[Table_Page] 公告点评|食品与主要用品零售Ⅱ 证券研究报告 | Table_Invest] [公司评级 | 增持 | | --- | --- | | 当前价格 | 4.31 港元 | | 合理价值 | 5.18 港元 | | 前次评级 | 增持 | | 报告日期 | 2026-01-30 | 核心观点： *除非特别说明，否则报告货币为人民币 ⚫ 事件：公司发布 2025 年正面盈利预告。公司预计 2025 年实现收入 77.5~78.5 亿元，同比+19.8%~+21.3%；预计实现净利润 4.43~4.63 亿 元，同比+83.7%~+92.0%；预计实现核心经营利润 4.50~4.70 亿元， 同比+44.8%~+51.2%，全年收入和利润增长亮眼。 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 6,094 | 6,470 | 7,802 | 9,424 | 11,363 | | 增长率（ % ...

Investment Rating - The report maintains a "BUY" rating for the company [5][11] Core Insights - The company reported a revenue of USD 1.191 billion for 2QFY26, representing a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase [3][7] - Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a Non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [3][7] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [8][11] - New business segments, including K9 non-academic subject tutoring and learning tablets, achieved a revenue growth of 21.6% YoY to USD 366 million, with the number of learning centers increasing to 1,379, up 21% YoY [4][9] - Operating margins are improving, with the Non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26, driven by margin improvements in new businesses [10][11] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively, from previous estimates of USD 5.38 billion, USD 5.98 billion, and USD 6.73 billion [5][11] - Non-GAAP net profit forecasts for FY26-FY28 have been adjusted to USD 570 million, USD 629 million, and USD 700 million, respectively, up from previous forecasts of USD 555 million, USD 610 million, and USD 679 million [5][11] - The company is moderating its full-year learning center expansion pace to 10% to improve capacity utilization rates, indicating a strategic shift towards operational efficiency [11]

Investment Rating - The report maintains a "Buy" rating for New Oriental-S (09901) [2][7] Core Insights - New Oriental's revenue for 2QFY26 reached USD 1.191 billion, reflecting a year-over-year increase of 14.7%. The education business (including cultural tourism) generated USD 974 million, up 13% YoY, while other businesses (primarily EastBuy) saw revenue of USD 217 million, a 22.9% YoY increase. Non-GAAP net profit attributable to shareholders was USD 73 million, surging 68.6% YoY, with a non-GAAP net margin of 6.1%, expanding by 2 percentage points YoY [5][9] - The overseas study business growth has bottomed out, with revenue from overseas test preparation and consulting at USD 252 million, a 1% YoY increase, indicating a slowdown of 29.3 percentage points compared to the previous year [10] - New business segments, including K9 non-academic tutoring and learning tablets, showed robust growth with a 21.6% YoY increase in revenue to USD 366 million. The number of learning centers increased to 1,379, up 21% YoY [11] - Operating margins are improving, with the non-GAAP operating margin expanding by 4.7 percentage points YoY to 7.5% in 2QFY26. The education business's non-GAAP operating margin was 6.6%, up 3.5 percentage points YoY [12] Financial Data and Profit Forecast - Revenue forecasts for FY26-FY28 have been raised to USD 5.5 billion, USD 6.11 billion, and USD 6.89 billion, respectively. Non-GAAP net profit forecasts for the same period have also been increased to USD 570 million, USD 629 million, and USD 700 million [7][13] - The financial data for FY24 to FY28 indicates a steady growth trajectory, with revenue expected to grow from USD 4.314 billion in FY24 to USD 6.887 billion in FY28, and net profit increasing from USD 464 million to USD 700 million over the same period [16]

证券研究报告 港股通 东方甄选 (1797 HK) 品牌化转型潜力可期 2026 年 1 月 30 日│中国香港 互联网 东方甄选 FY26H1（25 年 6 月至 25 年 11 月）实现收入约 23.1 亿元 （yoy+5.7%），经调整净利润 2.58 亿元（FY25H1 为-0.02 亿元）。收入/ 经调整净利润约占我们前次全年预测的 43%/69%，主因自营品热销及人员 效率提升驱动盈利能力释放。公司持续强化自营产品的开发、完善供应链能 力及会员服务体系，通过多平台多渠道战略拓展更广泛的消费群体，品牌知 名度和影响力有望持续提升，我们看好公司向品牌化转型的长线发展潜力， 维持"买入"。 自营品表现亮眼，驱动品牌化转型 FY26H1 公司实现 GMV 41 亿元，收入约 23.1 亿元，剔除与辉同行相关影 响后我们估计 GMV yoy+16%，营收 yoy+17%，展现短期波动后公司强大 的经营韧性，从流量驱动向品牌化稳步转型。FY26H1 自营产品占总 GMV 的比例进一步提升至 52.8%（FY25：43.8%），自营产品 SPU 较 FY25 新 增 69 款至 801 款，产品类别从生鲜食品扩 ...

Investment Rating - The report maintains a "BUY" rating for Sunny Optical, with a new target price (TP) of HK$91.38, implying a potential upside of 45.3% from the current price of HK$62.90 [3][14]. Core Insights - Sunny Optical has announced a positive profit alert for FY25E, projecting a net profit growth of 70-75% year-over-year, driven by high-end specification upgrades, improved product mix, and investment income from a deal with Goertek Optical Tech [1][9]. - For FY26, the company expects revenue growth to be supported by trends in smart driving, AI/AR glasses, and high-end camera specifications, which will help offset weaknesses in the smartphone segment due to memory cost pressures [1][9]. - The report indicates a slight reduction in FY26-27E EPS estimates by 1-4% to account for headwinds in the smartphone industry [1][9]. Financial Summary - Revenue projections for FY25E are set at RMB 42,056 million, with a year-over-year growth of 9.8%. For FY26E, revenue is expected to decline slightly to RMB 41,582 million, followed by a recovery to RMB 45,468 million in FY27E [2][22]. - Net profit is forecasted to reach RMB 4,610 million in FY25E, a 70.8% increase year-over-year, but is expected to decrease to RMB 3,909 million in FY26E before rebounding to RMB 4,699 million in FY27E [2][22]. - The report highlights a projected EPS of RMB 4.24 for FY25E, with consensus estimates at RMB 3.25 for the same period [2][11]. Valuation - The new target price of HK$91.38 is derived from a sum-of-the-parts (SOTP) valuation methodology, applying a target P/E multiple of 23.4x FY26E EPS, reflecting the company's diversified business model and growth potential across various segments [3][14][16]. - The report assigns different P/E multiples to various business segments, with 23x for camera modules and handset lenses, and 25x for vehicle lenses, reflecting their respective market positions and growth prospects [15][16].

個股推介 中國中免(1880.HK) 2026 年 1 月 30 日星期五 第三季收入跌幅收窄，第四季旅遊旺季收入料重拾動能 公司首三季收入為 398.62 億元人民幣，按年跌 7.3%，純利為 30.52 億元人民幣，按年跌 22.1%，單計第三季收入 117.11 億元人民幣，按 年微跌 0.4%，跌幅較上半年的 10%收窄。海南離島免稅 7 至 9 月銷 售額合計 54.02 億元人民幣，按年跌 2.6%，按年降幅較 4 至 6 月收窄 1.6 個百分點，其中 9 月海南離島免稅月度銷售額按年增長 3.4%，在 同期低基數下錄得 18 個月以來首次增長 ，公司第三季收入表現優於 海南全島。海南旅遊旺季推動下，10 月至 11 月離島免稅銷售均錄雙 位數按年增長，新增城市市內免稅店下半年集中開業，加上免稅政策 利好，第四季收入料重拾增長。 海南封關首月數據強勁，春節假期數據料成潛化劑 海南自由貿易港自 2025 年 12 月 18 日正式啟動全島封關運作，免稅 優惠對象擴大至所有自海南島離境的旅客，早期「離島免稅」主要面 向從海南飛往內地其他地區的旅客，重點是境內旅客，最新安排則可 覆蓋國內外旅客。而每名 ...

SDICSI 2026 年 1 月 29 日 澳优 (1717.HK) 国内奶粉业务仍然承压 事件：2025 年出生人口为 792 亿，同比下降 17%，出生率为 5.63‰。考虑国 内奶粉行业竞争仍然激烈，并且明年还有竞争加剧的可能，我们预期下半年公 司的业务仍将承压，我们下调 25/26/27 年净利润至 2.5/2.6/2.9 亿元（, 2025/9/4 预测为 3.1/3.5/3.8 亿元），对应每 EPS 收益为 0.16/0.16/0.18 港元（2025/9/4 预测为 0.19/0.21/0.23 港元）。下调至"增持"评级，下调目标价至 2.3 港元 （2025/9/4 预测为 3.0 港元，基于 DCF 及可比公司估值法），较当前股价有 9%的涨幅。 报告摘要 2025 年出生人口大幅下滑。2025 年出生人口为 792 亿，同比下降 17%，出 生率为 5.63‰。2024 年为龙年，因此出生人口出现了小幅攀升，达到 954 万， 因此在 25 年上半年奶粉行业出现了一定程度的竞争缓和。到 25 年下半年，随 着出生人口的影响逐渐显现，行业将继续面临较为激烈的竞争，并且有望持续 到明年。 ...

[Table_Page] 中报点评|媒体Ⅱ 证券研究报告 [Table_Title] 【 广 发 传 媒 & 海 外 】 东 方 甄 选 (01797.HK) 业务内生增长亮眼，看好自营品持续扩张 [Table_Summary] 核心观点： | [Table_ 单位 Finance] :人民币百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 6,526 | 4,392 | 4,978 | 5,950 | 6,979 | | 增长率（ % ） | 68.1% | -32.7% | 13.3% | 19.5% | 17.3% | | EBITDA | 499 | 112 | 605 | 794 | 950 | | NonGAAP 归母净利 | 709 | 174 | 492 | 638 | 760 | | 增长率（ % ） | - | -75.5% | 182.9% | 29.7% | 19.0% | | NonGAAP EPS(元/股) | 0.69 | 0.17 | 0.47 ...

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2] Core Insights - Tencent is undergoing a strategic transformation driven by AI, with a focus on organizational restructuring and cloud business profitability milestones. The CEO, Ma Huateng, emphasized that AI is the only area worth significant investment at this time, and the company has successfully transitioned to self-developed products [2][3] - The launch of the "Yuanbao" project marks a significant step in Tencent's "AI + social" strategy, aiming to enhance user engagement through integrated social features and AI capabilities. Tencent plans to invest 1 billion yuan to promote this initiative, targeting exponential growth in AI user numbers during the 2026 Spring Festival [3] - Tencent's gaming business is thriving, with overseas revenue exceeding 10 billion USD, accounting for approximately 30% of total gaming revenue. The company has regained confidence in its core gaming operations, providing stable cash flow and growth potential [4] - In response to challenges in the short drama sector, Tencent Video is shifting towards an "advertising-driven" model while maintaining high-quality long-form content. The company has already produced several successful short drama projects and is exploring new ways to balance content depth and traffic efficiency [5] Summary by Sections Strategic Overview - Tencent's current strategy focuses on AI-driven organizational restructuring and achieving profitability in its cloud business, with a clear commitment to investing in AI technologies [2] AI Initiatives - The "Yuanbao" project represents a critical advancement in Tencent's AI and social strategy, integrating various social features and aiming for significant user growth through substantial promotional investments [3] Gaming Performance - Tencent's gaming division is performing robustly, with a notable increase in overseas revenue, showcasing the company's strong competitive advantage and ability to adapt to market changes [4] Content Strategy - Tencent Video is adapting to market pressures by transitioning to an advertising-driven model while continuing to invest in high-quality content, aiming to leverage its large user base for enhanced revenue generation [5]

公司评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 1 月 27 日 【公司评论】 但玉翠 852 2532 1539 tracy.dan@firstshanghai.com.hk 管理团队介绍 加科思的核心管理团队以创始人王印祥博士为核心，王印祥博士于 1999 年获得美国 阿肯色大学医学院生物化学及分子生物学博士学位，耶鲁大学的 Koleske 实验室分子 生物物理和生物化学系完成了博士后研究。2003 年 1 月共同创立了浙江贝达药业有 限公司，是贝达药业的创始人之一。王博拥有 20 多年小分子抗肿瘤药研发经验，曾 主导中国第一款靶向抗肿瘤药埃克替尼（凯美纳）的研发与上市。加科思目前管理团 队一半来自贝达药业，另一半为公司成立后引入的来自大药企和顶尖医院的各类人 才。25 年 11 月为推进全球化战略引入了联席首席执行官（Co-CEO）制度，联席 CEO、首席医学官(CMO) 王宜 (Andrea Wang-Gillam) 博士 20 年 7 月加入加科思，在 美国有 20 余年肿瘤医生经验，她在圣路易斯华盛顿大学医学中心担任肿瘤科副教 授，并曾兼任消化道 ...