Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [5][8]. Core Insights - The panoramic and action camera business is experiencing significant growth, driven by the explosion of social media content and the increasing demand for immersive experiences. The company achieved a revenue of 1.198 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% [3]. - The company is implementing a "3+N" product strategy, focusing on expanding its market share in smart automotive, smart home, and panoramic/action camera sectors, while also exploring emerging fields such as AI hardware and industrial inspection [4]. - The company has secured stable partnerships with major automotive manufacturers and high-end smart home brands, indicating a strong order backlog and market capacity to absorb new production [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.594 billion yuan, 2.177 billion yuan, and 2.800 billion yuan, respectively, with net profits expected to be 202 million yuan, 283 million yuan, and 368 million yuan [5][9]. - The company anticipates a revenue growth rate of 41.24% in 2024, 45.98% in 2025, and a gradual decline to 28.63% by 2027 [9][12]. - The projected earnings per share (EPS) for the same years are 2.27 yuan, 3.18 yuan, and 4.14 yuan, with a decreasing price-to-earnings (P/E) ratio from 46.20 in 2024 to 20.75 in 2027 [9][12].

强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 802.63 | | 52 | 周最高 | 897.3 | | 52 | 周最低 | 590.32 | 行业相对指数表现（相对值） 研究所 证券研究报告：传媒|点评报告 行业投资评级 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 传媒行业点评 头部厂商持续入局世界模型，关注影视、游戏环节 应用潜力 ⚫ 事件回顾 2025 年 12 月 17 日，根据 IT 之家报道，腾讯正式发布旗下混元 世界模型 1.5。混元世界模型 1.5 首次开源了业界最系统、最全面的实 时世界模型框架，涵盖数据、训练、流式推理部署等全链路、全环节， 并提出了重构记忆力、长上下文蒸馏、基于 3D 的自回归扩散模型强 化学习等算法模块。 ⚫ 投资要点 世界模型是目前 AGI 研究重要方向，各大厂商均在积极布局。 世界模型是一类能够对现实世界环境进行仿真，并基于文本、图像、 视频及运动等多模态输入生成视频、预测未来状态的生成式人工智能 模型。目前 Googl ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The film "Zootopia 2" has led the box office during the holiday season, with a cumulative box office exceeding 3.964 billion yuan as of December 28, 2025 [3] - The total box office for Chinese films in 2025 has surpassed 50 billion yuan, significantly exceeding the total box office of 7.5 billion yuan in 2024 [4] - The holiday box office performance is showing a clear divide, with content quality being the key factor determining box office success [5] - The upcoming Spring Festival is expected to maintain viewing enthusiasm, with a diverse range of films planned for release [5] Summary by Sections Industry Overview - The closing index is at 802.63, with a 52-week high of 897.3 and a low of 590.32 [1] Box Office Performance - "Zootopia 2" has set a record for pre-sale box office among animated films in China, achieving 320 million yuan in pre-sales [4] - The film has become the highest-grossing imported film in mainland China, with an expected total box office of 4.13 billion yuan [4] Market Trends - The Chinese film market is transitioning from a phase of quantity expansion to a phase focused on quality competition [5] - The upcoming Spring Festival films are expected to continue the trend of high-quality content attracting box office revenue [5] Investment Recommendations - Companies to focus on include Light Media, China Film, Shanghai Film, Beijing Culture, and Huace Film & TV, as well as cinema leaders like Happy Blue Ocean, Wanda Film, and Hengdian Film [6]

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The rise of "Reward Economy" is expected to benefit IP and trendy toys, driven by a shift in consumer behavior towards high-frequency discretionary spending [4][5] - The "Reward Economy" reflects a proactive optimization of consumption structure, allowing consumers to seek higher quality and psychological returns within limited budgets [6] - IP and trendy toys align well with the characteristics of the "Reward Economy," presenting opportunities for growth in various sectors [7] Summary by Relevant Sections Industry Overview - The closing index is at 802.63, with a 52-week high of 897.3 and a low of 590.32 [2] Investment Highlights - Short-term, the "Reward Economy" is creating new demand, leading to a recovery in discretionary spending. In November, retail sales of consumer goods fell by 3.8% year-on-year, with essential goods showing resilience while discretionary items are recovering [5] - Long-term, the "Reward Economy" has the potential to expand demand and drive domestic consumption, contrasting with the "lipstick effect," which is more defensive and reactive [6] - Personalized demands such as IP and trendy toys are expected to thrive under the "Reward Economy," with opportunities for cross-industry integration [7] Investment Recommendations - Recommended companies include AoFei Entertainment, Zhongwen Online, and Huace Film & TV for their strong IP resources, as well as Yaoji Technology and Guangbo Co., Ltd. for their leadership in trendy toys [10]

Market Performance Review - In December, all major stock indices rose, with the Shanghai Composite Index increasing by 1.93%, the Shenzhen Component Index by 4.77%, and the ChiNext Index by 6.27% as of December 26 [4][13] - The performance varied by style, with stable style down by 0.16%, financial style up by 2.21%, consumption style down by 0.75%, cyclical style up by 5.57%, and growth style up by 5.14% [4][13] - The large-cap index rose by 2.62%, mid-cap index by 5.90%, and small-cap index by 4.47% [4][13] - The market experienced a rebound in the fourth week of December, driven by the appreciation of the RMB and significant net inflows into the A500 ETF [4][13] Industry Insights - The leading sectors in December included defense and military (up 13.75%), communication (up 13.66%), and non-bank financials (up 8.30%), while the weakest sectors were media (down 3.96%) and real estate (down 3.30%) [18] - The focus on themes and events drove the market, with commercial aerospace and Hainan Free Trade Zone being the most prominent themes in December [18] Future Market Outlook - The A-share market in January is expected to face both challenges and opportunities, with attention needed on industry and individual stocks [5][33] - The potential for overseas disturbances, particularly regarding the Federal Reserve's interest rate decisions, could impact market volatility [5][33] - Despite the lack of strong domestic stimulus policies and economic data, there are still strong themes and sectors that can perform well [5][33] Investment Strategy - The report suggests focusing on thematic investments, particularly in commercial aerospace, non-ferrous metals, and consumer sectors [6][33] - The establishment of a commercial aerospace department and the release of a development action plan for commercial aerospace are seen as positive indicators for investment in this sector [6][33] - The report highlights the potential for a continued rally in the non-ferrous sector, particularly gold, driven by rigid demand and upcoming U.S. Treasury bond supply peaks [6][33]

证券研究报告：宏观报告 发布时间：2025-12-29 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《大国发展经验，生产服务消费更值 得关注》 - 2025.12.22 宏观研究 工业企业利润延续放缓，结构性亮点凸显 核心观点 11 月，工业企业利润总额增速延续边际放缓趋势，连续两个月回 落，存在基数走高影响，剔除基数效应后，增速亦呈现边际走弱。（1） 从量、价、利润率三维拆分看，生产和价格小幅放缓，销售费用上升， 或是拖累 11 月工业企业利润的主要原因，关注近期清理拖欠企业账 款政策效果显现；（2）从企业运营来看，企业库存走高、资产运营能 力下降，如应收账款周转率、产成品周转率均走弱，均掣肘企业盈利 能力；（3）从行业来看，行业利润的结构性亮点表现主要集中在新兴 产业领域，高技术制造业利润保持高速增长，"人工智能+"、航空航 天、智能化消费设备相关行业利润高增，包括半导体器件专用设备、 电子元器件与 ...

证券研究报告：医药生物|行业周报 发布时间：2025-12-29 行业投资评级 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8254.26 | | 52 | 周最高 | 9323.49 | | 52 | 周最低 | 6764.34 | 行业相对指数表现 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 近期研究报告 《第六批高值医用耗材国家集采工作 正式启动，头部国产企业有望凭借集采 中选获得更多市场份额》- 2025.12.23 医药生物行业报告 （2025.12.22-2025.12.28） 国内创新药研发景气回暖，关注非临床安评行业投 资机会 ⚫ 本周主题 非临床安全性评价是新药申请 IND 并进入临床试验或申请 NDA/BLA 的必要程序和重要步骤。非临床安全性评价受近年来我国政 策鼓励创新药发展等因素催化，市场规模一度呈现快速增长的趋势。 非临床安全性评价行业是一个 ...

证券研究报告：建筑材料|行业周报 行业相对指数表现 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 建筑材料 沪深300 发布时间：2025-12-29 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5449.43 | | 52 周最高 | 5449.43 | | 52 周最低 | 4167.51 | 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《关注内需低位品种，有望迎来估值与 业绩双重修复》 - 2025.12.22 建材行业报告 （2025.12.22-2025.12.26） 地产政策托底需求，关注反内卷落地情况 投资要点 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行 北京市分行、北京住房公积金管理中心等 4 部门联合印发《关于进一 步优化调整本市房地产相关政策的通知》，放宽非 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [6][13]. Core Insights - The company has experienced rapid revenue growth, with a 46.04% year-on-year increase in revenue to 2.321 billion yuan for the first three quarters of 2025, and a 119.89% increase in net profit attributable to shareholders, reaching 233 million yuan [3][4]. - Key drivers of profit growth include increased order volume, technological innovation, management reforms, improved overseas operations, and successful expansion into new business areas [3][4]. - The company is deepening its focus on the communication and new energy vehicle sectors, with significant supply agreements with leading manufacturers and ongoing development of advanced solutions in these fields [4][5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.0 billion yuan, 4.3 billion yuan, and 5.5 billion yuan respectively, with corresponding net profits of 300 million yuan, 429 million yuan, and 549 million yuan [6][9]. - The company is expected to maintain strong growth rates, with revenue growth rates of 55.29% in 2024, 26.03% in 2025, and 34.07% in 2026 [9][12]. Company Overview - The latest closing price of the company's stock is 88.03 yuan, with a total market capitalization of 18.1 billion yuan [2]. - The company has a debt-to-asset ratio of 50.7% and a price-to-earnings ratio of 79.31 [2]. - The largest shareholder is Wu Shijun [2].

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 2116.63 | | --- | --- | --- | | 52 | 周最高 | 2116.63 | | 52 | 周最低 | 1420.7 | 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 高功率电子器件热管理问题愈发严峻，散热会明显影响电子器件 性能、寿命、安全性。近年来，随着电子器件遵循着摩尔定律逐步向 集成化、高热流密度和微小型化 ...