30 Jan 2026 CMB International Global Markets | Equity Research | Company Update Zenergy (3677 HK) Zenergy (3677 HK) - Higher Higher earnings visibility amid better client hike mix, possible battery price hike Maintain BUY. We revise up Zenergy's FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected. Such trend would continue in FY26E to benefit Zenergy's revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy's largest revenue contr ...

新股預覽 ─ 愛芯元智（600.HK） 背景 公司是 AI 推理 SoC 的供應商，專注為邊緣計算與終端設備 AI 應用打 造最先進的感知與計算平台。公司致力於構建先進的 AI 計算基礎設 施，推動人工智能普及化，普惠 AI，造就美好生活。 概要 實現大規模商業化：公司認為實現大規模商業化對於像公司這樣的芯 片設計公司至關重要，這使公司能在執行嚴謹產品策略的同時維持財 務穩健。自成立以來，公司始終專注於將先進技術轉化為經市場驗證 的產品，並在多種應用場景實現廣泛商業應用。截至 2025 年 9 月 30 日，自成立以來公司累計交付的 SoC 已突破 165 百萬顆。公司主要專 注於與終端計算、智能汽車應用及邊緣 AI 推理（均為 AI 推理芯片整 體市場的分部）有關的 AI 推理芯片，而 AI 推理芯片市場則是半導體 整體市場中的一個分部。特別是，公司的視覺終端計算 SoC 與邊緣計 算 SoC 在 2024 年銷售呈現顯著成長，相較 2023 年分別增長約 69%及 400%。截至 2025 年 9 月 30 日，自推出以來，公司的智能汽車 SoC 累 計出貨量已超過 518,800 台。 坐擁強大的技術能 ...

Investment Rating - The report recommends subscription for the company’s IPO [2][3]. Core Insights - The company is a leading fabless integrated circuit design firm, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2]. - It is projected to be the largest supplier of memory interconnect chips globally by 2024, with a market share of 36.8% [2]. - The demand for high-speed interconnect chips is increasing, particularly in AI servers, which is expected to drive market expansion [2]. - The global AI server shipment is forecasted to grow from 0.5 million units in 2020 to 2.0 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [2]. - The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49.0 billion by 2030, with a CAGR of 21.2% [2]. Financial Performance - The company recorded revenues of RMB 3,672.3 million, RMB 2,285.7 million, and RMB 3,638.9 million for the years 2022, 2023, and 2024, respectively, with corresponding gross profit margins of 46.4%, 58.9%, and 58.1% [3]. - Net profits for the same years were RMB 1,299.38 million, RMB 450.91 million, and RMB 1,411.78 million [3]. - The IPO price of HKD 106.89 per share represents 59% of the A-share closing price of RMB 162.18 on January 29, 2026, indicating a certain margin of safety in valuation [3].

Investment Rating - The report assigns a rating of 7.1 out of 10 for the IPO of the company, suggesting a recommendation for subscription [12]. Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative and reliable interconnect solutions for cloud computing and AI infrastructure, with a significant market share in memory interconnect chips [1]. - The financial performance shows a robust recovery and rapid growth, with projected revenues increasing significantly from 22.86 billion RMB in 2023 to 40.58 billion RMB in the first three quarters of 2025, reflecting a year-on-year growth of 57.8% [2]. - The semiconductor market is expected to grow substantially, with the memory interconnect chip market projected to expand from 1.2 billion USD in 2024 to 5 billion USD by 2030, indicating a compound annual growth rate (CAGR) of 27.4% [3]. - The company leads the memory interconnect chip market with a 36.8% share and ranks second in the PCIe Retimer market, showcasing its strong position and technological advancements [1][4]. Financial Performance - Revenue figures for 2022 to the first three quarters of 2025 are as follows: 36.72 billion RMB, 22.86 billion RMB, 36.39 billion RMB, and 40.58 billion RMB, with a gross margin increasing from 46.4% in 2022 to 61.5% in 2025 [2]. - The adjusted net profit margin reached 52.0% in the first three quarters of 2025, indicating strong profitability [2]. Industry Outlook - The interconnect chip market is projected to grow at a CAGR of over 20%, driven by advancements in memory interface technology and the increasing adoption of PCIe and CXL protocols [3][5]. - The demand for high-speed, reliable interconnect chips is expected to rise significantly due to the explosive growth of the AI industry and related infrastructure [5]. Competitive Advantages - The company is a pioneer in industry standards, having led the development of several international standards related to DDR5 technology, and has a comprehensive product range from DDR2 to DDR5 [4]. - The company’s strong profitability is attributed to product structure optimization and enhanced technological competitiveness, with a gross margin of 61.5% in the first three quarters of 2025 [4]. Market Expansion Potential - The company’s product portfolio is well-positioned to capture the expanding market opportunities in high-speed interconnect chips, with significant growth expected in both memory interconnect and PCIe/CXL interconnect segments [5].

IPO 申购指南 爱芯元智（0600.HK） 建议谨慎申购 2026-1-30 星期五 | 【招股详情】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | | | 中金公司，国泰海通，交银国际 | | | | | | | 上市日期 | 年 2026 | 2 | 月 | 10 | 日（星期二） | | | | | | 招股价格 | 28.2 港元/股 | | | | | | | | | | 集资额 | 27.901 | | | | | | 亿港元（扣除包销费及佣金，按中间价计算） | | | | 每手股数 | 100 股 | | | | | | | | | | 入场费 | 2,848.44 | | 港元 | | | | | | | | 招股日期 | 2026 年 | 1 | 月 | 30 | 日-2026 | 2 | 5 日 | 年 | 月 | | 国元证券认购截止日期 | 2026 年 | 2 | 月 | 4 日 | | | | | | | 招股总数 | 10,491.52 | ...

[Table_Title] 研究报告 Research Report 30 Jan 2026 石药集团 CSPC Pharmaceutical Group (1093 HK) 长效多肽产品组合授权阿斯利康，加速全球创新药布局 Long-Acting Peptide Product Portfolio Out-licensed to AZ, Accelerating Global Innovative Drug Deployment 孟科含 Kehan Meng 聂照亿 Zhaoyi Nie 3）双方还将依托该等平台就另外四个新增项目开展合作。 kh.meng@htisec.com john.zy.nie@htisec.com 交易对价 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 石药创新（新诺威 300765.SZ，石药集团的控股子公司）的控股子公司巨石生物及石药集团、中奇制药（石药集团 的全资控股子公司）共同与阿斯利康签署《战略合作与授权协议》，将与阿斯利康 ...

Investment Rating - The report assigns a rating of 7.1 out of 10 for the IPO, suggesting a recommendation for subscription [12] Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative and reliable interconnect solutions for cloud computing and AI infrastructure, with a significant market share in memory interconnect chips [1] - The financial performance shows a robust recovery and rapid growth, with projected revenues increasing significantly from 22.86 billion RMB in 2023 to 40.58 billion RMB in the first three quarters of 2025, reflecting a year-on-year growth of 57.8% [2] - The market for interconnect chips is expected to grow substantially, with a compound annual growth rate (CAGR) of 21.2% from 2024 to 2030, driven by advancements in memory interface technology and the adoption of advanced interconnect protocols [3] Company Overview - The company is the largest supplier of memory interconnect chips globally, holding a market share of 36.8%, and ranks second in the PCIe Retimer market [1] - The product range includes a full series of memory interface chips from DDR2 to DDR5, as well as supporting chips for DDR5 [1] Financial Performance - Revenue figures for 2022 to 2025 show a strong upward trend, with gross margins improving from 46.4% in 2022 to 61.5% in the first three quarters of 2025 [2] - The adjusted net profit margin reached 52.0% in the first three quarters of 2025, indicating strong profitability [2] Industry Outlook - The interconnect chip market is projected to grow from $15.4 billion in 2024 to $49 billion by 2030, with memory interconnect chips expected to see a CAGR of 27.4% [3] - The increasing demand for high-performance and reliable interconnect solutions is driven by the rise of AI and cloud computing [5] Competitive Advantages - The company leads in technology and standards, having developed multiple international standards for DDR5 and maintaining a strong position in SerDes technology [4] - The product portfolio is recognized by leading industry clients, with significant revenue growth from new product launches [4] Market Opportunities - The demand for high-speed interconnect chips is expected to rise due to the explosive growth of the AI industry, which aligns with the company's product offerings [5] - The global market for high-speed interconnect chips is maintaining a growth rate of over 20%, providing ample opportunity for market share expansion [5]

Investment Rating - The report recommends subscription for the company’s IPO [2][3] Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2] - It is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% [2] - The demand for high-speed interconnect chips is increasing, particularly in AI servers, which is expected to drive market expansion [2] - The global AI server shipment is forecasted to grow from 0.5 million units in 2020 to 2.0 million units in 2024, with a compound annual growth rate (CAGR) of 45.2% [2] - The global high-speed interconnect chip market is expected to grow from USD 15.4 billion in 2024 to USD 49.0 billion by 2030, with a CAGR of 21.2% [2] Financial Performance - The company recorded revenues of RMB 3,672.3 million, RMB 2,285.7 million, and RMB 3,638.9 million for the years 2022, 2023, and 2024, respectively, with corresponding gross profit margins of 46.4%, 58.9%, and 58.1% [3] - Net profits for the same years were RMB 1,299.38 million, RMB 450.91 million, and RMB 1,411.78 million [3] - The IPO price of HKD 106.89 per share represents 59% of the A-share closing price of RMB 162.18 on January 29, 2026, indicating a certain margin of safety in valuation [3]

IPO 申购指南 爱芯元智（0600.HK） 建议谨慎申购 2026-1-30 星期五 | 【招股详情】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | | | 中金公司，国泰海通，交银国际 | | | | | | | 上市日期 | 年 2026 | 2 | 月 | 10 | 日（星期二） | | | | | | 招股价格 | 28.2 港元/股 | | | | | | | | | | 集资额 | 27.901 | | | | | | 亿港元（扣除包销费及佣金，按中间价计算） | | | | 每手股数 | 100 股 | | | | | | | | | | 入场费 | 2,848.44 | | 港元 | | | | | | | | 招股日期 | 2026 年 | 1 | 月 | 30 | 日-2026 | 2 | 5 日 | 年 | 月 | | 国元证券认购截止日期 | 2026 年 | 2 | 月 | 4 日 | | | | | | | 招股总数 | 10,491.52 | ...

证券研究报告 锅圈 (2517 HK) 港股通 Q4 开店加速，利润率快速提升 2026 年 1 月 30 日│中国香港 餐饮 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 30 日│中国香港 | 餐饮 | 目标价(港币): | 5.08 | | 锅圈发布 | | 25 年业绩预告，预计收入 | 77.5-78.5 亿元，同增 19.8-21.3%；净 | 樊俊豪 SAC No. S0570524050001 | 研究员 fanjunhao@htsc.com | SAC No. S0570524050001 SFC No. BDO986 +(852) 3658 6000 石狄 研究员 shidi@htsc.com +(86) 755 8249 2388 资料来源：公司公告、华泰研究预测 杨耀* 联系人 SAC No. S0570124070059 yangyao@htsc.com +(86) 755 8249 2388 基本数据 | 收盘价 (港币 截至 1 月 29 日) ...