| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 883.84 | 1,215.12 | 1,559.81 | 1,958.53 | 2,319.28 | | 同比(%) | (44.79) | 37.48 | 28.37 | 25.56 | 18.42 | | 归母净利润（百万港元） | 403.57 | 410.20 | 586.03 | 774.64 | 934.33 | | 同比(%) | (56.23) | 1.64 | 42.86 | 32.19 | 20.62 | | EPS-最新摊薄（港元/股） | 0.05 | 0.05 | 0.07 | 0.09 | 0.11 | | P/E（现价&最新摊薄） | 37.16 | 36.56 | 25.59 | 19.36 | 16.05 | [Table_Tag] [投资要点 Table_Summary] ◼ 2025Q1-Q3 营收稳健增长，资产运营业务贡献度持续提升 ...

Core Viewpoint - The opening of the first nationwide robot technology experience store, "Taozhu New Manufacturing Bureau" (tentative name), marks a significant step in integrating robots into consumer daily life, creating a comprehensive consumption loop from selection to service [1][2] Event Summary - The "Taozhu New Manufacturing Bureau" robot technology experience store officially opened on October 1, 2025, in Beijing, with additional pop-up locations at the Capital Airport T3 terminal and Chengdu Chunxi Road during the National Day holiday [1][2] Business Development - The experience store features over 200 robot products from leading companies, covering various scenarios such as home companionship, educational entertainment, medical care, and sports entertainment, allowing consumers to interact with and purchase products directly [2] - The store is part of the company's strategy to extend its robot industry chain to the consumer end, aiming to establish multiple experience stores in key cities across the country, integrating online and offline shopping experiences [2] Financial Outlook - The company is expected to achieve revenues of HKD 1.479 billion, 1.792 billion, and 2.143 billion from 2025 to 2027, with year-on-year growth rates of 21.74%, 21.17%, and 19.56% respectively [3] - Projected net profits for the same period are HKD 587 million, 754 million, and 909 million, with year-on-year growth rates of 43.18%, 28.40%, and 20.51% respectively, indicating a strong growth trajectory [3]

Group 1 - Core viewpoint: CITIC Construction Investment reports that Shoucheng Holdings is building a business matrix in the infrastructure and technology asset sectors, creating an innovative model of "asset circulation + intelligent operation" [1] - The company is advancing an integrated development path in the robotics sector, transitioning into a full-chain service platform enterprise [1] - The company possesses growth attributes while also having high dividend value, leading to a positive outlook on its development prospects [1] - Revenue projections for 2025-2027 are estimated at HKD 14.79 billion, 17.92 billion, and 21.43 billion, with net profits of HKD 5.87 billion, 7.54 billion, and 9.09 billion respectively, maintaining a "buy" rating [1] Group 2 - On October 1, 2025, Shoucheng Holdings opened the first nationwide robot consumer experience store, "Tao Zhu Xin Zao Ju" (tentative name), in Beijing [2] - The robot technology experience store creates an integrated consumption loop of "selection - experience - delivery - service," showcasing over 200 robot products across various scenarios [2] - The store aims to extend the robotics industry chain to the consumer end, with plans to open multiple experience stores in key cities nationwide [2] - The company intends to integrate online and offline consumption scenarios through live streaming and physical stores, promoting the adoption of robotics in households [2]

Macro Strategy - The report highlights that the overseas market during the National Day holiday was dominated by two major events: the U.S. government shutdown and the unexpected election of Kishi Nobuo as the president of the Liberal Democratic Party in Japan. The government shutdown led to increased risk aversion, while expectations for the Federal Reserve to "blindly cut rates" rose due to the suspension of key economic data releases. This, combined with expectations of "loose fiscal and monetary" policies in Japan, drove gold and Bitcoin to new historical highs [1][6]. - Looking ahead, the report suggests that the global political rightward shift, along with loose fiscal and monetary trends, indicates greater uncertainty from geopolitical friction and unsustainable global government debt. The probability of the economy transitioning from a soft landing to moderate overheating has increased. In terms of market strategy, it is expected that gold will outperform copper and stocks in the medium term [1][6]. Fixed Income - The report discusses the upcoming issuance of Funi Energy Convertible Bonds, with a total issuance scale of 3.802 billion yuan. The net proceeds will be used for significant energy projects. The initial bond price is estimated to be between 123.06 and 136.85 yuan, with a predicted subscription rate of 0.0129% [3][12]. Industry Insights - The report notes that Shoucheng Holdings has launched the first permanent robot technology experience store in Beijing, which is expected to facilitate the commercialization of robots in the consumer market. The company maintains profit forecasts for 2025-2027 at 590 million, 770 million, and 930 million Hong Kong dollars, respectively, with corresponding PE ratios of 30, 23, and 19 times. The report maintains a "buy" rating for the company, considering its stable main business and deepening layout in humanoid robots [4][14].

Core Insights - The opening of the first "Robot Technology Experience Store" in Beijing marks a significant milestone for the company, showcasing over 200 robot products across various applications [1] - The launch of the "融石广场" commercial complex aims to create the first robot-friendly commercial space in China, leveraging the company's comprehensive layout in the robotics and sci-fi industries [1] - Interactive performances featuring robots during the National Day holiday are expected to enhance customer engagement and promote the new consumption era of human-robot coexistence [1] Company Developments - The "Robot Technology Experience Store" is the first of its kind in the country, featuring products from leading companies and innovative startups in the robotics sector [1] - The "融石广场" is in trial operation, indicating the company's commitment to expanding its commercial footprint in the robotics industry [1] - The introduction of the original companion robot IP "RoRo" signifies the company's focus on innovative consumer experiences [1] Industry Trends - The establishment of a robot-centric commercial space reflects a growing trend towards integrating robotics into everyday consumer experiences [1] - The variety of robot applications showcased, including companionship, education, and entertainment, highlights the expanding market potential for robotics in various sectors [1] - The interactive nature of the store and performances suggests a shift towards more engaging and immersive retail environments in the robotics industry [1]