Investment Rating - The report has downgraded the investment rating of the company to "Cautious Accumulate" [18][31]. Core Views - The company achieved a revenue of 574 million yuan in Q3 2024, representing a year-on-year growth of 15.77%, although the growth rate has slowed compared to the previous year's 47.84% [16]. - For the first three quarters of 2024, the company reported a total revenue of 2.328 billion yuan, with a year-on-year increase of 15.31%, a decrease of 14 percentage points from the previous year [16]. - The company's gross margin improved to 64.14%, an increase of 0.65 percentage points year-on-year, despite a shift in product structure towards lower-end products [17]. - The company reduced sales expenses, leading to an improvement in shareholder returns, with the sales expense ratio decreasing by 0.93 percentage points and the shareholder return rate increasing by 1.94 percentage points to 10.32% [17]. Financial Data Summary - Revenue for 2024 is projected to be 2.981 billion yuan, with a growth rate of 17% [22]. - Net profit for 2024 is estimated at 404 million yuan, reflecting a growth rate of 22.73% [22]. - Earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with corresponding price-to-earnings (P/E) ratios of 25.99, 21.64, and 18.51 for 2024, 2025, and 2026 respectively [18][22]. - The company’s total assets are expected to reach 4.805 billion yuan by 2024, with a debt-to-asset ratio of 25.98% [26].

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -14% -9% -3% 2% 8% 13% 18% 24% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,386.33 | -0.16 | | 深证成指 | 10,573.92 | -1.30 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,911.84 | -0.54 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,680.33 | -0. ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [2]. Core Insights - The domestic gaming industry is expected to reach historical highs in market size, user numbers, and overseas revenue in 2024, with stable demand and minimal external economic interference [6][18]. - Recent tax policies will extend tax exemptions for state-owned cultural enterprises until December 31, 2027, which is anticipated to significantly improve profit margins for these companies [7][18]. - The report highlights the potential for high dividend yields in state-owned publishing companies due to expected profit improvements [9][18]. - The rise of AI applications is noted, with recommendations to focus on sectors benefiting from AI, including film, advertising, and gaming [9][19]. Summary by Sections 1. Investment Recommendations - The report suggests continuous attention to the gaming sector due to its robust growth and policy support [6][18]. - It emphasizes the importance of high-dividend state-owned publishing companies as they are likely to maintain substantial shareholder returns [9][18]. 2. November Market Review 2.1 Market Performance - The media sector rose by 8.64% in November, outperforming major indices such as the ChiNext Index and the Shanghai Composite Index [22][26]. - The media sector ranked second in overall industry performance for November, following the retail sector [26]. 2.2 Valuation Levels - As of November 29, the media sector's PE ratio was 24.15, slightly above the historical average of 24.48 since 2019, indicating a 52.7% historical percentile [30][31]. 3. Industry News - The report covers various industry developments, including the launch of new games and the impact of government policies on the media sector [32][34]. 4. Monthly Industry Data 4.1 Film Market - In November 2024, the domestic film market generated a box office of 1.877 billion yuan, a year-on-year increase of 11.39% [39][40]. - The total box office for January to November 2024 was 40.272 billion yuan, reflecting a year-on-year decrease of 21.02% [39]. 4.2 Television and Streaming Market - The top five TV dramas in November included "Little Alley Family" and "Northwest Years," with significant viewership [53]. 4.3 Variety Show Market - The report lists the top variety shows, highlighting "You Sing 2024" and "Time Music Conference Season 4" as leading programs in terms of viewership [55].

资料来源：聚源，中原证券研究所 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |--------------------------------|------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,391.88 | -2.01 | | 深证成指 | 10,713.07 | -2.23 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,933.18 | -2.37 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,694.41 | -2 ...

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Investment Rating - The investment rating for the company is "Cautious Accumulate" [2] Core Views - The company experienced a shift from low revenue growth to negative growth in the third quarter of 2024, with revenue recorded at 4.72 billion yuan, a year-on-year decline of 1.17% [2][4] - The overall revenue for the first three quarters of 2024 was 13.64 billion yuan, reflecting a growth of 2.7%, which is a decrease of 26.18 percentage points compared to the same period last year [2] - The gross profit margin improved significantly to 24.25%, an increase of 1.31 percentage points year-on-year, attributed to enhanced pricing power and favorable cost conditions [2][4] - The company has broadened its customer base by including small and medium-sized restaurants, reducing reliance on large dining establishments, which has strengthened its pricing power [2] Financial Performance Summary - Revenue for 2024 is projected to be 19.81 billion yuan, with a growth rate of 4.20% [5] - Net profit for 2024 is expected to be 1.27 billion yuan, reflecting a decline of 5.25% [5] - Earnings per share (EPS) for 2024 is forecasted at 1.28 yuan, with corresponding price-to-earnings (P/E) ratios of 29.54, 25.52, and 24.11 for the years 2024, 2025, and 2026 respectively [5][8] - The company’s cash flow from operating activities is projected to be 2.09 billion yuan in 2024 [8] Key Financial Ratios - The gross margin is expected to be 24.40% in 2024, improving to 24.80% by 2026 [9] - The net profit margin is projected to be 6.42% in 2024, increasing to 7.19% by 2026 [9] - The asset-liability ratio is forecasted to decrease to 25.11% in 2024 [9]

Investment Rating - The report maintains an "In-line with the market" investment rating for the electrical equipment industry [2][5]. Core Insights - The electrical equipment industry is driven by three main factors: investment in the power grid, intelligent upgrades in distribution networks, and opportunities for overseas expansion [2][5]. - The demand for distribution system upgrades is expected to boost industry prosperity, with a significant increase in smart meter procurement [4]. - The export of electrical equipment is showing stable growth, particularly in transformers, with the U.S. market presenting substantial replacement demand due to aging infrastructure [5]. Summary by Sections Market Review - As of December 11, 2024, the CITIC electrical equipment index has increased by 9.91%, underperforming the CSI 300 index, which rose by 17.79% [44]. - The electrical equipment sector ranks 22nd among 30 CITIC first-level industries in terms of performance [44]. Industry Valuation - The CITIC electrical equipment sector's PE (TTM) is 35.14 times, close to the median level over the past five years [50]. - The PB (LF) valuation stands at 2.81 times, also near the historical median [53]. Individual Stock Performance - As of December 11, 2024, 103 stocks in the electrical equipment sector have risen, while 74 have fallen, with a median increase of 5.23% [57]. - The top five performing stocks include Xuchang Intelligent (155.86%), Yinen Electric (106.52%), and others [62]. Industry Fundamentals - The electrical equipment sector's revenue reached 651.73 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 7.01% [61]. - The overall gross margin for the sector is 20.74%, down 1.68 percentage points from the previous year [71]. Transmission and Transformation Equipment - The demand for transmission and transformation equipment is expected to grow steadily, supported by increasing power demand and ongoing grid investments [76]. - The first ten months of 2024 saw a total electricity consumption of 81,836 billion kWh, a year-on-year increase of 7.6% [76]. Distribution Equipment - The distribution equipment sector is experiencing a surge in demand due to a series of policies aimed at enhancing the distribution network [4][27]. - The procurement of smart meters has seen a significant increase, with a total of 89.33 million units tendered, marking a 25.32% year-on-year growth [4]. Overseas Expansion of Electrical Equipment - China's electrical equipment exports reached $67.55 billion in the first ten months of 2024, a year-on-year increase of 8.4% [5]. - The U.S. market's aging power infrastructure presents a significant opportunity for Chinese transformer manufacturers [5].

Investment Rating - The report maintains an "In-line with the market" investment rating for the electrical equipment industry [2][5]. Core Insights - The electrical equipment industry is driven by three main factors: investment in the power grid, intelligent upgrades in distribution networks, and opportunities for overseas expansion [2][5]. - The demand for distribution system upgrades is expected to boost industry prosperity, with significant growth in smart meter procurement [4]. - The export of electrical equipment is on the rise, with a notable increase in transformer exports, particularly to the U.S., which faces urgent replacement needs due to aging infrastructure [5]. Summary by Sections Market Review - As of December 11, 2024, the CITIC electrical equipment index has increased by 9.91%, underperforming the CSI 300 index, which rose by 17.79% [44]. - The electrical equipment sector ranks 22nd among 30 CITIC first-level industries in terms of performance [44]. Industry Valuation - The CITIC electrical equipment sector's PE (TTM) is 35.14 times, close to the median level over the past five years [50]. - The PB (LF) valuation stands at 2.81 times, also near the historical median [53]. Individual Stock Performance - As of December 11, 2024, 103 stocks in the electrical equipment sector have risen, while 74 have fallen, with a median increase of 5.23% [57]. - The top five performing stocks include Xuchang Intelligent (155.86%) and Yinen Electric (106.52%) [62]. Industry Fundamentals - The electrical equipment sector's revenue reached 651.73 billion yuan in the first three quarters of 2024, marking a year-on-year growth of 7.01% [61]. - The sector's net profit for the same period was 41.84 billion yuan, reflecting a year-on-year decline of 11.7% [66]. Power Transmission and Transformation Equipment - The demand for power transmission and transformation equipment is expected to grow due to increasing electricity consumption and the need for grid investment [76]. - In the first ten months of 2024, total electricity consumption reached 81,836 billion kWh, a year-on-year increase of 7.6% [76]. Distribution Equipment - The release of various policies in 2024 is anticipated to accelerate the construction of distribution networks, leading to increased demand for smart meters [4][27]. Overseas Expansion of Electrical Equipment - China's electrical equipment exports totaled $67.55 billion in the first ten months of 2024, with a year-on-year increase of 8.4% [5][30].

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [3][6][15]. Core Views - The company has shown significant growth in sales, with November sales increasing year-on-year by 39.6% and month-on-month by 31.1% for large buses, and 13.7% and 16.0% for medium buses, respectively [3][6]. - The demand for new energy buses is expected to rise due to policy incentives, with an average subsidy of 60,000 yuan per vehicle for replacing old buses and 80,000 yuan for new energy city buses [3][6]. - The company is positioned as a leader in the new energy bus sector, with a market share of 14.5% in exports and a total of 8,844 new energy buses sold from January to November, reflecting a year-on-year increase of 64.0% [3][6]. Summary by Sections Market Data - The closing price of the company is 23.46 yuan, with a market capitalization of 51.939 billion yuan [3]. - The company achieved a total bus sales volume of 38,303 units from January to November, representing a year-on-year growth of 20.4% [3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 34.424 billion yuan, 39.864 billion yuan, and 46.521 billion yuan, respectively, with corresponding EPS of 1.47 yuan, 1.87 yuan, and 2.25 yuan [6][7]. - The expected PE ratios for the same years are 15.71, 12.32, and 10.23, respectively [6][7]. Sales Performance - The company reported a significant increase in light bus sales, with a month-on-month growth of 254.3% in November [3]. - The total sales of buses in November reached 4,665 units, with a notable increase in light bus exports, including a large order of 500 units to Latin America [3]. Industry Outlook - The report anticipates continued demand growth in the bus industry driven by the implementation of the 14th Five-Year Plan and the ongoing recovery of the tourism sector [3][6]. - The company is expected to benefit from the upward cycle in the industry, with a strong focus on expanding its overseas market presence [3][6].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind，中原证券研究所 -17% -12% -7% -2% 4% 9% 14% 19% 2023.12 2024.04 2024.08 2024.12 上证指数 深证成指 | --- | --- | --- | |-------------------------|------------------|------------| | 国内市场表现 \n指数名称 | 昨日收盘价 | 涨跌幅 (%) | | 上证指数 | 3,461.50 | 0.85 | | 深证成指 | 10,957.13 | 1.00 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,028.50 | 0.99 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,787.19 | 0.94 | | 中证 500 | 6, ...