[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 粉丝效应及喜剧刚需撑起五一档票房，市场 强于大市 研 (维持) 究 维持显著复苏态势 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年05月07日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 影片供给充足，档期维持春节档及清明档突出表现，市场显著复苏。五 传媒 沪深300 一档作为电影市场黄金档期之一，历来被市场寄予厚望。今年五一小长 10% 假为期5天，相较其他仅有3天的假期，市场空间更加广阔，也更具突 0% 行 破潜力。根据灯塔数据显示，2024 年五一档共收获票房 15.27 亿元， -10% 业 -20% 同比上涨 0.39%，仅次于 2021 年，位列近几年五一档期票房第二位， 跟 -30% 符合此前预期。在娱乐需求复苏的加持下，此次五一档凭借丰富的影片 踪 -40% 供给，均衡共同发力，一齐拉动票房增长，维持住春节档及清明档的突 报 -50% 出 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 个股业绩表现分化，静候需求端修复 (维持) 究 [Table_ReportType] [Table_ReportDate] ——化妆品行业 2023 年业绩综述 2024年05月08日 [Table_Summary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 行业核心观点： 受内外部环境、消费需求放缓等因素的影响，2023 年化妆品行业重点 美容护理 沪深300 5% 个股业绩表现分化，部分个股的收入和净利润增速出现放缓甚至负增 0% 行 长，营运能力也出现了一定程度的下滑。随着经济逐步复苏、扩大和刺 -5% -10% 业 激消费措施的出台，期待2024年需求端的修复。中长期来看，部分国 -15% -20% 跟 货美妆企业提升研发投入，在国潮崛起背景下凭借出众的产品力脱颖而 -25% -30% 踪 出；同时近年来行业监管趋严，利好合规龙头企业。建议关注强研发、 -35% 报 产品力和营销能力优秀的国货化妆品龙头公司。 -40% 告 数据来源 ...

万千财富，与您相连 投资要点： 需求持续回暖，营收净利双增长 万联证券研究所 www.wlzq.cn 请仔细阅读在本报告尾部的重要法律声明 万千财富，与您相连 [Table_PromiseInfo] 证券分析师承诺 [Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 05 月 09 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股两市缩量调整，三大指数集体收跌。截至收盘，沪指跌0.61%， 深成指跌 1.35%，创业板指跌 1.45%，沪深两市成交额 8642 亿元，北 向资金净卖出 40.44 亿元。行业方面，仅煤炭、农林牧渔、银行行业 上涨，其余行业均下跌，其中传媒、房地产、计算机行业领跌。概念 板块方面，细胞免疫治疗、合成生物、养鸡概念领涨；租售同权、AI 语料、多模态 AI 概念领跌。港股方面，恒生指数跌 0.90%，恒生科 技指数跌 1.29%。海外方面，美国三大股指涨跌不一，道指涨 0.44%， 标普 500 指数收平，纳指跌 0.18%；欧洲主要股指多数上涨，亚太股 市涨跌不一。 【重要新闻】 | --- | - ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 需求持续回暖，营收净利双增长 (维持) 究 [Table_ReportType] [Table_ReportDate] ——社会服务行业 2024Q1 业绩综述报告 2024年05月08日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 社服需求持续回暖，营收净利润实现双增长。2024Q1社会服务行业需 社会服务 沪深300 求持续回暖，板块业绩显著改善，营业收入合计 321.92 亿元，同比增 10% 5% 长15.99%，在申万一级行业中排名第1；归母净利润合计13.44亿元， 0% 行 -5% 业 同比增长53.70%，在申万一级行业中排名第3。盈利能力稳步提升，费 -10% -15% 用率小幅下行。 跟 -20% -25% 踪 ⚫ 旅游及景区板块：2024Q1板块业绩持续向好，营收及归母净利润同比 -30% -35% 报 分别+44.68%、+150.81%。在居民旅游出行需求持续回暖以及政策支 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 3 月游戏市场国内、出海同比双增，游戏板 强于大市 研 (维持) 究 块 2023 年业绩整体回暖 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年05月08日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 中国游戏市场：2024 年 3 月中国游戏整体市场收入同比增长 7.18%， 环比下降5.86%。1）中国整体游戏市场：实际销售收入234.17亿元， 传媒 沪深300 10% 环比下降5.86%，同比逆转下跌趋势，回升7.18%；2）移动游戏市场： 0% 行 实际销售收入为169.53亿元，环比下降7.13%，同比上升8.75%。环比 -10% 业 下降的主要原因在于3月随着春节假期的结束，开学返工季来临，各个 -20% 跟 游戏春节活动逐渐结束，热度有所下降，致使游戏市场收入有所回落。 -30% 踪 -40% 报 全球游戏市场：市场收入同比、环比有所上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company faced performance pressure in 2023, but in Q1 2024, the net profit attributable to shareholders increased by 21% year-on-year. In 2023, the company achieved revenue of 6.076 billion yuan (down 4.45% year-on-year) and a net profit of 593 million yuan (down 38.97% year-on-year). In Q1 2024, revenue was 1.361 billion yuan (up 4.24% year-on-year) and net profit was 243 million yuan (up 21.39% year-on-year) [4][11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 60.76 billion yuan, with a net profit of 5.93 billion yuan. The net profit margin was 9.59%, down 5.53 percentage points year-on-year. The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling approximately 182 million yuan [4][11]. Business Segments - Raw Material Business: Revenue reached 1.129 billion yuan (up 15.22% year-on-year), driven by growth in pharmaceutical-grade and cosmetic-grade raw materials. The gross margin decreased by 6.83 percentage points to 64.71% [4]. - Medical Terminal Business: Revenue increased by 58.95% year-on-year to 1.090 billion yuan, with a gross margin of 82.10%. The aesthetic medicine segment saw significant growth, with skin-related medical products generating 747 million yuan (up 60.29% year-on-year) [4]. - Functional Skincare Products: Revenue declined by 18.45% year-on-year to 3.757 billion yuan, primarily due to strategic adjustments in the product line [11]. - Functional Food Business: Revenue fell by 22.53% year-on-year to 58 million yuan, attributed to proactive adjustments in business strategy and brand planning [11]. Financial Forecast - The company forecasts revenues of 66.30 billion yuan, 76.13 billion yuan, and 87.64 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 746 million yuan, 907 million yuan, and 1.113 billion yuan [5][14]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.55 yuan, 1.88 yuan, and 2.31 yuan, respectively. The price-to-earnings (PE) ratios are estimated at 41, 34, and 28 times for the same years [11][14].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------|--------------------------|-------|-------|-------|-------| | [Table_ForecastDetail] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 资产负债表（百万元） | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 56364 | 64598 | 72279 | 80885 | 货币资金 | 6033 | 3637 | 4828 | 2929 | | 同比增速 (%) | 19.61 | 14.61 | 11.89 | 11.91 | 交易性金融资产 | 0 | 0 | 0 | 0 | | 营业成本 | 54038 | 62072 | 69454 | 77717 | 应收票据及应收账款 | ...

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company's performance has shown a significant recovery in the performing arts sector, with a revenue increase of 320.76% year-on-year in 2023, reaching 1.926 billion yuan. The net profit attributable to shareholders was -110 million yuan, but excluding the impact of long-term equity investment losses, the net profit was 830 million yuan, indicating a turnaround from a loss in the previous year [3][4]. - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, up 317.33% year-on-year, reflecting strong growth momentum [3][4]. - The recovery of the company's main performing arts business has varied across different parks, with total revenue from the main business reaching 1.667 billion yuan in 2023, recovering to 95% of the 2019 level [4][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.926 billion yuan, with a year-on-year growth rate of 320.76%. The net profit attributable to shareholders was -110 million yuan, while the adjusted net profit, excluding investment losses, was 830 million yuan, compared to -130 million yuan in the previous year [3][4]. - For Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, reflecting a growth of 317.33% year-on-year [3][4]. Business Recovery - The recovery of the performing arts business has been uneven across different locations, with revenue from various scenic spots such as Hangzhou, Lijiang, and Sanya showing different recovery rates compared to pre-pandemic levels [4][11]. - The company has seen a strong rebound in tourism demand, with significant increases in visitor numbers and spending during the recent holiday periods, surpassing 2019 levels in several metrics [4][11]. Cost Management and Profitability - The company's gross margin improved to 66.35% in 2023, up 16.21 percentage points year-on-year, and further increased to 68.75% in Q1 2024, up 17.73 percentage points year-on-year [4][11]. - The sales expense ratio decreased to 4.59% in 2023, while the management expense ratio significantly dropped to 7.61% due to a high base effect from the previous year [11]. Future Outlook - The company is expected to benefit from the ongoing recovery in the tourism and performing arts sectors, with projected net profits for 2024-2026 estimated at 1.286 billion yuan, 1.570 billion yuan, and 1.796 billion yuan respectively [11][12]. - The company is positioned as a leading player in the performing arts industry in China, with strong growth potential as it focuses on its core business [11][12].

[Table_RightTitle] 证券研究报告|食品饮料 [Table_StockName] ——绝味食品（603517）2024Q1 业绩点评报告 [Table_ReportDate] 2024 年 04 月 30 日 投资要点: [Table_StockRank] 增持(维持) [Table_Chart] 个股相对沪深 300 指数表现 [Table_ReportList] 相关研究 收入稳健增长，盈利持续修复 休闲卤制品行业领导者，产融结合构建美食 生态 [Table_Pagehead2] 万联证券研究所 www.wlzq.cn 第2 页共4页 数据来源：携宁科技云估值，万联证券研究所 [Table_InudstryRankInfo] 行业投资评级 强于大市：未来6个月内行业指数相对大盘涨幅10％以上； 同步大市：未来6个月内行业指数相对大盘涨幅10％至-10％之间； 弱于大市：未来6个月内行业指数相对大盘跌幅10％以上。 [Table_StockRankInfo] 公司投资评级 买入：未来6个月内公司相对大盘涨幅15％以上； 增持：未来6个月内公司相对大盘涨幅5％至15％； 观望：未来6个月内公司 ...

[Table_Title] 24Q1 业绩稳健增长，净利率小幅提升 [Table_Summary] 报告关键要素: ⚫ 盈利预测与投资建议：作为央企背景的黄金珠宝大型企业，公司依托核 心黄金产品，在产品上不断推陈出新，并迎合风口切入培育钻石赛道， 未来有望打造第二增长曲线。预计公司 2024-2026 年的 EPS 分别为 0.72/0.86/0.98 元/股，对应 2024 年 4 月 29 日收盘价的 PE 分别为 16/13/12 倍，维持"买入"评级。 投资要点: ⚫ 24Q1 直营店数量维持不变，加盟店数量增加。2024Q1，公司对不同地 区直营店与加盟店进行调整，直营店季末数量维持不变，加盟店净增加 8 家。另外，公司计划在 2024Q2-Q4 增加 6 家直营店和 216 家加盟店。 | --- | --- | --- | --- | --- | |------------------------|----------|----------|----------|----------| | [Table_ForecastSample] | 2023A | 2024E | 2025E | 2026 ...