[Table_Page] 公告点评|公用事业Ⅱ 证券研究报告 [Table_Title] 【广发 环 保 & 海 外 】 粤 海 投 资 （00270.HK） 预告 25 年归母净利润同比增长 43%，股息价值突出 [Table_Summary] 核心观点： 备注：除非特别说明，否则报告货币为港元 | 盈利预测： | | --- | | [Table_ 单位Finance] :港元百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 20,322 | 18,505 | 18,528 | 18,667 | 18,769 | | 增长率（ % ） | -12.4% | -8.9% | 0.1% | 0.8% | 0.5% | | EBITDA | 9,920 | 9,909 | 10,272 | 10,309 | 10,326 | | 归母净利润 | 4,370 | 4,297 | 4,493 | 4,638 | 4,770 | | 增长率（ % ） | -8.3% | -1.7% ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail channels, with the growth of specialty stores and e-commerce, reflecting changing consumer preferences [10][11]. Company Overview - "鸣鸣很忙" is consolidating its position as the first mass retail group through brand mergers, with a revenue forecast of 39.3 billion yuan by 2024 [3][29]. - The company has achieved a significant increase in store count, reaching 19,517 stores by the third quarter of 2025, with a focus on lower-tier cities [3][41]. Financial Performance - Revenue is expected to grow from 63.06 billion yuan in 2025 to 89.93 billion yuan in 2027, with adjusted net profit projected to rise from 2.52 billion yuan to 4.68 billion yuan during the same period [3][88]. - The company is expected to achieve a stable gross margin of 9.73% by 2025, driven by operational efficiencies and a digital marketing strategy [3][29]. International Expansion - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a notable demand for health-oriented snacks [3][64]. - The company is leveraging its supply chain advantages to penetrate markets in Thailand, Indonesia, and Vietnam, where local consumer preferences are evolving [3][67].

Investment Rating - The report maintains an "Outperform" rating for Zai Lab with a target price of HKD 35.25, indicating an expected return exceeding the market benchmark over the next 12-18 months [2][19]. Core Insights - Zai Lab is projected to achieve product net revenue of USD 465 million in FY25, representing a year-on-year growth of 16.5%. The core product, efgartigimod, is expected to generate USD 97.96 million, with a gross profit margin of 61.0% [3][16]. - The management emphasizes a dual-engine strategy focusing on introducing high-quality overseas products for commercialization in China and leveraging a cross-border R&D platform for efficient global market development [4][17]. - Despite a downward revision in revenue guidance for 2025 and a delay in profitability targets, the company has a robust portfolio with eight products approved in China and several differentiated global assets in its pipeline [4][17]. Financial Performance - Revenue forecasts for FY25-FY27 have been adjusted to USD 465 million, USD 501 million, and USD 717 million, respectively. Net loss estimates for the same period are revised to USD 180 million, USD 159 million, and USD 55 million [10][19]. - R&D expenses are expected to be USD 205 million, a decrease of 12.8% year-on-year, while SG&A expenses are projected at USD 284 million, down 5.0% [3][16]. Clinical Development Pipeline - Zocilurtatug (DLL3 ADC) is set to initiate three registrational clinical trials by the end of 2026, targeting small cell lung cancer and neuroendocrine carcinoma [5][21]. - Several early-stage products, including ZL-1503 for atopic dermatitis and ZL-6201 for various solid tumors, are anticipated to contribute to long-term global value [6][9][21].

上 市 公 司 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2026 年 01 月 28 日 | | --- | --- | | 收盘价（港币） | 22.10 | | 恒生中国企业指数 | 9512.24 | | 52 周最高/最低（港币） | 53.70/10.12 | | H 股市值（亿港币） | 232.89 | | 流通 H 股（百万股） | 1,053.81 | | 汇率（港币/人民币） | 0.8943 | 一年内股价与基准指数对比走势： 2026 年 01 月 29 日 东方甄选 (01797) ——产品组合优化，经营效益大幅提升 公 司 研 究 / 公 司 点 评 社会服务 -37% 63% 163% 263% 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 12/31 HSCEI 东方甄选 资料来源：Bloomberg 相关研究 - 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 投资要点： 东方甄选 1HFY26（2025 年 ...

公司深度研究 | 禾赛-W 全球激光雷达龙头，赋能高阶智驾&机器人 禾赛（2525.HK）首次覆盖报告 【核心结论】我们预计公司 2025-2027 年的总收入为 31 亿/48 亿/61 亿元， 归母净利润为 3.7 亿/6.9 亿/10.9 亿元。公司作为全球激光雷达龙头，有望在 高阶智能驾驶&机器人等领域快速拓展。首次覆盖，给予"买入"评级。 报告亮点：市场认为，激光雷达空间有限，我们认为：仅车端市场，我们预 计 10 万+价格带车型有望快速搭载激光雷达，在自动驾驶升级过程中，激光 雷达单车搭载量（补盲）和 ASP（高性能化）将有所提升。考虑到出海、机 器人、无人物流、无人仓储等多种场景，激光雷达空间广阔。 主要逻辑#1：公司创始人分工明确，优势互补，战略领先。禾赛科技的三位 创始人分别是李一帆、孙恺和向少卿，李一帆负责公司的整体战略规划和运 营管理，孙恺负责公司激光雷达产品的核心技术研发，向少卿专注于激光雷 达的系统集成和软件算法开发。我们认为，公司在早期切入市场的选择（L4 级市场）、从早期就坚持芯片化激光雷达和转镜技术路线的开发，以及对专 有制造的坚持，都体现了公司前瞻的战略眼光和优秀的管理团队素 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating continued growth in its multi-brand strategy [4]. Core Insights - The acquisition of approximately 29.06% of PUMA for €35 per share, totaling around €1.506 billion (approximately RMB 12.28 billion), positions the company as PUMA's largest shareholder, enhancing its "single focus, multi-brand, globalization" strategy [2][3]. - The acquisition aims to leverage PUMA's global influence in professional sports sectors such as football, running, and esports, addressing the company's current weaknesses in these areas while enhancing its international competitiveness [3]. - The company plans to provide strategic support to PUMA while respecting its brand independence, aiming for long-term value creation through collaboration [3]. Financial Projections - Expected EPS for 2025-2027 is projected at RMB 4.74, RMB 5.06, and RMB 5.70, with corresponding P/E ratios of 15, 14, and 13 times [4]. - Revenue forecasts for 2025-2027 are RMB 78.35 billion, RMB 86.37 billion, and RMB 94.99 billion, with growth rates of 10.62%, 10.24%, and 9.97% respectively [9]. - The net profit for 2025-2027 is estimated at RMB 13.25 billion, RMB 14.14 billion, and RMB 15.94 billion, with growth rates of -15.02%, 6.70%, and 12.75% respectively [9].

证券研究报告：食品饮料 | 公司点评报告 发布时间：2026-01-29 股票投资评级 买入|维持 公司基本情况 | 最新收盘价（港元） | 4.69 | | --- | --- | | 总股本/流通股本（亿股）6.22 / 6.22 | | | 总市值/流通市值（亿港 | 29.37/ 29.37 | | 元） | | | 52 周内最高/最低价 | 11.00/3.40 | | 资产负债率(%) | 36.35% | | 市盈率 | -5.04 | | 第一大股东 | 向华 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 圣贝拉 (2508.HK) 以 AI+服务为核心，全面升级母婴护理生态 ⚫ 事件 公司近期围绕"家庭大健康生态战略"进行一系列系统化、多维度 的能力升级，从一家高端线下月子服务商，加速向一个以 AI 技术为 引擎、专业体系为基石、金融级信任为护城河的母婴健康综合服务平 台演进。 公司近期一系列 ...

业绩表现超预期，定价首饰占比提升强化盈利韧性 [Table_Title] 【广发批零社服&海外】周大福 （01929.HK） [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位Finance] :港元百万元 | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入 | | 108,713 | 89,656 | 94,150 | 101,463 | 108,211 | | 增长率（ ） | % | 14.8% | -17.5% | 5.0% | 7.8% | 6.7% | | EBITDA | | 11,535 | 10,499 | 13,212 | 15,441 | 16,688 | | 归母净利润 | | 6,499 | 5,916 | 8,161 | 9,803 | 10,716 | | 增长率（ ） | % | 20.7% | -9.0% | 38.0% | 20.1% | 9.3% | | EPS（元/股） | | 0.65 | 0.59 | ...

证券研究报告：食品饮料 | 公司点评报告 发布时间：2026-01-29 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 圣贝拉 (2508.HK) 以 AI+服务为核心，全面升级母婴护理生态 ⚫ 事件 公司近期围绕"家庭大健康生态战略"进行一系列系统化、多维度 的能力升级，从一家高端线下月子服务商，加速向一个以 AI 技术为 引擎、专业体系为基石、金融级信任为护城河的母婴健康综合服务平 台演进。 股票投资评级 买入|维持 公司基本情况 | 最新收盘价（港元） | 4.69 | | --- | --- | | 总股本/流通股本（亿股）6.22 / 6.22 | | | 总市值/流通市值（亿港 | 29.37/ 29.37 | | 元） | | | 52 周内最高/最低价 | 11.00/3.40 | | 资产负债率(%) | 36.35% | | 市盈率 | -5.04 | | 第一大股东 | 向华 | ⚫ 投资要点 ...

對外方面，集團作為獨立第三方及具備全場景業務覆蓋能力的平台， 可承接全渠道訂單，包括抖音、淘寶閃購、京東秒送等。阿里早前提 出，2026 年淘寶閃購首要目標是份額增長，相信順豐同城將受惠於其 加快擴張及份額爭奪。此外，隨著需求場景拓闊至非餐飲實物以及生 活服務領域，相關領域的商家並未與現有平台建立綁定關係，為獨立 第三方即時配送平台帶來增長動力。在需求強勁的背景下，集團有望 優先匹配新增需求。 個股推介 順豐同城(9699.HK) 2026 年 1 月 29 日星期四 實行配送場景全覆蓋，受惠即時零售市場持續擴張 2024 年內地即時零售規模達 7,810 億元人民幣，商務部預期 2025 年 將達 9,714 億元人民幣，至 2030 年將達到 2 萬億元人民幣，「十五 五」期間年均增速將達 12.6%。順豐同城是內地最大的第三方即時配 送平台，擁有強大的品牌效應和行業影響力。集團已全方位覆蓋餐飲 外賣、同城零售及近場電商，形成強大的市場布局，料將受惠於即時 零售市場持續擴張。 節日期間提供穩定履約保障，突顯其即時配送能力 順豐同城數據顯示，2026 年元旦假期期間，同城配送日均單量按年增 長 55%，其中 ...