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 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [1][16]. Core Views - The company continues to experience revenue growth, but the net profit growth rate has significantly declined compared to last year. In Q1 2024, the company achieved revenue of 1.1 billion yuan (up 12.48% year-on-year), while the net profit attributable to shareholders was 96 million yuan (up 6.59% year-on-year), showing a notable decrease from the previous year's growth rate of 21.23% [1]. - The company's gross margin has improved, but the rising financial expense ratio has negatively impacted the net profit margin. The gross margin for Q1 2024 was 19.91%, an increase of 0.64 percentage points year-on-year. However, the net profit margin decreased slightly to 9.08%, down 0.62 percentage points year-on-year [1]. - Domestic and international consumption is recovering well, with increased demand. Domestic retail sales of clothing, shoes, and textiles reached 369.4 billion yuan in the first quarter of 2024, a year-on-year increase of 2.50%. Meanwhile, exports of woolen materials and products saw a slight decline, with a total export value of 1.48 billion USD in January-February 2024, up 5% year-on-year [1]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 1.1 billion yuan, a year-on-year increase of 12.48%, and a net profit of 96 million yuan, up 6.59% year-on-year. The net profit growth rate has decreased significantly compared to the previous year's 21.23% [1]. - The gross margin improved to 19.91%, while the net profit margin decreased to 9.08% due to rising financial expenses [1]. Market Demand - The domestic market for woolen products is recovering well, with retail sales showing a positive trend. The international market saw a slight decline in exports, but overall demand remains stable [1]. Profit Forecast and Investment Advice - The company is expected to maintain its growth trajectory in the medium to long term, with projected net profits of 461 million yuan, 492 million yuan, and 542 million yuan for 2024, 2025, and 2026, respectively. The corresponding earnings per share are forecasted to be 0.63 yuan, 0.67 yuan, and 0.74 yuan [1][10].

[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 ...

[Table_RightTitle] 证券研究报告|食品饮料 行 [Table_Title] [Table_IndustryRank] 业 强于大市 研 年度业绩报告持续披露，多数企业表现亮眼 (维持) 究 [Table_ReportType] [Table_ReportDate] ——食品饮料行业周观点(04.15-04.21) 2024年04月22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 上周食品饮料板块上涨0.74%，于申万31个子行业中位列第10。上周 食品饮料 沪深300 （2024年04月15日-2024年04月21日），沪深300指数上涨1.89%，申万 10% 食品饮料指数上涨0.74%，跑输沪深300指数1.15个百分点，在申万31个 5% 0% 行 一级子行业中排名第10。年初至今沪深300指数上涨3.22%，申万食品饮 -5% 业 料指数下跌4.58%，跑输沪深300指数7.80个百分点，在申万31个一级子 -10% 周 行业中排名第12。上周食品饮料子板块多数上涨，其中乳品（+2.44%）、 -15% -20% 观 软 ...

[Table_RightTitle] 证券研究报告|传媒 行 [Table_Title] [Table_IndustryRank] 业 Meta 发布 Llama 3 开源大模型，微信小游 强于大市 研 (维持) 究 戏活跃用户 7.5 亿 [Table_ReportType] [Table_ReportDate] ——传媒行业周观点(04.15-04.21) 2024年04月22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 上周传媒行业（申万）下跌 4.48%，居市场第28 位，跑输沪深 300 指 数。微信小游戏活跃用户7.5亿。QuestMobile发布了《2024手机游戏 传媒 沪深300 20% 行业与重点人群洞察报告》。报告显示微信小程序游戏活跃用户达 7.5 10% 亿，在全景流量中占比达80.3%。现有的手游用户中，有8成使用短视 0% 行 频APP，游戏与短视频的用户争夺战日益激烈；小游戏正在蚕食手游用 -10% 业 -20% 户，今年重合用户规模较去年增加1.1亿；现阶段超过70%的手机游戏 周 -30% APP用户正在使用微 ...

[Table_RightTitle] 证券研究报告|社会服务 行 [Table_Title] [Table_IndustryRank] 业 文旅融合赋能乡村振兴，入境游市场加速回 强于大市 研 (维持) 究 暖 [Table_ReportType] [Table_ReportDate] ——社会服务行业周观点(04.15-04.21) 2024年04月22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 上周（4月15日-4月21日）沪深300指数上涨1.89%、申万社会服务 指数下跌 6.09%，社会服务指数跑输沪深 300 指数 7.98 个百分点，在 社会服务 沪深300 5% 申万 31 个一级行业指数涨跌幅排第 30。年初至今沪深 300 指数上涨 0% -5% 3.22%、申万社会服务指数下跌12.36%，申万社会指数跑输沪深300指 -10% 行 -15% 数15.58个百分点，在申万31个一级子行业中涨跌幅排名第25。上周 -20% 业 -25% 社会服务子板块中只有专业服务上升，为 0.4%，其余板块均下跌，酒 -30% 周 -35 ...