卡游：集换式卡牌行业龙头，打造"产 研运销"一体 [Table_ReportTime] 2024 年 05 月 12 日 [Table_Industry] 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） [Table_StockAndRank] 传媒行业 投资评级 上次评级 [Table_A 刘旺传媒互联网及海外首席 uthor] 分析师 执业编号：S1500524120005 邮 箱：liuwang@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金 隅大厦B 座 邮编：100031 [Table_Title] 卡游：集换式卡牌行业龙头，打造"产研运 销"一体 [Table_ReportDate] 2025 年 05 月 12 日 | 一、卡游：国内集换式卡牌龙头，积极开拓新品类 4 | | --- | | 二、核心业务：生产供应链、销售渠道布局较深打造核心产品矩阵 6 | | 三、品牌力带动 IP 授权正向循环，供应链及销售渠道优势保证爆款输出 11 | | 四、行业：我国集换式卡牌市场规模 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a rapid revenue growth with 2024 annual revenue reaching 1.79 billion yuan, a year-on-year increase of 42.3%, and a net profit attributable to shareholders of 410 million yuan, up 27.4% year-on-year [1][3] - In Q1 2025, the company achieved revenue of 480 million yuan, with a net profit of 110 million yuan, reflecting a year-on-year growth of 29.8% and 25.2% respectively [1][3] - The growth in revenue is driven by the digital printing equipment and ink segments, which saw revenues of 905 million yuan and 518 million yuan in 2024, growing 47.8% and 26.1% year-on-year [3] - The company is expanding into new areas beyond its main business, including packaging and automatic sewing, which are expected to provide additional growth momentum [4] Financial Summary - The company’s total revenue is projected to grow from 1.79 billion yuan in 2024 to 3.77 billion yuan by 2027, with a compound annual growth rate (CAGR) of 24.4% [5] - The net profit attributable to shareholders is expected to increase from 414 million yuan in 2024 to 917 million yuan in 2027, with a CAGR of 26.5% [5] - The gross margin is forecasted to decline from 45.0% in 2024 to 41.4% in 2027, reflecting changes in product mix and pricing pressures [5] - The earnings per share (EPS) is projected to rise from 2.31 yuan in 2024 to 5.11 yuan in 2027, indicating strong profitability growth [5][6] Cash Flow and Receivables - The company reported a net operating cash flow of 164 million yuan in 2024, a year-on-year increase of 4.61% [3] - By the end of 2024, accounts receivable amounted to 727 million yuan, representing 40.6% of total revenue, indicating a rising trend in receivables [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2025 年 5 月 12 日 [Table_S 事件：公司发布 ummary]2024 年年报、2025 年一季报，2024 年年实现营业收入 17.9 亿元、归母净利润 4.1 亿元、扣非净利润 3.9 亿元，同比分别增长 42.3%、 27.4%、25.6%。2025 年一季度实现收入 4.8 亿元、归母净利润 1.1 亿元、 扣非净利润 1.0 亿元，同比分别增长 29.8%、25.2%、20.7%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] | [Table_StockAndRank] 宏华数科 (688789.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 王锐 机械行业首席分析师 uthor] 执业编号：S1500523080006 邮箱：wangrui1@cindasc.com 韩冰 机械行业分析师 执业编号：S150052 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on growth and market performance [11]. Core Insights - The company achieved a revenue of 31.316 billion yuan in 2024, representing a year-on-year growth of 78.13%, while the net profit attributable to shareholders was 180 million yuan, down from 534 million yuan in the previous year [1]. - The company is actively expanding into new technologies, markets, and customer bases, benefiting from the digital transformation of enterprises [2]. - The integration of Tongfang Computing has been completed, enhancing the company's hardware and software capabilities, which is expected to support long-term development [3]. Financial Performance - In Q1 2025, the company reported a revenue of 7.011 billion yuan, a year-on-year increase of 28.65%, with a net profit of -198 million yuan, an improvement from -277 million yuan in the same period last year [1]. - The company forecasts earnings per share (EPS) of 0.39, 0.54, and 0.74 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 151.82, 109.79, and 80.32 [4]. - Key financial metrics for 2024 include total revenue of 31.316 billion yuan, a gross margin of 12.5%, and a return on equity (ROE) of 1.7% [5]. Market Position and Product Development - The company has seen a significant increase in PC shipments, with a 126% year-on-year growth in Q4 2024, securing a market share of 9% [3]. - The company is focusing on developing products around open-source operating systems and AI solutions, including the launch of new versions of Tianhong OS and Tianhe DB [3]. - The company has established a strong presence in the government and education sectors, leading the market in these areas [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in demand in the first quarter, which enhances the annual expectations, and the counter-cyclical adjustment brings new opportunities for domestic software [1] - The company is a global leader in the PDF sector, maintaining a significant market share [2] - The subscription transformation is gradually showing results, with the new subscription plan effectively reducing user decision costs and enhancing the subscription transition process [3] Financial Performance - In Q1 2025, the company achieved revenue of 202 million yuan, a year-on-year increase of 19.78%, and a net profit attributable to the parent company of -6 million yuan, compared to -11 million yuan in the same period last year [1] - For the full year 2024, the company expects total revenue of 711 million yuan, a growth rate of 16.4%, and a net profit attributable to the parent company of 27 million yuan, a significant turnaround from a loss of 91 million yuan in 2023 [5] - The subscription business is projected to generate 411 million yuan in Annual Recurring Revenue (ARR) in 2024, reflecting a 64.42% increase year-on-year [3] Market Performance - The company has seen strong revenue growth across various regions, with the Asia-Pacific market growing by 53.42%, Europe (including the Middle East) by 24.02%, and North America by 9.41% [3] - The North American market accounted for 53% of total revenue, while the Chinese market showed an 18% increase following the acquisition of Foxit Kunpeng [3] Research and Development - The company maintains high R&D investment levels, with a comprehensive AI empowerment strategy being fully implemented in 2024 [3] - New AI features have been added to traditional editing tools, enhancing document processing efficiency [3] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.60 yuan, 1.21 yuan, and 1.45 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 118.97, 58.60, and 48.87 [4]

点评报告 软通动力(301236.SZ) 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 证券研究报告 公司研究 盈利预测：公司积极开拓新技术、新赛道、新客户，在享受企业数字化 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 快速整合同方计算业务，围绕国产化算力底座打造软硬协同。2024 年 1 月，软通动力完成同方计算机有限公司（简称：同方计算机）的并购整 合，并于 2024 年 11 月将同方计算机正式更名为"软通计算机有限公 司"。目前公司在已有的清华同方和机械革命品牌基础上，推出北京信 创整机品牌——软通华方，并在软硬件协同、产品出货规模、市场占有 率等方面表现出色。 硬件销售领域：根据 Canalys 机构报告，2024 年第四季度公司 PC（含 台式机与笔记本）出货量同比增长 126%，市场份额稳居国内第二。2024 全年同比增长 106%，市场份额较上年翻倍，达 9%，位列第三。PC 终端 业务在党政教育行业稳居第一。公司推出信创 AIPC、开源鸿蒙 AIPC/智 能交互平板、机 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in demand in the first quarter, which enhances the expectations for the entire year, presenting new opportunities for domestic software due to counter-cyclical adjustments [1] - The company reported a revenue of 711 million yuan for 2024, a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 27 million yuan, compared to a loss of 91 million yuan in the same period last year [1][5] - The subscription transformation is gradually showing effects, with the annual recurring revenue (ARR) from subscription business expected to reach 411 million yuan in 2024, a growth of 64.42% year-on-year [3] - The company has maintained high R&D investment, fully implementing its AI empowerment strategy, which includes new features in traditional editing tools and the launch of the Intelligent Document Processing platform [3] Financial Performance - In Q1 2025, the company achieved a revenue of 202 million yuan, a year-on-year increase of 19.78%, with a net profit attributable to shareholders of -6 million yuan, improving from -11 million yuan in the same period last year [1] - The company’s total revenue is projected to grow from 611 million yuan in 2023 to 1.205 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.8% [5] - The gross profit margin is expected to remain high, with estimates of 94.8% in 2023, gradually decreasing to 91.8% by 2027 [5] Market Performance - The company has seen significant revenue growth in various regions, with the Asia-Pacific market showing a remarkable increase of 53.42% year-on-year in 2024 [3] - The North American market accounted for 53% of total revenue, but its growth rate was slower at 9.41% year-on-year due to the impact of emerging markets and subscription transformation [3] - The company’s subscription revenue is expected to constitute 49.31% of total revenue in 2024, reflecting a year-on-year growth of 62.33% [3]

汽车行业跟踪（2025.5.5-2025.5.9）：极氪或将被私有化退 市，零跑汽车五一期间订单量创新高 [Table_Industry] 汽车行业 [Table_ReportDate] 2025 年 5 月 11 日 2 证券研究报告 行业研究 [行业周报 Table_ReportType] [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号: S1500525010002 联系电话: 13613012393 邮箱: dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮箱：zhaoyueyuan@cindasc.com 赵启政 汽车行业高级分析师 执业编号：S1500525030004 邮箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号: S1500524100004 联系电话: 13062621910 邮箱: dinghongjing@cindasc.com 徐国铨 汽车行业研究助理 邮箱: xugu ...

阶段性关注关税边际缓和，推荐消费复苏&出海 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 5 月 11 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编 ...

新消费估值体系抬升，出口链关税缓和预期强化 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 11 日 证券研究报告 [Table_ReportType] 行业周报 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 新消费估值体系抬升，出口链关税缓和预期强 化 行业研究 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 ➢ 消费：布鲁可发布变形金刚等新品，卡游推出 EVA 卡牌，润本山姆渠 道增量显著。本周布鲁可发布变形金刚星辰版第 3 弹，创新 ...