Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has launched the SesameX multidimensional embodied intelligence computing platform, which aims to transition robots from being "operational" to "evolving" [4] - The platform includes three self-developed computing modules (Kalos, Aura, Liora) that are highly integrated and compatible with mainstream interfaces, providing a production-level hardware foundation [4] - The company is focusing on two core scenarios: advanced driving assistance and embodied intelligence, collaborating with strategic partners to innovate applications in these fields [5] - Revenue projections for the company are estimated at 8.1 billion, 14.0 billion, and 20.1 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be -1.21 billion, -640 million, and -140 million yuan for the same years [6][8] Financial Performance and Forecast - The company is expected to achieve revenues of 805 million yuan in 2025, 1.404 billion yuan in 2026, and 2.007 billion yuan in 2027, reflecting growth rates of 70%, 75%, and 43% respectively [8] - The net profit attributable to the parent company is projected to be -1.214 billion yuan in 2025, -636 million yuan in 2026, and -142 million yuan in 2027, indicating a significant recovery trend [8] - The earnings per share (EPS) is forecasted to be -1.89 yuan in 2025, -0.99 yuan in 2026, and -0.22 yuan in 2027 [11] Relative Valuation - The company is positioned to capture significant growth opportunities in the intelligent driving and embodied intelligence sectors, with a focus on advanced functionalities for smart vehicles [9] - The report compares the company with peers in the industry, indicating a favorable outlook for substantial scale growth [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.84 [7][5]. Core Views - The company reported a slight decline in total sales for its retail and wholesale business in FY26 Q3, with retail performance better than wholesale. Overall terminal demand remains in a weak recovery phase [1]. - The company is focusing on optimizing its store network and has adopted a cautious approach to opening and closing stores. The retail environment is characterized by weak recovery and ongoing promotional activities [1][3]. - The main brand, NIKE, is expected to drive retail recovery in the short term through new professional sports products and integrated marketing strategies, which may improve profitability [1][4]. - The company is also enhancing its multi-brand strategy, with successful launches of new products tailored to the local market, which are gaining market recognition [4]. Summary by Sections Sales Performance - In Q3, retail business performance was slightly weaker than the first half of the fiscal year, primarily due to weak terminal consumption. However, the performance gap between online and offline channels has narrowed [2]. - Online sales have increased, leading to a deeper discount rate year-on-year, but the overall discounting pressure has improved compared to the first half of the fiscal year [2]. Store Operations - The company is focused on improving the operational efficiency of its stores, with a 13.4% year-on-year decrease in gross sales area of direct-operated stores by the end of Q3 FY26. The net store closure trend has slowed down compared to Q2 [3]. Brand Strategy - NIKE is concentrating on core categories such as running, basketball, and outdoor sports, with plans for independent stores for its ACG sub-brand. The company aims to enhance brand recognition and market share in the outdoor segment [4]. - The Adidas brand is also performing well, with positive market feedback on localized products, indicating a strong sales momentum [4]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for FY2026-2028 downwards by 4.2%, 4.0%, and 4.1% to RMB 1.25 billion, 1.43 billion, and 1.63 billion respectively. The target price has been adjusted to HKD 3.84 [5][11]. - The expected PE ratio for FY27 is 15.2x, reflecting the company's ongoing efforts to enhance retail efficiency and maintain competitive advantages [5].

Investment Rating - The report assigns a "Buy" rating for the company, Wei Long Mei Wei (9985.HK), as it is a leader in the spicy snack sector with a strong market position in both spicy strips and konjac products [5]. Core Insights - The company has established competitive barriers through brand recognition, product offerings, and distribution channels, leading to a projected revenue growth of 30.6% in 2025, 18.2% in 2026, and 14.9% in 2027 [5]. - The konjac product line is identified as a key growth driver, with revenue from vegetable products expected to grow significantly, surpassing traditional flavored noodle products for the first time in 2024 [5]. - The spicy snack industry is projected to reach a market size of approximately 61.5 billion RMB in 2024, with the company holding a market share of about 30% [5]. Company Analysis - The company specializes in the research, production, and sales of spicy snacks, with a diverse product range including flavored noodle products, vegetable products, and bean products [5]. - Revenue from vegetable products is expected to account for 53.8% of total revenue in 2024, reflecting a year-on-year growth of 59.1% [5]. - The company has maintained its leading position in the spicy snack market for three consecutive years, with a significant lead over its closest competitor [5]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 81.9 billion RMB, 96.7 billion RMB, and 111.2 billion RMB, respectively, with corresponding net profits of 14.7 billion RMB, 18.5 billion RMB, and 22.8 billion RMB [7]. - The company’s gross margin is expected to stabilize around 46.8% to 48.4% over the next few years, with net profit margins projected to increase from 18.0% in 2025 to 20.6% in 2027 [25]. Market Position and Competitive Advantage - The company has successfully built a strong brand association with its product categories, which enhances consumer recognition and loyalty [5]. - The konjac product line is noted for its high adaptability to flavor innovations, which is expected to drive future growth [5]. - The company has optimized its distribution channels, reducing the number of distributors while increasing the average revenue per distributor by 12.8% in the first half of 2025 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The third quarter retail sales declined significantly, and the company is awaiting the effects of Nike's adjustments in the Greater China region [4] - The company has a strong partnership with international brands like Nike and Adidas, which is expected to drive future growth [6] - The introduction of new brands is anticipated to diversify the company's offerings and expand its customer base [6] Financial Performance Summary - For FY2024, the company is projected to have a revenue of 28,933.20 million RMB, with a year-on-year growth rate of 6.87% - In FY2025, revenue is expected to decline to 27,012.90 million RMB, reflecting a decrease of 6.64% - The net profit attributable to the parent company for FY2024 is forecasted at 2,213.00 million RMB, with a growth rate of 20.49% [5] - The earnings per share (EPS) for FY2024 is estimated at 0.36 RMB, with a return on equity (ROE) of 22.47% [5] - The company’s financial metrics indicate a projected net profit of 1,287 million RMB in FY2026, with a slight growth of 0.09% [7]

证券研究报告 | 2025年12月23日 滔搏（06110.HK） 三季度流水下滑高单位数，折扣同比加深幅度收窄 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：2026 财年第三季度，集团零售及批发业务之总销售金额按年同比录得高单位数下降。截至 2025 年 11 月 30 日，直营门店毛销售面积较上一季末减少 1.3%，较去年同期减少 13.4%。 国信纺服观点：1)流水增长：2026 财年第三季度销售额同比下滑高单位数，线上渠道增速仍好于线下渠道， 但受基数影响，分化较上半年收窄；2）库存折扣：三季度末库存总额同比下降，与销售表现方向一致， 保持良 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for China Railway Group Limited (00390) [1][7] Core Insights - The report highlights that the company's valuation is expected to recover due to the optimization of financial statements and the performance of its resource segment [6][18] - It emphasizes the improvement in new contract signings and the robust backlog of orders, ensuring stable long-term growth [6][16] - The resource segment is noted for enhancing profitability and cyclicality resistance, with significant reserves of copper, cobalt, and molybdenum [6][25] - The report points out the attractive dividend yield of H-shares compared to A-shares, indicating a clear discount in valuation [6][33] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 1,263.41 billion RMB - 2024: 1,160.31 billion RMB - 2025E: 1,156.73 billion RMB - 2026E: 1,164.20 billion RMB - 2027E: 1,179.18 billion RMB - The expected growth rates are: - 2023: +9.45% - 2024: -8.16% - 2025E: -0.31% - 2026E: +0.65% - 2027E: +1.29% [5][36] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: 33.48 billion RMB - 2024: 27.89 billion RMB - 2025E: 25.16 billion RMB - 2026E: 24.95 billion RMB - 2027E: 25.85 billion RMB [5][36] Order and Contract Insights - The company has signed new contracts amounting to 2.73 trillion RMB in 2021, 3.03 trillion RMB in 2022, 3.10 trillion RMB in 2023, 2.72 trillion RMB in 2024, and 1.58 trillion RMB in 2025 (Q1-Q3), with a year-on-year growth of +4.7%, +11.1%, +2.2%, -12.4%, and +3.7% respectively [6][16] - As of Q3 2025, the company has a backlog of contracts worth 7.54 trillion RMB, ensuring stable revenue for the upcoming years [6][16] Resource Segment Performance - The resource utilization segment's revenue from 2021 to 2025 (Q1-Q3) is as follows: - 2021: 5.96 billion RMB - 2022: 7.50 billion RMB - 2023: 8.37 billion RMB - 2024: 8.16 billion RMB - 2025 (Q1-Q3): 6.22 billion RMB - The segment's gross margin is reported at 59.45% for 2025 (Q1-Q3) [6][25] Valuation and Market Comparison - The report suggests a target market capitalization of 999 billion RMB for 2026, translating to 1,102 billion HKD, indicating a potential upside of 16.6% from the current market cap of 945 billion HKD [6][41] - The report compares the company's valuation with peers, noting that the average PE for comparable companies is 4.2X for 2025 and 4.0X for 2026 [6][41]

市公司 型 ( 2025 年 12 月 23 日 (06110) 三季度基本符合预期,经营指标健康,需求仍待回暖 报告原因: 有业绩公布需要点评 ar (维持) | 市场数据: | 2025 年 12 月 22 日 | | --- | --- | | 收盘价（港币） | 3.12 | | 恒生中国企业指数 | 8939.68 | | 52 周最高/最低（港币) | 4.13/2.60 | | H 股市值（亿港币） | 193.48 | | 流通 H 股 (百万股) | 6,201.22 | | 汇率（港币/人民币） | 0.9068 | -年内股价与基准指数对比走势: 刘佩 A0230523070002 liupei@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | 货币单位:人民币 | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(亿元) | 289.3 | 270.1 | 252.7 | 266.2 | 282.7 | | 同 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported third-quarter operational data for FY26, which was generally in line with expectations, with retail and wholesale sales experiencing a high single-digit decline year-on-year [7] - Retail performance outpaced wholesale, with online sales outperforming offline sales. The decline in retail was mitigated by a low base effect from the previous year, while online growth slowed due to a high base [7] - Inventory levels remain healthy, with a stable discount rate year-on-year. The total inventory decreased, and the company is focused on maintaining a healthy inventory turnover [7] - The core brand is enhancing product innovation and retail capabilities while increasing inventory recovery efforts. Collaborations with key retailers aim to optimize online market management and address pricing inconsistencies in the industry [7] - The company is expected to significantly reduce store closures compared to FY25, with a slight decrease in direct store sales area [7] - Retail demand has weakened since the fourth quarter, posing challenges to achieving annual guidance, although the company is still working towards this goal [7] - The company focuses on high-quality growth in sports apparel retail, with a slight downward adjustment in profit forecasts for FY26-28 [7] Financial Data and Earnings Forecast - Revenue projections for FY2024 to FY2028 are as follows: - FY2024: 28.93 billion RMB (7% growth) - FY2025: 27.01 billion RMB (7% decline) - FY2026E: 25.27 billion RMB (6% decline) - FY2027E: 26.62 billion RMB (5% growth) - FY2028E: 28.27 billion RMB (6% growth) [6] - Net profit forecasts for the same period are: - FY2024: 2.21 billion RMB (21% growth) - FY2025: 1.29 billion RMB (42% decline) - FY2026E: 1.25 billion RMB (3% decline) - FY2027E: 1.39 billion RMB (11% growth) - FY2028E: 1.51 billion RMB (9% growth) [6] - The company’s gross margin is projected to be around 41.8% in FY2024, declining to 38.4% in FY2025, and gradually improving to 40.0% by FY2028 [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][6] Core Views - The company is experiencing rapid growth in the shipment of power batteries, with a market share of 4.7% in the global power battery market as of January to October 2025, showing a continuous year-on-year increase. In October, the company surpassed LG Energy in monthly installations, marking its entry into the global top three [4][7]. - The company is diversifying its customer base and expanding globally, with significant partnerships in the passenger vehicle sector with companies like XPeng, Leap Motor, GAC, and Changan, as well as in the commercial vehicle sector with clients such as Geely, Chery, and others [4][7]. - The company is also seeing rapid growth in energy storage battery shipments, with expectations to reach approximately 45 GWh in 2025, representing a year-on-year growth of over 75%. The company is enhancing its product offerings and expanding its international presence [5][8]. Summary by Sections Power Battery Segment - The company is projected to achieve nearly 70 GWh in power battery shipments in 2025, with a year-on-year growth of over 50%. The company is focusing on global diversification and has secured orders from leading overseas passenger vehicle clients [4][6][7]. Energy Storage Segment - The company is one of the earliest to mass-produce 314Ah cells and is continuously optimizing its product lineup. It has established deep collaborations with major clients like Sungrow and CRRC Zhuzhou, while also expanding its overseas footprint in regions like Saudi Arabia and Europe [5][8]. Financial Projections - The profit forecast for 2025 has been adjusted downwards due to fluctuations in shipment structures, while the forecasts for 2026 and 2027 have been raised due to positive impacts from storage and commercial vehicle demand. Expected net profits for 2025, 2026, and 2027 are projected to be 1.215 billion, 2.675 billion, and 3.904 billion yuan respectively, with year-on-year growth rates of 106%, 120%, and 46% [6][11].

Investment Rating - The report maintains a "Strong Buy" rating for Geely Automobile (00175.HK) [1] Core Views - The completion of the privatization of Zeekr enhances profits and promotes strategic integration, expected to increase net profit by 2-3 billion RMB in 2026 [1] - The company is in a strong new product cycle with high hit rates for new models, including the Galaxy A7 and Galaxy M9, which are expected to maintain strong sales [1] - Sales growth combined with a shift towards higher-end models is anticipated to significantly boost profits, with projected net profit margins increasing to 6.4% by 2027 [1] - Geely is considered a top pick for the upcoming recovery in the automotive sector due to its low valuation and strong growth potential [1] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 241,099 million RMB, 349,740 million RMB, 448,010 million RMB, and 496,572 million RMB respectively, with year-on-year growth rates of 33.5%, 45.1%, 28.1%, and 10.8% [1] - Net profit forecasts for the same years are 16,632 million RMB, 18,645 million RMB, 26,296 million RMB, and 31,749 million RMB, reflecting growth rates of 213.3%, 12.1%, 41.0%, and 20.7% [1] - Earnings per share (EPS) are projected to be 1.65 RMB, 1.74 RMB, 2.45 RMB, and 2.96 RMB for 2024A, 2025E, 2026E, and 2027E respectively [1] - The price-to-earnings (P/E) ratio is expected to be 9, 9, 6, and 5 for the same years [1]