Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 19.00 and a fair value of HKD 20.22 [5]. Core Insights - The launch of the Honor Gold Standard product series and the new "Dragon Store" concept is expected to drive brand performance growth. The Dragon Store aims to create a space that integrates product experience, emotional resonance, and cultural exchange, while the Honor Gold Standard series focuses on multifunctional and versatile designs for various scenarios [9]. - The company anticipates that the synergy between the Honor Gold Standard series and the Dragon Store will contribute to revenue growth in 2026, targeting high-quality consumer segments with diverse needs [9]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be CNY 2.472 billion in 2025, CNY 2.634 billion in 2026, and CNY 2.828 billion in 2027, with a reference PE of 18 times for 2026 [9]. Financial Summary - Main revenue projections for the company are as follows: - 2023: CNY 27,598 million - 2024: CNY 28,676 million - 2025: CNY 28,986 million - 2026: CNY 30,325 million - 2027: CNY 32,871 million - The growth rates for main revenue are projected at 7.0% for 2023, 3.9% for 2024, 1.1% for 2025, 4.6% for 2026, and 8.4% for 2027 [4]. - The company's EBITDA is forecasted to be CNY 5,814 million in 2023, declining to CNY 5,631 million in 2025, and then increasing to CNY 6,736 million by 2027 [4]. - The net profit attributable to shareholders is projected to decline from CNY 3,187 million in 2023 to CNY 2,472 million in 2025, before recovering to CNY 2,828 million in 2027 [4]. - The report also highlights key financial ratios, including a projected ROE of 9.0% in 2025 and an EV/EBITDA ratio of 6.4 in 2025 [4].

周二美联储公布非农数据喜忧参半，但市场预期降息持续升温，今日港股市场低开低走，午后异动翻 红，尾盘三大指数悉数走高。截止收盘，恒生指数涨0.92%或233.37点，报25468.78点，全日成交额为 1831.41亿港元；恒生国企指数涨0.98%，报8843.57点；恒生科技指数涨1.03%，报5457.95点。 浦银国际认为，11月至今，港股市场情绪指数较为波动，因美联储降息预期反复及美股AI板块回调。 目前，港股恒生指数的前瞻市盈率为12.7倍，较年内最高点已回调5%。在缺乏新催化剂的情况下，短 期港股市场情绪或将进入震荡修复期，但无需盲目悲观。短期风格和投资主线或将出现轮动，"科技 +红利"杠铃策略依然有效。 蓝筹股表现 李宁(02331)表现亮眼。截至收盘，涨4.26%，报19.07港元，成交额6.13亿港元，贡献恒指2.91点。李宁 品牌全球首家龙店在12月14日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品，中金认 为，此举是公司在奥运产品矩阵布局上的进一步强化。中金还表示，随着新奥运周期开始，李宁逐步在 新的产品系列和新的店型上不断尝试，有望持续提升品牌在消费者心中的影响力。 其他蓝筹 ...

智通财经APP获悉，周二美联储公布非农数据喜忧参半，但市场预期降息持续升温，今日港股市场低开 低走，午后异动翻红，尾盘三大指数悉数走高。截止收盘，恒生指数涨0.92%或233.37点，报25468.78 点，全日成交额为1831.41亿港元；恒生国企指数涨0.98%，报8843.57点；恒生科技指数涨1.03%，报 5457.95点。 浦银国际认为，11月至今，港股市场情绪指数较为波动，因美联储降息预期反复及美股AI板块回调。 目前，港股恒生指数的前瞻市盈率为12.7倍，较年内最高点已回调5%。在缺乏新催化剂的情况下，短 期港股市场情绪或将进入震荡修复期，但无需盲目悲观。短期风格和投资主线或将出现轮动，"科技 +红利"杠铃策略依然有效。 蓝筹股表现 李宁(02331)表现亮眼。截至收盘，涨4.26%，报19.07港元，成交额6.13亿港元，贡献恒指2.91点。李宁 品牌全球首家龙店在12月14日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品，中金认 为，此举是公司在奥运产品矩阵布局上的进一步强化。中金还表示，随着新奥运周期开始，李宁逐步在 新的产品系列和新的店型上不断尝试，有望持续提升品牌在消费者心 ...