[Table_Title] 万联晨会 [Table_MeetReportDate] 2024 年 04 月 25 日 星期四 【市场回顾】 周三，A 股震荡反弹，上证指数涨 0.76%报 3044.82 点，深证成指涨 0.74%，创业板指涨 0.70%。A 股两市全天成交额约 7951.58 亿元人民 币，北向资金净买入 46.06 亿元人民币，其中，沪股通净买入 30.70 亿元人民币，深股通净买入 15.36 亿元人民币；南向资金净买入 19.95 亿港元。A 股两市个股超 4000 只上涨。申万行业方面，通信、计算 机行业领涨，煤炭、农林牧渔行业领跌；概念板块方面，铜缆高速连 接、飞行汽车概念指数涨幅居前，草甘膦、转基因概念指数跌幅居前。 港股方面，香港恒生指数收涨 2.21%报 17201.27 点，恒生科技指数 涨 3.61%。海外方面，美国三大股指涨跌不一，道指跌 0.11%，标普 500 指数涨 0.02%，纳指涨 0.10%。欧洲股市小幅下跌，亚太股市主 要股指多数收涨。 【重要新闻】 【新一批智能交通先导应用试点项目公布】4 月 23 日，交通运输部 公布第二批智能交通先导应用试点项目（自 ...

Investment Rating - The investment rating for the company is "Buy" [5][14]. Core Insights - The company reported a revenue of 7.294 billion yuan in Q1 2024, representing a year-on-year growth of 14.82%. The net profit attributable to shareholders was 1.364 billion yuan, up 18.49%, while the net profit excluding non-recurring items was 1.328 billion yuan, an increase of 17.38% [3][11]. - The CHC (Consumer Health Care) business is experiencing rapid growth, with a strong performance in prescription drugs. The demand for the 999 cold medicine has been boosted by ongoing consumer needs and the high incidence of colds [4]. - The integration with Kunming Pharmaceutical Group is progressing steadily, laying a solid foundation for future collaboration. The strategic development plan for the next five years focuses on chronic disease management and premium traditional Chinese medicine [4]. - The company is actively developing innovative drugs, improved innovative drugs, generic drugs, and classic formulas. As of Q1 2024, the R&D pipeline includes several projects in various therapeutic areas, with one product recently approved for market [4][11]. Financial Forecast - The forecasted revenues for 2024, 2025, and 2026 are 29.191 billion yuan, 33.509 billion yuan, and 37.284 billion yuan, respectively. Corresponding net profits are expected to be 3.390 billion yuan, 3.847 billion yuan, and 4.265 billion yuan [5][11]. - The earnings per share (EPS) are projected to be 3.43 yuan, 3.89 yuan, and 4.32 yuan for the years 2024, 2025, and 2026, respectively [5][11].

[Table_RightTitle] 证券研究报告|房地产 公 [Table_Title] [Table_StockRank] 司 买入 研 利润端承压下降，市占率持续提升 (维持) 究 [Table_StockName] [Table_ReportDate] ——保利发展（600048）点评报告 2024年04月24日 [事Ta件bl:e4_S月um23m日ar，y公] 司披露了2023年年报，公司实现营业收入3468.94 [基Ta础ble数_B据ase Data] 亿元，同比上升23.40%，公司实现净利润178.99亿元，同比下降33.68%； 总股本（百万股） 11,970.44 归母净利润120.67亿元，同比下降34.13%。 流通A股（百万股） 11,970.44 点评： 收盘价（元） 8.04 公 公司2023年业绩与业绩快报一致，利润端承压下降：（1）收入端，公 总市值（亿元） 962.42 司 司积极推进保交付，全年实现竣工面积4053万平，同比增长2%，支撑 流通A股市值（亿元） 962.42 点 结算收入实现稳定增长。公司2023年新开工面积1491万平，同比下降 [个Ta股ble相 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [7][10]. Core Views - The company has achieved significant revenue growth, with a total revenue of 1.688 billion yuan in 2023, representing a year-on-year increase of 22.16%. The net profit attributable to shareholders reached 327 million yuan, up 49.71% year-on-year, indicating better-than-expected performance [17]. - The company is focusing on optimizing its product structure, transitioning from traditional drying products to smart drying products, which accounted for 85.70% of its main business revenue in 2023 [3][10]. - The company is expanding its sales channels, achieving a 37.51% year-on-year increase in offline sales, while online sales grew by 13.71% [3][10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.688 billion yuan and a net profit of 327 million yuan, with a significant increase in net profit margin to 19.36% [17][8]. - The company’s gross margin improved by 4.98 percentage points to 51.35%, driven by product optimization and cost reduction efforts [8][10]. Product and Market Development - The company’s smart home products generated revenue of 1.433 billion yuan in 2023, a year-on-year increase of 26.39%, reflecting a shift towards higher-margin products [3][10]. - The company is expected to benefit from the increasing penetration of smart home solutions in China, which will enhance its market share [10]. Future Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.98 yuan, 1.18 yuan, and 1.40 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15, 12, and 10 times based on the closing price on April 23, 2024 [5][10].

Core Insights - The report highlights a mixed performance in the domestic market, with the Shanghai Composite Index closing at 3,021.98, down 0.74%, while the ChiNext Index saw a slight increase of 0.15% [6][9] - The report indicates that the A-share market experienced a total trading volume of approximately 775.71 billion RMB, with northbound funds showing a net sell of 2.997 billion RMB [6][9] - The beauty and food & beverage sectors led the gains in the Shenwan industry classification, while non-ferrous metals and steel sectors faced declines [6][9] Company Analysis - The report discusses Mango TV's strong performance in 2023, with effective playback volume for variety shows increasing by 31% and for series by 46%, leading the long video industry [13] - The company achieved an annual revenue of 14.628 billion RMB in 2023, reflecting a year-on-year increase of 4.66%, and a net profit of 3.556 billion RMB, up 90.73% year-on-year [12] - In Q1 2024, Mango TV reported a revenue of 3.324 billion RMB, a 7.21% increase year-on-year, but a decline in net profit by 13.85% [12] Industry Trends - The report notes that the bond custody volume growth has slowed, with a total custody balance of 143.4 trillion RMB, reflecting a month-on-month increase of 0.79 trillion RMB [27] - The report highlights a significant increase in local government bonds, while the growth in national bonds has notably decreased [27] - The leverage ratio in the bond market is estimated at 108.7%, showing a slight increase of 0.4 percentage points month-on-month [28]

Investment Rating - The investment rating for the company is "Add" [5][11]. Core Insights - The company has solidified its position as a leader in variety shows and optimized its layout for long and short dramas, with significant increases in effective playback volume for both genres in 2023 [3][8]. - The membership business has entered a new phase of high-quality development, with a notable increase in member revenue and a strong recovery trend in advertising business [3][8]. - The acquisition of Hunan Golden Eagle Cartoon Media Co., Ltd. has enriched the company's content matrix and expanded its "four-platform" model, enhancing its core competitiveness [3][8]. Summary by Sections Financial Performance - In 2023, the company achieved an annual revenue of 14.628 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 3.556 billion yuan, a year-on-year increase of 90.73% [3][4]. - For Q1 2024, the company reported a revenue of 3.324 billion yuan, a year-on-year increase of 7.21%, and a net profit of 472 million yuan, a year-on-year decrease of 13.85% [3][4]. Business Development - The company is focusing on deepening its variety show offerings and exploring new markets, with plans for new shows and collaborations, including a partnership with Douyin for micro-short dramas [3][8]. - The membership revenue grew by 35.64% year-on-year in Q4, with the total number of effective members reaching 66.53 million, marking a new high [3][8]. Forecast and Valuation - The revenue forecast for 2024-2026 is set at 16.2778 billion yuan, 17.7625 billion yuan, and 19.336 billion yuan, respectively, with corresponding net profits of 2.1729 billion yuan, 2.3279 billion yuan, and 2.6513 billion yuan [4][8]. - The earnings per share (EPS) are projected to be 1.16 yuan, 1.24 yuan, and 1.42 yuan for the years 2024, 2025, and 2026, respectively [4][8].

[Table_RightTitle] 证券研究报告|食品饮料 公 [Table_Title] [Table_StockRank] 司 增持 研 业绩表现超预期，盈利能力有所下降 (维持) 究 [Table_StockName] [Table_ReportDate] ——东鹏饮料（605499）点评报告 2024年04月23日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年4月23日，公司发布2024年一季度报告。2024年第一季度， 总股本（百万股） 400.01 公司实现营收34.82亿元（同比+39.80%），归母净利润6.64亿元（同 流通A股（百万股） 159.27 比+33.51%），扣非归母净利润6.24亿元（同比+37.76%）。 收盘价（元） 195.60 公 总市值（亿元） 782.42 司 投资要点: 流通A股市值（亿元） 311.53 点 ⚫ 公司业绩表现超预期。2024Q1，公司实现营收 34.82 亿元（同比 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 +39.80%），归母净利润6.64亿元（同比+33.5 ...

[Table_Title] 内外需求扩大，公司业绩持续增长 [Table_StockName] ——新澳股份（603889）点评报告 [Table_ReportDate] 2024 年 04 月 23 日 2024 年 4 月 22 日，公司发布 2024 年一季度报告。2024Q1，公司实现 营收 11.00 亿元（同比+12.48%），归母净利润 0.96 亿元（同比+6.59%）， 扣非归母净利润 0.93 亿元（同比+6.37%）。 730.66 716.44 证券研究报告|纺织服饰 [Table_StockRank] 增持(维持) [Table_Summary] 报告关键要素: ⚫ 公司业绩持续增长，但净利润增速较去年明显下降：公司作为毛纺细分 行业龙头企业之一，营收净利实现增长。2024Q1 公司实现营收 11.00 亿 元（同比+12.48%），增速较去年同期（+9.44%）进一步提升；归母净 利润 0.96 亿元（同比+6.59%），增速较去年同期（+21.23%）明显下降； 扣非归母净利润 0.93 亿元（同比+6.37%），增速较去年同期（+20.62%） 下降。 公司毛利率有所上升，财务 ...

[Table_MeetReportDate] 2024 年 04 月 23 日 星期二 核心观点 债市精准支持科技创新，关注优质企业科创债 3 月新游头部厂商持续发力，《射雕》打造金庸武侠世界 RPG | --- | --- | --- | |-------------------------------|---------------------|----------| | [Table_InterIndex] \n指数名称 | 国际市场表现 \n收盘 | 涨跌幅 % | | 道琼斯 | 38,239.98 | 0.67% | | S&P500 | 5,010.60 | 0.87% | | 纳斯达克 | 15,451.31 | 1.11% | | 日经 225 | 37,438.61 | 1.00% | | 恒生指数 | 16,511.69 | 1.77% | | 美元指数 | 106.08 | -0.07% | | [Table_MeetContact] 主持人: | 李中港 | | 万千财富，与您相连 【市场回顾】 周一，A 股震荡走弱，上证综指跌 0.67%，报 3044.60 点，深证成指跌 0.4 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 3 月新游头部厂商持续发力，《射雕》打造 强于大市 研 (维持) 究 金庸武侠世界 RPG [Table_ReportType] [Table_ReportDate] ——传媒行业月报 2024年04月22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 ⚫ 新游情况：3月共6款新重点手游上线。角色扮演类游戏仍为主流，以 腾讯为首的头部厂商稳定发力。6款上线的重点新游分别是电魂网络发 传媒 沪深300 20% 行的《元能失控》（3月8日上线）、游族网络发行的《三国云梦录》 10% （3月19日上线）、星辉游戏发行的《塔塔英雄》（3月22日上线）、 0% 行 37手游发行的《原野传说：史前万年》（3月22日上线），《万乘之 -10% -20% 业 国》（3月30日上线）、腾讯游戏发行的《饥困荒野》（3月24日上 -30% 月 线）；公测的重点新游是网易游戏发行的《射雕》（3月28日公测）。 -40% 报 -50% ⚫ 游 ...