Investment Rating - The report assigns a "Buy" rating to the company with a current price of 10.42 CNY and a reasonable value of 11.04 CNY, maintaining the same rating as the previous report [3]. Core Views - The company has shown significant growth in Q1 2025, with a revenue increase of 55.22% year-on-year and a net profit increase of 158.67% year-on-year, attributed to acquisitions and government subsidies [7][8]. - The company is expanding its tourism assets across various regions, enhancing its competitive edge through synergies among its diverse business segments [8][9]. - The report forecasts substantial revenue growth for the company, projecting revenues of 13.85 billion CNY, 15.89 billion CNY, and 17.62 billion CNY for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 60.3%, 14.7%, and 10.9% [11][12]. Financial Forecasts - The company is expected to achieve the following financial metrics: - Revenue (in million CNY): 722 (2023), 864 (2024), 1385 (2025), 1589 (2026), 1762 (2027) [2][12]. - Net Profit (in million CNY): 151 (2023), 147 (2024), 364 (2025), 403 (2026), 426 (2027) [2][12]. - EBITDA (in million CNY): 278 (2023), 348 (2024), 626 (2025), 695 (2026), 762 (2027) [2][12]. - EPS (CNY/share): 0.14 (2023), 0.14 (2024), 0.35 (2025), 0.38 (2026), 0.40 (2027) [2][12]. Business Segments - The tourism business is expected to grow significantly, with projected revenues of 9.53 billion CNY, 10.48 billion CNY, and 11.22 billion CNY for 2025, 2026, and 2027, respectively, driven by industry recovery and acquisitions [8][9]. - The tourism service segment is anticipated to generate revenues of 1.83 billion CNY, 2.74 billion CNY, and 3.56 billion CNY for the same years, with substantial growth rates [9][11]. - The cultural business, primarily focused on animation and related services, is projected to see a decline in revenue, with estimates of 0.55 billion CNY, 0.49 billion CNY, and 0.47 billion CNY for 2025, 2026, and 2027, respectively [10][11]. Valuation - The report suggests a valuation based on a 32x PE ratio for 2025, leading to a reasonable value of 11.04 CNY per share, supporting the "Buy" rating [11][12].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 10.42 CNY and a fair value of 11.04 CNY [3]. Core Views - The company has shown significant growth in Q1 2025, with a revenue increase of 55.22% year-on-year and a net profit increase of 158.67% year-on-year, attributed to acquisitions and government subsidies [7][8]. - The company is expanding its tourism assets across various regions, enhancing its competitive edge through synergies among its diverse business segments [8][9]. - The report forecasts substantial revenue growth for the company, projecting revenues of 13.85 billion CNY, 15.89 billion CNY, and 17.62 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 60.3%, 14.7%, and 10.9% [11][12]. Financial Forecasts - Revenue and profit projections for the company are as follows: - 2023A: Revenue of 722 million CNY, net profit of 151 million CNY - 2024A: Revenue of 864 million CNY, net profit of 147 million CNY - 2025E: Revenue of 1.385 billion CNY, net profit of 364 million CNY, with a growth rate of 148.3% [2][11]. - The EBITDA is expected to grow from 278 million CNY in 2023 to 626 million CNY in 2025, reflecting a strong operational performance [2][11]. Business Segments - **Tourism Business**: Expected to generate significant revenue growth, with projections of 9.53 billion CNY, 10.48 billion CNY, and 11.22 billion CNY for 2025, 2026, and 2027 respectively, driven by the recovery of the tourism industry and acquisitions [8][9]. - **Cultural Business**: Focused on anime and related businesses, with expected revenues declining slightly, indicating a shift towards integrating cultural elements into tourism [10]. - **Product Sales**: The tea sales segment is projected to grow steadily, with revenues of 760 million CNY, 800 million CNY, and 840 million CNY from 2025 to 2027, maintaining a stable gross margin [11]. Valuation - The report suggests a valuation based on a 32x PE ratio for 2025, leading to a fair value estimate of 11.04 CNY per share, supporting the "Buy" rating [11][14].

[Table_Page] 宏观经济研究报告 2025 年 5 月 21 日 证券研究报告 [Table_Title] 广发宏观 税收收入同比增速年内首月转正 从绝对规模来看，尽管 4 月税收收入增速由负转正，但仍略弱于 2021 年、2023 年同期水平，距离1年初预算目 标增速 3.7%仍有进一步提升的空间。 从分税种情况来看，4 月四大主要税种表现均较为中性。其中，企业所得税拉高财政收入增幅 1.21 个百分点， 这是由于该税种本身规模较大，在表现尚可时财政收入增幅的贡献度就会较大；个人所得税同比虽然显著上行 67.5 个百分点至 9.0%，但主要是基数错位因素所致。此外，国内增值税与企业所得税同比虽较 3 月有所回落， 但主要源自 3 月部分税种收入同比因春节错位走高，并不代表 4 月这些税种表现较差。 从这一点来看，只要主要税种维持基本稳定，税收收入的逐步修复也将保持稳定，而这主要依赖于增长动能的 持续性和逆周期政策的及时性。 | 分析师： [Table | 吴棋滢 | | --- | --- | | _Author] | SAC 执证号：S0260519080003 | | | SFC CE.no: ...

[Table_Page] 跟踪分析|银行 证券研究报告 | | | 4 月货物净结汇攀至同期高位 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 05/24 07/24 10/24 12/24 03/25 05/25 银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 许洁 | | SAC 执证号：S0260518080004 | | SFC CE No. BNU965 | | 021-38003625 | | xujie@gf.com.cn | | 请注意，倪军并非香港证券及期货事务监察委员会的注册 | 持牌人，不可在香港从事受监管活动。 | | | | 银行行业:息差降幅收窄，规 | 2025-05-19 | | --- | --- | | 模增长稳健——银行业 2025 | | | 年一季度监管数据点评 | | | 银行投资观察 202505 ...

[Table_Page] 公司深度研究|通用设备 证券研究报告 [Table_Title] 浙江荣泰（603119.SH） 立足云母优质赛道，展人形机器人新篇 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 800 | 1135 | 1614 | 2183 | 2979 | | 增长率（ % ） | 19.9% | 41.8% | 42.2% | 35.3% | 36.4% | | EBITDA（百万元） | 225 | 285 | 467 | 590 | 796 | | 归母净利润（百万元） | 172 | 230 | 335 | 449 | 640 | | 增长率（ ） % | 28.4% | 34.0% | 45.5% | 33.9% | 42.6% | | EPS（元/股） | 0.53 | 0.63 | 0.92 | 1.23 | 1.76 | | 市盈率（P/E） | ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 价格底部震荡，等待供需改善 [Table_Summary] 核心观点： | [Table_Title] 建筑材料行业 | | --- | [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2025-05-19 -30% -20% -10% 0% 10% 20% 05/24 07/24 10/24 12/24 03/25 05/25 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | --- | | SAC 执证号：S0260514080004 | | SFC CE No. BMB592 | | 021-38003688 | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 分析师： 吴红艳 | | SAC 执证号：S0260525020003 | | 无 | | wuhongyan@gf.com.cn | | 请注意，张乾,吴红艳并非香港证券及 ...

[Table_Title] 基础化工行业 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-05-19 | [Table_PicQuote] 相对市场表现 -24% -15% -6% 2% 11% 20% 05/24 07/24 10/24 12/24 03/25 05/25 基础化工 沪深300 | [分析师： Table_Author]吴鑫然 | SAC 执证号：S0260519070004 | | --- | --- | | SFC CE No. BPW070 | 0755-23942150 | | wuxr@gf.com.cn | | | DocReport] [Table_ 相关研究： | | | --- | --- | | 基础化工行业:金属铬继续提 | 2025-05-11 | | 涨，油价触底反弹 | | | 化工行业 25Q1 基金持仓分 | 2025-05-07 | | 析:基金持仓环比提升，关注 | | | 涨价、内需、新材料 | | | 基础化工行业:Q1 化工行业 | 2025-0 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The public fund industry is entering a high-quality development phase, with regulatory measures aimed at enhancing investor returns and optimizing fund management practices [12][14] - In April 2025, the issuance of new funds decreased both year-on-year and month-on-month, with a notable increase in the proportion of equity funds [27][33] - The report emphasizes the importance of long-term capital entering the market, supported by government policies and actions from major financial institutions [12][19] Summary by Sections 1. Policy Measures and Market Stability - A comprehensive set of policies has been introduced to stabilize the market and promote high-quality development in public funds, including 25 measures from the CSRC [12][14] - The central bank has committed to providing sufficient re-lending support to the Central Huijin Investment Ltd. to maintain market stability [17][22] 2. Fund Issuance Trends - As of March 2025, the net asset value of public funds was approximately 32.22 trillion CNY, remaining stable [26] - In April 2025, 125 new funds were established, a year-on-year increase of 4.17%, but a month-on-month decrease of 7.41% [27] - The total issuance of new funds in April was 924.88 billion units, reflecting a year-on-year decline of 34.45% and a month-on-month decline of 8.36% [27] 3. Fund Type Analysis - In April, 20 new bond funds were issued with a total issuance of 337.97 billion units, a month-on-month decrease of 25.59% [33] - The number of new equity funds reached 90, with an issuance of 458.85 billion units, marking a month-on-month increase of 21.27% [33] 4. Investment Recommendations - The report suggests that the recent policy measures are likely to boost market confidence and that brokerage firms are expected to see a recovery in performance, despite current valuation stagnation [54] - Continuous attention is recommended on policy-driven catalysts and merger and acquisition opportunities within the brokerage sector, particularly for companies like CITIC Securities, Guotai Junan, and Huatai Securities [54]

Investment Rating - The industry rating is "Buy" with a previous rating of "Buy" as well [5]. Core Insights - The report highlights that under the impact of tariffs, credit demand is weak, but fiscal stimulus is driving an increase in social financing growth, which rose by 0.3 percentage points to 8.7% month-on-month [5]. - M2 growth increased significantly by 1.0 percentage points to 8.0%, while M1 growth slightly decreased by 0.1 percentage points to 1.5%, primarily due to trade impacts on the real economy [5]. - The government has significantly increased fiscal efforts, with net financing of government bonds reaching 1 trillion CNY in April, a year-on-year increase of 1.07 trillion CNY [5]. - Weak credit demand from households is noted, attributed to higher consumer loan rates and trade impacts on housing sentiment [5]. - Corporate credit demand is also weak, with bill financing providing primary support, influenced by trade impacts and increased short-term borrowing by enterprises [5]. - Non-bank deposits have seen a significant increase, supported by ample central bank re-lending and market confidence [5]. - Investment recommendations focus on targeting expected returns anchored on ROE, with key recommendations for China Merchants Bank, Ningbo Bank, and Qingdao Bank [5]. Summary by Sections Overall Situation - Credit demand is weak due to tariff impacts, with social financing growth improving due to fiscal stimulus [5][13]. Government Sector - Significant fiscal efforts are observed, with net government bond financing and increased fiscal deposits [5][14]. Household Sector - Weak household credit demand is noted, with expectations for stabilization as trade tensions ease [5][15]. Corporate Sector - Corporate credit demand is weak, with bill financing at historical highs, influenced by trade impacts [5][16]. Non-Bank Sector - Non-bank deposits have increased significantly, reflecting market confidence and central bank support [5][17].

Investment Rating - The report assigns a "Buy" rating for Tencent Holdings (00700.HK) with a current price of HKD 521.00 and a fair value of HKD 572.51 [5]. Core Insights - The report highlights strong performance in gaming and accelerated growth in AI-driven advertising, indicating a robust outlook for Tencent's revenue streams [3][10]. - The company is expected to continue investing in AI, which has significantly contributed to the growth of its advertising and gaming sectors [10][11]. Financial Forecast - Revenue projections for Tencent are as follows: - 2023A: RMB 609 billion - 2024A: RMB 660 billion (growth rate: 9.8%) - 2025E: RMB 734.2 billion (growth rate: 11.2%) - 2026E: RMB 790 billion (growth rate: 7.6%) - 2027E: RMB 836.1 billion (growth rate: 5.8%) [4]. - Adjusted net profit forecasts are: - 2023A: RMB 157.7 billion - 2024A: RMB 222.7 billion (growth rate: 41.2%) - 2025E: RMB 258 billion (growth rate: 15.8%) - 2026E: RMB 286.2 billion (growth rate: 10.9%) - 2027E: RMB 310.8 billion (growth rate: 8.6%) [4]. - Earnings per share (EPS) estimates are projected to increase from RMB 16.32 in 2023A to RMB 33.82 in 2027E [4]. Business Performance Overview - In Q1 2025, Tencent reported a revenue of RMB 180 billion, a year-over-year increase of 13% [10]. - The gaming segment generated RMB 595 billion in revenue, reflecting a 24% year-over-year growth [10]. - Advertising revenue reached RMB 319 billion, with a 20% year-over-year increase, driven by demand for video ads and AI enhancements [11]. - Financial and enterprise services revenue was RMB 549 billion, showing a 5% year-over-year growth [11]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, estimating the core business value at HKD 572.51 per share, based on various business segments including gaming, marketing services, and financial services [33][36].