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证券研究报告 [Table_OtherReport] 公司研究 [Table_ReportType] 公司点评 [Table_StockAndRank] 科德教育(300192.SZ) 投资评级 买入 上次评级 买入 [Table_A 范欣悦 uthor教育人服 ] 行业首席分析师 执业编号：S1500521080001 邮 箱： fanxinyue@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 [科德教育 Table_T24Q3 itle点评： ] 陕西新高考或影响业绩增速 [Table_ReportDate] 2024 年 10 月 24 日 [Table_S 事件：24ummar 年前三季度，公司实现收入 y] 5.8 亿元、同增 3.2%，实现归母净利 润 1.1 亿元、同增 6.7%，实现扣非净利润 1.1 亿元、同增 5.1%。24Q3， 公司实现收入 2.1 亿元、同增 2.0%，实现归母净利润 4343.4 万元、同增 3.7%，实现扣非净利润 4312.9 万元、同增 1. ...

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请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 Research and Development Center 股市供需格局全面改善 ——资金跟踪专题 [Table_ReportDate] 2024 年 10 月 24 日 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_ReportTime] 2019 年 10 月 31 日 Research and Development Center 电影行业专题报告：全国影片推介会在 即，25 年电影春节档定档前瞻 [Table_Industry] 传媒行业 证券研究报告 行业研究 [Table_ReportType] 电影行业专题报告 [Table_StockAndRank] 传媒 行业 投资评级 看好 上次评级 看好 [Table_Title] 电影行业专题报告：全国影片推介会在即，25 年电影春节档定档前瞻 [Table_ReportDate] 2024 年 10 月 23 日 本期内容提要: [Table_S [事件： Table_Summary 中国（横店）国际影片交易会暨第二十六届全国影片推介会定于 ummary] ] 2024 年 10 月 27 日至 10 月 31 日在浙江横店举行。本次推介会以影片交易会、 影片推介会、电影展会及经验分享等形式，展示最新的影视作品、技术及 市场趋势，搭建汇集国内外影视制作、发行的产品服务渠道和洽谈的合作 平台。参会影片包括从 2024 年贺岁档起上映的影片，并已经在国家 ...

Investment Rating - The investment rating for Pop Mart (9992 HK) is not explicitly mentioned in the report, but the analysis suggests a positive outlook due to strong revenue growth and upward revisions in profit forecasts [1][2] Core Viewpoints - Pop Mart's Q3 2024 revenue growth exceeded expectations, with overall revenue increasing by 120%-125% YoY, driven by strong performance in both domestic and overseas markets [1] - Domestic revenue grew by 55%-60% YoY, while overseas revenue surged by 440%-445% YoY, significantly outperforming the company's initial guidance [1] - The company's IP commercialization capabilities have been validated, with overseas markets contributing 29 7% of total revenue in H1 2024, surpassing the full-year 2023 overseas revenue [1] - Pop Mart's diversified business model, including IP incubation, retail, theme parks, and digital entertainment, is expected to drive future growth [2] Revenue Breakdown - Domestic revenue growth was supported by multiple channels: retail stores (+30-35% YoY), robot stores (+20-25% YoY), Pop Mart's online box-drawing machine (+55-60% YoY), and e-commerce platforms (+135-140% YoY) [1] - Overseas revenue growth was driven by the opening of flagship stores and key locations, with notable performances in Thailand, where a Labubu-themed store achieved over RMB 10 million in sales on its opening day [1] Business Expansion - Pop Mart is actively exploring new business models, including theme parks, games, and PTS toy exhibitions, which have already shown profitability [2] - The company plans to open 30-40 new overseas stores in H2 2024, with Q4 expected to contribute over 40% of annual sales due to the holiday season [1] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 12 1 billion, RMB 17 1 billion, and RMB 22 2 billion, representing YoY growth of 92%, 41%, and 30%, respectively [2] - Net profit attributable to shareholders is expected to be RMB 2 68 billion, RMB 4 14 billion, and RMB 5 70 billion for 2024-2026, with YoY growth of 148%, 54%, and 38% [2] - EPS for 2024-2026 is forecasted to be RMB 1 99, RMB 3 08, and RMB 4 24, with corresponding P/E ratios of 29X, 19X, and 14X as of October 22, 2024 [2] Key Financial Metrics - Gross margin is expected to improve from 61 32% in 2023 to 66 08% in 2026, driven by higher overseas revenue and economies of scale [6] - Net profit margin is projected to increase from 17 18% in 2023 to 25 65% in 2026, reflecting the company's improved profitability [6]

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[Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 公司点评 [Table_StockAndRank] 行动教育(605098.SH) 投资评级 买入 上次评级 买入 [Table_A 范欣悦 uthor教育人服 ] 行业首席分析师 执业编号：S1500521080001 邮 箱： fanxinyue@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 [业绩增速放缓，分红率超 Table_Title] 90% [Table_ReportDate] 2024 年 10 月 22 日 [Table_S 事件：2ummar 4 年前三季度，公司实现收入 y] 5.63 亿元、同增 22.07%，实现归母 净利润 1.95 亿元、同增 21.12%，实现扣非净利润 1.86 亿元、同增 18.72%。 24Q3，公司实现收入 1.73 亿元、同增 0.27%，实现归母净利润 5841 万元、 同增 5.74%，实现扣非后净利润 4939 万元、同减 15 ...

Research and Development Center 分布式光伏新政出台，火电出力同比由负转正 [Table_Industry] —电力行业 8 月月报 [Table_ReportDate] 2024 年 10 月 22 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...