[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 Meta 发布 Llama 3 开源大模型，微信小游 强于大市 研 (维持) 究 戏活跃用户 7.5 亿 [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(04.15-04.21) 2024年04月22日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周传媒行业（申万）下跌 4.48%，居市场第28 位，跑输沪深 300 指 数。微信小游戏活跃用户7.5亿。QuestMobile发布了《2024手机游戏 传媒 沪深300 20% 行业与重点人群洞察报告》。报告显示微信小程序游戏活跃用户达 7.5 10% 亿，在全景流量中占比达80.3%。现有的手游用户中，有8成使用短视 0% 行 频APP，游戏与短视频的用户争夺战日益激烈；小游戏正在蚕食手游用 -10% 业 -20% 户，今年重合用户规模较去年增加1.1亿；现阶段超过70%的手机游戏 周 -30% APP用户正在使用微 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 文旅融合赋能乡村振兴，入境游市场加速回 强于大市 研 (维持) 究 暖 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.15-04.21) 2024年04月22日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（4月15日-4月21日）沪深300指数上涨1.89%、申万社会服务 指数下跌 6.09%，社会服务指数跑输沪深 300 指数 7.98 个百分点，在 社会服务 沪深300 5% 申万 31 个一级行业指数涨跌幅排第 30。年初至今沪深 300 指数上涨 0% -5% 3.22%、申万社会服务指数下跌12.36%，申万社会指数跑输沪深300指 -10% 行 -15% 数15.58个百分点，在申万31个一级子行业中涨跌幅排名第25。上周 -20% 业 -25% 社会服务子板块中只有专业服务上升，为 0.4%，其余板块均下跌，酒 -30% 周 -35 ...

[Table_RightTitle] 证券研究报告|美容护理 行 [Table_Title] [Table_IndustryRank] 业 消费呈现缓复苏态势，3 月化妆品零售额同 强于大市 (维持) 研 究 比+2.2% [Table_ReportType] [Table_ReportDate] ——美容护理行业周观点(04.15-04.21) 2024年04月22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： 美容护理 沪深300 近月消费呈现缓复苏态势，2024 年政府工作报告特别明确指出从增加 10% 收入、优化供给、减少限制性措施等方面综合施策，激发消费潜能，预 5% 0% 计未来随着经济的逐步恢复和扩大消费措施的出台，消费活力有望得到 -5% 行 -10% 进一步刺激。建议关注：①化妆品&医美：短期来看，在理性消费背景 -15% 业 -20% 下，消费者更注重产品性价比，部分国货品牌近期表现优异；中长期来 -25% 周 -30% 看，颜值经济下医美、化妆品需求较大，多项化妆品、医美相关法规发 -35% 观 布，行业洗牌背景下合规化妆品 ...

[Table_RightTitle] 证券研究报告|电子 行 [Table_Title] [Table_IndustryRank] 业 科技“十六条”政策发布，华为 Pura70 系 强于大市 研 (维持) 究 列上线先锋计划 [Table_ReportType] [Table_ReportDate] ——电子行业周观点(04.15-04.21) 2024年04月22日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024年4月15日至4月21日期间，沪深300指数上涨1.89%，申万电子 电子 沪深300 指数下跌2.59%，在31个申万一级行业中排第22，跑输沪深300指数4.48 5% 个百分点。把握终端复苏和AI产业链加速建设的催化下，AIPC、AI手机、 0% -5% 行 HBM、先进封装、存储芯片、面板等领域呈现的结构化投资机会。 -10% 业 -15% 投资要点： -20% 周 -25% -30% 观 产业动态：（1）科技金融：为进一步健全资本市场功能，优化资源配置， -35% 点 更大力度支持科技企业高水平发展，中国证监会提出以下措 ...

[Table_RightTitle] 证券研究报告|通信 行 [Table_Title] [Table_IndustryRank] 业 一季度中国 5G 手机出货量达 5643 万部，同 强于大市 研 (维持) 究 期占比 83.7% [Table_ReportType] [Table_ReportDate] ——通信行业周观点(04.15-04.21) 2024年04月22日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周（4.15-4.19）沪深300指数上涨1.89%，申万通信行业指数下跌 通信 沪深300 0.67%，在31个申万一级行业中排名第13位，跑输沪深300指数2.57个百 15% 10% 分点。建议重点关注5G建设及应用、算力、数据中心、卫星通信等细分 5% 行 板块投资机会。 0% -5% 业 -10% 投资要点： -15% 周 -20% 观 产业动态：（1）6G：2024年4月16日至18日，由国家6G技术研发推进工 -25% -30% 点 作组和总体专家组指导，由未来移动通信论坛、紫金山实验室主办的 2024全球6G技术 ...

[Table_RightTitle] 证券研究报告|计算机 行 [Table_Title] [Table_IndustryRank] 业 Meta 发布 Llama3，世界数字技术院首次发 强于大市 研 (维持) 究 布大模型安全国际标准 [Table_ReportType] [Table_ReportDate] ——计算机行业周观点(04.15-04.21) 2024年04月22日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 上周沪深300指数上涨1.89%，申万计算机行业下跌3.94%，落后于指数 计算机 沪深300 5.83pct，在申万一级行业中排名25位。本周建议重点关注人工智能大 20% 模型、AIGC应用和数智生态应用的投资机会。 10% 0% 行 投资要点： -10% 业 -20% 周 产业动态：（1）政策：4月16日，工信部发布《工业和信息化部办公厅 -30% -40% 观 关于开展2024年度5G轻量化（RedCap）贯通行动的通知》。（2）人工 -50% 点 智能：4月19日，Meta 公司发布新闻稿，宣布推出下一代大语言模型 ...

Group 1: Skincare and Cosmetics Market Insights - The report highlights the rapid growth of functional skincare products in China, with the market size increasing from 13.3 billion yuan in 2017 to 30.8 billion yuan in 2021, achieving a CAGR of 23.4% [5] - The top brands in the skincare category during the 38th Douyin Goods Festival included brands like "Chanel" and "Estée Lauder," with significant year-on-year GMV growth for several brands [2] - Domestic brands are gaining market share, with five local brands among the top 20 in the Chinese cosmetics market, reflecting a growing acceptance among Gen Z consumers [7] Group 2: Regulatory Environment - The new cosmetic supervision regulations implemented in January 2021 aim to enhance industry standardization, benefiting compliant companies with strong R&D and management capabilities [8] - The regulations classify cosmetics based on risk levels and require sufficient scientific evidence for efficacy claims, ensuring that manufacturers are accountable for product safety and claims [31][32] Group 3: Alcoholic Beverages Market - The report indicates that major liquor companies have shown steady growth in performance, with high-end liquor brands like Kweichow Moutai and Wuliangye experiencing significant profit increases in the first three quarters of 2023 [11][12] - The demand for high-end liquor is expected to improve as business needs recover, with a notable increase in banquet consumption post-pandemic [34] - The beer industry is transitioning towards high-end products, with a steady increase in high-end beer consumption from 5.9 billion liters in 2013 to an expected 10.2 billion liters in 2023, reflecting a CAGR of 5.63% [27] Group 4: Beer Industry Dynamics - The beer industry is facing a decline in overall production, with a 29.49% decrease from 2013 to 2022, indicating a shift from volume growth to quality improvement [25] - The concentration of the beer market is increasing, with the top five companies holding over 90% of the market share, indicating a stable oligopoly [42] - The average price per ton of beer has been on the rise, with significant increases observed from 2017 to 2022, suggesting a shift towards premiumization in the market [30][48]

策略研究|策略周观点 证 券 研 究 报 告 策略周观点 策略研究 正文目录 | --- | --- | --- | |----------|--------------------------------------------------|-------| | | | | | | 图表 1: 4月15日-4月19日当周主要指数涨跌幅（%）. | | | 图表 2: | 4 月 15 日-4 月 19 日当周申万一级板块涨跌幅（%） | | | 图表 3: | A 股日成交额(亿元) | | | 图表 4: | A 股主要宽幅指数单日成交换手率(%) | | | 图表 5: | 4月15日-4月19日当周申万一级行业成交额（亿元） | | | 图表 6: | 市场资金流向（亿元） | | | 图表 7: | 北向资金周成交额与成交净买入额（亿元） | | | 图表 8: | 主要宽幅指数当前估值水平（%）. | | | 图表 9: | 申万一级行业当前估值水平 . | | | 图表 10: | 4月 15 日-4月 19日财经要闻 | | 第2页共10页 证券研究报告|策略报告 1.1 市场涨跌幅 4月15 ...

Core Insights - The report highlights the overall recovery of the domestic economy and the continuous release of consumer demand, with the domestic stock market indices and valuations currently at low points after a comprehensive adjustment [36][34][19] - The report emphasizes the importance of rational consumption and the structural coexistence of consumption upgrades and downgrades in the current market environment [36][34] Market Review - The A-share market experienced a volume contraction with the Shanghai Composite Index down by 0.29% to 3,065.26 points, and the Shenzhen Component Index down by 1.04% to 9,279.46 points [15][18] - The total trading volume in the A-share market was approximately 860 billion RMB, with northbound funds net selling 6.49 billion RMB [15][18] - The report notes that over 3,000 stocks in the A-share market declined, with the oil and petrochemical, and defense industries leading gains, while electronics and power equipment sectors lagged [15][18] Industry Insights - **Gold and Jewelry**: The dual attributes of gold as an investment and consumption product are resonating, with leading companies like Chow Tai Fook and Lao Feng Xiang expanding their market share through category diversification [21][36] - **Cosmetics**: The demand for cosmetics is gradually recovering, with domestic brands outperforming international ones. The report suggests focusing on companies with strong R&D capabilities and product quality [21][36] - **Liquor**: The report anticipates a recovery in business demand in 2024, with high-end liquor companies expected to see valuation recovery as inventory clears and consumer confidence improves [21][36] - **Beer**: The decline in raw material prices is expected to enhance profitability, with a continued trend towards premiumization in the beer industry [21][36] - **Dairy Products**: The report indicates that the decline in raw milk prices will relieve cost pressures, and the diversification of consumption scenarios presents growth opportunities [21][36] - **Condiments**: The profitability of soy sauce companies is expected to improve due to lower soybean prices, with a growing consumer demand for healthy condiments [21][36] - **Tourism**: The report highlights a recovery in tourism demand supported by policy changes, with new opportunities arising for emerging tourist cities [21][36] - **Hotels**: The hotel industry is seeing significant improvements in operating performance, with a focus on mid-range expansion and high-end brand development [21][36] Company-Specific Insights - **Proya**: The company reported a revenue of 8.905 billion RMB in 2023, a year-on-year increase of 39.45%, with a net profit of 1.194 billion RMB, reflecting a growth of 46.06% [39][23] - The main brand Proya has upgraded its core products significantly, with a focus on anti-aging lines and a new high-end product line [39][23] - The online sales channel has shown robust growth, accounting for 93.07% of total revenue, with significant performance during major sales events [39][23] - The report projects net profits for Proya to reach 1.599 billion RMB, 1.970 billion RMB, and 2.407 billion RMB for 2024, 2025, and 2026 respectively, maintaining a "buy" rating [23][39]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance exceeded expectations, with a 45.58% year-on-year increase in net profit attributable to shareholders in Q1 2024. In 2023, the company achieved revenue of 8.905 billion yuan (up 39.45% year-on-year) and a net profit of 1.194 billion yuan (up 46.06% year-on-year) [3] - The main brand, Proya, has fully upgraded its core products, with significant growth in multiple sub-brands. Proya's revenue in 2023 was 7.177 billion yuan (up 36.36% year-on-year), accounting for 80.73% of total revenue [3] - The company has seen rapid growth in its online channels, achieving revenue of 8.274 billion yuan (up 42.96% year-on-year) in 2023, with online direct sales accounting for 75.91% of total revenue [10] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 3.656 billion yuan (up 50.86% year-on-year) and a net profit of 448 million yuan (up 39.06% year-on-year) [3] - For Q1 2024, revenue was 2.182 billion yuan (up 34.56% year-on-year) and net profit was 303 million yuan (up 45.58% year-on-year) [3] - The company’s operating cash flow for 2023 was 1.469 billion yuan (up 32.19% year-on-year) [3] Brand and Product Development - Proya has upgraded its core product lines, including the "Double Anti-aging Series" and "Ruby Series," and launched a high-end product line focused on mature skin [3] - The sub-brand Caitang achieved revenue of 1.001 billion yuan (up 75.06% year-on-year), while OR and Yuefuti also saw significant revenue growth of 71.17% and 61.82% respectively [3] Profitability and Forecast - The company’s gross margin improved to 69.93% in 2023, with a net margin of 13.82%. For Q1 2024, gross margin was 70.11% and net margin was 14.44% [10] - The forecast for net profit attributable to shareholders for 2024-2026 is 1.599 billion yuan, 1.970 billion yuan, and 2.407 billion yuan respectively, with corresponding PE ratios of 26, 21, and 17 times [10]