Company Research - Futu Holdings (FUTU) is rated "Buy" with a target price of $195.00, representing a potential upside of 15.71% from the current price of $168.52[3][14] - Haitong International (1882) is rated "Buy" with a target price of HKD 30.00, maintaining the same EPS estimates for 2025 and 2026[2][12] - China Resources Beer (291) is rated "Buy" with a target price of HKD 35.00, reflecting an 18x PE for 2025, with a projected EPS growth of 8% for 2026[2][28] Financial Performance - Futu Holdings expects total revenue to grow from HKD 10,008 million in 2023 to HKD 19,531 million in 2025, a growth rate of 43.7%[12] - The net profit for Futu Holdings is projected to increase from HKD 4,279 million in 2023 to HKD 9,413 million in 2025, representing a growth of 73.3%[12] - China Resources Beer reported a net profit of HKD 57.9 billion for the first half of 2025, a year-on-year increase of 23%[24] Market Trends - Futu Holdings is leveraging its technology and regulatory licenses to capture the cross-border wealth management market, with a focus on Southeast Asia and Web 3.0 innovations[10][8] - China Resources Beer is focusing on premiumization, with high-end product sales growing over 10%, significantly outperforming the industry[25][27] - Haitong International's overseas sales surged by 34.7% year-on-year, driven by demand in Southeast Asia and a strategic focus on key industry clients[20]

➢风险提示：全球制造业需求不达预期 黄佳杰 + 852-25321599 harry.huang@firstshanghai.com. hk 陈晓霞 主要资料 | 行业 | 机械装备 | | --- | --- | | 股价 | 21.80 港元 | | 目标价 | 30.00 港元 | | | (+37.6%) | | 股票代码 | 1882 | | 已发行股本 | 15.96 亿股 | | 总市值 | 347.93 亿港元 | | 52 周高/低 | 27.50 港元/16.18 港元 | | 每股净资产 | 14.86 元 | | 主要股东 | 张剑鸣 32.77% | | | 张静章 32.29% | 海天国际（1882） 更新报告 买入 2025 年 8 月 21 日 全球化布局的经营韧性突显 | 表 1：盈利摘要 | | | | | | 股价表现 | | --- | --- | --- | --- | --- | --- | --- | | 截止12月31日 | 2023A | 2024A | 2025E | 2026E | 2027E | 30 | | 营业额(百万人民币) | 13,069 | ...