Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The company reported a total revenue of 8.12 billion, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion, showing a growth of 1% [3][4][6]. Revenue Breakdown - The revenue from copyright operations and other businesses was 4.09 billion, with a year-on-year increase of 33.5%. Copyright operation revenue grew by 34.2% to 3.99 billion, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion, benefiting from expanded partnerships [7]. IP Strategy and AI Empowerment - The company's IP strategy, which includes "creation + visualization + commercialization," has made significant breakthroughs. In terms of IP creation, the company added approximately 330,000 new authors and 650,000 new novels, with a total word count exceeding 42 billion. The number of new books achieving 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 annually grew by over 70%. Monthly paying users reached 9.1 million, a year-on-year increase of 4.6% [7]. - In the visualization aspect, several hit products such as "Hot and Spicy," "With the Phoenix," and "Celebrating Yu Nian 2" have been popular in the film and animation sectors. The company also completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The commercialization of IP derivatives saw GMV surpassing 500 million, with card game GMV exceeding 200 million [7]. - AI technology has strengthened the empowerment of the content industry, with the company's "Writer Assistant" tool seeing a DAU increase of over 30%. The number of authors using AI features has grown tenfold, and the overseas reading platform WebNovel added over 3,200 AI-translated works, accounting for 47% of total Chinese translated works [7].

公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2024 年年报点评：全年完美收官，高盈 利质量支撑未来发展 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年实现营业收入 7771.0 亿元，同比增长 29.0%，实现归母净利 润 402.5 亿元，同比增长 34.0%，实现扣非归母净利润 369.8 亿元，同比增长 29.9%。技术与 规模构建超越行业竞争力，智能化、出海与高端发力迈向新巅峰。智能化大战略下，有望复制 2024 年 DM5.0 周期，开启新一轮强势新车周期，站稳主流市场。超级 e 平台发布，纯电技术 迎来重大革新，持续巩固电动化技术优势。出海持续发力，海外渠道与车型矩阵将进一步完善。 规模效应加持下，随着出海与高端化放量，盈利能力有望持续提升。 分析师及联系人 [Table_Author] 丨证券研究报告丨 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 比亚迪（ ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a revenue of 29.954 billion yuan for 2024, a year-on-year decrease of 2.59%, while the net profit attributable to shareholders was 2.161 billion yuan, an increase of 33.38% year-on-year [4][6]. - In Q4 2024, the company achieved a revenue of 9.528 billion yuan, down 2.66% year-on-year but up 36.19% quarter-on-quarter, with a quarterly net profit of 417 million yuan, up 68.08% year-on-year but down 23.94% quarter-on-quarter [4][6]. - The company's profitability has significantly improved, with the gross profit margin reaching a seven-year high in 2024 [4][6]. - The company is steadily advancing oil and gas engineering projects, maintaining a high workload throughout the year [4][6]. - Although new orders have slowed, the backlog of orders remains sufficient to ensure future workloads [4][6]. - The potential of marine oil and gas resources is substantial, and the company is expected to benefit from increased capital expenditure by CNOOC and the domestic push for deep-sea technology [4][6]. Summary by Sections Financial Performance - In 2024, the company completed 46 land-based jackets and 34 modules, representing a year-on-year increase of 100% and 62%, respectively [10]. - The company installed 39 jackets and 30 modules offshore, with year-on-year increases of 95% and 43% [10]. - The total market undertaking amount for 2024 was 30.244 billion yuan, a decrease of 11.01% year-on-year [10]. - The backlog of orders at the end of the reporting period was approximately 40 billion yuan, an increase of 1% year-on-year [10]. Market Outlook - The exploration and development of offshore, deep-water, and unconventional oil and gas are expected to be key areas for future growth [10]. - The government’s focus on "deep-sea technology" indicates new development opportunities for the marine economy, which may drive rapid growth in the company's equipment business [10]. - The company plans to distribute cash dividends of 889 million yuan in 2024, with a dividend payout ratio of 41.12%, marking a historical high since 2016 [10]. Earnings Forecast - The expected EPS for 2025-2027 is projected to be 0.54 yuan, 0.60 yuan, and 0.65 yuan, respectively, with corresponding PE ratios of 10.33X, 9.38X, and 8.61X [10].

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布公告：公司收到控股子公司晋江气电报告，晋江气电 2025 年替代电量为 22.8402 亿 千瓦时，同比增长 5.86%；转让价格为 0.3911 元/千瓦时，同比增长 0.13%，转让交易启动时 间与 2024 年相同均为 4 月份。替代电量作为晋江气电盈利的核心来源，稳健的量价水平将进 一步保障项目的盈利，彰显出政策的长期支持。此外，公司控股股东福建省能源集团及其一致 行动人启动增持计划，彰显出对公司远期发展的坚定信心，也表明了能源集团对公司资本市场 表现的高度重视，凸显控股股东增持维护市值的强烈决心。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨福能股份（600483.SH） [Table_Title] 替代电量维持稳定，股东增持彰显信心 %% %% research.95579.com 1 [Table_Title2] 替代电量维持稳定，股东增持彰显信心 [Table_Summary2] 事件描述 公司发布公告：公司收到控股子公司晋江气电报告，其已申报确认 2025 年基数合同转让交易。 转让替代电量 ...

丨证券研究报告丨 公司研究丨点评报告丨卫星化学（002648.SZ） 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Title] 四季度业绩显著增长，C2 项目成长空间广阔 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年实现营业收入 456.48 亿元，同比增长 10.03%；归母净利 润 60.72 亿元，同比增长 26.77%；扣非归母净利润 60.48 亿元，同比增长 29.45%。其中 2024 年第四季度营业收入 133.73 亿元，同比增长 43.04%，环比增长 3.87%；归母净利润 23.79 亿 元，同比增长 72.61%，环比增长 45.36%；扣非归母净利润 19.60 亿元，同比增长 50.93%， 环比增长 5.70%。 research.95579.com 1 卫星化学（002648.SZ） cjzqdt11111 [Table_Title2 ...

丨证券研究报告丨 行业研究丨点评报告丨公用事业 [Table_Title] 电力预期仍在验证，把握当下配置窗口 报告要点 [Table_Summary] 近期港股火电持续跑赢市场，2 月底我们所分享的观点 "电力跑不赢大盘"的成见大山正在搬 开，与此同时我们一直强调的港股长期是电力行情的前瞻指标，也正在逐步验证，电力板块当 下即是最佳窗口。港口高库存与进口煤冲击影响下，煤价趋弱上修业绩预期，并边际映射股价， 因此我们认为火电板块投资机遇更具确定性。此外，随着政策强调企业账款拖欠问题的解决， 绿电补贴欠补也有望成为新一轮政策抓手。 分析师及联系人 请阅读最后评级说明和重要声明 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 公用事业 cjzqdt11111 [Table_Title2] 电力预期仍在验证，把握当下配置窗口 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 [Table_Summary2] ⚫ 港股 ...

丨证券研究报告丨 行业研究丨点评报告丨公用事业 [Table_Title] 电力预期仍在验证，把握当下配置窗口 报告要点 [Table_Summary] 近期港股火电持续跑赢市场，2 月底我们所分享的观点 "电力跑不赢大盘"的成见大山正在搬 开，与此同时我们一直强调的港股长期是电力行情的前瞻指标，也正在逐步验证，电力板块当 下即是最佳窗口。港口高库存与进口煤冲击影响下，煤价趋弱上修业绩预期，并边际映射股价， 因此我们认为火电板块投资机遇更具确定性。此外，随着政策强调企业账款拖欠问题的解决， 绿电补贴欠补也有望成为新一轮政策抓手。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 %% %% research.95579.com 1 公用事业 cjzqdt11111 [Table_Title2] 电力预期仍在验证，把握当下配置窗口 [Table_Summary2] ⚫ 港股电力表现验证预期，当下即是配置窗口。3 月 ...

丨证券研究报告丨 %% %% research.95579.com 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2024 年年报点评：全年完美收官，高盈 利质量支撑未来发展 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年实现营业收入 7771.0 亿元，同比增长 29.0%，实现归母净利 润 402.5 亿元，同比增长 34.0%，实现扣非归母净利润 369.8 亿元，同比增长 29.9%。技术与 规模构建超越行业竞争力，智能化、出海与高端发力迈向新巅峰。智能化大战略下，有望复制 2024 年 DM5.0 周期，开启新一轮强势新车周期，站稳主流市场。超级 e 平台发布，纯电技术 迎来重大革新，持续巩固电动化技术优势。出海持续发力，海外渠道与车型矩阵将进一步完善。 规模效应加持下，随着出海与高端化放量，盈利能力有望持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% 比亚迪（00 ...

丨证券研究报告丨 公司研究丨点评报告丨卫星化学（002648.SZ） [Table_Title] 四季度业绩显著增长，C2 项目成长空间广阔 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年实现营业收入 456.48 亿元，同比增长 10.03%；归母净利 润 60.72 亿元，同比增长 26.77%；扣非归母净利润 60.48 亿元，同比增长 29.45%。其中 2024 年第四季度营业收入 133.73 亿元，同比增长 43.04%，环比增长 3.87%；归母净利润 23.79 亿 元，同比增长 72.61%，环比增长 45.36%；扣非归母净利润 19.60 亿元，同比增长 50.93%， 环比增长 5.70%。 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% 公司公布 2024 年年度报告，2024 年实现营业收入 456.48 亿元，同比增长 10.03%；归母净 利润 60.7 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 范超 李金宝 SAC：S0490513080001 SAC：S0490516040002 SFC：BQK473 港股研究丨公司点评丨华润建材科技（1313.HK） [Table_Title] 期待华南市场改善，公司业绩弹性释放 报告要点 [Table_Summary] 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。区域市场需求整体承压，公司全年水泥板块销量同比下滑 10.9%；同时报告期内公 司管理费用 26.3 亿，相比 2023 年增加约 3 亿元，也成为业绩的一大拖累。 请阅读最后评级说明和重要声明 公司发布 2024 年报，实现收入 230.38 亿元，同比下降 9.8%，实现净利润 2.11 亿元，同比下 降 67.2%。 事件评论 ⚫ 预计公司 2025-2026 年业绩为 11、13 亿，对应 PE 为 11、9 倍，买入评级。 %% %% %% %% research.95579.com 1 华润建材科技（1313.HK） cjzqdt11111 [ ...