新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4978 期 2026 年 3 月 12 日 星期四 研究观点 【公司研究】 HIMS & HERS HEALTH（HIMS.US，买入）：持续扩展新领域和全球化，诺和撤回诉讼 【公司评论】 长芯博创（300548，未评级）：谷歌 AI 投资核心受益者，品类扩张潜力巨大 腾讯控股（700.HK）：周报 特斯拉（TSLA）：周报 【宏观经济评论】 第一上海——美股宏观策略 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | HIMS & HERS HEALTH(美 | HIMS | | | | | | | | | | | 元） | | 买入 买入 31.10 | 56.80 | -45 ...

Investment Rating - The report assigns a "Buy" rating with a target price of $31.1, indicating a potential upside of 41% from the current price of $22.16 [2][5][6]. Core Insights - The company achieved a revenue growth of 59% year-over-year, with Q4 revenue reaching $620 million, although gross margin decreased by 4.9 percentage points to 71.9% [3]. - The company is expanding its subscription base, with a 13% increase in subscribers to 2.51 million, and a 31% increase in personalized subscription users [4]. - The company is actively acquiring new businesses, including the purchase of Eucalyptus for $1.15 billion, which is expected to contribute significantly to future revenue [4]. - The company has settled a lawsuit with Novo Nordisk and is transitioning to sell the original brand of GLP-1 drugs, which is projected to have a market size of $100-150 billion by 2030 [5]. Financial Summary - For the fiscal year ending December 31, 2025, the company reported revenues of $2.35 billion, with a net profit of $128 million and an adjusted EBITDA of $318 million, reflecting an EBITDA margin of 13.5% [7]. - The company forecasts revenues of $2.79 billion for 2026, with a projected net profit of $56 million and an adjusted EBITDA of $259 million [7]. - The company’s international revenue reached $140 million in 2025, with expectations to exceed $1 billion in three years [4].