非银金融/证券Ⅱ 华泰证券（601688.SH） 再融资靴子落地，利好国际业务增长 2026 年 02 月 03 日 投资评级：买入（维持） 日期 2026/2/2 当前股价(元) 22.69 一年最高最低(元) 25.75/14.60 总市值(亿元) 2,048.20 流通市值(亿元) 1,657.90 总股本(亿股) 90.27 流通股本(亿股) 73.07 近 3 个月换手率(%) 80.96 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 64% 2025-02 2025-06 2025-10 华泰证券 沪深300 相关研究报告 《业绩超预期，综合实力行业领先— 华泰证券 2025 三季报点评》 -2025.10.31 高超（分析师） 卢崑（分析师） 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 事件：2 月 3 日上午，华泰证券公告拟根据一般性授权发行可转换为本公司 H 股 股份的债券。 再融资靴子落地，利好国际业务增长 （3）股份摊薄：可转换债券仅可转换H股，可转换约5.1亿股，约占现有已发行 H股的29 ...

每经AI快讯，1月28日，宏盛华源（601096）(601096.SH)公告称，宏盛华源预计2025年归属于上市公司 股东的净利润为3.48亿元到4.00亿元，同比增加51.22%到73.82%。业绩增长主要系公司持续降本增效带 动毛利率大幅提升，国际业务收入增长贡献利润，以及子公司土地收储产生资产处置收益。 ...

Core Viewpoint - The company plans to raise approximately HKD 6.1 billion through H-share placement and convertible bonds, which will be fully allocated to increase capital for its overseas subsidiaries, aiming to enhance long-term growth potential and international business expansion [2][3]. Group 1: Fundraising Details - The company intends to issue approximately 19.24% of H shares and 4.31% of total share capital, raising around HKD 6.1 billion [2]. - The proposed placement includes 219 million new H shares, representing about 12.87% of the existing H shares and approximately 2.88% of total share capital, with a placement price of HKD 18.15, expected to net HKD 3.959 billion [2]. - Additionally, the company plans to issue HKD 21.5 billion of zero-coupon convertible bonds, maturing on January 12, 2027, with a conversion price of HKD 19.82, potentially converting into approximately 108 million new H shares, which would account for about 6.37% of existing H shares and approximately 1.43% of total share capital [2]. Group 2: Strategic Implications - The fundraising will be entirely used to increase capital for overseas subsidiaries, which are crucial for the company's international business growth [3]. - The company did not participate in the previous round of capital replenishment (2019-2022) for A/H refinancing, and this H-share issuance is expected to strengthen its capital position and promote comprehensive business development, particularly in international operations [3]. - Following the capital increase, the net assets of the company's Hong Kong subsidiary are projected to reach approximately HKD 16 billion, positioning it as the fifth largest among Chinese securities firms [3]. Group 3: Market Outlook - The company maintains a "Buy" rating and raises the target price to HKD 27.71, corresponding to a 1.6x price-to-book ratio for 2025, reflecting an adjustment in profit forecasts for 2025-2027 [2]. - The industry is experiencing accelerated supply-side reforms, which may serve as a catalyst for growth [4].

Group 1 - The core viewpoint of the article is that Huayuan Securities has given a "buy" rating to Weixing Co., Ltd. (002003.SZ) based on its performance and growth prospects [1] - For Q1-Q3 2025, the company's revenue increased by 1.46% year-on-year, with improvements in gross margin and net profit margin in Q3 [1] - The company's sales and management expense ratio saw a slight increase year-on-year during the same period [1] - International business continued to grow, with a recovery in Q3 orders as the impact of tariffs eased [1] Group 2 - There is a significant increase in overseas orders, which surged by 246%, covering over 50 countries and regions [1] - Entrepreneurs have warned about the risk of cutthroat competition as some are selling at a loss [1]

Core Viewpoint - Morgan Stanley has assigned a "Hold" rating to PepsiCo with a target price of $165, reflecting a market capitalization of approximately $203.58 billion [1] Financial Analysis - Earnings per share (EPS) forecasts for fiscal years 2025 to 2028 are $8.16, $8.12, $8.55, and $9.07, leading to a decline in price-to-earnings (P/E) ratio from 18.6x to 16.6x [1] - Dividend yield is expected to increase from 3.4% in 2025 to 4.2% in 2028, indicating long-term return potential [1] Market Strategy - PepsiCo's Q4 EPS is projected to achieve mid-single-digit growth, driven by productivity improvements, accelerated growth in international beverage business, currency advantages, and cost control [1] - Specific measures include the closure of two factories and a reduction of 7,000 employees in North American snacks, enhancing automation levels [1] - North American beverage business is addressing overcapacity issues through manufacturing and distribution adjustments [1] - Global capability centers, although starting late, have significantly optimized labor and automation efficiency [1] Marketing and Sales Performance - Although marketing expenditure as a percentage of sales has slightly decreased, productivity improvements and digital spending optimization have maintained advertising effectiveness [1] - International beverage sales volume declined by 5% year-over-year in Q3, but growth is expected to resume in Q4, with international business projected to contribute 40% of total revenue in the long term [1] Valuation Analysis - The target price is based on an 18x P/E ratio for 2027, reflecting a discount of about 10% compared to peers like Coca-Cola and Procter & Gamble, primarily due to weak market share trends in the U.S. and potential reinvestment needs [2] - Growth drivers include high-profit contributions from international business, margin expansion in North American beverages, and cost structure optimization in snacks [2] Risk Factors - Upside risks include recovery in snack revenue, strong performance in international business, margin improvement, and recovery of market share in North American beverages [2] - Downside risks involve insufficient reinvestment returns, macroeconomic fluctuations, slow recovery in North American volumes, commodity and currency volatility, and the impact of GLP-1 drugs on consumer behavior [2]

Core Viewpoint - Morgan Stanley has assigned a "Hold" rating to PepsiCo (PEP.US) with a target price of $165, reflecting a market capitalization of approximately $203.58 billion and a 52-week stock price range of $177.50 to $127.60 [1] Financial Summary - Earnings per share (EPS) forecasts for fiscal years 2025 to 2028 are $8.16, $8.12, $8.55, and $9.07, respectively, with the price-to-earnings (P/E) ratio decreasing from 18.6x to 16.6x [1] - Dividend yield is projected to increase from 3.4% in 2025 to 4.2% in 2028, indicating long-term return potential [1] Market Strategy - PepsiCo's Q4 EPS is expected to achieve mid-single-digit growth, driven by productivity improvements, accelerated growth in international beverage business, currency advantages, and cost control [1] - Specific measures include the closure of two factories and a reduction of 7,000 employees in the North American snacks business to enhance automation levels [1] - The North American beverage business is addressing overcapacity issues through manufacturing and distribution adjustments [1] - The global capability center, although starting later, has significantly optimized labor and automation efficiency [1] Marketing and Sales Performance - Although marketing expenditure as a percentage of sales has slightly decreased, the company has maintained advertising effectiveness through productivity improvements and optimized digital spending [1] - International beverage sales volume declined by 5% year-over-year in Q3, but growth is expected to resume in Q4, with international business projected to contribute 40% of total revenue in the long term [1] Valuation Analysis - The target price is based on a 2027 P/E ratio of 18x, which is approximately a 10% discount compared to peers like Coca-Cola and Procter & Gamble, primarily due to weak market share trends in the U.S. and potential reinvestment needs [2] - This discount is partially offset by productivity improvements and international growth potential [2] Growth Drivers - Key growth drivers include high-profit contributions from international business, margin expansion in North American beverages driven by product portfolio reshaping, and cost curve optimization in the snacks business through reduced fixed costs [2] Risk Factors - Upside risks include recovery in snack revenue, strong performance in international business, margin improvement, and recovery of market share in North American beverages [2] - Downside risks involve insufficient reinvestment returns, macroeconomic fluctuations, slow recovery in North American business volume, commodity and currency volatility, continued weakness in beverage market share, and the impact of GLP-1 drugs on consumer behavior [2]

Core Insights - Didi's international business has maintained a year-on-year growth rate of over 25% in GTV (Gross Transaction Value) at fixed exchange rates for nearly a year [1] Group 1: Business Performance - Didi's international business currently covers 14 countries across Latin America, Asia-Pacific, and Africa [1] - The company's services include ride-hailing, food delivery, and financial services, showcasing a diverse local service offering [1]

Core Viewpoint - The Chief Financial Officer of Novo Nordisk (NVO.N) stated that the international business experienced very healthy growth in the first half of the year and is expected to continue in the second half [1] Group 1 - The international business of Novo Nordisk showed strong performance in the first half of the year [1] - The company anticipates continued growth in the second half of the year [1]

Financing Plan - Alibaba recently announced a financing plan to issue zero-coupon exchangeable bonds totaling approximately HKD 12 billion, maturing in 2032, to support cloud infrastructure and international business development [3][4] - The company plans to use the net proceeds from the bond issuance for general corporate purposes, including investments in cloud infrastructure and international business [4] Financial Performance - In the fiscal year 2025, Alibaba reported revenue growth of 6% to RMB 996.35 billion, with net profit increasing by 62.62% to RMB 1,301.09 billion, although growth rates have slowed compared to previous years [9][12] - The core business, Taobao Group, faced revenue stagnation, with growth rates of -3.89%, 5.25%, and 3.43% over the last three years [10][12] - International digital commerce showed strong performance with a revenue increase of 29% to RMB 1,323 billion, but it remains unprofitable with an adjusted EBITA loss of RMB 151.37 billion [14][16] Debt and Cash Flow - Alibaba's debt-to-asset ratio has been on the rise, reaching 39.58% in the fiscal year 2025, while cash and cash equivalents decreased to RMB 145.49 billion [8] - Operating cash flow has also declined over the past three years, from RMB 1,977.52 billion to RMB 1,635.09 billion [8] Management Changes - Significant changes in Alibaba's partnership structure occurred, with nine partners, including Zhang Yong and Dai Shan, exiting their roles, while Jiang Fan was promoted to CEO of Alibaba's e-commerce division [18][20] - The total number of partners decreased from 26 to 17, indicating a shift in management dynamics [18][20] Strategic Initiatives - To combat stagnation, Alibaba announced a plan to provide RMB 50 billion in direct subsidies to consumers and merchants over the next 12 months, aiming to boost sales and market competitiveness [23]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company reported Q1 2025 revenue of 13.83 billion yuan, a year-on-year increase of 16.2%, and a NON-GAAP net profit of 4.19 billion yuan, up 3.3%, both slightly exceeding market expectations. Domestic leisure travel demand has shown steady improvement, while outbound and international business continues to grow significantly, supported by optimized overseas marketing expenses [1][8]. - The long-term outlook remains positive due to the vast growth potential in overseas markets, with expectations of continued performance improvement as international operations mature and profitability enhances [1][8]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023: 44.51 billion yuan - 2024: 53.29 billion yuan (+20%) - 2025E: 61.81 billion yuan (+16%) - 2026E: 70.80 billion yuan (+15%) - 2027E: 80.91 billion yuan (+14%) [3][11]. - The company’s net profit is projected to grow significantly, with estimates of 9.92 billion yuan in 2023, reaching 23.99 billion yuan by 2027, reflecting a compound annual growth rate of 13% [3][11]. - The adjusted earnings per share (EPS) are expected to increase from 19.11 yuan in 2023 to 37.56 yuan in 2027 [3][11]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 24.2 in 2023 to 12.3 in 2027, indicating improving valuation metrics over time [3][12]. Business Performance - The company’s revenue breakdown for Q1 2025 includes: - Accommodation bookings: 5.54 billion yuan (+23.2%) - Transportation ticketing: 5.42 billion yuan (+8.4%) - Travel vacation: 0.95 billion yuan (+7.2%) - Business travel management: 0.57 billion yuan (+12.1%) - Other businesses: 1.37 billion yuan (+33.0%) [8]. - The overall gross margin for the reporting period was 80.4%, slightly down by 0.8 percentage points, while the operating profit margin (OPM) was 29.2%, exceeding the expected 27.5% [8]. Market Outlook - The company’s outbound and international business continues to show high growth, with outbound hotel and flight bookings exceeding 120% of pre-pandemic levels, and international OTA platform bookings increasing by over 60% year-on-year [8]. - The report anticipates a 15%-20% growth in outbound business for 2025, driven by high-margin outbound operations [8].