[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 需求持续回暖，营收净利双增长 (维持) 究 [Table_ReportType] [Table_ReportDate] ——社会服务行业 2024Q1 业绩综述报告 2024年05月08日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 社服需求持续回暖，营收净利润实现双增长。2024Q1社会服务行业需 社会服务 沪深300 求持续回暖，板块业绩显著改善，营业收入合计 321.92 亿元，同比增 10% 5% 长15.99%，在申万一级行业中排名第1；归母净利润合计13.44亿元， 0% 行 -5% 业 同比增长53.70%，在申万一级行业中排名第3。盈利能力稳步提升，费 -10% -15% 用率小幅下行。 跟 -20% -25% 踪 ⚫ 旅游及景区板块：2024Q1板块业绩持续向好，营收及归母净利润同比 -30% -35% 报 分别+44.68%、+150.81%。在居民旅游出行需求持续回暖以及政策支 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 3 月游戏市场国内、出海同比双增，游戏板 强于大市 研 (维持) 究 块 2023 年业绩整体回暖 [Table_ReportType] [Table_ReportDate] ——传媒行业跟踪报告 2024年05月08日 [投Ta资ble要_S点um：m ary] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 中国游戏市场：2024 年 3 月中国游戏整体市场收入同比增长 7.18%， 环比下降5.86%。1）中国整体游戏市场：实际销售收入234.17亿元， 传媒 沪深300 10% 环比下降5.86%，同比逆转下跌趋势，回升7.18%；2）移动游戏市场： 0% 行 实际销售收入为169.53亿元，环比下降7.13%，同比上升8.75%。环比 -10% 业 下降的主要原因在于3月随着春节假期的结束，开学返工季来临，各个 -20% 跟 游戏春节活动逐渐结束，热度有所下降，致使游戏市场收入有所回落。 -30% 踪 -40% 报 全球游戏市场：市场收入同比、环比有所上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Insights - The company faced performance pressure in 2023, but in Q1 2024, the net profit attributable to shareholders increased by 21% year-on-year. In 2023, the company achieved revenue of 6.076 billion yuan (down 4.45% year-on-year) and a net profit of 593 million yuan (down 38.97% year-on-year). In Q1 2024, revenue was 1.361 billion yuan (up 4.24% year-on-year) and net profit was 243 million yuan (up 21.39% year-on-year) [4][11]. Summary by Sections Revenue and Profitability - In 2023, the company reported a revenue of 60.76 billion yuan, with a net profit of 5.93 billion yuan. The net profit margin was 9.59%, down 5.53 percentage points year-on-year. The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling approximately 182 million yuan [4][11]. Business Segments - Raw Material Business: Revenue reached 1.129 billion yuan (up 15.22% year-on-year), driven by growth in pharmaceutical-grade and cosmetic-grade raw materials. The gross margin decreased by 6.83 percentage points to 64.71% [4]. - Medical Terminal Business: Revenue increased by 58.95% year-on-year to 1.090 billion yuan, with a gross margin of 82.10%. The aesthetic medicine segment saw significant growth, with skin-related medical products generating 747 million yuan (up 60.29% year-on-year) [4]. - Functional Skincare Products: Revenue declined by 18.45% year-on-year to 3.757 billion yuan, primarily due to strategic adjustments in the product line [11]. - Functional Food Business: Revenue fell by 22.53% year-on-year to 58 million yuan, attributed to proactive adjustments in business strategy and brand planning [11]. Financial Forecast - The company forecasts revenues of 66.30 billion yuan, 76.13 billion yuan, and 87.64 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 746 million yuan, 907 million yuan, and 1.113 billion yuan [5][14]. Valuation Metrics - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.55 yuan, 1.88 yuan, and 2.31 yuan, respectively. The price-to-earnings (PE) ratios are estimated at 41, 34, and 28 times for the same years [11][14].

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------|--------------------------|-------|-------|-------|-------| | [Table_ForecastDetail] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 资产负债表（百万元） | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 56364 | 64598 | 72279 | 80885 | 货币资金 | 6033 | 3637 | 4828 | 2929 | | 同比增速 (%) | 19.61 | 14.61 | 11.89 | 11.91 | 交易性金融资产 | 0 | 0 | 0 | 0 | | 营业成本 | 54038 | 62072 | 69454 | 77717 | 应收票据及应收账款 | ...

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company's performance has shown a significant recovery in the performing arts sector, with a revenue increase of 320.76% year-on-year in 2023, reaching 1.926 billion yuan. The net profit attributable to shareholders was -110 million yuan, but excluding the impact of long-term equity investment losses, the net profit was 830 million yuan, indicating a turnaround from a loss in the previous year [3][4]. - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, up 317.33% year-on-year, reflecting strong growth momentum [3][4]. - The recovery of the company's main performing arts business has varied across different parks, with total revenue from the main business reaching 1.667 billion yuan in 2023, recovering to 95% of the 2019 level [4][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.926 billion yuan, with a year-on-year growth rate of 320.76%. The net profit attributable to shareholders was -110 million yuan, while the adjusted net profit, excluding investment losses, was 830 million yuan, compared to -130 million yuan in the previous year [3][4]. - For Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, reflecting a growth of 317.33% year-on-year [3][4]. Business Recovery - The recovery of the performing arts business has been uneven across different locations, with revenue from various scenic spots such as Hangzhou, Lijiang, and Sanya showing different recovery rates compared to pre-pandemic levels [4][11]. - The company has seen a strong rebound in tourism demand, with significant increases in visitor numbers and spending during the recent holiday periods, surpassing 2019 levels in several metrics [4][11]. Cost Management and Profitability - The company's gross margin improved to 66.35% in 2023, up 16.21 percentage points year-on-year, and further increased to 68.75% in Q1 2024, up 17.73 percentage points year-on-year [4][11]. - The sales expense ratio decreased to 4.59% in 2023, while the management expense ratio significantly dropped to 7.61% due to a high base effect from the previous year [11]. Future Outlook - The company is expected to benefit from the ongoing recovery in the tourism and performing arts sectors, with projected net profits for 2024-2026 estimated at 1.286 billion yuan, 1.570 billion yuan, and 1.796 billion yuan respectively [11][12]. - The company is positioned as a leading player in the performing arts industry in China, with strong growth potential as it focuses on its core business [11][12].

[Table_RightTitle] 证券研究报告|食品饮料 [Table_StockName] ——绝味食品（603517）2024Q1 业绩点评报告 [Table_ReportDate] 2024 年 04 月 30 日 投资要点: [Table_StockRank] 增持(维持) [Table_Chart] 个股相对沪深 300 指数表现 [Table_ReportList] 相关研究 收入稳健增长，盈利持续修复 休闲卤制品行业领导者，产融结合构建美食 生态 [Table_Pagehead2] 万联证券研究所 www.wlzq.cn 第2 页共4页 数据来源：携宁科技云估值，万联证券研究所 [Table_InudstryRankInfo] 行业投资评级 强于大市：未来6个月内行业指数相对大盘涨幅10％以上； 同步大市：未来6个月内行业指数相对大盘涨幅10％至-10％之间； 弱于大市：未来6个月内行业指数相对大盘跌幅10％以上。 [Table_StockRankInfo] 公司投资评级 买入：未来6个月内公司相对大盘涨幅15％以上； 增持：未来6个月内公司相对大盘涨幅5％至15％； 观望：未来6个月内公司 ...

[Table_Title] 24Q1 业绩稳健增长，净利率小幅提升 [Table_Summary] 报告关键要素: ⚫ 盈利预测与投资建议：作为央企背景的黄金珠宝大型企业，公司依托核 心黄金产品，在产品上不断推陈出新，并迎合风口切入培育钻石赛道， 未来有望打造第二增长曲线。预计公司 2024-2026 年的 EPS 分别为 0.72/0.86/0.98 元/股，对应 2024 年 4 月 29 日收盘价的 PE 分别为 16/13/12 倍，维持"买入"评级。 投资要点: ⚫ 24Q1 直营店数量维持不变，加盟店数量增加。2024Q1，公司对不同地 区直营店与加盟店进行调整，直营店季末数量维持不变，加盟店净增加 8 家。另外，公司计划在 2024Q2-Q4 增加 6 家直营店和 216 家加盟店。 | --- | --- | --- | --- | --- | |------------------------|----------|----------|----------|----------| | [Table_ForecastSample] | 2023A | 2024E | 2025E | 2026 ...

Investment Rating - The investment rating for the company is "Add" [6][17]. Core Views - The company has turned a profit in 2023, achieving a revenue of 7.261 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 344 million yuan, up 46.63% year-on-year [2][3]. - The performance in 2023 was below expectations, primarily due to slower demand recovery and profitability not meeting forecasts [2][12]. - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [2]. Revenue and Profitability - The main business revenue for 2023 was 7.108 billion yuan, a year-on-year increase of 10.16% [2]. - The gross profit margin for 2023 was 24.77%, a slight decrease of 0.80 percentage points year-on-year, attributed to changes in revenue structure [2]. - The net profit margin increased by 1.44 percentage points to 4.37% due to improved overall expense ratios [2]. Product and Regional Performance - Fresh products showed steady growth, with revenue from fresh goods reaching 5.768 billion yuan, a year-on-year increase of 6.09% [2]. - Revenue from various product categories grew, with poultry products generating 4.478 billion yuan, up 6.50% year-on-year [2]. - Revenue by region showed mixed results, with the Southwest region declining by 3.76%, while the Northwest region saw a significant increase of 106.52% [2]. Expense Management - The company effectively managed expenses, with sales, management, and financial expenses decreasing by 16.30%, 9.95%, and 30.57% respectively [2]. - The expense ratios for sales, management, and financial costs decreased to 7.44%, 6.38%, and 0.19% respectively [2]. Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 459 million yuan, 548 million yuan, and 660 million yuan respectively, reflecting year-on-year growth rates of 33.22%, 19.45%, and 20.44% [12][14].

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [27]. Core Insights - The tourism industry is experiencing a strong recovery, with a total of 295 million domestic tourist trips during the "May Day" holiday, representing a year-on-year increase of 7.6% and a 28.2% increase compared to the same period in 2019. Domestic tourist spending reached 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][24]. - The trend of tourism downshifting is becoming more pronounced, with county-level tourism gaining popularity as consumers seek less crowded, more cost-effective travel options. This shift is supported by improved infrastructure and increased tourism capacity in these areas [2][14]. - The duty-free market in Hainan is thriving, driven by a surge in tourist activities and diverse shopping experiences offered by major duty-free retailers [16][24]. - Scenic spots are seeing increased visitor numbers, with 339 5A-level tourist attractions reporting further growth in visitor numbers, reflecting the appeal of well-known destinations and the introduction of diverse cultural activities [20][24]. Summary by Sections Tourism - The "county tourism" trend is leading holiday travel preferences, with significant growth in visitor numbers and spending. The demand for less crowded, unique destinations is stronger than ever, supported by enhanced local infrastructure [2][14]. - The total number of domestic tourist trips reached 295 million, with a year-on-year increase of 7.6% and a 28.2% increase compared to 2019. Total spending was 166.89 billion yuan, up 12.7% year-on-year and 13.5% compared to 2019 [1][9]. Duty-Free - Hainan's duty-free market is experiencing a continuous increase in customer flow, with a total of 5.47 billion yuan in duty-free shopping during the holiday, averaging 6,378 yuan per person [16][24]. - Major duty-free retailers are focusing on diverse promotional activities to enhance customer shopping experiences [19][24]. Scenic Spots - Visitor numbers at 5A-level scenic spots have further increased, with 2,612.7 million deep visitors recorded, marking a 53.5% increase compared to the previous year [20][24]. - Various regions are launching unique tourism products and cultural activities to meet the diverse and personalized needs of tourists [20][24]. Investment Recommendations - Focus on tourism destinations that benefit from demand recovery and policy support, particularly those excelling in brand, innovation, and refined operations [24]. - Pay attention to hotel companies that are developing brand matrices and enhancing competitiveness in the mid-to-high-end market [24]. - Consider duty-free leaders that are benefiting from the recovery of inbound and outbound tourism [24].

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 基金重仓配置维持低配，影视院线板块市 强于大市 (维持) 研 场关注度提升 究 [Table_ReportType] ——传媒行业跟踪报告 [Table_ReportDate] 2024年05月07日 [行Ta业ble核_S心um观m点ar：y] [行Ta业ble相_C对ha沪rt] 深 300 指数表现 2024 年 Q1 SW 传媒行业指数震荡调整，同期成交量仍处于较高水 传媒 沪深300 平，资金较为活跃，估值（PE-TTM）仍有较大修复空间。从 2024 年 10% Q1 的基金重仓配置情况看，SW 传媒行业仍处于低配，游戏板块持续 0% 受到市场关注，基金重仓配置集中，抱团现象较为显著。 行 -10% 业 投资要点： -20% -30% 跟 传媒行业重仓配置维持低配，游戏板块备受市场青睐，影视院线板块 -40% 踪 市场关注度提升。2024 年 Q1 SW 传媒行业的适配比例为 1.83%，基金 -50% 报 重仓比例为1.03%，低配比例为0.80%。以全部A股重 ...