证券研究报告 | 年报点评报告 gszqdatemark 2025 05 09 年 月 日 事件。公司发布财报，2024 年营业收入 372.2 亿元，同比增长 37.6%， 归母净利润为 41.2 亿元，同比增长 126.5%；2025Q1 营业收入 64.2 亿 元，同比减少 3%，归母净利润 7.55 亿元，同比增长 14.9%。 内需与出口共振，业绩增长突出。受益于国内旅游市场向好、以旧换新带 动及国产客车产品竞争力的提升，2024 年，宇通客车累计销售客车 4.69 万辆，同比+28.5%，对内和出口销售分别为 3.29 万辆/1.4 万辆，同比分 别+24.9%/+37.7%，内需及出口均实现较好增长，带动公司业绩表现超 预期，同比增长超 100%。2024 年归母净利润/Q4 单季度归母净利润分别 为 41.2/16.8 亿元，盈利靠近历史高点。2025Q1，公司客车销售 9011 台， 同比 16.6%，根据客车网数据，公司大中型客车出口 1329 台，同比 +35.5%，市场占比 21.09%，超行业 2 成，归母净利润实现 7.55 亿元， 同比增长 14.9%。 会计调整影响毛利率，盈利 ...

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the report emphasizes the importance of understanding the industry's fundamental attributes and maintaining confidence [7][63] - Key recommendations include major coal enterprises such as China Shenhua (H+A) and China Coal Energy (H+A), as well as companies showing signs of recovery like Qinfa [8][64] Summary by Sections Cash King - Since the supply-side reform in 2016, the historical burden on coal companies has significantly decreased. Despite the continuous decline in coal prices since early 2024, some companies have cash balances (cash and cash equivalents + trading financial assets) far exceeding their interest-bearing debts. As of Q1 2025, the top five companies with the highest cash balances are China Shenhua, Shaanxi Coal, Jinkong Coal, China Coal Energy, and Lu'an Environmental Energy [1][17] Low Debt - As of Q1 2025, the asset-liability ratio for large coal enterprises is 60.3%, an increase of 0.5 percentage points year-on-year. Most sampled coal companies have asset-liability ratios lower than the industry average. The companies with the lowest asset-liability ratios are China Shenhua, Jinkong Coal, Electric Power Investment Energy, Yitai B, and Shanghai Energy [20][21] Strong Foundation - Special reserves are funds set aside by coal companies for safety production and maintaining simple reproduction. The top five companies with the highest net increase in special reserves from the end of 2023 to Q1 2025 are China Shenhua, Shaanxi Coal, Yitai B, Lu'an Environmental Energy, and Gansu Energy [25][31] High Potential - Considering the cyclical nature of coal prices, coal companies may enhance cost control to ensure steady improvement in profitability. The report evaluates potential profit release using the ratio of operating cash flow minus net profit, depreciation, and financial expenses to net profit. The companies with the highest potential for profit release are Haohua Energy, Yitai B, Huabei Mining, China Coal Energy, and Shanmei International [2][51] Dividend King - The top five companies in terms of cumulative cash dividends over the past three years are China Shenhua, Shaanxi Coal, Yunkang Energy, China Coal Energy, and Lu'an Environmental Energy. The report highlights the high dividend attributes of coal companies, driven by reduced historical burdens and a cautious approach to reinvesting in traditional businesses [3][55]

Group 1: Macro Insights - The Federal Reserve maintained interest rates and emphasized increasing uncertainty, with market expectations for rate cuts in June and July at 20% and 80% respectively, and a total of three cuts expected for the year [4] - The current economic environment presents a dual challenge of stagnation versus inflation, with short-term liquidity crises and long-term recession concerns [4] Group 2: TMT Sector Analysis - The TMT sector shows high levels of crowding, suggesting a cautious approach as the market may continue to favor lower-performing sectors [5] - The industry rotation model indicates that cyclical sectors like non-ferrous metals, steel, food and beverage, and building materials are in a strong trend with low crowding, while TMT remains crowded [5] Group 3: Coal Industry Overview - As of Q1 2025, the coal industry is experiencing a significant downturn, with coal prices returning to levels seen in early 2021, and the average price of Q5500 coal at 657 RMB/ton, down 111 RMB/ton since the beginning of the year [14][15] - The total profit of large coal enterprises in Q1 2025 was 803.8 billion RMB, a year-on-year decrease of 47.7%, with over half of coal companies reporting losses [17] - Major coal companies like China Shenhua and Shaanxi Coal have substantial cash reserves, indicating strong dividend-paying capabilities despite the industry's challenges [7][9] Group 4: Media Sector Performance - The media sector showed a significant recovery in Q1 2025, with notable performances in gaming and cinema, and a positive outlook for the year [22] - The film industry, particularly, is expected to benefit from a strong lineup of releases, although some major films underperformed [26] Group 5: Home Appliance and Electric Vehicle Industry - The electric two-wheeler market is expected to see growth driven by brand and channel advantages, with a projected increase in demand primarily from replacement sales [22][23] - The home appliance sector is focusing on expanding smart product offerings and enhancing international market presence, with significant revenue growth reported in smart home products [28] Group 6: Medical and Biopharmaceutical Sector - Companies like Xinhua Medical and Anjisi are showing steady growth, with Xinhua Medical reporting a slight increase in revenue and profit, while Anjisi's revenue grew by 25.14% in 2024 [36][38] - The biopharmaceutical sector is focusing on diversifying revenue streams and expanding into international markets, with significant growth expected in the coming years [35][40] Group 7: Investment Recommendations - Key recommendations include investing in leading coal enterprises like China Shenhua and Zhongmei Energy, as well as companies showing potential for recovery like Qinfa [19][20] - In the media sector, companies with strong content pipelines and market positions are recommended for investment [26]

Investment Rating - The report maintains an "Accumulate" rating for the media industry [8] Core Insights - The media sector experienced significant recovery in Q1 2025, with a year-on-year revenue increase of 0.74% to 147.38 billion yuan and a net profit increase of 41.58% to 11.11 billion yuan [1][15] - The gaming sector showed strong growth, with Q1 2025 revenue reaching 24.51 billion yuan, a 21.83% year-on-year increase, and net profit of 3.10 billion yuan, up 45.95% [2][61] - The internet sector's revenue grew by 1.33% in 2024, but net profit fell sharply by 76.11% [3][68] - The advertising sector's revenue increased by 4.54% in 2024, with a notable recovery in Q1 2025, achieving a net profit of 1.64 billion yuan, up 10.06% [4][23] - The film and television production sector saw a significant rebound in Q1 2025, with revenue of 7.51 billion yuan, a 67.96% increase year-on-year, and a net profit of 1.19 billion yuan, up 106.12% [5][6] - The cinema sector benefited from a strong box office performance in Q1 2025, achieving revenue of 7.96 billion yuan, a 22.38% increase year-on-year, and a net profit of 1.27 billion yuan, up 78.38% [6] - The publishing and reading sector's revenue in Q1 2025 was 33.26 billion yuan, down 3.99% year-on-year, but net profit increased by 34.48% to 3.52 billion yuan [7][15] Summary by Sections Overall Performance - In 2024, the media sector's revenue was 610.64 billion yuan, a 0.51% increase, while net profit fell by 52.96% to 18.43 billion yuan [1][15] - The top three revenue-generating sectors were advertising, publishing, and internet, while the top three in net profit were publishing, advertising, and gaming [1][15] Gaming Sector - The gaming sector's revenue in 2024 was 84.51 billion yuan, a 6.92% increase, with a net profit decline of 41.67% to 3.63 billion yuan [2][51] - Q1 2025 saw a revenue increase to 24.51 billion yuan and a net profit of 3.10 billion yuan, marking a significant recovery [2][61] Internet Sector - The internet sector's revenue in 2024 was 119.31 billion yuan, up 1.33%, but net profit dropped to 1.14 billion yuan, a 76.11% decline [3][68] Advertising Sector - The advertising sector achieved a revenue of 167.22 billion yuan in 2024, a 4.54% increase, with a net profit of 5.30 billion yuan, down 13.92% [4][23] Film and Television Production - The film sector's revenue in 2024 was 19.24 billion yuan, down 4.64%, but Q1 2025 saw a strong recovery with revenue of 7.51 billion yuan [5][6] Cinema Sector - The cinema sector's revenue in 2024 was 21.27 billion yuan, down 16.81%, but Q1 2025 showed a recovery with revenue of 7.96 billion yuan [6] Publishing and Reading Sector - The publishing sector's revenue in 2024 was 153.13 billion yuan, down 2.78%, but Q1 2025 saw a slight recovery with revenue of 33.26 billion yuan [7][15]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, with total revenue expected to reach 470 million, showing a narrowing decline compared to 2023 [1] - The net profit attributable to the parent company is projected to be -26 million, a significant drop of 162.8% year-on-year [4] - The company is shifting its business focus from "engineering consulting" to "comprehensive technical services," aiming to optimize its customer structure and reduce reliance on real estate clients [3] Financial Performance Summary - **Revenue**: In 2024, the company expects total revenue of 470 million, down 4.4% from 2023, with a quarterly breakdown showing a recovery in Q3 and Q4 [1] - **Net Profit**: The net profit attributable to the parent company is forecasted to be -26 million in 2024, with a significant year-on-year decline [4] - **Gross Margin**: The overall gross margin for 2024 is expected to be 36.6%, a decrease of 3.2 percentage points, primarily due to competitive pressures in the real estate evaluation market [2] - **Cash Flow**: The company anticipates a net cash inflow from operating activities of 414 thousand in 2024, a decrease from the previous year [2] Business Strategy and Customer Structure - The company has reduced its reliance on real estate clients, with their revenue share dropping from 90% to 46% by the end of 2024 [3] - New business areas such as industry and insurance have seen revenue growth of over 100% and 30% respectively [3] - The company is exploring new application scenarios based on a "service + platform + data" model, collaborating with emerging clients in various sectors [3] Future Projections - The company projects net profits of 42 million, 63 million, and 77 million for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3] - Earnings per share (EPS) are expected to be 0.28, 0.42, and 0.51 yuan for the years 2025, 2026, and 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's film performance was below expectations, while the series business showed significant growth [1][4] - The overall revenue for 2024 was 1.461 billion yuan, a year-on-year decrease of 9.12%, with a net loss attributable to shareholders of 867 million yuan, a year-on-year increase in loss of 56.87% [1] - The cinema business is expected to recover in Q1 2025 due to the overall market rebound driven by blockbuster films [2] Financial Performance Summary - In 2024, the company achieved revenue of 1.461 billion yuan, down 9.12% year-on-year, with a net loss of 867 million yuan, reflecting a 56.87% increase in loss compared to the previous year [1] - For Q1 2025, the company reported revenue of 525 million yuan, an increase of 19.43% year-on-year, but a staggering net loss of 9.55 billion yuan, marking a year-on-year increase in loss of 17303.99% [1] - The cinema business generated revenue of 941 million yuan in 2024, down 23.65% year-on-year, while the film business revenue was 258 million yuan, down 43.92% year-on-year [3][2] Business Segment Performance - The series business revenue reached 278 million yuan in 2024, showing a remarkable year-on-year growth of 853120% [4] - The company produced seven films in 2024, achieving a total box office of 4.697 billion yuan, with notable titles including "Chasing People 2" and "The Volunteer Army: The Battle of Life and Death" [3] - The company has a diverse film reserve, including various genres such as suspense, history, and comedy, which is expected to contribute to future performance [4] Market Position - As of 2024, the company's cinema market share was 2.08%, ranking 13th nationally, while the film investment market share was 1.93%, ranking 7th [2] - The company operates 137 cinemas, including 105 owned and 32 franchised, with a total of 908 screens [2]

证券研究报告 | 行业深度 gszqdatemark 2025 05 08 年 月 日 家用电器 两轮车系列之一：如何看待两轮车行业格局及未来发展？ 本篇报告聚焦国内电动两轮车市场，拟探讨以下几个问题：1）电动两轮 车行业特点是什么？2）行业格局如何演绎？3）电动两轮车品牌商利润率 能否提升？提升动力和提升幅度分别如何？ ➢ 行业特点：看似矛盾的头部化格局&低盈利现状。 国内电动两轮车呈头部化格局，2024 年 CR3 约 61%。其中龙头雅迪份额 约 26%。但同时，行业呈低盈利现状。雅迪、爱玛、新日、小牛和九号（定 位高端电动两轮车）2024 年实现毛利率 15%/18%/16%/15%/28%，净 利率 5%/9%/1%/-6%/8%，远低于格局集中度高的空调行业。我们认为 原因主要系：1）准入门槛较低：整车偏组装性质，行业竞争充分；2）供 需属性复杂：供给端原材料组成多单位成本高，需求端为代步基础功能溢 价能力偏弱；3）规模效应不强：生产端多 SKU 模式下规模效应较弱，龙 头毛利率和行业无明显差距。 ➢ 寡头竞争：渠道、产能&品牌为核心竞争要素，有望形成双寡头格局。 商业模式来看，我们认为渠道&品牌 ...

Investment Rating - The report maintains an "Accumulate" rating for the media industry [8] Core Insights - The media sector experienced significant recovery in Q1 2025, with a year-on-year revenue increase of 0.74% to 147.38 billion yuan and a net profit increase of 41.58% to 11.11 billion yuan [15][23] - The gaming sector showed strong growth, with Q1 2025 revenue reaching 24.51 billion yuan, a 21.83% year-on-year increase, and net profit of 3.10 billion yuan, up 45.95% [60] - The internet sector's revenue grew by 1.33% in 2024, but net profit fell sharply by 76.11% [67] - The advertising sector's revenue increased by 4.54% in 2024, with a notable recovery in Q1 2025, achieving a net profit of 1.64 billion yuan, up 10.06% [4] - The film and television production sector saw a significant rebound in Q1 2025, with revenue of 7.51 billion yuan, a 67.96% increase year-on-year [5] - The cinema sector benefited from a strong recovery, with Q1 2025 revenue of 7.96 billion yuan, up 22.38% year-on-year [6] - The publishing and reading sector's revenue remained stable, with a net profit increase of 34.48% in Q1 2025 [7] Summary by Sections Overall Performance - In 2024, the media sector's revenue was 610.64 billion yuan, a 0.51% increase, while net profit dropped by 52.96% to 18.43 billion yuan [15] - The top three revenue-generating sectors were advertising marketing, publishing and reading, and the internet [15] Gaming Sector - The gaming sector's revenue in 2024 was 84.51 billion yuan, a 6.92% increase, with a net profit decline of 41.67% to 3.63 billion yuan [50] - In Q1 2025, the gaming sector's revenue was 24.51 billion yuan, a 21.83% increase, and net profit was 3.10 billion yuan, up 45.95% [60] Internet Sector - The internet sector achieved a revenue of 119.31 billion yuan in 2024, a 1.33% increase, but net profit fell to 1.14 billion yuan, down 76.11% [67] - In Q1 2025, revenue was 25.15 billion yuan, a 20% decrease year-on-year, but net profit increased by 33.95% to 0.56 billion yuan [3] Advertising Sector - The advertising sector's revenue in 2024 was 167.22 billion yuan, a 4.54% increase, with a net profit of 5.30 billion yuan, down 13.92% [4] - In Q1 2025, revenue was 39.11 billion yuan, a 0.21% increase, and net profit was 1.64 billion yuan, up 10.06% [4] Film and Television Production Sector - The film sector's revenue in 2024 was 19.24 billion yuan, a 4.64% decrease, with a net loss of 2.29 billion yuan [5] - In Q1 2025, revenue surged to 7.51 billion yuan, a 67.96% increase, with a net profit of 1.19 billion yuan, up 106.12% [5] Cinema Sector - The cinema sector's revenue in 2024 was 21.27 billion yuan, a 16.81% decrease, with a net loss of 1.09 billion yuan [6] - In Q1 2025, revenue was 7.96 billion yuan, a 22.38% increase, and net profit was 1.27 billion yuan, up 78.38% [6] Publishing and Reading Sector - The publishing sector's revenue in 2024 was 153.13 billion yuan, a 2.78% decrease, with a net profit of 13.35 billion yuan, down 34.66% [7] - In Q1 2025, revenue was 33.26 billion yuan, a 3.99% decrease, but net profit increased by 34.48% to 3.52 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, but the decline is narrowing compared to 2023, indicating a potential recovery point in performance [1] - The company is transitioning from an "engineering consulting" model to a "comprehensive technical service" model, focusing on optimizing customer structure and reducing reliance on high-risk clients [3] - The company expects significant growth in net profit from 2025 to 2027, with projected increases of 264%, 51%, and 21% respectively [3] Financial Performance Summary - In 2024, the company achieved total revenue of 470 million, down 4.4% year-on-year, with a net profit attributable to shareholders of -26 million, a decline of 162.8% [4] - The gross margin for 2024 is 36.6%, down 3.2 percentage points, primarily due to intense competition in the real estate evaluation market and rigid cost structures [2] - The company reported a net profit margin of -5.5% in 2024, a decrease of 14 percentage points year-on-year [2] Business Segment Analysis - Revenue from third-party evaluations and project management was 280 million and 190 million respectively in 2024, with year-on-year changes of -12% and +10% [1] - The company has successfully reduced the proportion of revenue from real estate clients from 90% to 46% by expanding into industries such as insurance and overseas markets [3] Future Projections - The company forecasts total revenue of 526 million in 2025, representing a year-on-year growth of 12.1% [4] - The expected earnings per share (EPS) for 2025 is 0.28 yuan, with a projected price-to-earnings (P/E) ratio of 59.8 [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's film performance was below expectations, while the series business saw significant growth [1][4] - The overall revenue for 2024 was 1.461 billion yuan, a year-on-year decrease of 9.12%, with a net loss attributable to shareholders of 867 million yuan, a year-on-year increase in loss of 56.87% [1] - The cinema business is expected to recover in Q1 2025 due to the overall market rebound driven by blockbuster films [2] Financial Performance - In 2024, the company achieved revenue of 1.461 billion yuan, down 9.12% year-on-year, and a net loss of 867 million yuan, which is a 56.87% increase in loss compared to the previous year [1] - For Q1 2025, the company reported revenue of 525 million yuan, an increase of 19.43% year-on-year, but a staggering net loss of 9.55 billion yuan, reflecting a year-on-year increase in loss of 17303.99% [1] - The cinema business generated revenue of 941 million yuan in 2024, down 23.65% year-on-year, while the film business revenue was 258 million yuan, down 43.92% year-on-year [3][2] Market Position - The company maintained a stable market share, with cinema market shares of 2.08% and 1.79% for 2024 and Q1 2025 respectively, ranking 13th and 16th nationally [2] - The film investment market share was 1.93% and 1.60% for the same periods, ranking 7th and 6th respectively [2] Business Segments - The series business saw remarkable growth, with revenue reaching 278 million yuan in 2024, a year-on-year increase of 853120% [4] - The company has a diverse film reserve, including various genres such as suspense, history, comedy, and animation, which is expected to contribute to future performance [4] Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of -780 million yuan, 151 million yuan, and 295 million yuan respectively, indicating a year-on-year growth rate of 10.0%, 119.3%, and 95.4% [5]