证券研究报告 | 2026年02月01日 锅圈（02517.HK） 利润率优化明显，门店扩张驱动高增长 优于大市 |  | 公司研究·海外公司快评 |  | 社会服务·酒店餐饮 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 张向伟 | | zhangxiangwei@guosen.com.cn | 执证编码：S0980523090001 | | 证券分析师： | 曾光 | 0755-82150809 | zengguang@guosen.com.cn | 执证编码：S0980511040003 | | 证券分析师： | 张鲁 | 010-88005377 | zhanglu5@guosen.com.cn | 执证编码：S0980521120002 | | 联系人： | 王新雨 | 021-60875135 | wangxinyu8@guosen.com.cn | | 事项： 公司公告：锅圈发布盈利预告，2025 年全年预计实现收入约 77.50-78.50 亿元，同比增长约 19.8%-21.3%； 预计录得净利润约 4.43 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The strategic partnership with Sony aims to establish a joint venture for integrated operations in the home entertainment sector, which includes television and audio products [9] - The collaboration is expected to leverage both companies' strengths, enhancing technology, scale, and global presence [9] - Revenue projections for 2025-2027 are estimated at HKD 116.4 billion, HKD 132.3 billion, and HKD 145.8 billion, respectively, with corresponding net profits of HKD 26 billion, HKD 31 billion, and HKD 36 billion [9][10] - The report anticipates a significant increase in earnings per share (EPS) from HKD 0.30 in 2023 to HKD 1.43 by 2027 [4][14] Financial Projections - Revenue (in million HKD): - 2023A: 78,986 - 2024A: 99,322 - 2025E: 116,386 - 2026E: 132,328 - 2027E: 145,814 - Growth Rates (%): - 2023A: 10.7% - 2024A: 25.7% - 2025E: 17.2% - 2026E: 13.7% - 2027E: 10.2% [4] - EBITDA (in million HKD): - 2023A: 3,229 - 2024A: 4,457 - 2025E: 5,421 - 2026E: 6,578 - 2027E: 7,205 [4] Profitability Metrics - Return on Equity (ROE) is projected to increase from 4.5% in 2023 to 16.2% in 2027 [4] - The report estimates a PE ratio of 13x for 2026, leading to a target price of HKD 16.25 per share [9][14] Business Segments - Display Business Revenue (in million HKD): - 2024A: 69,440 (YoY: 23%) - 2025E: 77,884 (YoY: 12%) - 2026E: 86,430 (YoY: 11%) - 2027E: 94,691 (YoY: 10%) [11] - Innovative Business Revenue (in million HKD): - 2024A: 27,009 (YoY: 45%) - 2025E: 35,386 (YoY: 31%) - 2026E: 42,376 (YoY: 20%) - 2027E: 47,192 (YoY: 11%) [11] - Internet Business Revenue (in million HKD): - 2024A: 2,627 (YoY: -5%) - 2025E: 3,038 (YoY: 16%) - 2026E: 3,440 (YoY: 13%) - 2027E: 3,845 (YoY: 12%) [11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 19.25 [1][4]. Core Insights - The company has announced a significant overseas deal for its long-acting peptide drug metabolism AI discovery platform, involving an upfront payment of USD 1.2 billion, potential R&D milestone payments of up to USD 3.5 billion, and sales milestone payments of up to USD 13.8 billion, along with a double-digit percentage royalty on net sales to AstraZeneca [1][2]. - This transaction is noted as the largest deal in the domestic pharmaceutical sector for the year, comparable to a previous major deal between 3SBio and Pfizer [1]. - The company is expected to benefit from the upfront payment, leading to a projected rapid year-on-year growth in net profit for 2026 [1]. - The long-acting metabolism platform is considered rare globally, with only Camurus having a similar platform, which enhances the company's competitive position in the overseas weight loss market [2]. Summary by Sections Transaction Details - The deal with AstraZeneca includes an upfront payment of USD 1.2 billion, potential R&D milestones of up to USD 3.5 billion, and sales milestones of up to USD 13.8 billion, along with a royalty on net sales [2]. - The platform includes core assets such as GIPR/GLP-1R and three preclinical weight loss pipelines, with plans for collaboration on four additional projects [2]. Platform Mechanism - The company possesses a leading liposome platform, and the fluid crystal technology allows for long-term release of active ingredients, enabling monthly or longer dosing [2]. Pipeline Potential - The company has a robust pipeline including EGFR ADC, which is expected to enter Phase III clinical trials both domestically and internationally, and other oncology and autoimmune therapies [3]. - The ADC pipeline targets HER3, B7H3, DLL3, and aims to address gaps in lung squamous carcinoma treatment [3]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are estimated at RMB 4.45 billion, RMB 8.46 billion, and RMB 5.60 billion respectively, with corresponding EPS of RMB 0.39, RMB 0.73, and RMB 0.49 [4][9]. - The company is assigned a PE ratio of 24 times for 2026, with a target price adjustment reflecting market conditions [4][11].

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company has experienced a turnaround in operations, with significant growth in product and channel expansion since the appointment of the new CEO in December 2025 [1][3] - For FY2026H1, the company reported revenue of 2.3 billion yuan, a year-on-year increase of 5.7%, and a 17% increase when adjusted for previous consolidation effects [1][18] - The gross merchandise volume (GMV) for FY2026H1 reached 4.1 billion yuan, with a 16.4% year-on-year increase after adjusting for previous consolidation effects [1][18] - The company's self-operated products generated a GMV of 2.16 billion yuan, reflecting a 22% year-on-year growth and accounting for 52.8% of total sales, marking it as the core growth driver [1][18] Summary by Sections FY2026H1 Financial Report: Self-Operation as Core Driver, Significant Improvement in Profitability - The gross margin for FY2026H1 was 36.4%, an increase of 2.8 percentage points, primarily due to high-margin self-operated products [2][18] - The non-GAAP net profit for FY2026H1 reached 260 million yuan, with a profit margin of 6.3% compared to 0.0% and 4.5% in FY2025H1 and H2 respectively, indicating continued improvement in profitability [2][18] High-Frequency Updates: Momentum Upward, Frequent Self-Operated Bestsellers - The company has over 800 self-operated products and plans to exceed 1,000 SKUs, entering a rapid iteration testing phase [4][19] - The company has successfully developed popular products such as probiotics and soft candies, with recent launches like dried apples and five-red powder also performing well [4][20] Accelerating Multi-Channel Strategy Implementation, Supporting Brand Momentum - The company is transitioning from a reliance on live-streaming sales to a focus on high-quality products, with significant sales through Douyin and its app [5][19] - The app sales GMV for FY2026H1 reached 760 million yuan, a year-on-year increase of 16% [5][19] New Development Phase Gradually Realized, Growth Accelerated in January 2026 - Estimated GMV for January 2026 exceeded 1 billion yuan, with a year-on-year growth rate exceeding 30%, driven by the launch of multiple new product lines and matrix accounts [6][19] Profit Forecast and Valuation - The company is expected to accelerate self-operated product and channel expansion, with adjusted net profit forecasts for FY2026-2028 at 556 million, 669 million, and 800 million yuan respectively, corresponding to PE ratios of 45x, 38x, and 31x [7][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The report anticipates that Alibaba's cloud business will accelerate growth in FY26Q3, while e-commerce growth may slow down [5] - Total revenue for FY26Q3 is expected to reach 288.1 billion RMB, representing a year-on-year growth of 3% [5] - Adjusted EBITA margin is projected to be 11%, with adjusted EBITA declining by 43% to 31 billion RMB, primarily due to ongoing investments in the Taobao Flash Sale business [5] Financial Forecasts - For the Chinese e-commerce group, revenue is expected to be 164.3 billion RMB, with an adjusted EBITA margin of 23% [5] - The international digital commerce group is projected to generate revenue of 40.8 billion RMB, with an adjusted EBITA margin of -5% [5] - The cloud intelligence group is expected to achieve revenue of 42.9 billion RMB, with an adjusted EBITA margin of 9% [5][6] Business Segment Analysis - The Chinese e-commerce group is facing growth pressure due to a high base effect and overall industry slowdown, with revenue expected to grow by only 3% [7] - The company aims to become the market leader in the Taobao Flash Sale segment, with significant investments planned to achieve this goal [7] - The international digital commerce group is focusing on key regions to enhance operational efficiency, with revenue expected to grow by 8% [8] Profitability and Valuation - The forecasted net profit for FY2026 is 116.1 billion RMB, with a year-on-year decline of 11% [8] - The projected PE ratios for FY2026, FY2027, and FY2028 are 25, 23, and 17 times, respectively [8] - The report highlights a focus on e-commerce and cloud business segments, with the company maintaining a "Buy" rating due to its strategic initiatives [9]

[Table_scodeMsg1] 港股研究丨公司深度丨太平洋航运（02343.HK） [Table_Title] 太平洋航运：细水长流，共迈远途 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 太平洋航运是一家深耕于小宗散货海运的公司，由于处于强周期的完全竞争市场，公司业绩随 行业波动，当前行业底部，拐点将至，供给端温和增长，无明显扩张迹象，且老龄化加剧有效 运力收紧，需求端提供向上弹性，西芒杜投产、美联储降息以及或有的俄乌战后重建等多重因 素助力拉涨行业的运量与运距。在运价中枢有望抬升的情况下，太平洋航运凭借其业内领先的 运力规模、经验老道的管理层与船管团队、稳健的多长约运营策略、审慎的资本开支纪律和持 续高分红承诺，展现出显著的周期防御性，且未来有望随着行业景气上行而展现业绩弹性。 分析师及联系人 [Table_Author] 韩轶超 魏爱晓 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_s ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook with expected stock price appreciation of over 15% relative to the benchmark index [2][11]. Core Insights - The company is projected to achieve significant revenue growth driven by its core business and antibody platform, with expected revenues of RMB 1.376 billion in 2025, representing a year-on-year growth of 40.4% [2][8]. - The net profit attributable to shareholders is forecasted to reach RMB 167 million in 2025, reflecting a staggering growth rate of 399.3% compared to the previous year [2][8]. - The company has made substantial advancements in its animal model and preclinical CRO business, which are key drivers of revenue growth, particularly in the first half of 2025 [8]. Financial Forecasts - Revenue projections for 2024, 2025, 2026, and 2027 are RMB 980 million, RMB 1.376 billion, RMB 1.845 billion, and RMB 2.416 billion, respectively, with growth rates of 36.8%, 40.4%, 34.1%, and 31.0% [2][9]. - The net profit attributable to shareholders is expected to grow from RMB 34 million in 2024 to RMB 530 million in 2027, with corresponding growth rates of 108.8%, 399.3%, 93.3%, and 63.6% [2][9]. - Earnings per share (EPS) are projected to increase from RMB 0.08 in 2024 to RMB 1.19 in 2027, indicating strong profitability growth [2][9]. Business Developments - The company has successfully expanded its humanized mouse model offerings, launching over 400 new models in 2025, which enhances its technological barriers and supports its goal of becoming a global hub for new drug development [8]. - Strategic partnerships have been established with leading pharmaceutical companies, including a global licensing agreement with BeiGene and an antibody licensing deal with Merck, which are expected to contribute to long-term revenue growth [8].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is recognized as the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024, according to Frost & Sullivan [2]. - The memory interconnect chip market is projected to grow significantly, from USD 1.2 billion in 2024 to USD 5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [3]. - The company is strategically positioned to address critical interconnect market demands, which are foundational for cloud computing, data centers, and AI infrastructure [3]. Summary by Relevant Sections Company Overview - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1]. Market Position - The company has established a significant first-mover advantage in the memory interconnect sector by setting and leading industry standards, which presents high barriers to entry for new competitors [2]. Financial Performance - The company's revenue for the fiscal year ending December 31 is projected to be RMB 36.39 billion in 2024, showing a recovery from RMB 22.86 billion in 2023 [4]. - The net profit is expected to increase to RMB 14.12 billion in 2024, up from RMB 4.51 billion in 2023 [4]. Talent and Team - The company emphasizes attracting high-level R&D and management talent to maintain its technological leadership and enhance global competitiveness, which is crucial for its long-term sustainable development [3].

Investment Rating - The report maintains a BUY rating for Zenergy, with a target price of HK$18.00, indicating a potential upside of 103.4% from the current price of HK$8.85 [3][6]. Core Insights - Zenergy's FY25E net profit forecast has been revised up by 4% to RMB591 million due to a better product mix and expected revenue growth from GAC Toyota, which is anticipated to become the largest revenue contributor [1][6]. - The FY26E net profit forecast has also been increased by 4% to RMB1.36 billion, driven by improved client mix and potential battery price hikes [1][6]. - The company is expected to achieve solid earnings visibility in the second half of FY25, with a projected operating profit of RMB302 million and a net profit of RMB370 million for that period [6][7]. Financial Summary - Revenue projections for FY25E are set at RMB8.2 billion, reflecting a year-on-year growth of 59.8%, while FY26E revenue is expected to reach RMB14.6 billion, a growth of 77.6% [2][10]. - Gross margin is projected to improve from 18.0% in FY25E to 18.5% in FY26E, supported by a better product mix and higher average selling prices [2][8]. - The company is expected to achieve a net profit of RMB1.88 billion by FY27E, with a corresponding EPS of 72.27 RMB cents [2][10]. Earnings Revision - The revenue forecast for FY25E has been increased by 6.9% to RMB8.2 billion, while FY26E revenue has been revised up by 8% to RMB14.6 billion [8][9]. - The net profit estimates for FY25E and FY26E have been adjusted upwards by 3.8% and 3.9% respectively, reflecting the positive outlook for the company's performance [8][9]. Market Performance - Zenergy's market capitalization stands at HK$22.61 billion, with an average turnover of HK$20.2 million over the past three months [4]. - The stock has shown a 7.0% increase over the past month, although it has declined by 13.2% over the past six months [5].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is focused on large-scale commercialization of AI inference SoCs, which is crucial for maintaining financial stability while executing a rigorous product strategy. The company has delivered over 165 million SoCs since its inception, with significant growth expected in sales of visual terminal computing SoCs and edge computing SoCs in 2024, projected to increase by approximately 69% and 400% respectively compared to 2023 [2][3]. - The proprietary technology platform of the company integrates a general architecture that allows for efficient reuse of IP cores across various applications. This scalable approach enables rapid development and commercialization of SoCs, enhancing the company's leadership position in the AI inference SoC market while reducing R&D costs and accelerating product development cycles [3]. - The product matrix is diversified, primarily including SoCs designed for visual terminals, edge inference, and smart vehicles. The company is expected to become the largest supplier of mid-to-high-end visual edge AI inference chips in 2024, demonstrating its market competitiveness and core technological advantages [3]. Financial Data Summary - Revenue for the fiscal year ending December 31 is projected to grow from 0.50 billion RMB in 2022 to 2.30 billion RMB in 2023, and further to 4.73 billion RMB in 2024. However, the net profit is expected to remain negative, with losses increasing from -6.12 billion RMB in 2022 to -8.61 billion RMB in 2024 [4].