chenmz@ghzq.com.cn chency@ghzq.com.cn [Table_Title] 战略重组促进 ISG 业务加速重回盈利轨道，看 好公司后续发展 ——联想集团（0992.HK）FY2026Q3 财报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/02/12 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 联想集团 | 0.1% | -17.4% | -27.0% | | 恒生指数 | 1.6% | 0.4% | 23.7% | | 市场数据 | | | 2026/02/12 | | 当前价格（港元） | | | 9.00 | | 52 周价格区间（港元） | | | 6.57-13.60 | | 总市值（百万港元） | | | 111,641.93 | | 流通市值（百万港元） | | | 111,641.93 | | 总股本（万股） | | | 1,240,465.93 | | 流通股本（万股） | | | 1,240,465.93 | | 日均成交额（百万港元） | | | 2,262.59 | | 近一月换手 ...

2026 年 02 月 13 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 匡培钦 S0350525120001 kuangpq@ghzq.com.cn 证券分析师： 黄安 S0350526010002 huanga@ghzq.com.cn [Table_Title] 航运港口 2026 年 1 月专题：铁矿石吞吐量回升， 集装箱吞吐量稳增 | 行业相对表现 | | 2026/02/06 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 航运港口 | 4.5% | 2.5% | 15.0% | | 沪深 300 | -3.1% | -1.1% | 20.8% | 最近一年走势 投资要点: 本篇报告解决了以下核心问题：跟踪航运港口板块核心高频数据。 一、综述：全国进出口总额及货物吞吐量情况 进出口总额：2025 年 1～12 月，全国进出口总额实现 45.47 万亿元，同 比增长 3.8%，其中，全国进口总额实现 18.48 万亿元，同比增长 0.5%， 全国出口总额实现 26.99 万亿元，同比增长 6.1%。 货物吞吐量：2025年1～ ...

2026 年 02 月 13 日 公司研究 评级：买入(首次覆盖) 国海证券研究所 请务必阅读正文后免责条款部分 研究所： 证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 主业巩固+海外拓展，战略卡位机器人驱动零部 件业务 ——伟创电气（688698）科创板公司动态研究 | 相对沪深 300 | 表现 | 2026/02/12 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 伟创电气 | -13.1% | 26.7% | 66.6% | | 沪深 300 | -1.5% | 1.6% | 20.4% | | 市场数据 | 2026/02/12 | | --- | --- | | 当前价格（元） | 90.20 | | 52 周价格区间（元） | 37.23-113.58 | | 总市值（百万） | 19,304.85 | | 流通市值（百万） | 19,304.85 | | 总股本（万股） | 21,402.28 | | 流通股本（万股） | 21,402.28 | | 日 ...

Group 1: Company Overview - The report focuses on Dengkang Oral Care (001328.SZ), a state-owned enterprise established in 2001, primarily producing oral hygiene products such as toothpaste, toothbrushes, and mouthwash [4] - The company aims to double its revenue and profit during the "14th Five-Year Plan" period, with a compound annual growth rate (CAGR) of 10.6% for revenue and 20.6% for net profit from 2019 to 2024 [4] - Adult toothpaste constitutes approximately 80% of the company's revenue, which is the main driver of recent growth [4] Group 2: Industry Analysis - The toothpaste market in China is the largest segment of the oral care industry, with a market size of approximately 30 billion yuan in 2023 [5] - The market is characterized by intense competition, with established brands dominating offline channels, while new brands are emerging in the e-commerce space [5] - Price sensitivity among consumers is low, and there has been a gradual increase in toothpaste prices since 2013, with a shift towards higher-priced functional products [5] Group 3: Competitive Advantages - Dengkang Oral Care has established competitive barriers through brand strength, research and development capabilities, and distribution channels [6] - The brand "Ling Suan Ling" has maintained vitality and is undergoing a transformation towards professionalization and modernization [6] - The company has a strong offline distribution network and is rapidly expanding its online presence, with e-commerce revenue expected to grow by 52% year-on-year in 2024 [6] Group 4: Growth Potential - There is significant room for product structure optimization, with the company introducing high-end products that enhance its product range [7] - The average factory price of products has increased from 2.63 yuan/100g to 3.30 yuan/100g from 2019 to 2024, reflecting a CAGR of 4.6% [7] - The company has successfully implemented a mature strategy for its flagship products on platforms like Douyin, indicating strong consumer demand and brand recognition [7] Group 5: Market Expansion Opportunities - The company is expanding into the whitening and gum care segments, which have larger market sizes compared to sensitivity products, with potential revenue increases of 3.9 billion yuan and 4.76 billion yuan, respectively [8] - The market for gum care and whitening toothpaste is estimated at 8.523 billion yuan and 7.061 billion yuan, respectively, indicating substantial growth opportunities [8] Group 6: Financial Forecast and Valuation - Revenue projections for Dengkang Oral Care are estimated to reach 1.747 billion yuan, 2.105 billion yuan, and 2.506 billion yuan for 2025-2027, with net profits expected to be 177 million yuan, 221 million yuan, and 271 million yuan for the same period [9] - The price-to-earnings (PE) ratios are projected to be 42X, 33X, and 27X for 2025-2027, reflecting the company's growing brand influence and successful product optimization [9]

证券研究报告 2026年02月12日 机械设备 机械行业专题报告：摩托车行业2026年1月数据更新 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 -16% -3% 10% 23% 36% 49% 2025/02/12 2025/05/13 2025/08/11 2025/11/09 2026/02/07 机械设备 沪深300 《太空光伏行业深度报告1：从技术底层逻辑展开（推荐）*机械设备*张钰 莹》——2026-02-08 《机械行业专题报告机器人板块及各环节复盘：交易的情绪与水位（推荐）* 机械设备*张钰莹》——2026-02-04 《机械行业专题报告：工程机械2025年海关数据更新（推荐）*工程机械*张钰 莹》——2026-02-01 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 机械设备 | 2.8% | 18.7% | 44.7% | | 沪深300 | -1.5% | 1.6% | 20.4% | 请务必阅读报告附注中的风险提示和免 ...

2026 年 02 月 12 日 公司研究 评级：增持(首次覆盖) 研究所： | 证券分析师: | | --- | | Company Company Company Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Come Comers of Comers Comers of Comers o | 证券分析师： 匡培钦 S0350525120001 kuangpq@ghzq.com.cn 证券分析师： 黄安 S0350526010002 huanga@ghzq.com.cn [Table_Title] 民营化工仓储龙头，静待需求复苏释放业绩弹性 ——宏川智慧（002930）公司深度研究 最近一年走势 投资要点: 本篇报告解决了以下核心问题：介绍化工仓储行业的商业模式以及行业 特性；介绍宏川智慧业务基本情况并展望未来机会。 风险提示：出租率不及预期；并购推进不及预期；商誉减值风险； | 相对沪深 300 | 表现 | | 2026/02/1 ...

- The report utilizes the Fama Five-Factor Model for analysis, which includes market, size, value, investment, and profitability factors[29][37][41] - The construction process involves analyzing factor sensitivities and decomposing returns and risks based on the five factors. Market factor sensitivity is consistently positive, while value factor sensitivity is notably negative. The formula for factor exposure is $ R_i = \alpha + \beta_1 \cdot MKT + \beta_2 \cdot SMB + \beta_3 \cdot HML + \beta_4 \cdot RMW + \beta_5 \cdot CMA + \epsilon $, where $ \beta $ represents factor sensitivities[37][41][42] - Evaluation of the model indicates strong individual stock selection capabilities, as excess returns are primarily derived from specific stock alpha rather than systematic factor exposure[41][42] - Testing results show that market factor contributes significantly to returns, while value, size, and investment factors exhibit weaker performance. Specific alpha remains a key driver of excess returns[37][41][42]

Group 1: Core Insights - The report on Proya (603605) highlights its establishment of a big product strategy through effective channel management, marketing, and customer targeting, which has led to the successful launch of popular products like the bubble mask [3][4] - Proya's future growth potential is supported by its ability to quickly adapt to market trends and consumer preferences, particularly among younger demographics, as evidenced by its strategic product iterations and emotional marketing [3][4] - The report indicates that Proya's expansion into multiple product categories is underway, with sub-brands targeting specific consumer pain points, which is expected to enhance its market presence and revenue streams [5] Group 2: Financial Projections - Proya is projected to achieve revenues of 10.93 billion, 12.14 billion, and 13.32 billion yuan for 2025-2027, reflecting growth rates of 1%, 11%, and 10% respectively [6] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.78 billion, and 2.00 billion yuan for the same period, with growth rates of 2%, 13%, and 12% respectively, indicating a stable financial outlook [6] Group 3: Industry Analysis - The report on SF Express (9699.HK) emphasizes the rapid growth of the instant delivery sector, driven by increased consumer acceptance and the expansion of e-commerce platforms, which is expected to enhance local retail penetration [10][11] - SF Express has shown significant revenue growth since its establishment, with a projected revenue of 21.97 billion yuan in 2025, reflecting a year-on-year increase of 39.54% [13] - The report notes that the instant delivery industry is anticipated to maintain a compound annual growth rate (CAGR) of approximately 17% from 2025 to 2028, indicating robust market potential [10][11] Group 4: Competitive Positioning - SF Express is positioned as the largest third-party instant delivery platform in China, benefiting from strong brand recognition and resource backing from its parent company, which enhances its competitive edge [11][12] - The report highlights the importance of technological advancements, such as AI and autonomous delivery vehicles, in improving operational efficiency and service quality, which are critical for sustaining growth in the competitive landscape [12][13] Group 5: Coal Industry Insights - The report on Huaibei Mining (600985) identifies the company as a leading player in the coal and coke industry, with a focus on coal production and chemical processing, projecting a recovery in production and pricing in 2026 [14][15] - Huaibei Mining's coal production is expected to rebound significantly in 2026, driven by the resumption of operations at key mines and improved market conditions, with a projected increase in coal prices [15][16] - The company is anticipated to benefit from a favorable pricing environment and cost management strategies, positioning it well for profitability in the coming years [16][18]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The report highlights the growth of the instant delivery sector, driven by the rise of e-commerce platforms and the increasing acceptance of instant retail among consumers. The company is positioned as the largest third-party instant delivery platform in China, having crossed the breakeven point and entered a new growth phase [7][12]. - The company has shown steady revenue growth since its establishment, with a projected revenue CAGR of approximately 34.3% from 2020 to 2024. In the first half of 2025, the company achieved a revenue of 10.236 billion yuan, representing a year-on-year increase of 48.81% [39][7]. - The report anticipates significant revenue growth for the company, projecting revenues of 21.973 billion yuan, 33.956 billion yuan, and 40.901 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 39.54%, 54.54%, and 20.45% [83][82]. Business Development - The company has two main business segments: same-city delivery and last-mile delivery. The same-city delivery segment is benefiting from the growth of the instant retail industry, with a notable increase in revenue from business-to-business (B2B) services [27][21]. - In the first half of 2025, the B2B same-city delivery business generated revenue of 4.467 billion yuan, a year-on-year increase of 55.4%, while the business-to-consumer (B2C) segment generated 1.312 billion yuan, up 12.7% year-on-year [27][26]. - The last-mile delivery segment also saw significant growth, with revenue reaching 4.457 billion yuan in the first half of 2025, reflecting a year-on-year increase of 56.9% [31]. Industry Outlook - The instant retail industry is expected to accelerate, with the non-food delivery market projected to grow at a rate of approximately 27.7% in 2026, while the food delivery market is expected to grow at 5.9% [49][49]. - The report emphasizes the importance of logistics infrastructure and rider capacity as critical strategic resources for expansion in the instant delivery sector, with an expected CAGR of 17% for the industry from 2025 to 2028 [55][55]. Financial Projections - The company is expected to achieve a net profit of 2.38 billion yuan, 4.52 billion yuan, and 6.87 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 79.98%, 89.54%, and 51.95% [83][82]. - The report projects adjusted net profits of 3.76 billion yuan, 5.05 billion yuan, and 7.55 billion yuan for the same years, indicating strong profitability growth [83][82].

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [1] Core Views - Huabei Mining is positioned as a leading coal and coke enterprise in East China, with expected increases in both volume and price in 2026, indicating a potential turning point in profitability [7] - The company has a strong competitive advantage due to its abundant coal resources and favorable location in a region with high demand but limited supply [31] - The report highlights the company's effective cost control measures, which have led to a significant reduction in unit costs [50] Summary by Sections Company Overview - Huabei Mining is a leading integrated coal and coke operator in East China, with its main business segments including coal, coal chemical products, electricity, and construction materials [11][13] - The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with a significant shareholding by Huabei Mining Group [11] Coal Business - The company expects a recovery in coal production in 2026, driven by the resumption of operations at the Xinhukou Mine and the commissioning of the Taohutu Mine [36] - As of H1 2025, the company has a coal reserve of over 2 billion tons and an approved annual production capacity of 34.25 million tons, with a potential lifespan of nearly 60 years based on current reserves [31][29] - The average selling price of coal is expected to rise, with January 2026 prices at 1,660 RMB per ton, reflecting a 28 RMB increase from Q4 2025 [45] Coal Chemical Business - The coal chemical segment is anticipated to reach a profitability turning point, with new projects expected to contribute positively to earnings [7] - The company has a total annual production capacity for coal chemicals of 440,000 tons for coke, 90,000 tons for methanol, and 60,000 tons for ethanol [7] Other Business Segments - The company has additional projects in electricity generation and limestone production, which are expected to enhance overall performance in 2026 [7] - A new 2×660MW ultra-supercritical coal-fired power project is expected to contribute approximately 196 million RMB in annual profit once operational [7] Earnings Forecast and Investment Recommendation - The report forecasts net profits for the company to be 1.495 billion RMB in 2025, 3 billion RMB in 2026, and 4.106 billion RMB in 2027, indicating a significant recovery trajectory [8] - The current price-to-earnings (P/E) ratio is projected to be 23.3 for 2025, dropping to 11.6 for 2026, suggesting a favorable valuation for investors [8]