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 ...

证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 特步国际（01368.HK） 第四季度主品牌流水持平，索康尼增长超 30% |  | 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： 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道 零售销售流水同比持平，零售折扣7.0-7.5折；索康尼品牌线上线下全渠道零售销售流水同比增长超过30%； 2025 全年，特步主品牌全渠道零售销售流水同比增长低单位数，年末渠道库销比约 4.5 个月；索康尼品牌 线上线下全渠道零售销售流水同比增长超 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [4] Core Views - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence, thereby strengthening the fundamental logic [4] - Due to intensified industry competition, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of $0.33 million (down $0.05 million), $0.48 million (down $0.07 million), and $0.61 million (down $0.10 million) respectively, representing year-on-year growth of 0.3%, 43.0%, and 27.9% [4] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are $186 million, $249 million, and $311 million, with year-on-year growth rates of 17.8%, 34.1%, and 24.6% respectively [9] - The projected P/E ratios for 2025-2027 are 18.7, 13.1, and 10.2 times [9] - The company maintains a gross margin of approximately 32.0% for 2025 and a net margin of 18.0% [9] Market Position and Growth Drivers - The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, expected to continue leading the market in 2026 [5] - The secondary brand, Inno Coco, faced sales pressure but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026 [5] Strategic Partnerships and Expansion - A strategic cooperation agreement was signed with COFCO's subsidiary, which will enhance the company's domestic market strategy by leveraging COFCO's extensive distribution network, facilitating nationwide product coverage [6] - The establishment of the If brand's China headquarters in Shanghai aims to improve local operations and management efficiency, addressing industry challenges such as price disorder and channel management [7]

证券研究报告 | 公司点评 | 服装家纺 跑步心智向上，索康尼如期靓丽 ——特步国际点评报告 投资要点 ❑ 公司发布 2025Q4 运营情况，特步主品牌流水同比持平，零售环境疲软下维持稳 健；索康尼流水同比+30%以上，线下高速增长，电商调整顺利。2025 年全年特 步主品牌流水低单位数增长，索康尼流水同比+30%以上，全年目标顺利达成。 ❑ 主品牌：Q4 流水持平，25 年低单增长，跑步户外增长领跑 特步主品牌 25Q4 流水同比持平，Q4 分月来看,10-11 月流水表现好于 12 月；25 年流水低单位数增长，受跑步品类和电商渠道均双位数增长拉动，整体维持稳健 增长态势，跑步品牌势能持续向上，25 年 11 月上海马拉松赛事中公司旗舰碳板 跑鞋 160X 7.0 PRO 助力运动员丰配友斩获男子组冠军，特步品牌全局选手穿着 率继续稳居第一达到 21.5%。主品牌 25Q4 折扣 70-75 折，同比持平，25 年末库 销比约 4.5 个月，库存状况健康，折扣较为可控。 ❑ 索康尼：店效快速提升，电商调整顺利 索康尼 25Q4 和 25 全年流水均同比增长 30%以上，顺利完成全年目标，Q4 增长 环比加 ...

[Table_Title] 研究报告 Research Report 27 Jan 2026 固生堂 Gushengtang (2273 HK) 固生堂发行 8.57 亿港元可转债，资本加持扩张、AI 中医系统可期 Gushengtang Issues HK$857 Million Convertible Bonds to Fuel Expansion and AI-Powered TCM System Development 孟科含 Kehan Meng 孙旭东 Xudong Sun kh.meng@htisec.com xd.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 固生堂于 1 月 26 日公告，拟发行 1.1 亿美元平价可换股债券（约 8.57 亿港币），票面利率 2%、期限 5 年，初始换 股价溢价 22.23%，募集净额约 8.47 亿港元，定向用于股份回购、AI 诊疗系统研发及营运资金补充。本次发行由 Boyu C ...

证券研究报告 | 公司点评 | 服装家纺 跑步心智向上，索康尼如期靓丽 ——特步国际点评报告 投资要点 ❑ 公司发布 2025Q4 运营情况，特步主品牌流水同比持平，零售环境疲软下维持稳 健；索康尼流水同比+30%以上，线下高速增长，电商调整顺利。2025 年全年特 步主品牌流水低单位数增长，索康尼流水同比+30%以上，全年目标顺利达成。 ❑ 主品牌：Q4 流水持平，25 年低单增长，跑步户外增长领跑 特步主品牌 25Q4 流水同比持平，Q4 分月来看,10-11 月流水表现好于 12 月；25 年流水低单位数增长，受跑步品类和电商渠道均双位数增长拉动，整体维持稳健 增长态势，跑步品牌势能持续向上，25 年 11 月上海马拉松赛事中公司旗舰碳板 跑鞋 160X 7.0 PRO 助力运动员丰配友斩获男子组冠军，特步品牌全局选手穿着 率继续稳居第一达到 21.5%。主品牌 25Q4 折扣 70-75 折，同比持平，25 年末库 销比约 4.5 个月，库存状况健康，折扣较为可控。 ❑ 索康尼：店效快速提升，电商调整顺利 索康尼 25Q4 和 25 全年流水均同比增长 30%以上，顺利完成全年目标，Q4 增长 环比加 ...

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 Q3 同店销售超预期，渠道优化成效显著 ---周大福 FY26Q3 经营数据点评 [Table_Summary] 周大福 FY2026Q3（2025 年 10-12 月）实现业绩强劲复苏。集团零售值 （RSV）同比增长 17.8%，中国内地同比上升 16.9%，同店销售（SSSG） 直营/加盟分别大幅提升 21.4%和 26.3%，港澳及海外市场零售值同比增 长 22.9%，同店增幅 14.3%。其中，中国香港市场同店销售增长 10.1%， 中国澳门市场同店销售增长 31.3%，表现亮眼。 风险提示：金价波动风险；海外拓店节奏不及预期；业绩预测和估值不 达预期。 | [Table_Finance] 财务摘要（百万元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 108713.00 | 89656.00 | 91934.08 | 96579.16 | 101669.01 | | (+/-)% ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has initiated systematic adjustments in core areas such as products, management, and channels since Q4 2025, alongside a share buyback plan that enhances operational confidence. The fundamental logic has been strengthened, although profit forecasts for 2025-2027 have been revised downwards due to increased industry competition. Expected net profits for 2025-2027 are projected at $0.33 billion (-$0.05), $0.48 billion (-$0.07), and $0.61 billion (-$0.10), representing year-on-year growth of 0.3%, 43.0%, and 27.9% respectively. The current stock price corresponds to P/E ratios of 18.7, 13.1, and 10.2 for the respective years [4] Summary by Sections Business Performance - The coconut water industry is experiencing intensified competition in 2025. The main brand, If Coconut Water, is performing better than the industry and competitors due to its natural quality and first-mover advantage, and is expected to continue leading the market in 2026. The secondary brand, Inno Coco, faced sales pressure throughout the year but has completed major adjustments and expanded partnerships, with new high-value electrolyte beverage products expected to drive growth in 2026, creating a second growth curve for the company [5] Strategic Partnerships - In September 2025, the company signed a strategic cooperation agreement with COFCO's subsidiary, COFCO Mingzhuanghui, marking a significant acceleration in its domestic market strategy. This partnership leverages COFCO Mingzhuanghui's extensive network of over one million terminals and diverse channel resources to help the company overcome regional barriers and achieve nationwide product coverage, laying a solid foundation for high growth and regional expansion. Additionally, the collaboration enhances brand image through the endorsement of a state-owned enterprise, improving national exposure and consumer recognition [6] Operational Efficiency - In November 2025, the company established its China headquarters in the Hongqiao International Central Business District through a partnership with Shanghai Xihongqiao Science and Technology Development Co., Ltd. This move will facilitate the building of a core team in Shanghai, including sales, marketing, and channel management personnel, aimed at addressing industry challenges such as channel disorder and price inconsistencies, thereby enhancing localized management and response efficiency [7] Financial Summary - The company's projected revenue for 2023A is $87 million, with a year-on-year growth of 0.0%. For 2024A, revenue is expected to reach $158 million, reflecting a growth of 80.3%. The estimates for 2025E, 2026E, and 2027E are $186 million, $249 million, and $311 million respectively, with corresponding year-on-year growth rates of 17.8%, 34.1%, and 24.6%. The net profit for 2023A is projected at $17 million, with a growth of 0.0%, and is expected to reach $33 million in 2024A, maintaining the same level in 2025E, before increasing to $48 million and $61 million in 2026E and 2027E respectively, with growth rates of 43.0% and 27.9% [9]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨华润电力（00836.HK） [Table_Title] 下半年电量增速环比改善，全年业绩降幅有望收 窄 报告要点 [Table_Summary] 2025 年公司附属电厂累计售电量达到 2267.90 亿千瓦时，同比增加 7.00%；其中 2025 年下半 年公司完成售电量 1248.10 亿千瓦时，同比增长 9.77%。2025 年下半年公司售电量增速环比 明显改善，预计下半年公司营业收入能够实现稳健增长，但受制于电价下行压力，营收增速预 计仍低于电量增速；2025 年公司售电量实现稳健增长，全年主业营收展望平稳。2025 年下半 年燃料成本仍保持一定同比降幅，公司下半年业绩展望稳健，但受上半年煤炭生产业务偏弱以 及高基数影响的拖累，2025 年公司业绩预计仍面临一定压力，但降幅有望收窄。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 张子淳 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：B ...

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 | | --- ...