[Table_scodeMsg1] 港股研究丨公司点评丨李宁（02331.HK） [Table_Title] 短期零售承压，2026 年稳健修复 报告要点 [Table_Summary] 李宁发布 2025Q4 运营数据，Q4 全渠道流水低单下滑，线下渠道中单下滑（其中直营渠道低 单下滑，批发渠道中单下滑），电商渠道持平。 分析师及联系人 [Table_Author] 丨证券研究报告丨 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 李宁（02331.HK） cjzqdt11111 [Table_Title2] 短期零售承压，2026 年稳健修复 [Table_Summary2] 事件描述 李宁发布 2025Q4 运营数据，Q4 全渠道流水低单下滑，线下渠道中单下滑（其中直营渠道低 单下滑，批发渠道中单下滑），电商渠道持平。 事件评论 丨证券研究报告丨 2026-01-20 港股研究丨公司点评 [Table_ ...

2026 年 01 月 19 日 昆仑能源 (00135) ——回购彰显发展信心，成长潜力值得期待 报告原因：有信息公布需要点评 上 市 公 司 公 司 研 究 / 公 司 点 评 公用事业 买入（维持） | 市场数据： | 2026 年 01 月 16 日 | | --- | --- | | 收盘价（港币） | 7.43 | | 恒生中国企业指数 | 9220.81 | | 52 周最高/最低（港币） | 8.48/6.80 | | H 股市值（亿港币） | 643.35 | | 流通 H 股（百万股） | 8,658.80 | | 汇率（港币/人民币） | 0.8988 | 一年内股价与基准指数对比走势： -4% 16% 36% 56% HSCEI 昆仑能源 资料来源：Bloomberg 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2023 | 202 ...

以油养肤开创者，产品渠道拓展加速 ——林清轩首次覆盖报告 养肤品类趋势下大单品接力发力、抖音及线下持续拓展下的高成长性。 投资要点： [Table_Summary] 公司深耕以油养肤赛道多年，抖音助力大单品爆发，拓品类、拓渠 道下有望实现持续快速增长。预计公司 2025-2027 年 EPS2.75、4.18、 5.49 元人民币，综合考虑 PE 和 PS 两种估值方式取平均值，给予公 司合理估值 149 亿元人民币（对应 166 亿港币），给予目标价 118.57 港币，对应 2025PE26x，首次覆盖，给予"优于大市"评级。 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 805 | 1,210 | 2,316 | 3,356 | 4,274 | | (+/-)% | 16.5% | 50.3% | 91.5% | 44.9% | 27.3% | | 毛利润 | 654 | 998 | 1,913 | 2,777 | 3,539 | | 净利润 ...

Investment Rating - The investment rating for 康耐特光学 (2276.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on expected profit growth and market performance. Core Insights - The company forecasts a net profit growth of no less than 30% for 2025, driven by increased sales of high-refractive index lenses and multifunctional products, enhanced competitive advantages through scale effects and automation, and improved financing structure leading to higher returns and lower costs [1]. - The report highlights an expected steady recovery in North American revenue, supported by an increase in the proportion of high-refractive index lenses and high-value-added products, as well as successful establishment of production bases in Japan and Thailand [2]. - The smart glasses segment is anticipated to see significant growth, with cumulative revenue reaching approximately 10 million yuan by the end of August, and further expansion expected in 2025 and 2026 as production scales up [3]. Financial Projections - The company is projected to achieve total revenue of 2,341 million yuan in 2025, with a year-over-year growth rate of 14%, and a net profit of 567 million yuan, reflecting a 32% increase [4]. - For the years 2025 to 2027, the expected net profits are 5.7 billion yuan, 6.9 billion yuan, and 8.9 billion yuan, with corresponding P/E ratios of 46.8X, 38.3X, and 29.6X [3][4]. - Key financial metrics indicate a gross margin improvement, with projections of 39.96% in 2025 and 41.47% in 2027, alongside a net profit margin of 24.20% in 2025 [4].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report indicates that the leading spicy snack company is expected to stabilize its noodle products in 2026 while experiencing rapid growth in its konjac new products, driven by scale effects that may lead to better-than-expected performance [2][3] Summary by Relevant Sections Market Outlook - The market perceives insufficient growth momentum for noodle products, with potential ongoing pressure due to weakened industry demand. However, the report suggests that noodle products may stabilize or see slight growth in 2026, while the konjac category is expected to achieve rapid growth through new flavors [2][3] Growth Drivers 1. The konjac industry is projected to grow significantly, with an expected market size exceeding 30 billion yuan by 2025 and a CAGR of 12% over the next five years. The company holds the leading market share and has established strong brand recognition, which provides a competitive advantage. The growth in 2026 will be supported by three new flavors [3] 2. The decline in noodle products is attributed to SKU adjustments, but this impact is expected to diminish in 2026. New flavors and optimized channel displays are anticipated to enhance sales performance [3] 3. The combination of scale effects and cost advantages is expected to improve the company's profitability [3] Financial Forecast and Valuation - The company is projected to achieve revenues of 7.26 billion, 8.59 billion, and 10.14 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 18%, and 18%. Net profit is expected to reach 1.41 billion, 1.72 billion, and 2.07 billion yuan for the same years, with growth rates of 32%, 23%, and 20% [5][3] - The estimated P/E ratio for 2026 is 16.69, indicating a favorable valuation compared to the industry average of 20.4. The report suggests a target P/E range of 20-25 for the company, corresponding to a market capitalization of 34.5 billion to 43 billion yuan, representing a potential upside of 20%-50% [3]

上 市 公 司 医药生物 报告原因：首次覆盖 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 买入（首次评级） | 市场数据： | 2026 年 01 月 16 日 | | --- | --- | | 收盘价（港币） | 4.54 | | 恒生中国企业指数 | 9220.81 | | 52 周最高/最低（港币） | 5.76/4.35 | | H 股市值（亿港币） | 285.23 | | 流通 H 股（百万股） | 6,282.51 | | 汇率（港币/人民币） | 0.8988 | 一年内股价与基准指数对比走势： -10% 10% 30% 50% HSCEI 华润医药 资料来源：Bloomberg 相关研究 - 证券分析师 周文远 A0230518110003 zhouwy@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 2026 年 01 月 19 日 华润医药 (03320) ——国内第一大 OTC 制造商，品牌势能集聚 华润医药集团有限公司是中国领先的综合医药公司，业务覆盖医药、保健产品 ...

上 市 公 司 报告原因：首次覆盖 公 司 研 究 / 公 司 深 度 美容护理 2026 年 01 月 19 日 林清轩 (02657) ——以油养肤赛道标杆，匠心铸就高端国货之光 买入（首次评级） | 市场数据： | 2026 年 01 月 16 日 | | --- | --- | | 收盘价（港币） | 85.30 | | 恒生中国企业指数 | 9220.81 | | 52 周最高/最低（港币） | 91.65/78.00 | | H 股市值（亿港币） | 119.13 | | 流通 H 股（百万股） | 106.09 | | 汇率（港币/人民币） | 0.8988 | 一年内股价与基准指数对比走势： -8% 12% 12/30 01/01 01/03 01/05 01/07 01/09 01/11 01/13 01/15 HSCEI 林清轩 资料来源：Bloomberg 相关研究 - 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 A023052312000 ...

证券研究报告：医药生物 | 公司点评报告 股票投资评级 增持|首次覆盖 协议概要：根据协议，英矽智能将有资格获得最高 3200 万美元 的首付款及近期研发里程碑付款，并将依托其自主研发的人工智能技 术平台，筛选并推进符合既定药物研发与科学标准的潜在候选药物。 施维雅将共同承担研发成本，并在成功提名具有前景的候选药物后， 主导后续临床验证、监管沟通，以及相关肿瘤候选药物在全球范围内 的商业化进程。 公司 AI 赋能肿瘤药物研发能力再获认可。 英矽智能在人工智能驱动的肿瘤药物研发方面拥有丰富经验，公 司已建立起覆盖多种癌症适应症的管线。其中，具有潜力成为同类最 佳（best-in-class）疗法的泛 TEAD 抑制剂 ISM6331 以及 MAT2A 抑制 剂 ISM3412，均已启动全球多中心 I 期临床试验。此外，公司还有四 个肿瘤项目已全部或部分对外授权给合作伙伴，相关 I 期临床试验正 在稳步推进中。 公司基本情况 | 最新收盘价（港元） | 55.20 | | | --- | --- | --- | | 总股本/流通股本（亿股）5.57/1.21 | | | | 总市值/流通市值（亿港 | 308/6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The management change, with Gao Li taking over as chairman, is expected to lead to a recovery and development for the company. Both Gao Li and Li Shuqing have extensive experience within the China Resources system, which is anticipated to enhance financial control and overall operations [9] - The company is focusing on a dual-engine strategy of water and beverage, continuously enriching its product matrix and launching new products to expand consumer demographics and scenarios [9] - Revenue projections for 2025-2027 are estimated at 11.5 billion, 12.3 billion, and 13.1 billion RMB respectively, with corresponding net profits of 1.1 billion, 1.2 billion, and 1.3 billion RMB [9] Financial Summary - Revenue for 2023 is reported at 13,515 million RMB, with a growth rate of 7.07%. However, a decline of 14.74% is expected in 2025, followed by a recovery in subsequent years [8][11] - The net profit for 2023 is 1,329 million RMB, with a significant growth of 34.30%. A decline of 30.67% is projected for 2025, with a recovery in the following years [8][11] - Earnings per share (EPS) for 2023 is 0.66 RMB, with projections of 0.47 RMB in 2025 and a gradual increase to 0.56 RMB by 2027 [8][11] - The company’s return on equity (ROE) is expected to decline from 19.26% in 2023 to around 9.31% by 2027 [8][11] Financial Ratios - The company’s gross margin is projected to be around 44.66% in 2023, with slight fluctuations in the following years [11] - The debt-to-asset ratio is expected to decrease from 43.29% in 2023 to 30.62% by 2027, indicating improved financial stability [11] - The current ratio is projected to improve from 1.07 in 2023 to 2.23 by 2027, reflecting better liquidity [11]

Investment Rating - The report assigns a "Buy" rating for IFBH, marking its first coverage of the company [1]. Core Insights - IFBH is a leader in the coconut water sector, demonstrating strong profitability and a commitment to a light-asset model that leverages Thai industry resources [8][14]. - The coconut water market in China is rapidly expanding, with a projected growth from USD 1.02 billion in 2019 to USD 10.93 billion by 2024, reflecting a CAGR of 60.8% [8][70]. - The company is actively enhancing its distribution partnerships and product offerings to drive growth, with a focus on both online and offline channels [8][51]. Summary by Sections 1. Company Overview - IFBH was founded in 2013 and has rapidly grown since entering the Chinese market in 2017, becoming a leading player in the coconut water industry [8][14]. - The company operates under a light-asset model, which allows it to maintain high asset turnover and profitability [8][42]. 2. Market Dynamics - The coconut water industry is characterized by its health benefits and growing consumer demand, with significant room for market penetration compared to the U.S. [8][51]. - The market is expected to continue expanding, with a forecasted CAGR of 19.4% from 2024 to 2029 [70]. 3. Growth Strategy - IFBH is focusing on product innovation and expanding its distribution network, including partnerships with major retailers like COFCO and Watsons [8][51]. - The company plans to enhance its market presence through both its flagship brand "if" and the new "Innococo" brand, targeting functional beverage segments [8][29]. 4. Financial Projections - Revenue projections for IFBH indicate growth from USD 187.55 million in 2025 to USD 331.16 million by 2027, with corresponding net profits expected to rise from USD 30.50 million to USD 54.79 million [1]. - The report anticipates a decrease in P/E ratios from 19.29x in 2025 to 10.74x in 2027, indicating improving valuation metrics [1].