再次强调多能并举；2） 数据中心带动海外缺电主线延续，海外燃机紧供需下公司小燃机或有望实现 出口。我们维持"买入"评级，给予公司目标价 27.05 港币。 证券研究报告 传统基荷电源需求带动设备订单高增，四代核电布局打开增长空间 我们预测全国用电量 2025-30 年或维持 CAGR 6%，最高负荷同步上行，电 力系统"安全充裕"有赖于煤水核等可控装机予以保障。最新"十五五"国 网固定资产投资预计达 4 万亿元，较"十四五"增长 40%，且此前"十 ...

证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 3、投资建议：看好主品牌发挥跑步品类优势销售稳健增长，专业运动品牌快速增长盈利提升。公司聚焦 跑步领域、发挥跑步品类专业优势，四季度在气温和春节延迟的负面因素影响下，主品牌流水保持同比持 平，跑鞋品类及核心系列"两千公里"、"冠军家族"表现亮眼；专业运动品牌索康尼环比提速至 30%以 上增长，全年 30%的增速达成管理层此前指引。我们看好未来主品牌聚焦大众市场获得稳健增速，索康尼 和迈乐分别聚焦"双精英人群"和户外，保持较快增速，并在未来 3-5 年盈利持续提升。我们维持盈利预 测，预计 2025-2027 年净利润分别为 14.0/14.9/16.0 亿元，同比增长 13.2%/5.9%/7.7%。维持 6.1-6.6 港 元的合理估值区间，对应 2026 年 11-12x PE，维持"优于大市"评级。 评论： 第四季度特步主品牌流水同比持平、折扣保持稳定，库存小幅上升；索康尼流水增长 30%，迈乐流水增 长双位数 公司公告：1 月 23 日，公司发布 2025 年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠 ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 319.85 [2][7]. Core Insights - The company has conducted two share buybacks, demonstrating confidence in its long-term growth logic. The buybacks occurred on January 19 and 21, 2026, costing HKD 251 million and HKD 96 million, respectively, for 140,000 and 50,000 shares at average prices of HKD 179.60 and HKD 192.98 per share [2]. - The financial projections indicate significant revenue growth, with total revenue expected to reach HKD 13,038 million in 2024, growing to HKD 64,823 million by 2027, reflecting a compound annual growth rate (CAGR) of 106.9% in 2024 and 23.4% in 2027 [2][8]. - Net profit attributable to shareholders is projected to increase from HKD 3,125 million in 2024 to HKD 21,734 million in 2027, with a remarkable growth rate of 188.8% in 2024 and 24.4% in 2027 [2][8]. - The company is focusing on diversifying its IP matrix and enhancing its platform-based operational capabilities, which are expected to meet the growing demand in the collectible toy market [2][7]. Financial Summary - Total revenue (in million HKD) is forecasted as follows: 2024A: 13,038, 2025E: 37,195, 2026E: 52,533, 2027E: 64,823 [2][8]. - Net profit (in million HKD) is projected as follows: 2024A: 3,125, 2025E: 12,235, 2026E: 17,475, 2027E: 21,734 [2][8]. - Earnings per share (in HKD) are expected to rise from 2.33 in 2024 to 16.20 in 2027 [2][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 84 in 2024 to 12 in 2027, indicating improved valuation as earnings grow [2][8].

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

Investment Rating - The report maintains a "Strong Buy" rating for Pop Mart (09992.HK) with a target price of HKD 319.85 [2][7]. Core Insights - The company has conducted two share buybacks, demonstrating confidence in its long-term growth logic. The buybacks occurred on January 19 and 21, 2026, costing HKD 251 million and HKD 96 million, respectively, with average prices of HKD 179.60 and HKD 192.98 per share [2]. - The financial projections indicate significant revenue growth, with total revenue expected to reach HKD 13,038 million in 2024, growing to HKD 64,823 million by 2027, reflecting a compound annual growth rate (CAGR) of 106.9% in 2024 and 23.4% in 2027 [2][8]. - Net profit attributable to shareholders is projected to increase from HKD 3,125 million in 2024 to HKD 21,734 million in 2027, with a remarkable growth rate of 188.8% in 2024 and 24.4% in 2027 [2][8]. - The report highlights the company's strong IP platform and diversified product matrix, which are expected to continue meeting the demand in the trendy toy market. The ability to sustain and innovate across various IPs is emphasized as a key strength [2][7]. Financial Summary - Total revenue (in million HKD) is forecasted as follows: - 2024: 13,038 - 2025: 37,195 - 2026: 52,533 - 2027: 64,823 [2][8] - Net profit (in million HKD) projections are: - 2024: 3,125 - 2025: 12,235 - 2026: 17,475 - 2027: 21,734 [2][8] - Earnings per share (in HKD) are expected to grow from 2.33 in 2024 to 16.20 in 2027 [2][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 84 in 2024 to 12 in 2027, indicating improved valuation as earnings grow [2][8].

2026 年 01 月 27 日 顾向君 H70420@capitalcom.tw 目标价(HKD) 89 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2026/01/26) | 76.35 | | 恒生指数(2026/01/26) | 26,765.5 | | 股价 12 个月高/低 | 102.9/73.48 | | 总发行股数(百万) | 2,796.65 | | H 股数(百万) | 2,796.65 | | H 市值(亿元) | 2,158.46 | | | 汇丰国际信托 | | 主要股东 | 有限公司 | | | (53.01%) | | 每股净值(元) | 22.72 | | 股价/账面净值 | 3.36 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 0.44 -13.53 -6.55 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-09-02 | 94.85 | 买进 | | 2025-07-17 | 91.85 | 买进 | | 2025-03-19 | 97.90 | 买 ...

证券研究报告：汽车 | 公司深度报告 发布时间：2026-01-27 股票投资评级 买入 |首次覆盖 个股表现 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 224.80 | | --- | --- | | 总股本/流通股本（亿 | 1.57/ 1.30 | | 股） | | | 总市值/流通市值（亿港 | 353 / 293 | | 元） | | | 52 周内最高/最低价 | 244.0/ 116.3 | | 资产负债率(%) | 18.99% | | 市盈率 | 75.1 | | 第一大股东 | Fermat Star Limited | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 禾赛-W(2525.HK) 以"智驾之眼"筑基，迈向"物理 AI"通用感官新纪元 l 投资要点 禾赛科技为全球领先的激光雷达研发与制造企业，产品广泛布局 自动驾驶、具身智能等多领域。截止 2025 年，公司全球车载激光雷 达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激 光雷达市占率第 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [5][12]. Core Insights - The company plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.28 billion), which will make it the largest shareholder of PUMA. This acquisition is expected to enhance the company's brand portfolio and international competitiveness [9]. - The company's main brand, ANTA, experienced low single-digit negative growth in Q4, which was below expectations due to market pressures and the timing of the Spring Festival. However, overall revenue remains stable, with FILA showing positive growth trends [9]. - For 2026, the company anticipates positive growth for its main brand through improvements in e-commerce planning, store optimization, and product enhancement. The outdoor brands are expected to maintain stable profitability despite a slowdown in growth rates due to base effects [9]. Financial Summary - The company forecasts net profits of RMB 132.48 billion, RMB 149.62 billion, and RMB 169.18 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of -15%, +13%, and +13% [11]. - Earnings per share (EPS) are projected to be RMB 4.72, RMB 5.33, and RMB 6.02 for the same years, with corresponding price-to-earnings (P/E) ratios of 14x, 13x, and 11x [11]. - The total revenue is expected to reach RMB 79.36 billion in 2025, RMB 88.90 billion in 2026, and RMB 99.76 billion in 2027, reflecting a steady growth trajectory [13].