行业点评报告 传媒行业 报告日期：2024 年 08 月 14 日 持仓集中度提升，行业配置比例下降 ——传媒行业 2024Q2 基金持仓分析 华龙证券研究所 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzqgs.com 《声智科技发布 AzeroGPT 算法升级成 果，开启 AI 硬件新体验—传媒行业周 报》2024.08.05 《7 月游戏版号发布，OpenAI 推出 AI 搜索工具 SearchGPT—传媒行业周报》 2024.07.29 《AIGC 赋能，带动传媒迎来增长新曲 线—传媒行业 2024 年度中期策略报告》 2024.07.22 事件： 截至目前，公募基金 2024Q2 持仓报告已基本披露，我们根据申 万传媒股票池（含 131 个传媒标的），对传媒板块的公募基金重仓持 股情况进行统计分析。 投资评级：推荐（维持） 观点： 较 2023Q2 与 2024Q1，2024Q2 A 股传媒持仓偏好有所回升。剔 除行业被动基金后，重仓持股中传媒持股市值为 133.56 亿元，持 股比例为 0.73%，环比增加 0.04pct，较 24Q1 有所回升 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's performance is supported by a recovery in downstream demand, leading to steady revenue growth and improved profitability in core business areas. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, up 11.3% year-on-year [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 1.183 billion yuan, a 19.92% increase compared to the previous year. The net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% year-on-year growth. The smart security segment generated revenue of 812 million yuan, up 10.92% year-on-year, with a gross margin of 33.58%, a slight increase of 1.19 percentage points [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has led to a steady increase in performance, with inventory levels decreasing by approximately 62 million yuan compared to the end of 2023. The company is also expanding into niche market applications and accelerating the introduction of new products [1] Financial Projections - The company is expected to maintain its growth momentum, with projected revenue growth of 10.5% for the full year and a gross margin of approximately 33.5%. The video intercom business is anticipated to continue its strong performance, with a projected revenue growth of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3] Comparable Company Analysis - The report includes a comparison with similar companies, such as Allwinner Technology, Espressif Technology, and Hengxuan Technology, highlighting the company's competitive position and growth potential in the market [3] Cash Flow and Investment - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, reflecting year-on-year increases of 387.7% and 164.13%, respectively. Investment projects are progressing steadily, with significant investments in AI ultra-high-definition IPCSoC chip development and new AI processor IP projects [1][4]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The demand recovery supports performance growth, and the core business profitability is improving. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year increase of 11.3% [1][2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company's revenue reached 1.183 billion yuan, up 19.92% year-on-year, while the net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% increase year-on-year. The smart security segment generated revenue of 812 million yuan, a 10.92% increase, with a gross margin of 33.58%, up 1.19 percentage points year-on-year [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has supported steady growth in performance, with the main consumer sectors gradually rebounding. The company's inventory decreased by approximately 62 million yuan compared to the end of 2023, indicating improved demand dynamics [1] Investment Projects - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, representing increases of 387.7% and 164.13% year-on-year, respectively. Ongoing investment projects include the development of next-generation AI ultra-high-definition IPCSoC chips and AI processor IP, with progress rates of 53.33% and 40.25%, respectively, both expected to be operational by the end of 2027 [1][2] Profit Forecasts - The company is expected to maintain the revenue growth rate of 10.5% for the full year, with a gross margin of approximately 33.5%. The video intercom business is projected to continue its rapid growth, achieving a revenue increase of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3]

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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market index [9]. Core Views - The company has implemented a mid-term cash dividend plan, distributing 1.00 yuan per 10 shares, totaling 1.444 billion yuan, reinforcing its commitment to shareholder returns while ensuring sustainable growth [4][5]. - The company has established the largest urban lifestyle media network in China, covering approximately 300 cities domestically and around 100 major cities internationally, including locations in Southeast Asia and India [4]. - The primary revenue source for the company is its elevator media business, which accounted for 92.26% of total revenue in the first half of 2024, with a reported revenue of 5.505 billion yuan [5]. Revenue and Profit Forecast - The company is projected to achieve revenues of 12.868 billion yuan, 13.794 billion yuan, and 14.622 billion yuan for the years 2024, 2025, and 2026, respectively [9]. - The forecasted net profit attributable to the parent company is expected to be 4.873 billion yuan, 5.233 billion yuan, and 5.879 billion yuan for the same years [9]. - The report anticipates a steady growth rate for the company's main business segments, with elevator media revenue growth rates projected at 8%, 7%, and 6% for 2024 to 2026 [9]. Financial Metrics - The company reported a revenue of 5.967 billion yuan for the first half of 2024, reflecting an 8.17% increase from the previous year [5]. - The projected earnings per share (EPS) for the years 2024, 2025, and 2026 are 0.34 yuan, 0.36 yuan, and 0.41 yuan, respectively [8]. - The price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are estimated to be 17.1, 16.0, and 14.2, indicating a favorable valuation compared to peers [9].

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 145 期，总第 1704 期（电子版） 2024 年 8 月 8 日 星期四 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2869.83 | 0.09 | | 深证成指 | 8449.58 | -0.17 | | 中小 100 | 5416.28 | -0.28 | | 创业板指 | 1620.33 | -0.43 | | 沪深 300 | 3341.49 | -0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 38763.45 | -0.6 | | 纳斯达克 | 16195.81 | -1.05 | | 标普 500 | 5199.5 | -0.77 | | 英国富时 100 | 8166.88 | 1.75 | | 日经 225 | 34494.36 | -1.7 | | 恒 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 146 期，总第 1705 期（电子版） 2024 年 8 月 9 日 星期五 一、市场分析 窄幅整理，多空力量平衡 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2869.9 | 0 | | 深证成指 | 8446.21 | -0.04 | | 中小 100 | 5424.16 | 0.15 | | 创业板指 | 1611.51 | -0.54 | | 沪深 300 | 3342.94 | 0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39446.49 | 1.76 | | 纳斯达克 | 16660.02 | 2.87 | | 标普 500 | 5319.31 | 2.3 | | 英国富时 100 | 8144.97 | -0.27 | | 日经 225 | 35440.79 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 147 期，总第 1706 期（电子版） 2024 年 8 月 12 日 星期一 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 2862.19 | -0.27 | | 深证成指 | 8393.7 | -0.62 | | 中小 100 | 5399.74 | -0.45 | | 创业板指 | 1595.64 | -0.98 | | 沪深 300 | 3331.63 | -0.34 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 39497.54 | 0.13 | | 纳斯达克 | 16745.3 | 0.51 | | 标普 500 | 5344.16 | 0.47 | | 英国富时 100 | 8168.1 | 0.28 | | 日经 225 | 35025 | 0.56 | | 恒生指数 | ...

Market Analysis - The market experienced a slight decline with major indices showing small losses, indicating a period of adjustment and uncertainty [3] - The total trading volume in the Shanghai and Shenzhen markets was 495.9 billion yuan, marking a decrease of 67.2 billion yuan from the previous trading day, the lowest since May 25, 2020 [3] - Pharmaceutical stocks, particularly those related to COVID-19 treatments, saw significant gains, while real estate stocks faced corrections [3] Data Insights - As of August 9, the financing balance on the Shanghai Stock Exchange was 739.82 billion yuan, a decrease of 0.49 billion yuan from the previous trading day, while the Shenzhen Stock Exchange reported a financing balance of 663.63 billion yuan, down by 1.32 billion yuan [4] Investment Advisory Perspectives - The market's low trading volume suggests that most funds are in a "lying flat" state, with severe internal competition among existing funds, leading to a weak rotation among sectors [5] - The report emphasizes a cautious approach in extreme market conditions, advising investors to wait for clearer market direction [5] Concept Highlights - The autonomous driving sector is gaining attention, with reports of WeRide seeking an IPO in the U.S., aiming to raise approximately 96 million USD [6] - The Chinese government has implemented multiple policies to support the development of intelligent connected vehicles, with significant advancements in testing and infrastructure [6] - The smart driving market is projected to reach 400 billion yuan by 2025, driven by policy support and technological advancements [6] Key News - A report from the World Health Organization indicates the spread of a highly toxic superbug, which poses serious health risks globally [7] - The C919 aircraft is on track for EU certification by 2025, with positive feedback from the European Union Aviation Safety Agency [7] Future Events Reminder - The 2024 Biopharmaceutical Innovation Expo is scheduled for August 15, focusing on the biopharmaceutical sector [9] - The 2024 Beijing World Robot Conference is set for August 21, highlighting advancements in robotics [9]

2024 年第 147期,总第 1706期(电子版) 为中风险等级产品,敬请投资者参阅正文后 2024 年8月12日 | --- | --- | --- | |----------------|--------------|--------------------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅 (%) | | 上证指数 | 2862. 19 | -0. 27 | | 深证成指 | 8393.7 | -0.62 | | 中小 100 | 5399.74 | -0. 45 | | 创业板指 | 1595.64 | -0. 98 | | 沪深 300 | 3331.63 | -0. 34 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅 (%) | | 道琼斯 | 39497. 54 | 0. 13 | | 纳斯达克 | 16745. 3 | 0. 51 | | 标普 500 | 5344. 16 | 0. 47 | | 英国富时 100 | 8168. 1 | 0.28 | | 日经 225 | 35025 | 0. 56 | | 恒生指数 | 170 ...