Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue growth of 0.66% year-on-year for 2024, with a net profit attributable to shareholders increasing by 0.12% year-on-year. The dividend per share is set at 1.06 CNY, resulting in a dividend payout ratio of 28.5%, which is an increase of 0.5% compared to 2023 [2] - Total assets grew by 3.4% year-on-year, with loans increasing by 5.2% year-on-year. The risk-weighted assets saw a growth of 7.33% [2] - The asset quality indicators remained stable, with a non-performing loan ratio of 1.07%, unchanged from the end of 2023. The non-performing loan ratio for corporate real estate increased by 0.85 percentage points year-on-year [3] - The company expects a slight adjustment in profit forecasts for 2025-2026, with projected net profits of 77.9 billion CNY in 2025, 78.6 billion CNY in 2026, and 79.4 billion CNY in 2027, reflecting year-on-year growth rates of 0.96%, 0.8%, and 1% respectively [4] Summary by Sections Revenue and Profit - The company's revenue for 2024 is projected at 212.226 billion CNY, with a growth rate of 0.66%. The net profit attributable to shareholders is expected to be 77.205 billion CNY, with a growth rate of 0.12% [5] Asset Quality - The non-performing loan ratio is stable at 1.07%, with a slight decrease of 1 basis point from the previous quarter. The coverage ratio for provisions is at 237.78%, showing a year-on-year decrease of 7.43 percentage points [3] Profit Forecast - The profit forecast for 2025-2027 indicates a gradual increase in net profit, with corresponding price-to-book ratios of 0.55, 0.51, and 0.48 for the respective years [4][5]

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-over-year increase of 6.56%, and a net profit attributable to shareholders of 810 million yuan, up 29.95% year-over-year [1][2] - The gross margin and net margin have significantly improved, with the gross margin at 46.30% (up 3.48 percentage points) and net margin at 14.50% (up 2.53 percentage points), primarily due to lower raw material costs and product mix upgrades [2][3] - The company has seen strong performance in high-end products, with high-end product revenue reaching 3.904 billion yuan, a year-over-year increase of 13.97%, and accounting for 70.84% of total revenue [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.731 billion yuan and a net profit of 810 million yuan, with a year-over-year growth of 6.56% and 29.95% respectively [1] - The company’s gross profit margin improved to 46.30%, while the net profit margin reached 14.50% [2] Revenue Breakdown - Revenue from different channels in 2024: ordinary channel 5.155 billion yuan (+6.00%), supermarkets 198 million yuan (+46.71%), night venues 88 million yuan (-4.72%), and e-commerce 71 million yuan (+20.51%) [3] - High-end products showed the highest growth, with sales volume of high-end beer increasing by 13.96% year-over-year [3] Future Projections - The company expects steady revenue growth, with projected revenues of 6.188 billion yuan in 2025, 6.681 billion yuan in 2026, and 7.182 billion yuan in 2027 [4] - The forecasted net profit for 2025 is 896 million yuan, reflecting a growth of 10.60% year-over-year [4][10]

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-over-year increase of 6.56%, and a net profit attributable to shareholders of 810 million yuan, up 29.95% year-over-year [1][2] - The gross margin and net margin have significantly improved, with the gross margin at 46.30% (up 3.48 percentage points) and net margin at 14.50% (up 2.53 percentage points), primarily due to lower raw material costs and product mix upgrades [2][3] - The company has seen strong performance in high-end products, with revenue from high-end products reaching 3.904 billion yuan, a year-over-year increase of 13.97%, and accounting for 70.84% of total revenue [3][4] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 5.731 billion yuan and a net profit of 810 million yuan, with a year-over-year growth of 6.56% and 29.95% respectively [1] - The company’s gross profit margin improved to 46.30%, and net profit margin increased to 14.50% [2] Revenue Breakdown - Revenue from different channels for 2024: ordinary channel 5.155 billion yuan (+6.00%), supermarkets 198 million yuan (+46.71%), night venues 88 million yuan (-4.72%), and e-commerce 71 million yuan (+20.51%) [3] - High-end products showed the highest growth, with sales volume of high-end beer increasing by 13.96% year-over-year [3] Product and Market Strategy - The company is expanding its product matrix and enhancing product strength by integrating elements of sports, music, and food, and hosting events like the Pearl River Beer Music Festival [4][10] - The company is actively pursuing high-end product development and has introduced new products to align with market trends [10] Future Outlook - The company is expected to maintain steady growth, with projected net profits for 2025-2027 at 896 million yuan, 967 million yuan, and 1.059 billion yuan respectively, reflecting year-over-year growth rates of 10.60%, 7.95%, and 9.46% [10][12]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 03 月 31 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大股指全线收跌，上证指数下跌 0.67%，报 3351.31 点； 深证成指下跌 0.57%，报 10,607.33 点；创业板指下跌 0.79%，报 2128.21 点。A 股两市全天成交额 11,187.71 亿元人民，南向资金净 买入 82.42 亿港元。A 股两市个股普遍下跌，超 4100 只个股下跌。 申万行业方面，申万 31 个一级行业中仅传媒上涨，其中基础化工、 石油石化领跌；概念板块方面，青蒿素、重组蛋白、可控核聚变概念 指数涨幅居前，环氧丙烷、草甘膦概念指数跌幅居前。港股方面，恒 生指数下跌 0.65%，恒生科技指数下跌 1.48%；海外方面，美国三大 股指全线下跌，道指下跌 1.69%，报 41,583.90 点，标普 500 指数下 跌 1.97%，报 5580.94 点，纳指下跌 2.70%，报 17,322.99 点。欧洲 股市及亚太股市主要股指普跌。 3207 【重 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [4][33]. Core Insights - In February 2025, the Chinese gaming market achieved a revenue of 27.935 billion yuan, reflecting a year-on-year growth of 12.30% but a month-on-month decline of 10.11%. The mobile gaming sector generated 20.842 billion yuan, with a year-on-year increase of 14.18% [1][12][14]. - The global mobile gaming market saw a revenue of 6.34 billion USD in February 2025, down 2.46% year-on-year and 12.79% month-on-month. The top three markets by revenue are the United States, China, and Japan [2][16][17]. - Chinese self-developed games generated 1.505 billion USD in overseas revenue, marking an 11.79% year-on-year increase despite a 10.12% month-on-month decline [3][27]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China reported a revenue of 27.935 billion yuan in February 2025, with a year-on-year growth of 12.30% and a month-on-month decline of 10.11%. The mobile gaming market specifically saw a revenue of 20.842 billion yuan, with a year-on-year increase of 14.18% [1][12][14]. 2. Global Gaming Market - The global mobile gaming revenue in February 2025 was 6.34 billion USD, showing a year-on-year decrease of 2.46% and a month-on-month decrease of 12.79%. The United States leads the market, followed by China and Japan [2][16][17]. 3. Revenue Rankings - In February 2025, Tencent dominated the Chinese App Store revenue rankings with six titles in the top ten, including "Honor of Kings" and "Game for Peace." The top five games were primarily from Tencent and one from Point Interactive [2][22][25]. 4. Overseas Market - Chinese self-developed games achieved 1.505 billion USD in overseas sales, with "Whiteout Survival" leading the revenue charts. The overall overseas revenue reflects a year-on-year increase of 11.79% despite a month-on-month decline [3][27][31]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, and stable content output, as the industry shows robust growth potential [3][31].

证券研究报告|电子 [Table_Title] 液晶电视面板涨势收敛，显示器面板涨幅扩 [Table_ReportType] ——电子行业跟踪报告[Table_ReportDate] [Table_Summary] 行业核心观点： 2025 年一季度品牌厂备货较为积极，致 TV 面板库存升高，或导致二季 度 LCD TV 涨势收敛，在中国大陆面板厂商控产稳价策略下有望平稳过 渡。受 TV 面板产能挤占效应影响，MNT 面板供需格局有望维持紧平衡， 价格月度涨幅有所扩大。 投资要点： ⚫ LCD TV 涨势收敛，MNT 涨幅有所扩大：液晶电视面板方面，2025 年 3 月中大尺寸液晶电视面板仍维持涨势，但相对 2 月的涨势有所收敛， 在采购商库存压力下，4 月液晶电视面板涨幅或将进一步收敛。显 示器面板方面，部分规格显示器面板涨幅均有所扩大，至每月增幅 $0.4，DISCIEN 预测 4 月显示器面板价格或将维持$0.4 的涨幅。 ⚫ LCD TV 二季度面临库存压力，控产稳价策略下有望平稳过渡：1）需求 端，2025 年一季度受海外关税及面板涨价驱动，品牌采购策略转向积 极；国内因国补透支效应导致年初需求降温 ...

营收平稳增长，餐饮保持韧性 [Table_StockName] ——广州酒家（603043）点评报告 [Table_ReportDate] [Table_Summary] 报告关键要素: 3 月 27 日，公司发布 2024 年报。报告显示，2024 年公司实现营业收入 51.24 亿元（YoY+4.55%），实现归母净利润 4.94 亿元（YoY-10.29%）， 实现扣非归母净利润 4.52 亿元（YoY-10.73%）。 投资要点: ⚫ 食品业务表现稳健，餐饮持续增长。从产品分类来看，2024 年产品增 速分化，其中月饼产品实现营收 16.36 亿元（YoY-1.95%），受月饼小年 以及性价比消费趋势影响营收同比小幅下滑；速冻食品实现营收 10.3 亿元（YoY-2.97%）；餐饮业务实现营收 14.55 亿元（YoY+15.24%），在 餐饮行业持续承压的背景下业绩表现出一定韧性。从产品结构来看，餐 饮业务持续扩张，营收占比提升 2.63%至 28.40%；速冻食品占比小幅下 滑 1.56%至 20.10%。从渠道来看，食品业务直销与经销渠道营收均小幅 提升，直销同比+0.63%，经销同比+1.21 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][3]. Core Insights - The company announced a cash dividend of 2.00 CNY per share for the 2024 fiscal year, with a dividend payout ratio of approximately 35.32%, an increase of 0.3% compared to 2023. The current dividend yield is about 4.6% [2]. - Asset quality remains stable, with a non-performing loan ratio of 0.95% as of the end of 2024, unchanged from the previous year. The attention rate and overdue rate increased to 1.29% and 1.33%, respectively, up by 19 basis points and 7 basis points year-on-year. The provision coverage ratio is 411.98%, a decrease of 25.72 percentage points year-on-year [2]. - Retail customer numbers and Assets Under Management (AUM) continue to grow rapidly, with retail customer numbers reaching 210 million, a year-on-year increase of 6.6%. The total assets managed for retail customers amount to 14.9 trillion CNY, reflecting a year-on-year growth of 12.1% [2]. - The company’s earnings forecast indicates a revenue growth rate of 0.86% for 2025, 4.47% for 2026, and 2.79% for 2027. Net profit growth rates are projected at 2.91% for 2025, 4.15% for 2026, and 3.49% for 2027 [3]. Summary by Sections Financial Performance - For the fiscal year 2024, the company reported a total revenue of 337,488 million CNY, with a slight decline of 0.48% year-on-year. The net profit attributable to shareholders is projected at 148,391 million CNY, reflecting a growth of 1.22% [3]. - The company’s net interest income is expected to be 211,277 million CNY for 2024, with interest income of 374,271 million CNY and interest expenses of 162,994 million CNY [9]. Asset Quality - The non-performing loan ratio is stable at 0.95%, with a retail loan non-performing ratio of 0.96%, which has increased by 7 basis points since the beginning of the year [2]. Customer Growth - The retail customer base has reached 210 million, with AUM growing to 14.9 trillion CNY, indicating strong growth in retail financial services [2].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][3]. Core Views - The company has announced a cash dividend of 2.00 CNY per share for the year 2024, with a dividend payout ratio of approximately 35.32%, an increase of 0.3% compared to 2023. The current stock price corresponds to a dividend yield of about 4.6% [2]. - The asset quality remains stable, with a non-performing loan ratio of 0.95% as of the end of 2024, unchanged from the previous year. The attention rate and overdue rate have increased to 1.29% and 1.33%, respectively, up by 19 basis points and 7 basis points from the end of the previous year [2]. - Retail customer numbers and AUM (Assets Under Management) continue to grow rapidly, with retail customer numbers reaching 210 million, a year-on-year increase of 6.6%. The total assets managed for retail customers amount to 14.9 trillion CNY, reflecting a year-on-year growth of 12.1% [2]. - The company’s strong capital position and deposit cost advantages are expected to support stable performance, while the retail financial business shows resilience. The gradual recovery in wealth management-related business sales is anticipated to stabilize net income from fees in the retail segment [2][3]. Financial Forecasts - The projected revenue for 2024 is 337,488 million CNY, with a growth rate of -0.48%. For 2025, the revenue is expected to increase to 340,398 million CNY, reflecting a growth rate of 0.86%, and further growth to 355,627 million CNY in 2026, with a growth rate of 4.47% [3]. - The net profit forecast for 2024 is 148,391 million CNY, with a growth rate of 1.22%. The net profit is expected to reach 152,710 million CNY in 2025, growing by 2.91%, and 159,053 million CNY in 2026, with a growth rate of 4.15% [3]. - The estimated price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.99, 0.89, and 0.84, respectively, based on the closing price of 43.26 CNY per share on March 27 [2][3].

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a stable revenue growth with a total revenue of 5.124 billion yuan in 2024, representing a year-over-year increase of 4.55%. However, the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [1][2] - The food business showed resilience, particularly in the restaurant segment, which achieved a revenue of 1.455 billion yuan, reflecting a year-over-year growth of 15.24%. In contrast, the mooncake and frozen food segments experienced slight declines in revenue [2] - The company is implementing cost reduction and efficiency improvement measures, resulting in a decrease in overall expense ratios, although the gross profit margin fell to 31.72%, down 3.90 percentage points from the previous year [2] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.124 billion yuan, with a year-over-year growth of 4.55%. The net profit attributable to shareholders was 494 million yuan, down 10.29% from the previous year [1][3] - The revenue breakdown shows mooncake sales at 1.636 billion yuan (YoY -1.95%), frozen food at 1.03 billion yuan (YoY -2.97%), and restaurant business at 1.455 billion yuan (YoY +15.24%) [2] Cost Management - The company's gross profit margin decreased to 31.72%, a decline of 3.90 percentage points year-over-year. The sales expense ratio and management expense ratio were 9.81% and 10.22%, respectively, both showing a decrease compared to the previous year [2] Future Outlook - The company is expected to maintain growth in the "restaurant + food" dual business model, with projected revenues of 5.746 billion yuan in 2025, representing a growth rate of 12.14% [3][8] - The company has announced a stock repurchase plan and an equity incentive plan aimed at enhancing management motivation and operational efficiency [2][3]