交银国际研究 公司更新 | 新能源 | 收盘价 | 目标价 | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | | | 港元 6.10 | 港元 7.81↓ | +28.0% | | 龙源电力 (916 HK) 1 季度盈利受制于经营开支上升 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -10% 0% 10% 20% 30% 40% 50% 916 HK 恒生指数 股份资料 | 52周高位 (港元) | 8.29 | | --- | --- | | 52周低位 (港元) | 5.31 | | 市值 (百万港元) | 20,239.07 | | 日均成交量 (百万) | 76.36 | | 年初至今变化 (%) | (5.28) | | 200天平均价 (港元) | 6.32 | | 资料来源 : FactSet | | 郑民康 wallace.cheng@bocomgroup.com (852) 3766 1810 文昊, CPA bob.wen@bocomgroup.com (86) ...

交银国际研究 公司更新 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% 0% 20% 40% 60% 80% 100% 2628 HK 恒生指数 股份资料 | 52周高位 (港元) | 20.55 | | --- | --- | | 52周低位 (港元) | 10.10 | | 市值 (百万港元) | 909,651.13 | | 日均成交量 (百万) | 33.35 | | 年初至今变化 (%) | (4.77) | | 200天平均价 (港元) | 15.08 | | 资料来源 : FactSet | | 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 8393 5331 | 保险 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 13.98 | 港元 | 19.00 | +35.9% | | | 中国人寿 (2628 HK) | | | | | | | 盈利和净资 ...

| 保险 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 27.40 | 港元 36.00 | +31.4% | | | 新华保险 (1336 HK) | | | | | | 交银国际研究 公司更新 资产、负债两端增长强劲，需关注净资产下降；维持买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增 ...

| 52周高位 (港元) | 19.30 | | --- | --- | | 52周低位 (港元) | 8.37 | | 市值 (百万港元) | 33,033.78 | | 日均成交量 (百万) | 1.82 | | 年初至今变化 (%) | (22.34) | | 200天平均价 (港元) | 11.98 | | 资料来源 : FactSet | | 交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 8.48 | 港元 | 11.30↓ | +33.3% | | | 福莱特玻璃 (6865 HK) | | | | | | 1 季度大幅扭亏超预期；维持买入 | 个股评级 | | --- | | 买入 | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 文昊, CPA bob.wen@ ...

| 保险 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 13.98 | 港元 | 19.00 | +35.9% | | | 中国人寿 (2628 HK) | | | | | | | 公司更新 交银国际研究 盈利和净资产增速表现优于同业 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% 0% 20% 40% 60% 80% 100% 2628 HK 恒生指数 股份资料 | 52周高位 (港元) | 20.55 | | --- | --- | | 52周低位 (港元) | 10.10 | | 市值 (百万港元) | 909,651.13 | | 日均成交量 (百万) | 33.35 | | 年初至今变化 (%) | (4.77) | | 200天平均价 (港元) | 15.08 | | 资料来源 : FactSet | | 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 ...

公司更新 交银国际研究 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 8.48 | 港元 | 11.30↓ | +33.3% | | | 福莱特玻璃 (6865 HK) | | | | | | 1 季度大幅扭亏超预期；维持买入 | 个股评级 | | --- | | 买入 | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 | 52周高位 (港元) | 19.30 | | --- | --- | | 52周低位 (港元) | 8.37 | | 市值 (百万港元) | 33,033.78 | | 日均成交量 (百万) | 1.82 | | 年初至今变化 (%) | (22.34) | | 200天平均价 (港元) | 11.98 | | 资料来源 : FactSet | | 文昊, CPA bob.wen@ ...

交银国际研究 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增长 (%) | -59.5 | 201.1 | -10.4 | 5.8 | 4.8 | | 前EPS预测值 (人民币) | | | 7.24 | 7.64 | 7.97 | | 调整幅度 (%) | | | 4.1 | 4.3 | 4.8 | | 市盈率 (倍) | 9.2 | 3.1 | 3.4 | 3.2 | 3.1 | | 每股内含价值 (人民币) | 80.29 | 8 ...

交银国际研究 公司更新 | 新能源 | 收盘价 | 目标价 | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | | | 港元 6.10 | 港元 7.81↓ | +28.0% | | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -10% 0% 10% 20% 30% 40% 50% 916 HK 恒生指数 股份资料 | 52周高位 (港元) | 8.29 | | --- | --- | | 52周低位 (港元) | 5.31 | | 市值 (百万港元) | 20,239.07 | | 日均成交量 (百万) | 76.36 | | 年初至今变化 (%) | (5.28) | | 200天平均价 (港元) | 6.32 | | 资料来源 : FactSet | | 郑民康 wallace.cheng@bocomgroup.com (852) 3766 1810 文昊, CPA bob.wen@bocomgroup.com (86) 21 6065 3667 龙源电力 (916 HK) 1 季度盈利受制于经 ...

交银国际研究 每日晨报 2025 年 4 月 30 日 今日焦点 | 国轩高科 | | 002074 CH | | --- | --- | --- | | 动储出货量高增，海外本土化建设稳步推进； | | 评级: 买入 | | 维持买入 | | | | 收盘价: 人民币 20.11 | 目标价: 人民币 29.07 | 潜在涨幅: +44.6% | | 李柳晓, PhD, CFA | joyce.li@bocomgroup.com | | 电池出货量高增，盈利能力稳中有升。2024 年公司全年收入 353.9 亿元，同 比+11.9%，主要得益于电池出货量同比大增。2025 年 1 季度收入 90.5 亿元， 同比+20.6%。盈利能力方面，2024 年公司毛利率和扣非归母净利率分别同 比增长 1.1 个/0.3 个百分点至 18.0%/0.7%，2025 年第一季度分别同比提升 0.4 个/0.1 个百分点。 三代电芯布局 B 级及以上车型，海外本土化建设稳步推进。第三代电芯已经 取得多家客户的多款车型定点，公司目标 2025 年三代电芯产能达 20GWh； 海外收入增速强劲，2024 年中国内地以外地区的 ...

Investment Rating - The investment rating for the company is Neutral with a target price of RMB 43.30, indicating a potential upside of 5.5% from the current price of RMB 41.05 [1][4][11]. Core Insights - The company's performance has been below expectations, with a significant increase in contract liabilities suggesting a potential recovery in future performance. The European market's slow recovery has impacted the company's results, but strong competitiveness in products remains evident [2][7]. - The revenue for 2024 is projected to be RMB 6.738 billion, a decrease of 8% year-on-year, with a net loss expected at RMB 62 million, which aligns with preliminary earnings reports but is below prior expectations [7][13]. - The company has adjusted its earnings forecasts for 2025 and 2026 downwards by 72% and 42% respectively, reflecting the challenges faced in the current market environment [7]. Financial Overview - Revenue projections for the company are as follows: RMB 7.353 billion in 2023, RMB 6.738 billion in 2024, RMB 8.022 billion in 2025, RMB 8.945 billion in 2026, and RMB 10.508 billion in 2027, with a notable growth rate of 56.1% in 2023 followed by a decline in 2024 [3][13]. - The net profit is expected to recover from a loss of RMB 62 million in 2024 to RMB 170 million in 2025, and further to RMB 457 million in 2026, with a projected net profit of RMB 787 million in 2027 [3][13]. - The company’s earnings per share (EPS) is forecasted to be RMB 3.52 in 2023, dropping to a loss of RMB 0.25 in 2024, and recovering to RMB 0.70 in 2025, with a long-term growth trajectory expected thereafter [3][15]. Market Performance - The company’s stock has seen a 52-week high of RMB 77.39 and a low of RMB 37.56, with a current market capitalization of approximately RMB 6.52 billion [6][11]. - The average daily trading volume is reported at 5.51 million shares, indicating a reasonable level of market activity [6]. Segment Performance - The domestic business has shown a revenue increase of 58% to RMB 4.69 billion, while the high-margin European business has seen a decline in revenue to RMB 0.94 billion, primarily due to increased costs and lower sales [7][8]. - The company has achieved a significant increase in contract liabilities, reaching a historical high of RMB 4.4 billion, which is expected to support future revenue recovery [7][8].