[Table_RightTitle] 数据来源：携宁科技云估值,万联证券研究所 证券研究报告|社会服务 [Table_Title] 业绩表现稳健，新项目持续爬坡 [Table_StockName] ——宋城演艺（300144）2024 年三季报点评报告 [Table_ReportDate] 2024 年 10 月 25 日 [Table_Summary] 报告关键要素: 10 月 24 日，公司发布 2024 年三季报。2024Q1-Q3，公司实现营收 20.13 亿元（同比+24.46%），归母净利润 10.08 亿元（同比+28.04%），扣非归 母净利润 9.94 亿元（同比+28.05%）。Q3 单季，公司实现营收 8.36 亿 元（同比-4.69%），归母净利润 4.57 亿元（同比-5.54%），扣非归母净 利润 4.46 亿元（同比-7.10%），业绩基本符合预期。 投资要点: 新项目表现出色，业绩稳健增长。7 月 26 日，公司新项目三峡千古情 开业，主题歌舞表演《三峡千古情》一天连演 6 场，带动宜昌、宜都城 市人气指数提升。节假日民众出游热情高涨，公司受益于旅游市场活力 复苏。今年国庆黄金 ...

Market Overview - The A-share market experienced a decline on Thursday, with the Shanghai Composite Index falling by 0.68% to 3,280.26 points, the Shenzhen Component Index down by 1.27%, and the ChiNext Index decreasing by 1.37%. The total trading volume in the A-share market was 1.52 trillion RMB, with over 3,000 stocks declining [1][5] - In the industry sectors, telecommunications and comprehensive industries saw the highest gains, while defense, military, and electric equipment sectors faced the largest declines. Concept sectors such as NMN and ST showed notable increases [1][5] - The Hong Kong Hang Seng Index dropped by 1.30%, and the Hang Seng Technology Index fell by 2.64%. In overseas markets, the Dow Jones decreased by 0.33%, while the S&P 500 rose by 0.21% and the Nasdaq increased by 0.76% [1][5] Important News - Shenzhen aims to establish a trillion-level government investment fund cluster by 2026, along with a hundred-billion-level angel and seed fund cluster. The plan includes the establishment of over 10,000 registered equity investment and venture capital funds [2][6] Industry Insights Inverter Export Analysis - In September 2024, China's inverter export value was 4.844 billion RMB, a month-on-month decrease of 21.32% but a year-on-year increase of 4.20%. Cumulatively, from January to September 2024, the total export value was 45.037 billion RMB, reflecting a year-on-year decline of 21.48% [7][8] - The decline in September was attributed to weather impacts in the Yangtze River Delta region and seasonal demand fluctuations in emerging markets [7] - Exports to Asia amounted to 1.756 billion RMB, down 7.42% month-on-month but up 26.99% year-on-year. Notably, exports to India and Pakistan faced significant month-on-month declines due to seasonal and pricing factors [7][8] - Exports to Europe were valued at 2.079 billion RMB, down 24.02% month-on-month and 7.17% year-on-year, primarily due to inventory backlog issues [7][8] Huawei's Product Launch - Huawei introduced the Nova 13 series, which for the first time supports Beidou satellite functionality, enhancing its product ecosystem. The Nova 13 standard model is priced competitively, with significant price reductions compared to the previous model [9][10] - The HarmonyOS NEXT was launched, marking a significant upgrade and positioning it as the third-largest mobile operating system globally, following iOS and Android [9][10] - The HarmonyOS ecosystem has expanded to over 1 billion devices, with a growing number of applications and services, indicating a maturing ecosystem that could drive investment opportunities [9][10]

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - In September 2024, China's inverter exports amounted to 4.844 billion yuan, a month-on-month decrease of 21.32% but a year-on-year increase of 4.20%. Cumulatively, from January to September 2024, the total export value reached 45.037 billion yuan, reflecting a year-on-year decline of 21.48%, although the rate of decline has narrowed [1][2] - The decline in September's exports was primarily due to the impact of typhoons in the Yangtze River Delta region, causing delays in shipments, and seasonal demand decreases in some emerging markets [1] Summary by Region - **Asia**: Exports to Asia in September 2024 were 1.756 billion yuan, down 7.42% month-on-month but up 26.99% year-on-year. Notable declines were seen in exports to India, Pakistan, and Saudi Arabia due to seasonal and pricing factors [2] - **Europe**: Exports to Europe were 2.079 billion yuan, a month-on-month decrease of 24.02% and a year-on-year decrease of 7.17%. The decline was attributed to previous inventory buildup [2] - **North America**: Exports to North America totaled 201 million yuan, down 16.18% month-on-month but up 1.59% year-on-year, with exports to the U.S. at 183 million yuan [2] - **Latin America**: Exports to Latin America were 387 million yuan, down 46.08% month-on-month and 3.82% year-on-year, primarily due to seasonal fluctuations [2] - **Africa**: Exports to Africa reached 304 million yuan, down 28.39% month-on-month but up 25.17% year-on-year, indicating a positive growth trend despite month-on-month declines [2] - **Oceania**: Exports to Oceania were 117 million yuan, down 17.31% month-on-month and 35.97% year-on-year [5] Summary by Shipping Origin - Exports from Guangdong, Zhejiang, Anhui, and Jiangsu in September 2024 were 1.878 billion, 1.233 billion, 537 million, and 431 million yuan respectively, with significant month-on-month declines due to weather impacts [6] - Despite the month-on-month declines, Guangdong and Zhejiang maintained year-on-year growth in exports [6] Investment Recommendations - Long-term growth in global renewable energy installations and increasing demand for energy storage are expected to drive market growth. Key regions for potential growth include Europe, the U.S., emerging markets like India and Pakistan, and the Middle East [6]

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Viewpoints - On October 22, Huawei held the "Native Harmony Night and Huawei All-Scenario New Product Launch Conference," introducing the HarmonyOS NEXT, Nova 13 series, and Watch Ultimate, marking a significant upgrade to the HarmonyOS, establishing it as the third-largest mobile operating system globally after Apple's iOS and Android [1] Summary by Sections Nova 13 Series - The Nova 13 standard version is the first to support Beidou functionality and includes AI photo editing applications. All models in the Nova 13 series can send Beidou satellite image messages, a feature previously limited to the Pro and Ultra versions of the Nova 12 series [2] - The Nova 13 standard version supports storage upgrades up to 1TB, with competitive pricing: 256GB at 2699 yuan, 512GB at 2999 yuan, and 1TB at 3499 yuan. Compared to the Nova 12, the launch prices for the same storage specifications have decreased by 300 yuan for 256GB and 400 yuan for 512GB, indicating high cost-performance [2] Watch Ultimate - The Watch Ultimate has been upgraded to include customizable Beidou message features and golf course functionalities, priced at 7999 yuan. The updates enhance the sports health experience, with global wearable device shipments ranking first in the first half of 2024 and over 100 million monthly active users for the sports health app [2] HarmonyOS Ecosystem - The HarmonyOS NEXT has completely abandoned parts of the AOSP open-source code, creating a pure domestic base. It enhances security and privacy features through the Star Shield security architecture and improves AI capabilities based on the Pangu AI model. The HarmonyOS ecosystem has surpassed 1 billion devices, with over 15,000 native applications and meta-services launched since September 25, 2023. More products, including the Nova series, are expected to join the public beta in 2025 [2][3] Investment Recommendations - As more native Harmony applications are launched and Huawei's all-scenario products adopt the Harmony system, the ecosystem is expected to mature and accelerate penetration, creating investment opportunities in the domestic consumer electronics brand ecosystem [3]

Core Viewpoints - The A-share market experienced fluctuations with the Shanghai Composite Index rising by 0.52% to 3,302.80 points, while the Shenzhen Component Index increased by 0.16%. However, the ChiNext Index fell by 0.53% [4][5] - The total trading volume in the A-share market reached 1.93 trillion RMB, with over 2,500 stocks rising [4][5] - In terms of sector performance, the defense and military industry, as well as the electric equipment sector, showed the highest gains, while the media and electronics sectors faced declines [4][5] - The Hong Kong market saw the Hang Seng Index rise by 1.27% and the Hang Seng Tech Index increase by 1.86% [4][5] - Internationally, all three major U.S. stock indices closed lower, with the Dow Jones down by 0.96%, the S&P 500 down by 0.92%, and the Nasdaq down by 1.63% [4][5] Important News - The Ministry of Industry and Information Technology announced measures to expand automobile consumption, including the initiation of a pilot program for the electrification of public sector vehicles. This includes promoting new energy vehicles in rural areas and advancing smart connected vehicle trials [5]

Market Overview - The A-share market saw all three major indices rise on Tuesday, with the Shanghai Composite Index increasing by 0.54% to 3285.87 points, the Shenzhen Component Index rising by 0.85%, and the ChiNext Index up by 0.30% [1][4] - The total trading volume in the A-share market reached 1.91 trillion RMB, with over 3500 stocks experiencing gains [1][4] - In the industry sectors, household appliances, media, and agriculture showed the highest gains, while the computer and defense industries faced declines [1][4] - The Hong Kong Hang Seng Index rose by 0.10%, and the Hang Seng Technology Index increased by 0.66% [1][4] - Internationally, the US stock indices showed mixed results, with the Dow Jones down by 0.02%, S&P 500 down by 0.05%, and Nasdaq up by 0.18% [1][4] Important News - The State Administration of Foreign Exchange reported a net inflow of cross-border funds in the first three quarters of 2024, indicating a gradual improvement in foreign investment in China [1][4] - Huawei launched the HarmonyOS 5.0, a domestically developed mobile operating system, which has become the second-largest operating system in China with over 1.1 billion lines of code and 6.75 million registered developers [1][4] Industry Insights Optical Chip Industry - Guangdong Province has introduced a policy to accelerate the development of the optical chip industry, aiming for breakthroughs in over 10 key technologies and the establishment of a new trillion-level industrial cluster by 2030 [4][5] - The global optical chip market is projected to grow from approximately 2.78 billion USD in 2023 to 3.17 billion USD in 2024, driven by the increasing demand for data transmission in cloud computing and AI [4][5] - The initiative in Guangdong is expected to enhance the province's digital economy, which reached 6.9 trillion RMB in 2023, maintaining its position as the largest in the country [5] Photovoltaic Industry - The China Photovoltaic Industry Association has called for reasonable bidding prices to ensure sustainable development in the photovoltaic sector, highlighting that the current average price of components is close to the cost line [6][7] - The association indicated that the production cost for high-quality photovoltaic components is around 0.68 RMB/W, while current market prices are fluctuating between 0.64 RMB/W and 0.78 RMB/W [6][7] - The overall photovoltaic industry is facing challenges with many segments operating at a loss, but recent signals of supply-side reform may lead to gradual improvements in the supply-demand balance [7] Pharmaceutical Industry - The company reported a revenue of 8.45 billion RMB for the first three quarters of 2024, reflecting an 11.19% increase year-on-year, with a net profit of 2.69 billion RMB, also up by 11.73% [8][9] - The core products, particularly liver disease and cardiovascular medications, showed strong growth, indicating resilience in demand [8][9] - The company is expanding its retail channel presence, with over 10,000 new store partnerships established, enhancing its market reach [9][10]

Investment Rating - The industry investment rating is "Outperform the Market" [4][6]. Core Insights - The Guangdong Provincial Government has issued an action plan to accelerate the innovative development of the optical chip industry, aiming to achieve breakthroughs in over 10 key core technologies and create a new trillion-level industrial cluster by 2030 [1][2]. - The global optical chip market is substantial, with a market size of approximately $2.78 billion in 2023, reflecting a growth of 14.4% year-on-year, and is expected to reach $3.17 billion in 2024 [2][3]. - The optical chip industry is expected to enhance the digital economy in Guangdong, which had a digital economy scale of 6.9 trillion yuan in 2023, maintaining its position as the largest in the country for eight consecutive years [3][2]. - There is significant potential for domestic substitution in high-end optical chips, with the current domestic production rate for 2.5G and below optical chips exceeding 90%, while the rate for 10G chips is around 60%, and only 4% for 25Gbs and above [3][2]. - The action plan emphasizes strengthening basic research and original innovation capabilities, which is expected to accelerate the development of the optical chip industry and enhance supply chain autonomy [3][2]. Summary by Sections - **Market Size and Growth**: The optical chip market is projected to grow from $2.78 billion in 2023 to $3.17 billion in 2024, driven by the demand for high-speed optical modules due to advancements in cloud computing, big data, and AI technologies [2][3]. - **Policy Impact**: The Guangdong action plan aims to create a globally influential optical chip innovation hub, which will support the high-quality development of new-generation network communications and AI-related industries [3][1]. - **Domestic Production and Innovation**: The plan focuses on enhancing domestic production capabilities and fostering leading enterprises in the optical chip sector, which is crucial for achieving technological independence [3][2].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - The China Photovoltaic Industry Association (CPIA) has called for reasonable bidding prices to ensure sustainable development in the photovoltaic industry, stating that product sales prices must exceed the full cost for companies to operate sustainably [1][2]. - The current cost guidance for integrated N-type M10 bifacial photovoltaic modules is set at 0.68 CNY/W, while the average price of domestic modules is approaching this cost line, with recent data showing prices fluctuating between 0.64 CNY/W and 0.78 CNY/W [2]. - The CPIA emphasizes that the current pricing situation, where some companies are selling below cost, is unsustainable and calls for manufacturers to comply with market regulations and for bidding parties to respect market laws [2]. Summary by Sections Industry Overview - The CPIA's recent statement highlights the need for a healthy and sustainable development of the photovoltaic industry, urging manufacturers to avoid below-cost sales and bidding practices [1][2]. - The association plans to conduct regular surveys and publish industry cost data to guide the market and regulatory bodies [2]. Market Conditions - The photovoltaic industry is currently facing an oversupply, with prices for silicon materials, wafers, and modules nearing or falling below production costs, leading to losses across multiple segments of the supply chain [2]. - The CPIA's proactive stance on preventing "involutionary" competition indicates a potential for gradual improvement in the supply-demand balance within the industry [2]. Investment Recommendations - Given the current oversupply and declining prices, the overall performance of companies in the photovoltaic sector is under pressure, but there are signs of potential recovery as supply-side reforms are anticipated [2]. - The low valuation of the photovoltaic sector presents an opportunity for investors to consider potential valuation recovery as market conditions improve [2].

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the market by over 15% in the next six months [6][12]. Core Insights - The company reported a revenue of 8.45 billion yuan for the first three quarters of 2024, representing an increase of 11.19% year-on-year, and a net profit attributable to shareholders of 2.69 billion yuan, up 11.73% [3][4]. - The core products, particularly liver disease and cardiovascular medications, showed strong growth, with revenues of 4.28 billion yuan (+20.24%) and 268 million yuan (+11.66%) respectively for the first three quarters [4]. - The company is actively expanding its channel construction, having added over 10,000 new retail outlets through partnerships with major chains [5]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.80 billion yuan (+9.60%) and a net profit of 965 million yuan (+11.73%) [3]. - The overall gross margin for the first three quarters was 45.54%, a decrease of 2.98 percentage points, with liver disease medications showing a gross margin of 70.79% [5][10]. - The forecast for revenue growth is projected at 13.51% for 2024, with net profit expected to reach 3.31 billion yuan, translating to an EPS of 5.49 yuan [6][11]. Product and Market Development - The company has successfully reintroduced the An Gong Niu Huang Wan product, achieving over 100 million yuan in sales, indicating strong demand resilience [4]. - The cosmetics segment also performed well, with a revenue of 525 million yuan (+21.92%) in the first three quarters [4]. - The company is expected to alleviate gross margin pressure through the potential import of raw materials, which may help stabilize costs [5][10].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The report emphasizes the importance of building a credible data space to enhance core technology breakthroughs and foundational service construction. The "Action Plan" aims to establish over 100 credible data spaces by 2028, significantly improving the level of data development, openness, and circulation in line with China's economic and social development [1][3]. - The "Action Plan" focuses on enhancing three capabilities: governance capability, interaction capability, and value co-creation capability within the credible data space. It highlights the need for secure identity verification, privacy protection, and the ability to trace data usage throughout its lifecycle [1][3]. - The report suggests a multi-dimensional approach to promoting credible data spaces, targeting enterprises, industries, cities, individuals, and cross-border dimensions to foster a robust data ecosystem [1][3]. Summary by Sections Investment Highlights - The credible data space is seen as a foundational infrastructure for data resource sharing and utilization, essential for creating a national integrated data market. The report recommends focusing on the construction of data privacy security systems, the accelerated release of public data value in urban planning scenarios, and investment opportunities arising from the development of computing power and cloud service industries [3]. Key Areas of Focus - The report identifies key areas for investment, including the construction of data privacy security systems, the integration of public data in urban governance, and companies mastering core technologies such as smart contracts and data identification [3].