股股 票票 研研 究究 [Table_industryInfo] 传播文化业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级: 增持 AI 多模态更进一步，剧综再度引爆收视热潮 [细Ta分bl行e_业su评bI级nd ustry] 行 ——传媒行业周报 2024年 19期 业 陈筱(分析师) 陈俊希(分析师) 李芓漪(分析师) 周 021-38675863 021-38032025 021-38038428 报 chenxiao@gtjas.com chenjunxi@gtjas.com liziyi@gtjas.com 证书编号 S0880515040003 S0880520120009 S0880523080004 本报告导读： GPT-4o发布，AI多模态的能力再获突破，多个场景有望受益；《庆余年2》和《歌 [相Ta关ble报_D告oc Report] 手2024》热播，剧综再度掀起收视热潮。 《GPT-4o发布，关注教育、情感陪伴赛道》 2024.05.16 摘要： 《AI修图软件Remini ...

股 票 研 究 [Table_industryInfo] 煤炭 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级: 增持 4 月规上工业原煤产量同比下降 2.9% [细Ta分bl行e_业su评bI级nd ustry] 行 煤炭行业周报 业 黄涛(分析师) 邓铖琦(分析师) 周 021-38674879 010-83939825 报 huangtao@gtjas.com dengchengqi024452@gtjas.co 证书编号 S0880515090001 mS0 880523050003 本报告导读： 动力煤：等待电煤旺季到来，但旺季价格高点判断900-920元/吨；炼焦煤：淡季前涨 [相Ta关ble报_D告oc Report] 幅符合预期判断，金九银十可能弹性更大。 《下行风险释放，展望更高弹性》 摘要： 2024.05.16 《动力煤价格涨幅超预期》2024.05.14 [投Ta资bl建e_议Su：mm我a们ry]认 为煤炭板块估值的重塑正在途中，背后反应的不仅是煤 《动力煤价格涨幅超预期》2 ...

[Table_industryInfo] 钢铁 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级: 增持 需求继续回升，库存加速下降 [细Ta分bl行e_业su评bI级nd ustry] 行 普碳钢 增持 业 李鹏飞(分析师) 魏雨迪(分析师) 王宏玉(分析师) 不锈钢 增持 特殊钢 增持 周 010-83939783 021-38674763 021-38038343 钢铁贸易 报 lipengfei@gtjas.com weiyudi@gtjas.com wanghongyu@gtjas.com 钒电池 增持 证书编号 S0880519080003 S0880520010002 S0880523060005 钢管 增持 本报告导读： 铁矿石 增持 需求边际上升，且库存仍维持降库趋势。地产端继续下探，但基建、制造业端稳步 钢铁制品 增持 回升，将带动钢铁需求持续增长。 摘要： [需Ta求ble继_S续um回ma升ry]， 库存加速下降。上周五大品种钢材社库、厂库 1333.45、479.62 万吨，环 ...

股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 1le 9] [评Tab级le_：Inv est] 增持 上次评级： 增持 资负共振有利于缓解利差损，看好寿险 [细Ta分bl行e_业su评bI级nd ustry] 行 ——保险行业利差损风险系列报告之一 业 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 专 021-38676647 021-38674943 021-38038619 题 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 研 究 本报告导读： 低利率环境下利差损担忧增强，保险股估值承压，我们认为当前资负两端均现改善预 [相Ta关ble报_D告oc Report] 期有利于缓解利差损风险，当前保险股估值修复空间较大，维持“增持”。 保险《预计 Q2 NBV压力好于预期，财险 摘要： 保费承压》 2024.05. ...

股 票 研 究 [Table_industryInfo] 环保 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 0] [评Tab级le_：Inv est] 增持 上次评级: 增持 污染源扩容，催生多行业需求 [细Ta分bl行e_业su评bI级nd ustry] 行 业 徐强(分析师) 邵潇(分析师) 于歆(分析师) 周 010-83939805 0755-23976520 021-38038345 报 xuqiang@gtjas.com shaoxiao@gtjas.com yuxin024466@gtjas.com 证书编号 S0880517040002 S0880517070004 S0880523050005 本报告导读： 上周CEA周成交15万吨，周成交均价77元/吨。地方碳配额周成交42万吨，周成 [相Ta关ble报_D告oc Report] 交均价57元/吨。全国CCER周成交36万吨。 《涨价预期渐起，再提示公共事业投资机 摘要 会》2024.05.13 《电建如火如荼，主、辅机需求接连爆 [环Ta保bl板e_块Su上mm周a涨ry]跌 幅。1） ...

股 票 研 究 [Table_industryInfo] 社会服务业/社会服务 [ Table_Main[ 锦TIna 江fbole] 酒 _T 店itle (] 6 00754) [评Tab级le_：Inv est] 增持 上次评级： 增持 多维优化架构理顺，释放长期潜力 目标价格： 36.45 上次预测： 36.45 公 ——锦江酒店公司更新报告 当前价格： 30.00 司 刘越男(分析师) 于清泰(分析师) 2024.05.20 更 021-38677706 021-38022689 [交Ta易bl数e_据M arket] 新 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 52周内股价区间（元） 23.42-49.93 报 总市值（百万元） 32,101 告 本报告导读： 总股本/流通A股（百万股） 1,070/914 流通B股/H股（百万股） 156/0 优化资本结构，CRS收费，出售物业带动短期业绩明显改善，架构及人事理顺将释放 流通股比例 100% 长期效率提升空间。 日均成交量（百万股） 14 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.30 yuan, down from the previous forecast of 27.73 yuan [1][14]. Core Insights - The company's "IP Empowerment" strategy is effectively implemented, and it currently has a rich product pipeline. The incremental market for mini-games is expected to open up more opportunities for growth [1][14]. - The company is projected to achieve significant revenue growth, with expected revenues of 54.2 billion yuan, 65.4 billion yuan, and 74.3 billion yuan for the years 2024 to 2026, respectively [6][7]. - The report highlights the company's strong focus on developing IP products and creative games, with a pipeline of 23 products, including both self-developed and licensed IP games [15][16]. Summary by Sections 1. Earnings Forecast and Valuation - The company is expected to see a revenue increase of 30%, 23%, and 15% for mobile games from 2024 to 2026, with gross margins of 82%, 81%, and 80% respectively. Conversely, web games are projected to decline by 30%, 25%, and 20% during the same period [6][7]. - The net profit attributable to shareholders is forecasted to be 2.02 billion yuan, 2.42 billion yuan, and 2.76 billion yuan for 2024 to 2026, with corresponding EPS of 0.94, 1.12, and 1.28 yuan [6][7]. 2. IP Strategy Advancement - The company is deepening its focus on IP products and creative tracks, with multiple products expected to launch in 2024. The product pipeline includes both external collaborations and self-developed titles [15][16]. - The report emphasizes the importance of the "Legend" IP, which continues to be a stable revenue source, and the clarity of IP licensing agreements with partners [15]. 3. Mini-Game Market Potential - The mini-game sector is identified as a potential source of growth for the company, with the market still expanding and favorable conditions for small to medium enterprises [15]. - The company is leveraging dual-end collaboration to fully explore user engagement in gaming scenarios [15]. 4. Governance and Strategic Changes - The report notes improvements in corporate governance, including the establishment of a controlling shareholder and active share buybacks, which reflect management's confidence in future growth [15]. - The company is also implementing employee incentive programs and plans for cash dividends to enhance shareholder value [15].

股 票 研 究 [Table_industryInfo] 建筑工程业/工业 [ Table_Main[中ITnaf 国bol]e 建_Ti筑tle] (6 01668) [评Tab级le_：Inv est] 增持 上次评级： 增持 4 月新签增 23%，地产权益销售额排名第一 目标价格： 8.16 上次预测： 8.16 公 当前价格： 5.86 司 韩其成(分析师) 郭浩然(分析师) 2024.05.20 事 021-38676162 010-83939793 件 hanqicheng8@gtjas.com guohaoran025968@gtjas.com [交Ta易bl数e_M据a rket] 证书编号 S0880516030004 S0880524020002 点 52周内股价区间（元） 4.61-6.33 评 本报告导读： 总市值（百万元） 243,893 总股本/流通 A股（百万股） 41,620/41,320 中国建筑 4月新签增 23%，其中基建业务增 183%。中海地产 2024年前 4月累计权 流通 B股/H股（百万股） 0/0 益销售额770.8亿元，同比-30%，排名第1，同比提升1位。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.75 CNY, up from a previous forecast of 4.75 CNY [14][15]. Core Views - The company is actively advancing its gravity energy storage business, which is expected to contribute positively to its financial performance in the coming years [14]. - The company reported a revenue of 5.324 billion CNY in 2023, a decline of 21% year-on-year, but is projected to recover with revenues of 7.165 billion CNY in 2024, representing a growth of 35% [14][15]. - The net profit attributable to shareholders is expected to increase from 337 million CNY in 2023 to 780 million CNY in 2024, reflecting a significant recovery [14][15]. Summary by Sections Financial Performance - The company achieved a revenue of 5.324 billion CNY in 2023, down 21% year-on-year, with a net profit of 337 million CNY, down 24% [14]. - For 2024, the company is expected to generate a revenue of 7.165 billion CNY, with a net profit forecasted at 780 million CNY [15]. - The earnings per share (EPS) is projected to rise from 0.05 CNY in 2023 to 0.13 CNY in 2024 [14]. Business Segments - The company's core businesses, including waste incineration and environmental equipment manufacturing, remain stable, while the gravity energy storage and renewable energy sectors are rapidly advancing [14]. - The company has successfully launched several gravity energy storage projects and is expanding its international market presence [14][15]. Valuation Metrics - The report indicates a projected PE ratio of 25 for 2024, which is in line with comparable companies in the gravity energy storage sector [14][17]. - The company’s net asset return is expected to improve from 3.2% in 2023 to 6.9% in 2024, indicating better profitability [15].

Investment Rating - The report maintains an "Increase" rating for the cosmetics industry, consistent with the previous rating [1]. Core Insights - The 618 shopping festival is expected to catalyze the sector, with simplified event formats and extended periods, leading to a recovery in demand after inventory destocking. Strong product momentum and brands focused on daily sales are anticipated to perform well during this event [3][8]. - Long-term prospects for domestic beauty groups are promising, driven by product innovation and brand upgrades, as well as channel expansion targeting lower-tier consumers. The report highlights significant long-term investment value in the sector due to the increasing market share of domestic brands and strategies involving multi-brand and overseas expansion [3][8]. Summary by Sections Investment Recommendations - The report suggests increasing holdings in: 1. Brands with strong momentum and single-product drivers like Proya and Giant Bio, benefiting from restructuring and product launches [3][8]. 2. Cost-effective brands with strong operations such as Shumei and Runben, and those undergoing organizational changes like Furuida [3][8]. 3. Companies expected to reach a turning point, including Betaini, Shanghai Jahwa, and others [3][8]. 4. Companies like Jiabiyou that are focusing on capacity release and overseas expansion [3][8]. Industry Updates - The 618 event has seen the cancellation of platform pre-sales, with a simplified format but an extended duration. The Tmall event runs from May 20 to June 20, 2024, while Douyin's event is from May 24 to June 18, 2024. This change is expected to reduce the explosive sales on single days, shifting towards a more consistent sales approach [9][10]. - The report notes that domestic brands have seen a significant increase in market share, with leading brands like Proya and Winaona improving their rankings due to enhanced capabilities in raw materials, product quality, and marketing [8][9]. - Douyin has seen multiple brands ramping up their promotional activities ahead of the 618 event, with brands like Han Shu and Proya achieving significant sales growth compared to the same period in 2023 [18][19]. Key Stock Updates and Profit Forecasts - The report provides updated profit forecasts for key companies, indicating a strong growth trajectory for brands like Proya and Giant Bio, with expected EPS growth rates of 23% and 22% respectively over the next three years [23][20]. - Specific stock prices and ratings as of May 17, 2024, include: - Betaini: 58.29, Increase - Proya: 109.54, Increase - Shanghai Jahwa: 20.98, Increase - Giant Bio: 45.36, Increase [23].