Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) [2][8] Core Views - Anta Sports plans to acquire a 29.06% stake in PUMA for approximately €1.51 billion (about 12.28 billion RMB), representing a 62% premium over PUMA's previous closing price [8] - The acquisition aligns with Anta's strategy of "single focus, multi-brand, globalization," enhancing its brand matrix and global competitiveness [8] - PUMA's established brand presence and market positioning in various sports categories complement Anta's existing brands, potentially accelerating growth and resource synergy [8] - The acquisition is expected to be completed by the end of 2026, pending regulatory approvals, and will not affect Anta's annual dividend policy due to its strong cash position [8] Financial Forecasts - Revenue projections for Anta Sports are as follows: - 2024: 70.826 billion RMB - 2025: 78.479 billion RMB (growth rate of 10.8%) - 2026: 86.250 billion RMB (growth rate of 9.9%) - 2027: 94.396 billion RMB (growth rate of 9.4%) [2][9] - Net profit forecasts are: - 2024: 15.596 billion RMB - 2025: 13.139 billion RMB (decline of 15.8%) - 2026: 14.140 billion RMB (growth of 7.6%) - 2027: 15.846 billion RMB (growth of 12.1%) [2][9] - Earnings per share (EPS) estimates are: - 2024: 5.58 RMB - 2025: 4.70 RMB - 2026: 5.06 RMB - 2027: 5.67 RMB [2][9] - Price-to-earnings (P/E) ratios are projected at: - 2024: 13x - 2025: 15x - 2026: 14x - 2027: 12x [2][9] Market Positioning - PUMA is expected to rank third globally in sports brands with a 2.5% market share by 2024, following Nike and Adidas [8] - The acquisition is anticipated to enhance Anta's global strategy, leveraging PUMA's strengths in Europe, Latin America, and emerging markets [8]

证券研究报告 | 2026年01月27日 安踏体育（02020.HK） 收购彪马 29.06%股权，全球化战略进一步深化 公司研究·海外公司快评 纺织服饰·服装家纺 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 事项： 1 月 26 日，公司公告与 Pinault 家族的投资公司 Groupe Artémis 达成购股协议，以每股 35 欧元的价格收 购 PUMA SE 共计 43,014,760 股普通股（占其全部已发行股本约 29.06%），总对价 15.05 亿欧元（约合人 民币 122.78 亿元）。 国信纺服观点： 1、标的概况：PUMA 现管理层正推动品牌复苏，短期产生一次性成本，致力于 2027 年恢复增长； 4、风险提示：关税政策不确定性；品牌形象受损；市场的系统性风险。 5、投资建议：看好集团多品牌全球化运营下，持续好于行业的成长潜力。此次 ...

Investment Rating - The investment rating for Anta Sports is "Buy" [4] Core Views - Anta Sports plans to acquire 29.06% of PUMA SE shares at a cash price of €35 per share, representing a 62% premium over PUMA's previous closing price, with a total transaction value of €1.506 billion (approximately ¥12.278 billion) [1] - The acquisition aims to enhance Anta's brand matrix and strengthen its global presence, particularly in markets where PUMA has significant influence, such as Europe, Latin America, Africa, and India [1] - PUMA is currently experiencing a performance downturn, with a projected revenue decline of low double digits for the full year 2025, and a reported EBIT loss of €10.7 million for the first three quarters of 2025 [2] - Despite short-term challenges, the long-term outlook for PUMA is positive due to its strong brand assets and global influence, with expectations for performance improvement post-acquisition [2] Financial Performance Summary - Anta's main brand experienced slight fluctuations in performance due to a weak consumer environment, with Q4 revenue declining in low single digits, while Fila and other brands showed strong growth [3] - For 2025, Anta expects a revenue growth of 10.9% to ¥78.564 billion and a net profit of approximately ¥13.2 billion, reflecting an 11% increase compared to 2024 [3] - The company anticipates a revenue growth of over 10% for 2026, with a slight decrease in net profit margin [3] Financial Projections - Revenue projections for Anta Sports are as follows: - 2025: ¥78.564 billion - 2026: ¥87.019 billion - 2027: ¥96.465 billion [9] - Net profit projections are as follows: - 2025: ¥13.194 billion - 2026: ¥14.035 billion - 2027: ¥15.937 billion [9] - The expected P/E ratio for 2026 is 14 times [8]

2026 年 1 月 27 日 公司研究 大手笔收购 PUMA29%股权，多品牌全球化布局再一里程碑 ——安踏体育（2020.HK）拟收购公告点评 买入（维持） 当前价：76.35 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 27.97 | | 总市值(亿港元)： | 2135.24 | | 一年最低/最高(港 | 73.55-106.30 | | 元)： | | | 近 3 月换手率： | 32.2% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.2 | -10.8 | -37.1 | | 绝 ...

IPO 申购指南 国恩科技（2768.HK） 建议申购 2026-1-27 星期二 | 【招股详情】 | | | | --- | --- | --- | | 保荐人 | 招商证券国际 | | | 上市日期 | 年 2026 | 月 日（星期三） 2 4 | | 招股价格 | 34~42 | 港元/股（中间价：38 港元/股） | | 集资额 | 10.577 | 亿港元（扣除包销费及佣金，按中间价计算） | | 每手股数 | 200 股 | | | 入场费 | 8,484.71 | 港元 | | 招股日期 | 2026 年 | 1 月 27 日-2026 年 1 月 30 日 | | 国元证券认购截止日期 | 2026 年 | 1 月 29 日 | | 招股总数 | 3,000 | 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 2,700 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 300 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是一家专注于化工新材料及明胶、胶原蛋白上下游产品的中国供货商。 公 ...

Investment Rating - The report assigns a "Buy" rating for the company, Lepu Biopharma (2157.HK), marking its first coverage [1]. Core Insights - The company is entering a harvest period for new drug approvals, having established a comprehensive pipeline in oncology that includes immunotherapy, ADC (Antibody-Drug Conjugate) targeted therapy, and oncolytic virus drugs. The company has multiple ADC drugs and other therapies in clinical stages, with expectations for new drug approvals in the next 3-5 years [3][10]. - The ADC pipeline is characterized by unique features and competitive advantages in various indications, with MRG003 (EGFR ADC) already approved for NPC (nasopharyngeal carcinoma) in China and showing promising results in other indications [4][30]. - The introduction of oncolytic virus therapy CG0070 has shown potential in the bladder cancer market, with successful regulatory progress in the U.S. and ongoing clinical trials in China [5][30]. - Financially, the company has achieved its first profit and positive operating cash flow in the first half of 2025, with steady revenue growth driven by business development and sales [25]. Summary by Sections R&D Coverage and Pipeline - The company focuses on oncology treatment, with a pipeline that includes immunotherapy, ADCs, and oncolytic virus therapies. It has developed a robust ADC technology platform and has multiple products in various stages of clinical development [11][10]. - The pipeline includes 6 ADC drugs and 1 oncolytic virus therapy, with several candidates in pivotal clinical stages, indicating a well-structured development strategy [14][10]. Unique Features of ADCs - MRG003 has been approved for NPC and is in advanced trials for HNSCC (head and neck squamous cell carcinoma) and NSCLC (non-small cell lung cancer), showcasing its broad applicability and competitive edge [30][4]. - Other ADCs in development, such as MRG004A for pancreatic cancer and MRG006A for liver cancer, are also progressing well, with MRG004A entering pivotal trials [30][6]. Financial Performance and Projections - The company reported revenues of 4.66 billion yuan in the first half of 2025, a significant increase from 1.33 billion yuan in the same period of 2024. The net profit for the same period was 290 million yuan, marking a turnaround from a loss of 197 million yuan in the previous year [25][30]. - Revenue projections for 2025, 2026, and 2027 are estimated at 8.8 billion yuan, 10.2 billion yuan, and 14.9 billion yuan, respectively, with expected growth rates of 138%, 16%, and 47% [30].

哈尔滨电气（1133.HK） 2026-01-27 星期二 即时点评 25 年预计录得 26.5 亿元归母净利润，超预期 【事件】 公司于 2026 年 1 月 26 日晚间公告盈利预告，初步评估，预期公司 2025 年度录得归母净利润约 26.5 亿元（上年同期为人民币 16.9 亿元），同比 大幅增长。主要原因为公司 2025 年度营业收入较去年有所增长，产品盈 利能力进一步提高。 【点评观点】 1. 公司 2025 年度净利润同比+57.2%，超预期： 公司预计 2025 年实现归母净利润 26.5 亿元，同比增长约 57.2%，超过我 们预测的 25 亿元的预期。期间净利润大幅增长主要原因包括营业收入增 长、产品盈利能力进一步提高。这与我们此前对公司前期收获的高价值订 单将逐步释放，毛利率仍有上升空间的判断一致；同时由于公司生产规模 扩大，智能化制造能力显著增强，企业的规模效应和运营效率大幅提升。 2. 短中期优质订单继续释放，中长期设备出口等业务提供持续性： 我们认为短中期公司在手订单依旧充沛，我们预期公司煤电订单在"十五 五前期"依旧是利润贡献核心，"十五五中后期"逐步实现平稳，公司抽 蓄和核电订 ...

IPO 申购指南 国恩科技（2768.HK） 建议申购 2026-1-27 星期二 | 【招股详情】 | | | | --- | --- | --- | | 保荐人 | 招商证券国际 | | | 上市日期 | 年 2026 | 月 日（星期三） 2 4 | | 招股价格 | 34~42 | 港元/股（中间价：38 港元/股） | | 集资额 | 10.577 | 亿港元（扣除包销费及佣金，按中间价计算） | | 每手股数 | 200 股 | | | 入场费 | 8,484.71 | 港元 | | 招股日期 | 2026 年 | 1 月 27 日-2026 年 1 月 30 日 | | 国元证券认购截止日期 | 2026 年 | 1 月 29 日 | | 招股总数 | 3,000 | 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 2,700 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 300 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是一家专注于化工新材料及明胶、胶原蛋白上下游产品的中国供货商。 公 ...

当前价：76.35 港元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 2026 年 1 月 27 日 公司研究 大手笔收购 PUMA29%股权，多品牌全球化布局再一里程碑 ——安踏体育（2020.HK）拟收购公告点评 买入（维持） 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 27.97 | | 总市值(亿港元)： | 2135.24 | | 一年最低/最高(港 | 73.55-106.30 | | 元)： | | | 近 3 月换手率： | 32.2% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -10.2 | -10.8 | -37.1 | | 绝 ...

哈尔滨电气（1133.HK） 2026-01-27 星期二 即时点评 25 年预计录得 26.5 亿元归母净利润，超预期 【事件】 公司于 2026 年 1 月 26 日晚间公告盈利预告，初步评估，预期公司 2025 年度录得归母净利润约 26.5 亿元（上年同期为人民币 16.9 亿元），同比 大幅增长。主要原因为公司 2025 年度营业收入较去年有所增长，产品盈 利能力进一步提高。 【点评观点】 1. 公司 2025 年度净利润同比+57.2%，超预期： 公司预计 2025 年实现归母净利润 26.5 亿元，同比增长约 57.2%，超过我 们预测的 25 亿元的预期。期间净利润大幅增长主要原因包括营业收入增 长、产品盈利能力进一步提高。这与我们此前对公司前期收获的高价值订 单将逐步释放，毛利率仍有上升空间的判断一致；同时由于公司生产规模 扩大，智能化制造能力显著增强，企业的规模效应和运营效率大幅提升。 2. 短中期优质订单继续释放，中长期设备出口等业务提供持续性： 我们认为短中期公司在手订单依旧充沛，我们预期公司煤电订单在"十五 五前期"依旧是利润贡献核心，"十五五中后期"逐步实现平稳，公司抽 蓄和核电订 ...