证券研究报告 | 公司点评 gszqdatemark 2026 03 04 年 月 日 H&H 国际控股（01112.HK） 业绩拐点兑现，经营持续向上 事件：2025 年公司收入低双位数增长，其中 ANC 收入同比约中个位数增 长；BNC 中婴幼儿营养及护理用品收入同比强劲双位数增长，婴幼儿益生 菌及营养补充品收入同比低个位数增长；PNC 收入同比高个位数增长。 2025 年经调整可比 EBITDA 同比增长 2%~6%；经调整可比 EBITDA 率 维持约中双位数稳健水平；经调整可比净利同比增长 15%~25%。 ANC：中国内地龙头份额再提升，扩张市场强劲增长。2025 年中国内地 市场低双位数增长，其他扩张市场取得强劲双位数增长。分品类来看，心 脏健康、抗衰老及排毒等创新品类增长强劲，针对细分人群的 Swisse Plus 及 Little Swisse 持续增长。分地区来看，根据 HNC 数据，2025 年中国保 健品电商市场规模同比增速约 10%，Swisse 作为大体量龙头保持高于行 业增速，充分彰显强电商运营能力、品类布局能力。2025 年澳新市场因代 购渠道承压双位数下滑，但澳新本土业务实现 ...

板材业务库存降至 15-20 天，2026 年销量目标 155 亿元，重点推动门 店零售渠道止跌回升。 刨花板业务爆发式增长，财产板 2025 年销量达 1,600 万张（同比增 3 倍），2026 年目标 2,500 万张。 产品结构高端化，推出"纯新板"提升毛利，单张品牌使用费由 5 元 （彩蒸板）提升至 12 元。 裕丰汉唐精装业务 2025 年触底，收入缩至 2 亿且亏损扩大，2026 年 将停止生产并由代理承担回款。 应收账款风险集中于万科（3.47 亿元），2025 年针对长账龄计提比例 最高或升至 100%，商誉余额将减至 7,000 万以下。 2026 年价格端预计止跌企稳，毛利率受高毛利辅材（封边皮增 30%） 及结构优化支撑保持平稳。 分红策略积极，2026-2027 年无重大资本开支，公司拟逐年提升分红 规模以加大股东回报。 Q&A 2025 年整体经营目标完成情况如何，板材、家居（全屋定制为主）、裕丰汉 唐三块业务分别呈现出怎样的经营特征？2026 年开年以来的经营部署与核心 目标是什么？ 兔宝宝 20260303 摘要 2025 年整体经营基本完成年初既定目标，全年运行相对平稳，但三 ...

覆铜板顺价电子布，进入良性涨价区间 建滔积层板(1888) 建滔积层板公司更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | [当前价格 Table_CurPrice] (港元)： | 22.90 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | [Table_Market] 交易数据 | | 本报告导读： 公司发布 2025 年盈利预喜公告，25H2 以来伴随 ...

国泰海通证券发布研报称，维持建滔积层板(01888)"增持"评级。公司发布2025年盈利预喜公告，预计 2025年全年实现净利润23.9亿港元，同增超80%，其中倒算25H2实现净利润14.6亿港元，25H2以来伴随 着上游铜+电子布涨价，公司主营覆铜板实现多轮提价，产业链良性顺价有望延续。上调公司2025-2027 年净利分别为23.99/45.62/51.72亿港元，根据可比公司26年PE为33倍，考虑到公司高端化仍在推进中， 谨慎起见估值进行一定折价，给予26年估值25xPE，目标价32.3港元。 国泰海通证券主要观点如下： 25H2覆铜板多轮提价，带动公司单位盈利快速修复 产销方面，该行预计公司25H2覆铜板总销量超6000万张，其中受益于AI需求拉动预计25Q4产销环比 25Q3有所提升。盈利方面，该行按照净利润除以销量简单测算，预计25H2单张覆铜板净利约23港元， 环比上半年提升7-8港元。2025H2以来，公司8月、10月、11月、12月(单月提价两次)共提价5次，该行 预计单张覆铜板累计提价幅度在40港元以上，由于公司电子布为自供，因此只需要扣除铜价上涨带来的 单位成本影响，该行测算涨价完成 ...

覆铜板顺价电子布，进入良性涨价区间 建滔积层板(1888) 建滔积层板公司更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | [当前价格 Table_CurPrice] (港元)： | 22.90 | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | | | 杨冬庭(分析师) | 0755-23976166 | yangdongting@gtht.com | S0880522080004 | [Table_Market] 交易数据 | | 本报告导读： 公司发布 2025 年盈利预喜公告，25H2 以来伴随 ...

内容概况：中国补偿电缆行业正处在规模扩张与结构性矛盾并存的关键阶段，2024年，中国补偿电缆行 业市场规模约为4.61亿元，同比增长4.30%。在整体规模稳步增长的背后，行业内部的供需结构正经历 剧烈而深刻的失衡与重塑。需求侧的结构性迁移是矛盾的核心。一方面，传统支柱性行业，如冶金、石 化等，其需求占比正在系统性下降；另一方面，以新能源、半导体为代表的高增长领域，正迅速崛起为 驱动行业未来规模与价值增长的新引擎。 相关上市企业：太阳电缆（002300） 相关企业：鞍钢股份有限公司、浙江万马股份有限公司、江西铜业集团有限公司、紫金矿业集团股份有 限公司、国家电网有限公司、中国石油天然气集团有限公司、万华化学集团股份有限公司、宁德时代新 能源科技股份有限公司、铜陵有色金属集团股份有限公司、云南铜业股份有限公司、中国华能集团有限 公司 关键词：补偿电缆、补偿电缆市场规模、补偿电缆行业现状、补偿电缆发展趋势 一、行业概述 补偿电缆是一种在特定温度范围内，能够产生与热电偶丝材"电动势-温度"特性相匹配的热电势的专用 导线。其核心作用是连接热电偶与测量仪表，补偿热电偶参考端温度变化引起的误差，从而保证温度测 量的准确性。 ...

Group 1: Medical Sector Overview - The medical business under the "Winner" brand includes traditional wound care, high-end dressings, surgical consumables, infection protection, and personal health products. High-end dressings are experiencing rapid growth, particularly in overseas markets, while domestic markets are still in the promotion phase, indicating significant future potential [1][2]. - The medical sector is driven by both organic growth and external acquisitions, maintaining a steady upward development trend [2]. Group 2: Profitability and Future Outlook - The medical sector's profitability is recovering post-public health events, with fluctuations observed from 2020 to 2024. A comprehensive integration and efficiency improvement strategy is expected to enhance profit margins, aiming to restore them to pre-2020 levels [3]. - Future profitability is anticipated to improve as the sector shifts towards high-end product structures and brand enhancement, with a focus on optimizing cost control [3]. Group 3: Strategic Acquisition of GRI - The acquisition of GRI brings strategic advantages, including access to quality channels and customer resources, a global production capacity across multiple countries, and significant product synergy that supports market expansion, particularly in the Americas [4]. Group 4: All Cotton Era's Competitive Advantages - All Cotton Era's core competitive advantages lie in its medical background, cotton philosophy, and quality gene, attracting a loyal customer base focused on safety and sustainability [5]. - The brand has implemented a successful product strategy and refined channel operations, leading to consistent revenue and profit growth [5]. Group 5: Differentiation and Market Position - All Cotton Era differentiates itself through its brand vision, product innovation, and channel layout, emphasizing the benefits of cotton and maintaining high production standards [6]. - The brand has developed a unique business model and achieved leading positions in several product categories, driving overall sales growth [6]. Group 6: Channel Strategy and Profitability - The channel strategy balances online and offline development, with online sales accounting for approximately 60% and offline for about 40% of total revenue [7]. - The brand has strengthened partnerships with major e-commerce platforms and is expanding its physical store presence, focusing on quality over quantity in store openings [7]. Group 7: Marketing and Brand Building - All Cotton Era prioritizes brand building over speed, employing a long-term marketing strategy that emphasizes brand value and consumer engagement through various promotional activities [9]. - The company focuses on high-quality content and precise advertising strategies to enhance brand recognition and drive sustainable business growth [9].

Core Insights - Jiangsu Shagang Group (referred to as "Shagang") has been recognized in the 2025 Yangtze River Delta Top 100 Enterprises list, ranking 22nd overall, 11th in manufacturing, 12th among private enterprises, and 8th in private manufacturing [1][1][1] - The Yangtze River Delta is noted as one of the most dynamic, open, and innovative regions in China, with Shagang being a key enterprise contributing to the region's high-quality economic and social development [1][1] Company Performance - In 2023, Shagang has focused on tackling key core technologies and expanding its high value-added product system, successfully testing its intelligent high-alloy plate line and securing orders for low yield strength but high toughness ship steel [1][1] - Shagang has entered the ranks of core material suppliers for domestic commercial aircraft engines, showcasing its commitment to innovation and technological advancement [1][1] - The company has received multiple accolades, including the Metallurgical Science and Technology Award, and has launched over 350 new products, indicating a strong push towards high-end, intelligent, and differentiated product structures [1][1]

Core Viewpoint - The company plans to increase the production of TMCP high-strength steel, which includes Q420 wind power bridge steel, Q550/Q690 coal machine steel, and 600MPa hydropower steel, to account for 50% of its product structure adjustment [1] Group 1: Project Details - The company intends to implement a new 3500mm straightening machine project at its rolling mill, with a construction period of 264 days and a total investment not exceeding 35 million yuan (approximately 5 million USD) [1] - The project will include the complete set of equipment for the straightening machine, as well as civil foundations, hydraulic, electrical, lubrication, automation, and auxiliary systems [1] - The straightening machine will feature a fully hydraulic, four-fold tilting, reversible design, with a maximum straightening force greater than 3100 tons and a main motor power of 2×750 kW [1] Group 2: Strategic Implications - Upon implementation, the new project will enable the rolling mill to achieve mass production capabilities for all varieties of TMCP high-strength steel, effectively enhancing the company's product structure towards high-end products [1] - This strategic move is expected to solidify the company's market competitiveness [1]

Core Viewpoint - The company plans to increase the production of TMCP high-strength steel products, which will account for 50% of its output, in response to the demand for structural adjustments in medium and heavy plate products [1] Group 1: Project Details - The company intends to implement a new 3500mm pre-straightening machine project at its rolling mill, with a construction period of 264 days and a total investment not exceeding 35 million yuan excluding tax [1] - The project will include the installation of a complete set of pre-straightening machine equipment, as well as civil foundations, hydraulic, electrical, lubrication, automation, and power supply systems [1] - The pre-straightening machine will feature a fully hydraulic, four-fold tilting, reversible design, with a maximum straightening force greater than 3100 tons and a main motor power of 2×750 kW [1] Group 2: Production Capacity and Market Position - Upon implementation, the medium and heavy plate unit will have the capability for mass production of all varieties and specifications of TMCP high-strength steel, effectively enhancing the company's product structure towards high-end products [1] - This strategic move is aimed at strengthening the company's market competitiveness and establishing a solid foundation for future growth [1]