Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [6] Core Views - The company experienced a decline in revenue and net profit in 2024, with a revenue of 1.159 billion yuan, down 17.73% year-on-year, and a net loss of 243 million yuan, a decrease of 371.58% year-on-year. However, the first quarter of 2025 showed signs of improvement with a revenue of 233 million yuan, up 4.67% year-on-year, and a reduced net loss of 88 million yuan, down 28.45% year-on-year [3][4] - The overseas short drama business is expanding rapidly, contributing to a significant increase in foreign revenue, which reached 303 million yuan in 2024, up 132.41% year-on-year. This growth is expected to lead to scale effects in profitability as the business continues to expand [4] - The launch of the Xiaoyao Overseas Author Platform on June 10, 2025, aims to provide AI-assisted writing and monetization solutions for global creators, enhancing the company's content ecosystem and supporting its globalization strategy [5] Financial Summary - The company forecasts revenues of 1.4 billion yuan in 2025, 1.52 billion yuan in 2026, and 1.64 billion yuan in 2027, with corresponding net profits of 14 million yuan, 128 million yuan, and 314 million yuan respectively. The expected EPS for these years is 0.02, 0.18, and 0.43 yuan [6][10] - The company's EBITDA is projected to improve significantly from -158.5 million yuan in 2024 to 413.67 million yuan in 2027, indicating a turnaround in operational performance [10][11] - The asset-liability ratio stands at 38.5%, reflecting a stable financial structure [2][11]

公司基本情况 证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 | 最新收盘价（元） | 17.71 | | | --- | --- | --- | | 总股本/流通股本（亿股）8.61 | / 8.51 | | | 总市值/流通市值（亿元）152 | / 151 | | | 52 周内最高/最低价 | 21.35 / 7.98 | | | 资产负债率(%) | 64.6% | | | 市盈率 | 28.56 | | | 第一大股东 | Universal | Dairy | | Limited | | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 新乳业(002946) 低温延续增长势头，常温呈现积极变化 l 投资要点 公司推新能力强，新品助力公司营收利润不断增长。公司新品主 要聚焦在高毛利的低温品类，新品的推出在提升收入的同时也改善了 公司整体的产品结构。新乳业持续打 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant outperformance relative to the benchmark index over the next 6 to 12 months [6][13]. Core Insights - The company is focusing on a multi-category product matrix, aiming for a clear path to achieve a 10 billion yuan target in the nut category and over 100 million yuan in the beverage sector. The nut category remains the primary focus, with plans to optimize product lines and introduce high-end sub-series to enhance competitive differentiation [4]. - The company has announced its entry into the beverage market, launching 60 products, with initial sales showing strong performance, validating the strategy of replicating successful snack products. The snack business has seen rapid growth, with multiple billion-level products and numerous ten-million-level categories being developed [4]. - The distribution business is experiencing high growth, with new store formats like convenience stores and lifestyle shops being introduced. The company is actively exploring online short video content e-commerce and expanding offline channels, achieving significant growth in GMV through platforms like Douyin [5]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 138.47 billion yuan, 177.63 billion yuan, and 205.76 billion yuan, representing year-on-year growth rates of 30.36%, 28.28%, and 15.84% respectively. The net profit attributable to the parent company is projected to be 4.85 billion yuan, 6.75 billion yuan, and 8.23 billion yuan for the same period, with growth rates of 19%, 39.18%, and 21.84% respectively [6][9]. - The earnings per share (EPS) for the next three years are expected to be 1.21 yuan, 1.68 yuan, and 2.05 yuan, corresponding to price-to-earnings (P/E) ratios of 22, 16, and 13 times [6][9].

证券研究报告：传媒 | 公司点评报告 发布时间：2025-07-03 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 27.48 | | --- | --- | | 总股本/流通股本（亿股）4.17 / 3.37 | | | 总市值/流通市值（亿元）115 / 93 | | | 52 周内最高/最低价 | 34.44 / 16.67 | | 资产负债率(%) | 30.0% | | 市盈率 | 20.90 | | 第一大股东 | 姚朔斌 | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 姚记科技(002605) 游戏与营销业务短期承压，静待拐点到来 ⚫ 事件回顾 2025 年 4 月 25 日，公司发布 2024 年年报。2024 年公司实现营 业收入 32.71 亿元，同比下降 24.04%；归母净利润 5.39 亿元，同比下 降 4.17%；归母扣非净利润为 5.05 亿元，同比下降 2.59%。2025 年 4 月 30 日，公司发布 2025 年一季报，2 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The report highlights the acceleration of commercialized fusion energy, with Google signing a 200MW power purchase agreement with Commonwealth Fusion Systems (CFS), marking the largest fusion energy purchase agreement in history [5][6] - The report notes significant capital inflow into the domestic fusion energy sector, with multiple companies receiving substantial funding, indicating a potential increase in capital expenditures in this field [7] - Domestic fusion energy research has entered the engineering practice phase, with advancements in radiation safety management for fusion devices [8][9] - The application of new materials and technologies, such as high-temperature superconductors and AI, is expected to accelerate breakthroughs in controlled nuclear fusion [9] - Relevant listed companies in the fusion energy sector include Guoguang Electric, Lianchuang Optoelectronics, and others [10]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to achieve revenue of 1.58 billion yuan in 2024, representing a year-on-year growth of 19.65%. The net profit attributable to the parent company is projected to be 227 million yuan, with a growth of 3.45% [4][10]. - The company has a strong market position in the PCB drill bit sector, holding approximately 26.5% of the global market share in 2023 [5]. - The company is focusing on AI-driven product optimization and has established a dedicated research team for micro-drill development, which is expected to enhance product quality and meet increasing market demands [5][6]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.13 billion yuan, 2.52 billion yuan, and 2.99 billion yuan, respectively, with corresponding net profits of 328 million yuan, 419 million yuan, and 528 million yuan [8][10]. - The company’s PE ratios for 2025, 2026, and 2027 are estimated to be 43, 33, and 27, respectively [8][10]. Market Dynamics - The company’s film products have shown significant growth, with a revenue increase of 72.84% in 2024, driven by demand in consumer privacy films and automotive display applications [6][7]. - The company is expanding its production capacity in Thailand and has plans to enhance its product line in the vacuum coating equipment sector [5][7].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-03 股票投资评级 买入 |首次覆盖 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 华润三九 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 30.89 | | --- | --- | | 总股本/流通股本（亿股）16.70 | / 16.62 | | 总市值/流通市值（亿元）516 | / 513 | | 52 周内最高/最低价 | 51.82 / 30.84 | | 资产负债率(%) | 37.0% | | 市盈率 | 11.75 | | 第一大股东 | 华润医药控股有限公司 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 华润三九(000999) ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 买入|维持 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-07 -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 青岛啤酒 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 68.42 | | --- | --- | | 总股本/流通股本（亿股）13.64 | / 7.09 | | 总市值/流通市值（亿元）933 | / 485 | | 52 周内最高/最低价 | 81.67 / 53.96 | | 资产负债率(%) | 41.9% | | 市盈率 | 21.44 | | 第一大股东 | 香港中央结算(代理人) | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 青岛啤酒(600600) 深耕国内国际市场，坚定落 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-07-03 股票投资评级 买入|维持 个股表现 -10% 14% 38% 62% 86% 110% 134% 158% 182% 206% 230% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 中科海讯 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 49.93 | | --- | --- | | 总股本/流通股本（亿股）1.18 / 1.14 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 49.93 / 13.61 | | 资产负债率(%) | 31.2% | | 市盈率 | -223.10 | | 宁波梅山保税港区中科 | | | 第一大股东 | 海讯科技投资合伙企业 | | (有限合伙) | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong ...

证券研究报告：金融工程报告 研究所 快手于 2025 年 6 月 26 日开源的 Kwai Keye-VL 多模态大模型， 标志着国产多模态技术在视频理解与复杂推理领域的重大突破。该模 型基于 Qwen3-8B 语言模型架构，融合了 SigLIP 初始化的视觉编码 器，通过创新的 3D RoPE（旋转位置编码）技术实现对文本、图像和 视频信息的统一处理，尤其擅长捕捉视频时序变化与动态分辨率输 入，成为全球首个在高考数学卷中取得 140 分成绩的多模态模型。 ⚫ 谷歌开源 AI Agent 框架 Gemini CLI 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 近期研究报告 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 《反转风格显著，小市值回撤——中 邮因子周报 20250622》 - 2025.06.23 《关注基本面支撑，高波风格占优— —中邮因子周报 20250615》 ...