【华泰消费】重点公司盈利预测与估值更新表

来源：同花顺iFinD动态函数 + 华泰研究所估值模型；状态：已刷新；生成时间：2026-07-30 21:33:13；网页展示汇率换算后人民币总市值>60亿元的标的（131/172家）

市值单位：当地货币百万元；各板块内公司按折算后人民币市值从高到低排列。

深蓝色 = iFinD 一致预期

绿色 = 华泰研究所模型预测

所属板块	股票名称	股票代码	市值	HTSC PE 26E	HTSC PE 27E	HTSC PE 28E	iFinD PE 26E	iFinD PE 27E	iFinD PE 28E	HTSC收入 26E	HTSC收入 27E	HTSC收入 28E	HTSC净利润 26E	HTSC净利润 27E	HTSC净利润 28E	iFinD收入 26E	iFinD收入 27E	iFinD收入 28E	iFinD净利润 26E	iFinD净利润 27E	iFinD净利润 28E	HTSC研报标题
商业新消费	泡泡玛特	9992.HK	217,346.37	13.75	11.26	9.27	12.70	10.75	9.25	44,581.60	54,441.12	66,050.82	13,685.09	16,712.01	20,288.82	44,683.69	52,273.50	60,158.08	14,813.40	17,505.13	20,349.66	Q1基数效应下国内外市场延续高增
	周大福	1929.HK	119,382.61	13.26	11.51	10.46	13.86	12.20	11.18	94,398.40	100,533.65	107,872.49	9,004.30	10,373.42	11,415.12	94,398.40	95,364.94	101,237.61	9,004.30	9,787.77	10,679.52	计价黄金首饰带动集团延续稳健增长
	鸣鸣很忙	1768.HK	86,350.90	20.19	17.01	14.64	21.11	16.70	13.65	83,891.90	95,342.92	105,163.06	3,701.75	4,393.96	5,104.94	87,848.87	103,001.63	116,997.15	3,541.29	4,478.19	5,477.39	运营效率持续提升，关注入通催化
	蜜雪集团	2097.HK	86,325.32	11.79	10.23	8.96	11.68	10.23	9.12	38,688.01	42,556.27	47,537.89	6,336.62	7,307.03	8,341.22	38,140.15	42,806.21	47,524.19	6,398.16	7,308.44	8,198.85	龙头本色不改，蓄势长期高质量增长
	小商品城	600415.SH	70,518.57	13.16	10.94	9.69	12.85	10.86	9.48	24,909.32	28,645.36	31,653.40	5,356.77	6,445.18	7,279.87	23,759.35	27,315.14	30,499.01	5,489.12	6,494.99	7,439.34	数贸中心收入结转驱动Q1收入快增
	古茗	1364.HK	54,936.09	14.80	12.06	9.97	14.54	11.93	10.08	16,319.69	19,677.02	23,605.04	3,212.86	3,943.73	4,772.65	16,222.93	19,626.15	22,994.62	3,271.69	3,987.54	4,716.91	拟发境外可转债传递发展信心
	老铺黄金	6181.HK	52,139.63	6.15	5.01	4.31	5.81	4.68	3.90	36,758.10	44,427.41	50,461.77	7,338.55	9,012.29	10,463.54	39,754.29	48,358.05	57,201.53	7,767.00	9,651.44	11,586.27	26Q1收入和利润增长超预期
	万辰集团	300972.SZ	43,216.05	18.06	14.66	12.60	18.21	14.16	12.13	67,919.90	80,861.76	90,758.55	2,392.56	2,948.21	3,428.71	68,013.23	81,498.18	91,549.08	2,372.61	3,051.98	3,563.98	26Q1步入店效及展店飞轮的快车道
	永辉超市	601933.SH	28,827.87	73.35	22.90	20.56	192.72	48.43	29.46	56,182.55	60,115.52	63,722.49	393.00	1,259.00	1,402.00	51,261.70	58,038.03	64,218.87	149.58	595.24	978.67	供应链优化和门店调改推动Q1盈利能力提升
	名创优品	9896.HK	31,866.06	10.28	10.78	7.26	9.51	8.59	7.21	25,303.68	29,857.92	35,084.18	2,682.89	2,559.96	3,800.00	25,588.71	29,565.19	33,733.92	2,902.44	3,212.37	3,827.39	引入国内经验有望助力代理市场同店企稳
	豫园股份	600655.SH	18,055.21	67.62	19.46	16.03	68.76	29.60	20.15	38,191.96	40,865.40	43,317.32	267.00	928.00	1,126.00	39,207.88	41,745.71	44,032.54	262.58	610.05	896.22	4Q25仍处地产瘦身阵痛期
	老凤祥	600612.SH	15,876.15	10.32	9.31	8.46	12.19	11.28	10.64	44,041.25	47,690.72	50,852.63	1,538.74	1,705.53	1,876.17	46,449.40	48,638.74	50,152.61	1,575.88	1,701.93	1,805.47	积极推进产品结构优化与渠道提质增效
	周大生	002867.SZ	13,828.94	10.82	9.33	8.23	10.91	9.76	8.82	9,242.58	10,521.10	11,698.20	1,278.00	1,482.49	1,680.24	8,818.31	9,644.12	10,602.74	1,267.43	1,417.54	1,567.13	经营质量提升并延续高分红水平
	六福集团	0590.HK	14,196.27	6.94	6.31	5.70	8.42	6.53	5.92	17,205.24	20,801.46	24,614.77	2,045.79	2,251.29	2,492.05	17,205.24	19,826.44	22,190.82	2,045.79	2,174.54	2,399.14	各区域市场均实现亮眼销售增长
	高鑫零售	6808.HK	11,544.01	N/A	161.19	27.01	0	161.22	27.02	63,442.00	61,539.00	61,846.00	-319.00	62.00	370.00	63,442	61,539	61,846	-319	62	370	在激烈竞争中稳步推进调改规划
	潮宏基	002345.SZ	9,507.09	12.38	10.41	8.49	12.99	10.84	9.23	11,240.41	13,279.21	15,038.23	767.67	913.51	1,119.75	10,905.61	12,621.37	14,382.07	731.91	876.76	1,030.03	产品结构优化带动盈利能力提升
	赛维时代	301381.SZ	9,190.62	19.30	14.09	11.43	19.49	15.21	12.79	13,927.00	16,513.00	19,269.00	476.17	652.16	804.20	13,738.99	15,904.15	18,074.88	471.62	604.08	718.69	线下新业务及利润率修复值得期待
	迪阿股份	301177.SZ	8,870.08	43.62	35.36	30.44	46.15	36.10	28.47	1,753.70	2,005.57	2,233.78	203.37	250.85	291.37	1,640.75	1,840.02	2,144.27	192.22	245.74	311.53	期待门店优化带动盈利能力修复
	南极电商	002127.SZ	7,487.35	29.12	21.73	15.10	29.12	21.73	15.10	2,362.77	2,341.56	2,584.24	257.09	344.49	495.93	2,363	2,342	2,584	257.09	344.49	495.93	业务转型成效逐步释放
	致欧科技	301376.SZ	7,405.43	14.14	10.82	8.90	15.76	12.70	10.64	11,380.84	13,750.33	16,102.00	523.89	684.30	831.77	10,945.92	13,122.29	15,275.84	469.75	583.07	695.96	26Q1剔除汇兑影响的利润率明显提升
	红旗连锁	002697.SZ	6,351.20	13.01	12.36	11.94	12.57	12.02	11.50	9,670.34	9,892.75	10,041.14	488.00	514.00	532.00	9,700.77	9,922.96	10,180.08	505.25	528.38	552.38	在渠道梳理中控费提效
	家家悦	603708.SH	6,051.45	25.43	21.77	19.71	24.45	20.61	17.95	18,297.89	18,846.83	19,789.17	238.00	278.00	307.00	18,459.88	18,959.94	19,545.97	247.53	293.55	337.09	1Q26综合超市主业稳健增长
家电	美的集团	000333.SZ	676,185.65	14.30	13.01	11.92	14.41	13.31	12.32	487,999.21	526,523.16	565,205.78	47,275.46	51,979.82	56,749.85	487,484.03	519,736.33	554,044.82	47,065.35	50,967.38	55,051.17	攻守兼备，上调目标价
	格力电器	000651.SZ	237,891.70	7.87	7.34	6.87	7.89	7.50	7.11	178,379.79	189,478.17	202,878.58	30,244.40	32,424.44	34,622.64	176,773.25	183,830.77	190,749.32	30,151.81	31,701.66	33,442.08	高股息价值仍具支撑
	海尔智家	600690.SH	201,636.28	-	-	-	10.66	9.81	9.07	-	-	-	-	-	-	315,065.46	332,117.64	349,564.40	20,468.58	22,234.20	24,061.21
	公牛集团	603195.SH	76,231.66	17.97	17.14	16.45	17.84	16.82	15.86	16,148.99	16,537.84	17,028.53	4,242.81	4,446.47	4,635.37	16,876.68	17,724.01	18,666.74	4,272.86	4,531.08	4,805.51	组织提效驱动盈利能力进一步提升
	安克创新	300866.SZ	71,626.89	23.66	20.16	16.81	22.74	18.52	15.39	36,610.24	43,492.01	50,623.33	3,027.77	3,552.39	4,261.64	38,346.46	46,686.33	55,688.11	3,197.00	3,926.71	4,723.38	产品矩阵及平台化运营能力持续强化
	海信视像	600060.SH	36,317.38	12.46	10.71	9.46	13.01	11.64	10.48	62,771.66	67,101.66	71,956.48	2,913.65	3,392.05	3,837.77	63,080.29	68,318.78	73,650.59	2,791.18	3,120.98	3,464.90	继续看好技术迭代驱动盈利提升
	苏泊尔	002032.SZ	35,945.18	16.06	15.20	14.57	16.35	15.43	14.63	23,523.22	24,487.67	25,565.13	2,238.19	2,365.33	2,467.51	23,634.93	24,639.07	25,715.58	2,198.43	2,329.99	2,456.49	Q1平稳开局彰显公司经营韧性
	科沃斯	603486.SH	35,630.08	17.10	14.84	12.34	16.89	14.20	12.04	23,500.59	28,528.25	34,299.50	2,084.21	2,401.19	2,886.33	22,279.97	25,766.57	29,272.98	2,109.52	2,509.51	2,958.34	多品类扩张打开成长空间
	TCL电子	1070.HK	40,183.71	13.37	11.36	9.94	12.51	10.14	8.51	126,286.84	134,116.15	144,482.35	3,006.45	3,536.71	4,040.84	134,016.99	158,516.99	177,962.33	3,211.56	3,961.57	4,723.12	收购TCL空调业务，上调目标价
	海信家电	000921.SZ	34,511.10	9.36	8.48	8.01	11.20	10.21	9.34	89,875.37	95,993.99	102,716.80	3,687.51	4,068.68	4,309.83	91,525.74	96,879.96	102,923.71	3,358.05	3,681.11	4,023.44	短期承压，聚焦结构优化对冲压力
	兆驰股份	002429.SZ	32,186.55	16.66	13.62	12.19	19.01	14.69	12.23	20,414.64	22,633.17	24,514.83	1,932.43	2,363.36	2,640.92	20,801.35	23,801.52	27,277.72	1,693.04	2,191.53	2,632.10	第三成长曲线启航驱动价值重估
	海信家电	0921.HK	35,967.44	8.44	7.65	7.22	7.67	6.95	6.57	89,875.37	95,993.99	102,716.80	3,687.51	4,068.68	4,309.83	89,875	95,994	102,717	3,688	4,069	4,310	短期承压，聚焦结构优化对冲压力
	石头科技	688169.SH	29,503.93	13.50	10.85	8.99	15.28	11.70	9.67	23,703.18	28,805.80	34,649.25	2,185.60	2,718.21	3,282.94	22,917.32	27,616.00	32,723.83	1,931.29	2,521.54	3,050.18	看好业务调整完毕后的业绩弹性释放
	绿联科技	301606.SZ	21,484.03	-	-	-	21.05	15.85	12.18	-	-	-	-	-	-	13,000.53	16,905.16	21,594.40	1,020.39	1,355.69	1,764.21
	老板电器	002508.SZ	15,629.29	12.29	11.87	11.43	11.60	10.92	10.28	10,303.62	10,638.40	10,995.42	1,271.33	1,317.07	1,367.53	10,337.10	10,743.56	11,235.70	1,347.62	1,431.57	1,520.51	高比例分红彰显长期价值
	莱克电气	603355.SH	15,309.70	15.15	14.17	13.28	16.61	13.79	12.50	10,665.38	11,330.93	11,923.53	1,010.36	1,080.22	1,152.54	10,573.75	11,283.25	11,957.25	921.60	1,110.40	1,224.60	汇兑损失压力或已集中释放
	奥克斯电气	2580.HK	16,454.12	5.91	5.37	4.88	6.34	5.83	5.35	32,309.86	34,964.15	38,125.81	2,412.31	2,654.26	2,916.82	30,819.33	32,623.88	34,713.12	2,248.75	2,443.38	2,662.75	原材料价格波动和竞争扰动盈利能力
	飞科电器	603868.SH	13,547.16	21.98	20.02	18.20	22.15	20.04	18.24	3,913.85	4,088.01	4,321.14	616.43	676.56	744.24	4,043.62	4,326.25	4,645.24	611.69	675.95	742.89	提价控费推动盈利能力持续修复
	欧普照明	603515.SH	12,759.79	13.10	12.34	11.53	13.03	12.21	11.45	7,314.85	7,684.95	8,151.87	974.18	1,034.09	1,107.04	7,471.59	7,933.35	8,418.28	979.33	1,045.35	1,114.10	数字化转型提升经营韧性
	盾安环境	002011.SZ	11,324.99	10.14	9.04	8.12	9.66	8.65	7.94	13,537.74	14,477.74	15,380.13	1,117.35	1,252.31	1,394.46	13,871.68	14,963.06	15,999.94	1,172.04	1,308.63	1,427.18	冷配龙头场景扩张支撑价值
	卧安机器人	6600.HK	12,473.46	N/A	N/A	85.48	991.48	142.11	64.48	1,552.90	2,496.22	3,337.87	-4.68	-1.39	126.33	1,484.13	2,227.47	3,029.77	10.89	76.00	167.49	家庭具身先行者构建三曲线增长生态
	新宝股份	002705.SZ	9,563.90	8.97	8.04	7.43	9.40	8.36	7.58	16,435.62	17,505.67	18,408.92	1,066.27	1,189.06	1,287.47	16,831.74	17,882.78	19,068.13	1,017.84	1,143.91	1,261.94	虽有关税汇兑扰动，看好内销破圈
	创想三维	3388.HK	8,859.42	54.23	26.19	18.20	49.94	28.03	18.50	4,216.50	5,821.33	7,939.41	141.44	292.91	421.39	4,253.23	5,688.91	7,468.02	153.62	273.70	414.76	产品创新、生态破圈，3D打印龙头快速成长
	九阳股份	002242.SZ	7,027.39	22.90	18.69	16.03	28.20	24.66	22.42	8,340.98	8,711.52	9,067.20	306.82	376.00	438.46	8,418.45	8,804.81	9,213.65	249.16	284.99	313.43	看好产品结构升级驱动盈利能力改善
美护	爱美客	300896.SZ	32,619.42	22.94	19.60	17.62	22.44	19.90	17.78	2,828.62	3,285.24	3,710.33	1,421.65	1,663.93	1,850.78	2,774.62	3,108.98	3,420.45	1,453.61	1,639.24	1,834.78	26年新品增量可期
	巨子生物	2367.HK	32,509.38	14.56	13.23	12.22	14.33	12.80	11.38	6,126.64	6,987.86	7,829.06	1,933.07	2,127.18	2,302.25	6,082.78	6,881.71	7,769.80	1,964.99	2,199.85	2,473.86	颈纹填充产品获批，医美布局再落一子
	毛戈平	1318.HK	30,048.46	16.71	13.37	10.84	16.51	12.98	10.42	6,586.52	8,264.03	10,200.21	1,556.91	1,945.33	2,398.77	6,534.79	8,258.22	10,227.44	1,575.58	2,003.99	2,496.27	26年有望延续高质量快速成长势头
	珀莱雅	603605.SH	24,471.32	15.49	14.53	13.78	15.05	13.63	12.57	11,160.31	11,859.09	12,465.17	1,579.44	1,684.19	1,775.60	11,498.46	12,590.51	13,554.21	1,626.47	1,796.00	1,947.16	主品牌重获势能，花知晓并表有增量
	乐舒适	2698.HK	21,455.34	18.00	15.61	13.61	18.82	15.93	13.54	687.51	810.21	947.42	152.01	175.30	201.09	680.55	799.43	933.36	145.33	171.74	202.04	量价齐升助力业绩超预期高增
	贝泰妮	300957.SZ	14,326.15	20.20	17.52	15.46	22.00	18.87	16.64	6,033.84	6,643.18	7,225.17	709.15	817.66	926.37	6,040.08	6,715.59	7,350.51	651.22	759.32	861.18	恢复快增+利润率改善，经营拐点已现
	敷尔佳	301371.SZ	13,273.05	23.53	20.49	18.28	24.18	20.61	17.93	2,626.74	3,101.56	3,570.04	564.01	647.88	726.08	2,358.60	2,802.65	3,288.68	548.90	643.88	740.28	26Q1营收利润均高增
	上海家化	600315.SH	12,530.29	35.06	28.94	23.63	31.81	24.96	20.90	7,378.73	8,218.66	9,080.59	357.42	433.02	530.34	7,095.96	7,905.75	8,716.62	393.97	501.96	599.48	26Q1扣非利润率显著提升
	丸美生物	603983.SH	11,256.07	31.90	23.56	20.01	34.09	27.74	23.79	4,284.57	5,156.66	5,955.79	352.85	477.80	562.51	3,964.41	4,501.59	5,059.66	330.15	405.75	473.13	26Q1眼部类营收增长稳健
	上美股份	2145.HK	11,781.03	8.05	6.39	5.06	7.54	6.20	5.15	10,836.88	13,536.82	16,916.05	1,266.39	1,597.18	2,016.75	11,229.59	13,574.91	16,205.43	1,352.05	1,646.22	1,982.58	25年多点开花驱动业绩持续快增
	孩子王	301078.SZ	9,434.25	-	-	-	21.79	17.47	14.39	-	-	-	-	-	-	11,618.74	12,823.61	14,034.25	432.88	539.88	655.40
	润本股份	603193.SH	9,046.71	23.96	19.71	17.10	23.98	20.25	17.31	1,865.10	2,203.78	2,528.66	377.52	458.88	528.96	1,867.00	2,209.61	2,577.67	377.21	446.68	522.53	26Q1利润率环比提升
	若羽臣	003010.SZ	8,305.29	20.85	14.85	11.24	21.38	14.75	10.97	6,004.25	7,915.14	9,960.88	398.42	559.14	739.13	5,828.99	7,770.85	9,761.77	388.48	563.11	757.39	26H1自有品牌势能延续
	百亚股份	003006.SZ	6,354.49	14.94	11.07	8.63	15.83	12.49	10.17	4,182.85	5,020.43	5,985.90	425.36	574.06	735.96	4,201.89	4,983.35	5,840.59	401.43	508.61	624.74	2026年盈利能力有望逐步修复
社服	银河娱乐	0027.HK	150,558.30	14.17	12.81	11.74	13.09	11.96	11.25	53,125.00	57,896.00	62,238.00	10,625.00	11,753.00	12,821.00	52,339.40	57,863.96	62,349.47	11,502.17	12,587.21	13,387.80	高净赢率带动25Q4 GGR增速跑赢行业
	中国中免	601888.SH	119,133.70	23.54	19.74	17.68	23.44	19.98	17.31	57,421.32	64,137.54	70,051.50	5,061.78	6,034.33	6,737.62	58,967.79	65,455.77	72,484.41	5,149.14	6,039.24	6,972.58	1Q26盈利能力显著提升
	百胜中国	9987.HK	125,576.46	15.78	14.83	13.77	15.72	14.43	13.35	12,788.12	13,667.95	14,611.05	1,014.86	1,079.44	1,162.60	12,652.91	13,399.40	14,157.58	1,018.35	1,109.73	1,198.99	拟收购必胜客中国或具备长期战略意义
	金沙中国有限公司	1928.HK	122,371.90	-	-	-	13.83	11.25	10.32	-	-	-	-	-	-	7,845.50	8,422.50	9,010	1,128	1,387	1,511
	华住集团-S	1179.HK	104,312.08	16.62	14.80	13.37	16.66	14.80	13.34	26,830.99	28,069.57	29,481.62	5,432.35	6,103.03	6,755.37	26,815.24	28,376.71	29,944.12	5,421.97	6,101.98	6,772.83	Q1盈利能力持续向好
	海底捞	6862.HK	66,665.04	12.81	12.11	11.61	12.68	11.50	10.57	46,113.89	47,795.14	48,749.64	4,506.10	4,765.95	4,971.13	46,768.48	50,248.07	53,385.20	4,551.92	5,017.44	5,459.64	期待战略聚焦下的新成长周期
	美高梅中国	2282.HK	43,131.14	8.23	7.99	7.74	8.73	7.63	7.74	35,657.00	36,727.00	37,645.00	5,242.00	5,399.00	5,571.00	35,470.67	36,990.67	37,645	4,942.67	5,654.33	5,571	25Q4中高端业务表现强劲
	亚朵	ATAT.O	4,806.41	16.01	13.64	11.79	-	-	-	12,500.88	14,397.46	16,238.76	2,038.64	2,392.43	2,768.32	-	-	-	-	-	-	2Q26前瞻：供应链和零售收入延续高增
	永利澳门	1128.HK	30,433.71	8.64	8.03	7.64	7.55	6.85	7.64	31,308.00	32,967.00	34,055.00	3,523.00	3,791.00	3,984.00	31,581.50	33,251	34,055	4,032	4,444	3,984	永利皇宫扩容有望强化高端客群吸引力
	锦江酒店	600754.SH	19,252.70	15.67	13.68	11.94	17.68	15.01	13.12	14,110.38	14,524.59	15,177.76	1,228.43	1,407.66	1,611.97	14,155.91	14,604.37	15,094.42	1,169.71	1,378.38	1,576.25	经营改革提质增效
	宋城演艺	300144.SZ	16,253.29	17.65	16.06	15.01	17.37	15.85	14.70	2,437.58	2,577.18	2,684.75	920.63	1,012.30	1,082.47	2,443.52	2,600.07	2,737.41	935.87	1,025.44	1,105.71	积极推进轻资产输出及中台建设
	颐海国际	1579.HK	16,566.47	15.02	13.81	12.74	14.94	13.59	12.48	7,043.19	7,523.31	7,966.82	955.02	1,038.86	1,125.43	7,111.30	7,631.03	8,154.53	960.31	1,055.40	1,149.60	看好利润率再优化和第三方增长提速
	首旅酒店	600258.SH	13,879.38	14.94	13.00	12.18	14.81	13.15	11.93	7,673.10	7,959.34	8,247.61	929.19	1,067.36	1,139.48	7,812.57	8,061.45	8,302.86	937.18	1,055.33	1,163.72	1Q26经营效率持续优化
	澳博控股	0880.HK	11,646.96	21.34	10.07	6.73	9.45	5.18	6.73	25,457.95	26,664.54	28,351.83	545.77	1,156.45	1,729.73	25,578	27,150	28,352	1,232.38	2,249.50	1,730	Q4卫星场出清阵痛延续
	广州酒家	603043.SH	8,049.52	15.86	14.55	13.68	15.44	14.52	13.72	5,707.53	6,029.81	6,336.37	507.68	553.25	588.50	5,715.02	6,067.82	6,418.64	521.25	554.35	586.63	1Q26经营韧性延续
	小菜园	0999.HK	9,035.66	13.28	11.06	9.62	12.03	9.89	9.05	5,526.48	6,323.80	7,179.41	588.83	707.03	813.41	5,667.53	6,625.02	7,383.17	650.43	790.84	864.17	期待战略调整后的经营改善
	新濠国际发展	0200.HK	8,645.10	-	-	-	7.10	3.85	-	-	-	-	-	-	-	42,175	45,051	-	1,217	2,247	-
	万物新生	RERE.N	927.49	11.27	7.79	5.83	-	-	-	26,772.71	32,680.07	39,327.02	558.77	807.89	1,080.24	-	-	-	-	-	-	Q1收入增长超指引上限
	特海国际	9658.HK	7,153.29	24.40	18.55	14.50	19.81	15.26	12.36	910.04	1,005.81	1,106.00	37.38	49.17	62.93	935.34	1,049	1,166.33	46.05	59.78	73.79	Q1经营利润端改善已现
	茶百道	2555.HK	7,092.64	6.65	5.72	5.04	6.69	5.83	5.08	6,200.56	6,966.82	7,750.83	922.90	1,074.19	1,218.98	6,013.52	6,738.49	7,579.66	917.67	1,052.73	1,208.94	2H盈利能力和开店节奏改善
轻工	创科实业	0669.HK	237,982.74	21.45	18.64	16.32	21.50	18.74	16.49	16,551.71	18,059.83	19,637.19	1,414.47	1,627.89	1,859.19	16,492.40	17,866.33	19,295.84	1,411.31	1,618.87	1,839.88	电动工具主业稳健增长驱动盈利提升
	思摩尔国际	6969.HK	58,300.89	37.33	25.58	19.48	40.43	26.23	20.43	16,595.00	19,222.39	22,191.38	1,351.93	1,973.14	2,591.24	16,612.86	19,437	22,502.85	1,248.73	1,924.87	2,470.46	Q1雾化增长提速，HNB业务持续放量
	太阳纸业	002078.SZ	40,967.88	11.73	10.63	9.69	11.19	10.07	9.14	42,329.37	45,473.61	48,383.07	3,493.03	3,853.10	4,227.45	43,099.79	46,193.43	48,824.28	3,660.10	4,068.95	4,484.37	看好经营韧性及产能爬坡红利持续释放
	裕同科技	002831.SZ	32,672.07	17.69	15.93	14.43	18.28	16.03	14.26	19,015.35	20,736.96	22,502.49	1,846.53	2,051.09	2,264.39	19,152.83	21,059.07	22,837.95	1,787.26	2,038.25	2,290.57	包装主业稳健，新业务打开成长空间
	玖龙纸业	2689.HK	36,411.63	9.38	6.95	6.36	8.72	7.00	6.27	69,509.24	76,887.83	82,099.85	3,361.83	4,534.19	4,953.66	71,733.92	76,653.83	81,238.50	3,617.62	4,500.85	5,029.91	要约回购永续债彰显发展信心
	晨光股份	603899.SH	21,658.56	14.88	13.47	12.25	14.67	13.17	11.90	27,756.39	30,259.29	32,744.52	1,455.35	1,607.36	1,768.46	27,601.68	30,241.05	32,990.64	1,476.45	1,644.45	1,819.82	Q1平稳开局，零售大店收入增长提速
	欧派家居	603833.SH	21,570.10	9.27	8.53	7.92	10.58	9.90	9.34	18,276.77	19,321.01	20,366.28	2,327.24	2,529.47	2,724.17	17,333.10	18,130.06	19,047.29	2,038.51	2,178.64	2,308.88	分红比例提升，需求磨底待改善
	顾家家居	603816.SH	21,201.66	10.11	8.99	8.02	10.37	9.43	8.57	22,141.12	24,256.03	26,450.53	2,096.33	2,358.59	2,643.39	21,529.02	23,255.42	25,158.81	2,044.03	2,248.95	2,472.59	内贸零售转型及外贸深耕凸显经营韧性
	稳健医疗	300888.SZ	18,048.78	16.91	15.00	13.35	18.18	15.61	14.14	11,856.34	12,802.09	13,796.21	1,067.12	1,203.32	1,352.18	12,199.62	13,590.54	14,891.96	992.58	1,156.53	1,276.00	Q1平稳开局，减值等阶段性扰动利润
	中烟香港	6055.HK	17,361.17	19.17	15.51	13.69	17.02	13.78	12.11	12,030.94	14,602.45	15,760.12	905.75	1,119.16	1,267.97	14,389.80	15,773.74	17,271.29	1,019.96	1,260.25	1,433.10	H1业绩阶段承压，期待H2经营改善
	居然智家	000785.SZ	14,073.13	-	-	-	26.18	22.58	20.43	-	-	-	-	-	-	11,711.33	12,390.83	12,876.50	537.50	623.33	688.75
	康耐特光学	2276.HK	15,446.36	18.73	14.84	12.01	19.10	15.25	12.54	2,501.87	3,000.32	3,483.05	714.01	901.12	1,113.05	2,568.48	3,040.56	3,548.52	700.34	876.86	1,066.46	主业稳健向上+XR业务拓展共驱成长
	奥瑞金	002701.SZ	12,824.40	10.02	9.09	8.36	10.23	9.25	8.48	26,583.09	28,151.02	29,675.78	1,280.22	1,411.38	1,533.96	25,936.56	27,540.03	29,053.94	1,253.23	1,386.34	1,511.44	公司持续夯实规模并实现盈利改善
	布鲁可	0325.HK	13,123.06	13.31	9.89	7.46	13.80	10.76	8.56	3,801.54	4,969.43	6,482.32	853.82	1,149.19	1,523.71	3,804.85	4,778.18	5,948.43	823.11	1,056.28	1,327.48	积木车/出海/成人向等有望驱动26年快速成长
	中顺洁柔	002511.SZ	9,608.54	-	-	-	21.41	17.51	14.81	-	-	-	-	-	-	9,557.29	10,341.43	11,124.50	448.86	548.86	648.83
	索菲亚	002572.SZ	8,648.16	8.55	7.84	7.22	8.59	7.88	7.22	9,874.79	10,583.12	11,334.65	1,011.61	1,102.92	1,197.59	9,624.82	10,089.76	10,718.75	1,006.35	1,097.76	1,198.12	关注需求复苏进程及分红比例提升
	山鹰国际	600567.SH	8,388.91	-	-	-	67.65	21.24	13.21	-	-	-	-	-	-	31,214	33,772	36,443	124	395	635
	泉峰控股	2285.HK	9,598.49	9.99	8.58	7.31	9.72	8.13	6.69	1,823.20	2,024.12	2,230.82	122.55	142.70	167.34	1,842.60	2,083.47	2,342.81	125.87	150.47	182.86	看好26年渠道补库周期的经营弹性
纺服	安踏体育	2020.HK	222,613.60	12.32	12.14	10.96	13.21	12.23	11.05	88,683.00	97,922.00	107,713.00	15,641.00	15,869.00	17,581.00	87,940.18	96,029.59	104,597.12	14,589.79	15,761.40	17,449.38	2Q经营指标健康电商流水靓丽
	亚玛芬体育	AS.N	20,980.50	29.25	23.54	19.35	-	-	-	8,147.46	9,271.02	10,384.48	717.21	891.25	1,084.33	-	-	-	-	-	-	1Q26业绩全面超预期并上调全年指引
	申洲国际	2313.HK	66,412.37	9.87	8.93	8.09	9.54	8.70	7.99	32,230.67	34,489.69	36,732.00	5,825.00	6,440.00	7,105.00	32,602.35	34,788.11	37,114.07	6,030.20	6,606.90	7,193.93	关税及汇兑致2H25盈利承压
	波司登	3998.HK	57,493.96	12.46	11.58	10.80	13.27	11.58	10.79	27,350.00	29,246.00	31,248.00	3,994.40	4,297.00	4,610.00	27,349.98	29,188.48	31,057.21	3,994.38	4,298.06	4,614.73	产品创新与品牌引领FY26稳健增长
	华利集团	300979.SZ	42,758.88	14.14	10.70	9.38	13.06	11.17	10.01	24,311.00	27,105.00	29,829.00	3,025.00	3,996.00	4,559.00	25,868.22	28,163.13	30,394.64	3,273.87	3,829.62	4,273.43	1Q26量价利承压静待盈利改善
	李宁	2331.HK	39,444.26	11.89	10.45	9.25	12.09	10.76	9.62	31,852.93	34,791.58	37,846.41	2,871.86	3,268.73	3,689.89	31,369.30	33,470.88	35,699.07	2,824.61	3,175.03	3,551.12	2Q26零售动销逆风下保障库存良性
	海澜之家	600398.SH	30,209.43	-	-	-	13.03	12.00	11.01	-	-	-	-	-	-	23,603.60	25,587.27	27,752.20	2,318.32	2,517.78	2,742.68
	森马服饰	002563.SZ	17,134.41	16.68	14.82	13.29	16.20	14.70	13.31	16,152.00	17,243.00	18,221.00	1,027.00	1,156.00	1,289.00	16,076.72	17,112.16	18,215.78	1,057.65	1,165.61	1,287.70	1Q26渠道优化与产品矩阵持续升级
	晶苑国际	2232.HK	18,343.65	9.54	8.50	7.58	9.36	8.36	7.49	2,853.51	3,151.28	3,454.49	245.14	275.08	308.50	2,869.20	3,119.80	3,390.41	249.87	279.76	312.26	2H25产能瓶颈下收入稳健且盈利提升
	比音勒芬	002832.SZ	14,724.24	20.97	18.20	16.11	20.70	17.47	15.50	5,033.74	5,682.51	6,327.00	702.00	809.00	914.00	4,999.16	5,643.95	6,306.10	711.20	842.60	949.96	26年步入收获期开启新一轮高成长
	伟星股份	002003.SZ	12,923.23	19.01	16.83	15.16	18.84	16.52	14.77	5,163.18	5,739.15	6,322.88	679.90	767.93	852.48	5,299.10	5,809.87	6,347.95	686.06	782.15	875.23	1Q26成本上涨及汇兑损失影响盈利
	百隆东方	601339.SH	12,221.49	12.32	11.44	10.80	12.85	11.68	10.74	9,007.98	9,751.05	10,242.70	992.03	1,067.99	1,131.38	9,025.35	9,717.77	10,405.23	951.33	1,046.22	1,137.49	海外产能壁垒深厚的色纺龙头迎棉价上行期
	特步国际	1368.HK	10,669.22	7.51	6.66	5.83	7.47	6.56	5.99	14,510.00	15,175.00	16,269.00	1,230.00	1,387.00	1,583.00	14,604.30	15,524.58	16,498.39	1,236.33	1,409.33	1,543.25	主品牌承压蓄力与索康尼逆势稳增
	361度	1361.HK	10,274.81	5.99	5.37	4.84	6.06	5.49	5.00	12,409.00	13,719.00	15,090.90	1,485.00	1,655.00	1,837.05	12,229.66	13,357.43	14,529.10	1,467.55	1,619.83	1,778.36	2Q26流水及运营保持韧性
	滔搏	6110.HK	8,371.65	5.72	6.65	7.90	5.76	6.04	5.97	25,739.90	22,992.32	20,011.28	1,266.80	1,090.33	917.08	25,739.90	24,255.79	23,640.10	1,266.80	1,200.37	1,214.00	因耐克收回线上销售权下调目标价
农业	牧原股份	002714.SZ	227,092.46	N/A	7.21	8.32	37.20	8.41	8.92	110,945.00	138,648.40	130,225.40	-2,034.78	31,489.05	27,299.22	128,202.85	155,420.41	150,772.53	6,194.66	27,417.37	25,835.46	成本优化但猪价低迷致业绩承压
	金龙鱼	300999.SZ	145,678.16	30.64	21.16	17.07	34.31	28.55	23.68	275,056.00	311,730.00	350,687.00	4,753.74	6,883.54	8,534.27	264,915.18	283,747.79	314,455.86	4,246.12	5,102.10	6,152.52	诉讼损失计提拖累2025年盈利表现
	温氏股份	300498.SZ	95,284.27	68.56	6.46	10.03	47.23	7.92	7.67	95,462.78	113,085.53	110,499.31	1,389.73	14,750.57	9,501.49	99,458.69	115,109.08	119,445.80	2,017.25	12,024.71	12,423.27	成本持续精进，双主业优势显现
	海大集团	002311.SZ	81,539.90	16.95	12.06	11.06	16.61	12.66	11.28	148,629.27	158,908.76	169,386.22	4,810.82	6,758.85	7,374.73	147,405.66	164,759.49	180,633.44	4,910.28	6,438.65	7,225.61	成长与红利兼具，关注估值修复机会
	新希望	000876.SZ	31,519.43	-	-	-	288.82	13.25	13.96	-	-	-	-	-	-	110,061.67	126,549	132,200.33	109.13	2,379.64	2,257.87
	圣农发展	002299.SZ	20,754.26	16.65	11.92	10.49	16.51	12.14	10.31	23,052.00	24,517.65	25,779.59	1,246.28	1,741.38	1,978.46	22,256	24,444.85	26,434.93	1,256.97	1,709.94	2,013.93	降本与增值驱动公司逆势增长
	乖宝宠物	301498.SZ	17,520.69	24.27	19.48	15.41	23.26	18.84	15.76	8,411.13	10,513.55	12,915.45	721.92	899.50	1,137.12	8,044.06	9,641.29	11,462.64	753.17	929.75	1,111.51	拟收购K9中国品牌加速高端化布局
	德康农牧	2419.HK	20,046.54	N/A	2.23	2.77	16.40	3.30	3.41	25,387.07	39,736.47	43,452.78	-319.71	7,787.44	6,262.31	25,699.44	35,887.12	40,561.47	1,058.52	5,254.31	5,097.58	技术赋农的轻资产高成长猪企
	神农集团	605296.SH	15,723.77	-	-	-	87.21	16.56	14.75	-	-	-	-	-	-	6,118.31	7,762.40	7,889.57	180.30	949.38	1,065.88
	大北农	002385.SZ	12,986.24	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	隆平高科	000998.SZ	12,387.45	44.94	31.42	24.14	35.42	27.50	21.70	8,695.14	8,918.80	9,050.53	275.67	394.29	513.11	9,138.00	9,914.68	10,638.20	349.72	450.49	570.72	隆平巴西减亏带动公司盈利同比高增
	益生股份	002458.SZ	12,122.21	-	-	-	14.35	12.02	14.45	-	-	-	-	-	-	3,563.74	4,032.82	4,285.94	844.87	1,008.39	839.18
	中宠股份	002891.SZ	10,477.77	21.24	15.24	10.88	23.30	17.87	14.31	6,819.70	8,585.64	10,881.11	493.32	687.60	962.78	6,551.71	7,951.45	9,546.64	449.65	586.24	732.42	自主品牌加速放量,费用投放战略加码
	巨星农牧	603477.SH	7,792.40	-	-	-	N/A	8.92	8.41	-	-	-	-	-	-	7,842.76	9,517.38	10,198.88	-78.55	873.20	926.85
	瑞普生物	300119.SZ	7,775.35	16.59	12.68	9.91	16.70	13.76	11.02	3,770.63	4,526.78	5,642.99	468.61	613.40	784.75	3,874.61	4,558.27	5,416.69	465.45	564.96	705.85	微生物蛋白项目稳步推进
	登海种业	002041.SZ	7,620.80	53.12	46.03	38.07	50.28	41.62	37.95	1,258.80	1,384.68	1,503.11	143.46	165.57	200.18	1,291.83	1,430	1,487.50	151.58	183.09	200.79	玉米种子库存压力逐步消化
	中牧股份	600195.SH	6,596.62	-	-	-	24.42	18.38	19.00	-	-	-	-	-	-	7,203.61	7,965.90	8,162	270.11	358.93	347.19
	新五丰	600975.SH	6,073.36	-	-	-	N/A	23.03	15.90	-	-	-	-	-	-	6,827	9,438	12,082	-428.26	263.75	382