Email：kangyw@zts.com.cn 影视院线 执业证书编号：S0740523070003 | 总股本(百万股) | 29,875.86 | | --- | --- | | 流通股本(百万股) | 29,875.86 | | 市价(港元) | 0.93 | | 市值(百万港元) | 27,784.55 | | 流通市值(百万港元) | 27,784.55 | 1、《核心 IP 势能向上，商业潜力持 续验证》2025-07-15 2、《"演艺+IP"双引擎，重构线下娱 乐新基建》2025-07-02 大麦娱乐（01060.HK） 证券研究报告/公司点评报告 2025 年 11 月 16 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | FY2024A | | FY2025A | FY2026E | FY2027E | FY2028E | | | | 营业收入（百万元） | | 5,040 | 6,702 | 8,005 | 9,234 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 环保 2025 年 11 月 16 日 光大环境 (00257) ——拟发行不超 8 亿股回 A，助力长期价值提升 报告原因：有信息公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 32,090 | 30,258 | 29,976 | 30,938 | 31,954 | | 同比增长率（%） | -14.02 | -5.71 | -0.93 | 3.21 | 3.28 | | 归属普通股东净利润 | 4,429 | 3,377 | 3,589 | 3,810 | 4,055 | | 同比增长率（%） | -3.75 | -23.75 | 6.26 | 6.17 | 6.43 | | 每股收益（元/股） | 0.72 | 0.55 | 0.58 | 0.62 | 0.66 | | ROE（%） | 9.20 | 7.01 | 7.12 | 7.23 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company reported 3Q25 results that exceeded guidance, with sales revenue of $635.2 million, a year-over-year increase of 20.7% and a quarter-over-quarter increase of 12.2%. The gross margin was 13.5%, up 1.3 percentage points year-over-year and 2.6 percentage points quarter-over-quarter. The guidance for 4Q25 anticipates sales revenue of approximately $650-660 million and a gross margin of 12%-14% [1][3]. - The company’s capacity utilization rate improved, with a monthly capacity equivalent to 468 thousand 8-inch wafers, representing a year-over-year increase of 19.7% and a quarter-over-quarter increase of 4.7%. The capacity utilization rate reached 109.5%, up 4.2 percentage points year-over-year and 1.2 percentage points quarter-over-quarter [1][2]. - Capital expenditures for 3Q25 were $261.9 million, with a focus on optimizing product structure to enhance average selling prices (ASP). The company is targeting the GaN field for power products and upgrading the Nor Flash process [3][4]. Summary by Sections Financial Performance - 3Q25 sales revenue was $635.2 million, with a gross margin of 13.5%. The company expects 4Q25 sales revenue to be around $650-660 million and gross margin to be 12%-14% [1][3]. - The company’s capital expenditures for 3Q25 totaled $261.9 million, with significant investments in manufacturing capacity [3][4]. Capacity and Utilization - The company’s monthly capacity equivalent to 8-inch wafers was 468 thousand, with a capacity utilization rate of 109.5% [1][2]. - The 12-inch capacity is steadily being released, contributing to revenue growth [1]. Market Demand - Demand for flash products is increasing, with significant growth in consumer electronics (QoQ +14.0%), communications (QoQ +11.5%), and computing (QoQ +25.6%) [2]. - The demand for analog and power management products remains strong, with a year-over-year increase of 34.1% and a quarter-over-quarter increase of 17.9% [2].

Investment Rating - The report maintains a "Buy" rating for Tencent Music [4][6]. Core Views - The growth of the fan economy is expected to accelerate, leading to an increase in the company's membership ARPPU due to the rising proportion of SVIP bundled packages [4]. - The projected net profits for the years 2025 to 2027 are estimated at 11.2 billion, 10.1 billion, and 11.4 billion CNY respectively, with adjustments made to previous forecasts based on financial report updates [4]. - A target price of 87.50 HKD (approximately 79.74 CNY) is set for 2026, based on a P/E ratio of 24 times [4]. Financial Performance Summary - For Q3 2025, Tencent Music reported revenue of 8.463 billion CNY, a year-on-year increase of 21%, exceeding Bloomberg's expectations by 2.8% [11]. - The gross margin for Q3 2025 was 43.5%, up 0.9 percentage points year-on-year, driven by growth in music subscription and advertising service revenues [11]. - The adjusted net profit attributable to shareholders for Q3 2025 was 2.41 billion CNY, a 33% increase year-on-year, also surpassing Bloomberg's expectations by 3.7% [11]. - Online music revenue reached 6.97 billion CNY in Q3 2025, reflecting a 27% year-on-year growth, with membership revenue contributing 4.49 billion CNY, an 18% increase [11]. - The ARPPU for Q3 2025 was 11.9 CNY/month, a 12% increase year-on-year, with expectations for further growth in Q4 2025 [11]. Revenue Breakdown - Non-subscription revenue for Q3 2025 was 2.48 billion CNY, a significant 48% increase year-on-year, attributed to strong performance in concerts and innovative advertising formats [11]. - Social entertainment revenue for Q3 2025 was 1.49 billion CNY, a slight decrease of 2.7% year-on-year, but is expected to stabilize in Q4 2025 [11]. Future Projections - The report anticipates that the fan economy will continue to drive revenue growth, with expectations for Q4 2025 total revenue to reach approximately 8.45 billion CNY, maintaining high year-on-year growth [11]. - The projected revenue for 2025 is 32.706 billion CNY, with a year-on-year growth rate of 15.2% [14].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a total revenue of HKD 8.241 billion for FY2026 H1, a decrease of 2.7% year-on-year, while the operating income was HKD 8.045 billion, down 3.1% year-on-year. However, the net profit attributable to shareholders increased by 0.6% year-on-year to HKD 1.146 billion, indicating improved profitability despite challenging market conditions [1][2][3] Summary by Sections Financial Performance - The company achieved a revenue of HKD 4.675 billion in the Chinese market for FY2026 H1, a decline of 6.0% year-on-year, with a gross margin of 41.0%, up 0.8 percentage points. Offline store revenue decreased by 12.3% to HKD 3.059 billion, while online sales increased by 13.6% to HKD 1.144 billion. The company reduced its store count by 327 during this period [2] - The overseas market generated revenue of HKD 2.161 billion from North America, a slight increase of 0.3%, and HKD 0.765 billion from Europe and other markets, up 4.3%. The overall gross margin for overseas markets was 39.3%, an increase of 1.1 percentage points [3] Profitability and Shareholder Returns - The company's gross margin and net margin for FY2026 H1 were 40.4% and 14.2%, respectively, reflecting increases of 0.9 and 0.5 percentage points year-on-year. The total sales and administrative expense ratio was 23.7% [3] - The company maintained a high dividend payout ratio of 50.8% for FY2026 H1, continuing its trend of returning over 50% to shareholders [3] Earnings Forecast - The forecast for net profit attributable to shareholders for FY2026-2028 is HKD 2.32 billion, HKD 2.44 billion, and HKD 2.58 billion, respectively, with corresponding price-to-earnings ratios of 8.5X, 8.0X, and 7.6X [4]

Investment Rating - The investment rating for the company is "Buy" and maintained as "Increase" [6]. Core Insights - The company is leveraging its "3+3" strategy to strategically position itself in the AI data center and electric vehicle sectors, accelerating breakthroughs in optical modules, high-speed connectors, and liquid cooling technologies. The company is transforming the AI wave into sustainable profit growth momentum, making its profit outlook promising [3][6]. Summary by Relevant Sections Financial Performance - For the third quarter of 2025, the company reported revenue of $3,629 million, representing a year-on-year growth of 11.98%. The profit for the period was $105 million, showing a year-on-year increase of 3.88% [3]. Technological Advancements - The company showcased its capabilities at the OCP Global Summit 2025, focusing on high bandwidth and high power consumption challenges in AI and high-performance computing. Key highlights included the global leading 224G OSFP liquid cooling architecture and high架 OSFP connector system, which enhance energy efficiency and cabinet density [6]. - The company is transitioning from a connector manufacturer to a key enabler of AI infrastructure, promoting the construction of green and efficient data center ecosystems [6]. Market Expansion - The company is accelerating its entry into the Middle East charging market through its joint venture, Smart Mobility, which aims to establish a localized and intelligent charging infrastructure in Saudi Arabia. The company plans to commercialize its charging management platform in early 2026 [6]. Revenue Projections - The company expects its revenue to reach $4,915 million, $5,558 million, and $6,274 million for the years 2025, 2026, and 2027, respectively, with net profits projected at $177 million, $219 million, and $269 million [6].

徐科 贾少波 李博文 盛意 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨光大环境（00257.HK） [Table_Title] 拟发行人民币股份不超过 8 亿股，不超过发行 后股本 11.52% 报告要点 [Table_Summary] 2025 年 11 月 14 日，光大环境发布《建议发行人民币股份并在深圳证券交易所上市》公告， 拟发行人民币股份数量不超过 8 亿股（不超过发行后已发行股本的 11.52%）。EPS：短期或存 一定摊薄，但发行净额将用于主业发展，随产能投放及东南亚市场打开 EPS 端有望获一定补 偿；股息率：分红比例存提升空间，后续有望通过股息率提升对 EPS 摊薄进行弥补；估值侧： H 股本身存估值修复空间，A 股估值预计高于 H 股估值。 分析师及联系人 [Table_Author] SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [T ...

Investment Rating - The report maintains a "Buy" rating for Bilibili-W (09626) [2] Core Insights - Bilibili achieved a revenue of 7.69 billion yuan in Q3 2025, representing a year-on-year growth of 5%, which met expectations; the adjusted net profit attributable to shareholders was 790 million yuan, exceeding Bloomberg consensus by 22%, with a profit margin of 10.2%, continuing to improve quarter-on-quarter [5] - User engagement metrics reached historical highs, with MAU growing 8% year-on-year to 376 million and DAU increasing 9% to 117 million, indicating strong user stickiness [8] - Advertising revenue accelerated with a year-on-year growth rate of 23%, while game revenue declined by 17%, aligning with expectations due to a high base effect [8] - The company continues to optimize operational efficiency, with a gross margin of 36.7% and a 6% year-on-year reduction in absolute values of operating expenses [8] - The report highlights two upward potential drivers: community monetization through gaming and AI applications, which could enhance content ecosystem and advertising efficiency [8] Financial Data and Profit Forecast - Revenue projections for Bilibili are as follows: - 2023: 22.53 billion yuan - 2024: 26.83 billion yuan - 2025E: 30.21 billion yuan - 2026E: 33.30 billion yuan - 2027E: 36.16 billion yuan - Adjusted net profit forecasts are: - 2023: -3.43 billion yuan - 2024: -0.02 billion yuan - 2025E: 2.57 billion yuan - 2026E: 3.02 billion yuan - 2027E: 4.05 billion yuan [7][9]

赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨百胜中国（09987.HK） [Table_Title] 2025 年第三季度业绩点评：门店高速增长，利 润率持续提升 报告要点 [Table_Summary] 2025 年第三季度，公司总收入 32 亿美元，不计外币换算影响同比增长 4%，经调整净利润 2.82 亿美元，不计外币换算影响同比下滑 5%。报告期公司收入与利润率均有所增长，利润下滑主 要系投资收益拖累。公司数字化、中后台、本土化和品牌力等三大核心竞争力当前处于行业支 配性地位，保证了成熟期品牌的业绩稳定性，2025 年公司预计净新增 1600-1800 家门店，保 持了较高开店速度，门店数量增长有望带动公司业绩持续上升。 分析师及联系人 [Table_Author] [Table_scodeMsg2] 百胜中国（09987.HK） cjzqdt11111 [Table_Title 2025 年第三季度业绩点评：门店高速增长，利 2] 润率持续提升 请阅读 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Insights - Tencent Holdings reported a Q3 2025 revenue of 192.9 billion RMB, a 15% year-on-year increase, exceeding Bloomberg consensus expectations by 2% [8] - Adjusted net profit for Q3 2025 was 70.6 billion RMB, up 18% year-on-year, surpassing consensus expectations by 7% [8] - The growth in revenue was driven by strong performance in value-added services and advertising, particularly in overseas gaming [8] - The report highlights the significant contribution of new games and the sustained performance of established titles [8] - The company is expected to see continued growth in adjusted net profit, with projections of 260.2 billion RMB, 300.7 billion RMB, and 337.3 billion RMB for 2025, 2026, and 2027 respectively [8] Financial Data and Earnings Forecast - Revenue projections for Tencent Holdings are as follows: - 2023: 609 billion RMB - 2024: 660.3 billion RMB - 2025E: 755.6 billion RMB - 2026E: 845.3 billion RMB - 2027E: 926.7 billion RMB [7] - Adjusted net profit forecasts are: - 2023: 157.7 billion RMB - 2024: 222.7 billion RMB - 2025E: 260.2 billion RMB - 2026E: 300.7 billion RMB - 2027E: 337.3 billion RMB [7] - The report indicates a projected increase in earnings per share from 16.68 RMB in 2023 to 36.89 RMB in 2027 [7] Revenue Breakdown - The revenue breakdown for Q3 2025 includes: - Value-added services: 95.9 billion RMB - Online games: 63.6 billion RMB - Social networks: 32.2 billion RMB - Online advertising: 36.2 billion RMB - Financial technology and enterprise services: 58.2 billion RMB [9] - Year-on-year growth rates for revenue segments indicate strong performance across various business lines, particularly in online advertising and value-added services [9] Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating a target price of 791 HKD, representing a potential upside of 23.4% from the current price [8][10]