Core Viewpoint - Tencent showcased 46 products at the SPARK 2025 game launch event, highlighting its comprehensive capabilities in research, development, and investment in the gaming sector [3][4]. Group 1: Game Investment and Market Trends - Tencent's separate display of its game investment segment indicates significant achievements in overseas investments, with a clear development strategy for IP and PC games. In Q1 2025, China's self-developed games achieved actual sales of $4.805 billion in overseas markets, reflecting a year-on-year growth of 17.9%. The domestic mobile game market is expected to maintain a global market share of 37.5% in 2024, while the overseas market shows a high degree of consolidation, with PC games accounting for 51% of the market [4]. - Tencent's investment in Ubisoft's subsidiary is expected to enhance its IP portfolio and improve its PC game development capabilities, thereby supporting long-term growth in its overseas gaming business [4]. Group 2: Game Development and Adaptation - The event highlighted Tencent's strong research and development capabilities, showcasing updates on popular mobile adaptations of established PC game IPs, such as "Call of Duty Mobile" and "Valorant: Source Action." This demonstrates Tencent's mature technical handling and industrial production experience in adapting PC games to mobile platforms [5]. - New game developments, including "Honor of Kings World" and "Wilderness Origin," indicate Tencent's expansion into new game genres beyond its traditional strengths [5]. Group 3: User Engagement and Market Position - Tencent's ability to attract quality developers for product distribution is supported by its extensive user base and social ecosystem. According to Quest Mobile data, Tencent's gaming user engagement accounted for 66.5% of the industry in 2024, leading in traffic [6]. - The upcoming release of "Victory Goddess: New Hope" in May is expected to contribute to user growth, while "Dungeon and Fighter: Kazan" is anticipated to enhance the value of the DNF IP [6]. Group 4: Product Release Strategy - The product release schedule is well-managed, with established games expected to drive growth in the first half of 2025, while new products are anticipated to alleviate high baseline pressure in the second half [6]. - Tencent's long-standing games, such as "Honor of Kings" and "Peacekeeper Elite," have shown strong performance, with a collaboration with the popular IP "Nezha" expected to boost game business in Q2 2025 [6].

1）2025年4月，TOP10房企的全口径销售金额、权益销售金额、全口径销售面积分别为1,411亿元、990亿元、 658万平，同比分别为-15.0%、-13.2%、-20.6%，环比分别为-20.3%、-21.0%、-14.1%。 2）2025年1-4月，TOP10房企的全口径销售金额、权益销售金额、全口径销售面积分别为5,190亿元、3,717亿 元、2,414万平，同比分别为-10.3%、-8.7%、-23.0%，累计同比较1-3月变化-1.9pct、-1.8pct、+0.9pct。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1-4月百强房企全口径销售额累计同比-8%，全口径销售面积累计同比-20% 查看完整报告 3）2025年4月，TOP100房企的全口径销售金额、权益销售 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 查看完整报告 1Q2025公司期间费用率为28.93%，同比下降2.00个百分点。其中，销售/管理/财务费用率分别为 10.03%/13.63%/5.26%，同比分别变化-0.14/-1.32/-0.54个百分点。2024年公司期间费用率为31.09%，同比 下降0.73个百分点。其中，销售/管理/财务费用率分别为10.77%/ 14.56%/5.77%，同比分别变化 +0.02/-0.23/-0.52个百分点。 购百业态表现稳健，积极调改创新 分业态看（除其他）， 1Q2025公司购物中心（百货店）业态收入同比增速为10.06%，其次为大型综合卖 场业态，收入同比增速为4.01%，连锁超市和房地产业态表现相对承压，收入同比增速分别为-1 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, indicating potential recovery and opportunities for future growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 7.315 billion yuan, a year-on-year decrease of 4.67%, and a net profit of 682 million yuan, down 17.60% [2]. - For Q1 2025, the company reported revenue of 1.112 billion yuan, an increase of 9.14% year-on-year, and a net profit of 26 million yuan, up 117.20% [2]. Group 2: Segment Performance - The digital infrastructure segment generated revenue of 3.365 billion yuan in 2024, a year-on-year increase of 1.56%, driven by growth in information technology procurement, although gross margin decreased to 16.55%, down 3.22 percentage points [3]. - The enterprise digital application segment saw revenue decline to 877 million yuan, down 20.20%, despite an increase in gross margin to 28.79%, up 5.82 percentage points [3]. - The power digital application segment achieved revenue of 2.254 billion yuan, a year-on-year increase of 7.45%, with gross margin improving to 21.66%, up 1.12 percentage points [3]. - Revenue from cutting-edge technology innovation and energy innovation services declined significantly, down 33.34% and 18.20%, respectively, totaling 506 million yuan and 312 million yuan [3]. - Overall, the company's gross margin for 2024 was 20.17%, a decrease of 1.39 percentage points [3]. Group 3: Strategic Initiatives - The company is accelerating the acquisition of Yili Technology to optimize its industrial layout, with a signed intention to acquire shares expected to be finalized by August 31, 2025 [4]. - Yili Technology, a subsidiary of the State Grid Information Communication Group, reported revenue of 1.45 billion yuan and a net profit of 102 million yuan for the first nine months of 2024 [4]. - The company is focusing on digital transformation trends, enhancing technological innovation capabilities, and optimizing its industrial layout by concentrating on core competencies and value creation [5].

Core Viewpoint - New Dairy Industry reported a slight decline in revenue for 2024 but showed significant growth in net profit, indicating improved profitability despite revenue challenges [2][4]. Revenue Performance - In 2024, the company achieved total revenue of 10.665 billion, a year-on-year decrease of 2.93%. The net profit attributable to shareholders was 538 million, an increase of 24.80% year-on-year [2]. - For Q4 2024, revenue was 2.516 billion, down 9.94% year-on-year, while net profit was 64 million, up 28.08% year-on-year [2]. - In Q1 2025, revenue reached 2.625 billion, a slight increase of 0.42% year-on-year, with net profit rising to 133 million, up 48.46% year-on-year [2]. Product and Channel Analysis - Revenue from liquid milk, milk powder, and other products in 2024 was 9.836 billion, 71 million, and 758 million respectively, with liquid milk showing a growth of 0.83% [3]. - The e-commerce channel saw a significant revenue increase of 31.93% in 2024, contributing 1.161 billion to total revenue [3]. - Regional performance varied, with the Southwest region declining by 6.51%, while the Other region grew by 18.13% [3]. Profitability Metrics - The gross margin for 2024 was 28.36%, with Q1 2025 showing a gross margin of 29.50%, reflecting a year-on-year increase of 0.12 percentage points [4]. - The net profit margin for Q1 2025 was 5.08%, up 1.64 percentage points year-on-year, indicating enhanced profitability [4]. - Management and sales expense ratios showed mixed trends, with sales expense ratio for Q1 2025 at 17.01%, up from Q4 2024 [4].

风险分析： 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；关税不确定性风险。 发布日期： 2025-05-05 点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 24年生猪养殖业绩景气高增，25Q1盈利仍可观 （1）生猪行业盈利维持高位。24年前三季度，猪价震荡上行为板块带来利润修复，24Q4开始猪价进入下 行区间，24全年来看，上市猪企营业收入同比+2.53%，Q4虽然猪价出现回调，但养殖企业出栏量创历史 新高，带动营收大幅上升。24年板块毛利润共582.12亿元，同比+799.66%，归母净利润306.81亿元，同比 扭亏。25年Q1生猪养殖板块共实现营业收入961.67亿元，同比+19.99%，归母净利润76.15亿元，同比扭亏 （24Q1为-53.64亿元）。25Q1 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating significant growth in revenue and net profit, driven by its semiconductor design and automotive businesses [3][4]. Financial Performance - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% [3]. - For Q1 2025, the company reported revenue of 6.472 billion yuan, a 14.68% increase, and a net profit of 866 million yuan, up 55.25% [3]. Business Segments Semiconductor Design - The image sensor solutions segment generated revenue of 19.190 billion yuan in 2024, a 23.52% increase, accounting for 74.76% of total revenue [4]. - The display solutions segment saw a revenue decline of 17.77% to 1.028 billion yuan, representing 4.01% of total revenue [4]. - The analog solutions segment achieved revenue of 1.422 billion yuan, a 23.18% increase, making up 5.54% of total revenue [4]. Automotive Business - Revenue from the automotive market for image sensors reached approximately 5.905 billion yuan in 2024, a year-on-year increase of 29.85%, with a growing market share [5]. - The demand for in-car camera systems is increasing due to the acceleration of advanced driver-assistance systems (ADAS) and the penetration into mid-to-low-end models [5]. - The company has a rich product matrix in the automotive CIS field, with significant growth expected in automotive analog ICs, projected to increase by 37.03% year-on-year in 2024 [5]. Mobile Business - The mobile CIS segment generated revenue of 9.802 billion yuan in 2024, a 26.01% increase, benefiting from a mild recovery in the smartphone market [6]. - The company’s high-end strategy is showing results, with products like OV50H gaining market share against foreign competitors [6][7]. Emerging Businesses - The company is strategically investing in emerging markets such as smart glasses, robotics, and action cameras, leveraging advancements in AI technology [8]. - Collaborations with major clients are expected to drive growth in the wearable business, particularly with the upcoming release of AI glasses in 2025 [8].

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 2025Q1，公司销量同比基本持平，销售均价（以美元计）同比下降4%。得益于前期高价库存的持续性消化， 25Q1公司新售出存货成本降低，从而使得公司整体毛利率显著改善。按人民币计，25Q1公司毛利率同比提升 2.9pct至27.2%。费用率方面，除管理费用率外，25Q1公司销售、研发、财务费用率均有所降低。由于"奋 进"转型计划的推进，公司相关的重组与咨询成本增加，导致管理费用率同比提升1.5pct至5.2%。25Q1，公司 销售、研发、财务费用率同比分别下降1.1pct、0.04pct、4.6pct。现金流方面，25Q1公司经营活动产生的现金 流量净额为-2.07亿元，同比增加5.28亿元，为2019年至今同期最好水平。 中国及北美区域销售额增长， ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, driven by a recovery in domestic wind power demand, but faced pressure on profitability due to low wind turbine prices and rising costs in the industry [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 4.696 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 624 million yuan, up 29.55% year-on-year [2]. - The first quarter of 2025 saw a revenue of 1.301 billion yuan, representing an 86.41% year-on-year increase, although it decreased by 13.94% compared to the previous quarter [2]. - The net profit for Q1 2025 was 121 million yuan, a 39.14% increase year-on-year, with a slight quarter-on-quarter growth of 2.97% [2]. Group 2: Market and Product Performance - The company experienced a 9.58% increase in sales of casting products, totaling 490,400 tons, while revenue from ductile iron products decreased by 5.30% to 4.266 billion yuan [3]. - The gross margin for the company declined by 1.32 percentage points year-on-year to 17.34% in 2024, and further decreased by 6.24 percentage points to 15.53% in Q1 2025 [3]. Group 3: Capacity Expansion and Future Outlook - The company has established an annual casting capacity of 700,000 tons and a precision processing capacity of 420,000 tons by the end of 2024, with plans to increase precision processing capacity to 540,000 tons [4]. - The company aims to benefit from the accelerated wind power construction in 2025, leveraging its sufficient production capacity [4]. Group 4: Business Diversification - The company is actively expanding into nuclear power and alloy steel sectors, with ongoing research in nuclear fuel storage and high-end alloy steel markets [5]. - In 2024, revenue from the alloy steel business reached 78 million yuan, a year-on-year increase of 50.71%, with a gross margin increase of 1.35 percentage points to 4.73% [5].

查看完整报告 特别申明： 点击注册小程序 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 （孙伟风/陈奇凡） 2025-05-056 【农林牧渔】养殖业绩持续高增，后周期板块回暖——光大证券农林牧渔行业2024年报暨2025一季报总结 生猪养殖板块，结合前期新生仔猪量来看，25年商品猪出栏压力较大。节奏上，当前均重已处于偏高水 平，5月有望迎来库存拐点，届时板块有望开启去产能交易。 24年生猪养殖业绩景气高增，25Q1盈利仍可 观。 （李晓渊） 2025-05-05 您可点击今日推送内容的第1条查看 【安道麦A（000553.SZ）】25Q1扭亏为盈，行业景气回升可期——2025一季报点评 2025Q1，公司单季度实现营收71.73亿元，同比减少4.48%；实现归母净利润1.51亿元，同比扭亏为盈。 2025 ...