本报告导读：业绩超预期，强货币化能力支撑收入高增长。精细化补贴与持续提效推动盈利能力稳步提升。国际化业务有望贡献第二曲线。投资要点：业绩超预期， 维持“增持”评级。考虑公司货币化空间大，且在持续兑现，上调公司25/26 年经调整归母净利润至33.62/38.90（+2.74/+2.47）亿元人民币（下同），新增2027 年经调整归母净利润预测为44.16 亿元。给予2025 年行业平均16xPE ...
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