作为全球首个人形机器人半程马拉松的"黑马"，亚军松延动力的合作方也尝到了甜头。 人形机器人马拉松的风，吹到了二级市场。 4月21日开盘后，人形机器人指数（8841699.WI）开盘下跌后拉升。截至发稿，万得数据显示，机器人指数报9440.57，上涨0.84%，成交额212.36亿元。东 方锆业（002167.SZ）、奥比中光-UW（688322.SH）领涨。 第一财经记者梳理发现，全球首个人形机器人半程马拉松前三名背后包括优必选（9880.HK）、小米（1810.HK）、利亚德（300296.SZ）、风语筑 （603466.SH）等上市企业。 具体来看，夺冠的天工Ultra背后有两家港股上市公司小米和优必选的身影。今日港股休市，作为天工Ultra研发单位北京人形机器人创新中心的发起单位和 总经理单位， 优必选截至上个交易日收盘小幅上涨。万得数据显示，优必选4月17日收盘报70.450港元/股，上涨0.36%，换手率0.76%，振幅2.35%，成交额 2亿港元。 小米机器人在北京人形机器人创新中心的持股比例为28.57%。作为小米机器人的母公司，小米集团4月17日收盘涨1.7%。万得数据显示，小米集团-W （1 ...

分析师：乔琪 登记编码：S0730520090001 传媒 qiaoqi@ccnew.com 021-50586985 业绩迎来回暖，政策护航业务增长 ——风语筑(603466)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 9.48 | | --- | --- | | 一年内最高/最低(元) | 12.80/6.58 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.55 | | 流通市值(亿元) | 56.39 | | 基础数据(2025-03-31) | | 《风语筑(603466)年报点评：在手订单规模充 沛，项目周期影响 Q1 业绩》 2024-04-30 联系人：李智 公司 2024 年营业收入 13.76 亿元，同比减少 41.44%，归母净利润-1.35 亿元，同 比减少 147.97%，扣非后归母净利润-1.16 亿元，同比减少 154.25%。2025 年第 一季度营业收入 3.82 亿元，同比增加 29.81%，归母净利润 4027.44 万元，上年 同期为-1501.39 万元，扣非后归母净利润 39 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.376 billion yuan in 2024, a year-on-year decrease of 41.44%, and a net profit attributable to shareholders of -135.45 million yuan, a year-on-year decrease of 147.97%. However, in Q1 2025, the company achieved a revenue of 382 million yuan, a year-on-year increase of 29.81% [7][8] - The company is actively expanding its consumer cultural tourism business and investing in IP incubation and technology, which has led to a decrease in gross margin by 6.90 percentage points to 22.98% in 2024. Despite this, the company has a significant increase in contract liabilities, which grew by 333 million yuan to 813 million yuan by the end of 2024, indicating potential for future revenue growth [7][8] - The company is focusing on the experience economy, integrating culture, technology, and consumption to create new business opportunities. Projects like the "Hefei City Memory Museum" have attracted many visitors, showcasing the company's innovative approach [7][8] Financial Summary - The company's total revenue is projected to be 1.805 billion yuan in 2025, with a year-on-year growth of 31.14%, and a net profit of 175.62 million yuan [1][8] - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with corresponding price-to-earnings (P/E) ratios of 32.11 for 2025, 22.17 for 2026, and 17.67 for 2027 [1][8] - The company’s gross margin is expected to improve to 28.01% in 2025, with a net profit margin projected to be 9.73% [8]

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 [2][14]. Core Insights - The company's performance is showing signs of recovery, with a significant increase in revenue and profit in Q1 2025 compared to the same period in 2024, driven by improved project completion rates and external market conditions [6][7]. - The company is actively expanding into new cultural tourism consumption scenarios, focusing on high-quality projects in economically developed areas, which is expected to enhance its market position [9]. - The management has strengthened its accounts receivable management system, leading to improved cash flow and collection efficiency, particularly from government clients [9][10]. Financial Performance Summary - In 2024, the company reported a revenue of 1.376 billion yuan, a year-on-year decrease of 41.44%, and a net profit loss of 135 million yuan, a decline of 147.97% [6]. - For Q1 2025, the company achieved a revenue of 382 million yuan, a year-on-year increase of 29.81%, and a net profit of 40.27 million yuan, compared to a loss in the same quarter of the previous year [6][7]. - The gross profit margin for 2024 was 22.98%, down 6.91 percentage points from the previous year, but it rebounded to 31.49% in Q1 2025 [7]. Market and Policy Alignment - The company's business direction aligns well with national policies advocating for immersive experiences and the digitalization of the cultural industry, which is expected to provide long-term growth opportunities [10][11]. - The focus on AI and embodied intelligence technology applications is set to enhance the company's offerings in cultural venues and tourism projects, creating a comprehensive solution for smart experiences [11]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.31 yuan in 2025, 0.39 yuan in 2026, and 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 30.34, 24.43, and 20.66 respectively [11][12].

2024 年年报及 2025 年一季报点评：Q1 表现 亮眼，体验经济驱动增长 买入（维持） 证券研究报告·公司点评报告·数字媒体 风语筑（603466） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,350 | 1,376 | 1,805 | 2,080 | 2,344 | | 同比（%） | 39.75 | (41.44) | 31.14 | 15.22 | 12.68 | | 归母净利润（百万元） | 282.36 | (135.45) | 175.62 | 254.31 | 319.03 | | 同比（%） | 327.53 | (147.97) | - | 44.81 | 25.45 | | EPS-最新摊薄（元/股） | 0.47 | (0.23) | 0.30 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 19.97 | - | 32.11 | 22.17 | 17.67 | [Tabl ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to face revenue pressure in 2024, with a projected revenue of 1.376 billion yuan, a year-on-year decline of 41.44%. However, the first quarter of 2025 shows promising performance with a revenue of 382 million yuan, a year-on-year increase of 29.81% [1] - The company is leveraging 3D and VR technologies to revitalize existing spaces and create new cultural tourism experiences, with a focus on urban renewal and digital reconstruction of existing spaces [2] - The company is integrating traditional cultural IP with immersive interaction technology to build a closed-loop system of "IP-Scene-Operation," focusing on high-quality projects in economically developed areas [3] - The company has strengthened its accounts receivable management, achieving a sales cash collection ratio of 131.72%, and is optimizing resource allocation to high-return projects [4] Financial Overview - In 2024, the company reported a revenue of 1.376 billion yuan, with a net profit attributable to the parent company of -135 million yuan. The projected revenues for 2025-2027 are 1.597 billion yuan, 1.836 billion yuan, and 2.038 billion yuan, respectively, with expected growth rates of 16.0%, 15.0%, and 11.0% [5] - The net profit attributable to the parent company is expected to recover significantly from -135 million yuan in 2024 to 157 million yuan in 2025, with a projected growth of 215.6% [5] - The company’s P/E ratios for 2025-2027 are projected to be 34, 23.1, and 21.6, respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to face revenue pressure in 2024, with a projected revenue of 1.376 billion, a year-on-year decline of 41.44%. However, the first quarter of 2025 shows promising performance with a revenue of 382 million, a year-on-year increase of 29.81% [1] - The company is leveraging 3D and VR technologies to revitalize existing spaces and create new cultural tourism experiences, with a focus on urban renewal and digital reconstruction of existing spaces [2] - The company is integrating traditional cultural IP with immersive interactive technology to establish a closed-loop system of "IP-Scene-Operation," enhancing cultural experience projects and driving new growth in the cultural tourism economy [3] - The company has strengthened its accounts receivable management, achieving a sales cash collection ratio of 131.72%, and is focusing on optimizing project selection to ensure efficient resource allocation [4] - The company is expected to benefit from the national cultural industry digitalization strategy, with projected revenues of 1.597 billion, 1.836 billion, and 2.038 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 16.0%, 15.0%, and 11.0% [4] Financial Summary - In 2024, the company reported a revenue of 1.376 billion, a decline of 41.44% year-on-year, and a net profit attributable to shareholders of -135 million [5] - The projected earnings per share (EPS) for 2025 is 0.26, with a price-to-earnings (P/E) ratio of 34.0 [5] - The company’s gross profit margin for the cultural and brand digital experience space business was 21.37%, a decrease of 2.49 percentage points year-on-year [3]

证券研究报告 风语筑 (603466 CH) 经营逐步回暖，积极拥抱具身智能 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 17 日│中国内地 | 文化娱乐 | 公司发布 24 年报&25Q1 季报：24 年营收 13.76 亿元（yoy-41.44%），归 母净亏损 1.35 亿元（yoy-147.97%），符合业绩预告（-1.35 至-0.9 亿元）； 25Q1 营收 3.82 亿元（yoy+29.81%），归母净利 0.40 亿元（yoy+368.25%）。 公司拟每 10 股派发现金红利人民币 2 元。内生经营已呈回暖趋势，维持"买 入"评级。 24 年营收&毛利率下行，25Q1 已好转 24 年营收下降主因行业经营环境偏弱，文旅类项目结算周期较长，部分项 目尚未结算，以及公司为降低回款风险，项目选择更为谨慎。24 年综合毛 利率为 22.98%，同降 6.9pct，主因营收下降同时部分成本刚性。销售/管理 / 研 发 / 财 务 费 用 率 6.08%/7.59%/4.67%/0.55% ，同比 +0.73/+3.19/ ...

2025 年 04 月 17 日 主业向好 以体验经济为支点撬动业务新增量可 期 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2025-04-16 | | --- | --- | | 当前股价（元） | 8.96 | | 总市值（亿元） | 53 | | 总股本（百万股） | 595 | | 流通股本（百万股） | 595 | | 52 周价格范围（元） | 6.58-12.8 | | 日均成交额（百万元） | 213.68 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 风语筑 沪深300 资料来源：Wind，华鑫证券研究 1、《风语筑（603466）：业绩预告 落地 2025 年体验经济新需求与新供 给有望助力主业修复》2025-01-18 2、《风语筑（603466）：主业在手 订单充沛静待经营拐点》2024-04- 25 3、《风语筑（603466）：2023 主业 修复喜人 2024 年有望再创佳绩》 2024-01-25 —风语筑（603466.SH）公司事件点评报告 上海风语筑文化科技 ...

2025 年 04 月 17 日 主业向好 以体验经济为支点撬动业务新增量可 期 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2025-04-16 | | --- | --- | | 当前股价（元） | 8.96 | | 总市值（亿元） | 53 | | 总股本（百万股） | 595 | | 流通股本（百万股） | 595 | | 52 周价格范围（元） | 6.58-12.8 | | 日均成交额（百万元） | 213.68 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 风语筑 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《风语筑（603466）：业绩预告 落地 2025 年体验经济新需求与新供 给有望助力主业修复》2025-01-18 2、《风语筑（603466）：主业在手 订单充沛静待经营拐点》2024-04- 25 3、《风语筑（603466）：2023 主业 修复喜人 2024 年有望再创佳绩》 2024-01-25 —风语筑（603466.SH）公司事件点评报告 上海风语 ...