[Table_Title] 海内外模型端加速迭代，关注业绩披露情况 ——传媒行业周报（2025.3.24-2025.3.30） [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.3.24-2025.3.30，下同）：传媒行业（申万）下跌 1.39%，排名子行业第 13 名，同期沪深 300 涨 0.01%，上证指数跌 0.40%，创业板指跌 1.12%，恒生科技指数跌 2.89%。本周，传媒（申 万）行业中，读客文化、果麦文化、ST 联合、新华文轩和读者传媒表 现最好，周内分别实现涨幅+21.60%、+15.16%、+14.53%、+11.69% 和+10.86%；涨跌幅后 5 名为返利科技（-18.54%）、浙文互联（- 15.35%）、卓创资讯（-12.82%）、大晟文化（-12.14%）和福石控股（- 9.49%）。港股方面，恒生科技成分股网易-S、百度集团-SW 表现较好。 行业重点数据及动态更新 AI 应用： 阿里、腾讯、字节互联网平台竞争 AI 超级 app。最新一周 （3.24 至 3.30）七麦预估 iphone 端 Deepseek 下载量为 209.1 万， 环 ...

Investment Rating - The report maintains a "Buy" rating for China Feihe (6186.HK) with a projected PE of 13, 12, and 12 times for the years 2025, 2026, and 2027 respectively, indicating a favorable outlook compared to the Hang Seng Index [5][7]. Core Insights - In 2024, China Feihe achieved a revenue of 20.749 billion yuan, representing a year-on-year increase of 6.23%, and a net profit attributable to shareholders of 3.570 billion yuan, up 5.31% [1][2]. - The company plans to distribute a final dividend of 0.1632 HKD per share, totaling approximately 2.72 billion yuan, with a payout ratio of about 76.19% [1]. - The infant formula segment showed steady recovery with revenues of 19.062 billion yuan, reflecting a growth of 6.63% year-on-year [2]. Revenue Breakdown - Offline and online revenues for 2024 were 15.997 billion yuan and 4.751 billion yuan, respectively, with year-on-year growth rates of 2.89% and 19.25% [2]. - The company reported revenues from its infant formula business in mainland China, the United States, and Canada of 20.546 billion yuan, 164 million yuan, and 39 million yuan, respectively, with growth rates of 6.52%, -20.61%, and 1.90% [2]. Production Capacity and Margins - By the end of 2024, the company's production capacity increased to over 365,000 tons, marking an annual growth of over 11.62% [2]. - The gross margin improved to 66.34%, up 1.51 percentage points year-on-year, primarily due to a 15% decrease in raw milk prices and product mix upgrades [2][3]. Profitability Metrics - The net profit margin for 2024 was 17.21%, a slight decrease of 0.15 percentage points year-on-year, attributed to reduced government subsidies and increased minority interest losses [3]. - Management expenses decreased, with the management expense ratio at 8.10%, down 0.92 percentage points year-on-year [3]. Market Outlook - The infant formula market is expected to stabilize gradually, supported by newborn support measures, with China Feihe positioned as a leading player due to its strong R&D capabilities and brand recognition [4]. - The high-end infant formula segment is anticipated to drive continued growth, supported by rising disposable income and demand for premium products [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit attributable to the parent company of 124 million yuan, up 35.94% [2] - The growth in human nutrition and animal nutrition businesses is driven by increased customer demand due to new national standards and successful collaborations with major international clients [3] - The company's gross margin improved to 43.61% in 2024, an increase of 1.22 percentage points year-on-year, primarily due to enhanced capacity utilization [4] - The demand for ARA and DHA products is expected to grow due to the implementation of new standards for infant formula and the expiration of key patents held by competitors [5] Financial Summary - The company forecasts net profits of 151 million yuan, 182 million yuan, and 216 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.19%, 20.84%, and 18.80% [6] - The projected P/E ratios for the company are 28, 23, and 19 times for 2025, 2026, and 2027, respectively, with a market capitalization of 4.2 billion yuan [6] - The company reported a gross margin of 52.42% in Q4 2024, reflecting a significant increase of 6.69 percentage points year-on-year [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 5.36 billion, 7.04 billion, and 9.06 billion for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 31.45%, 31.26%, and 28.85% [5] Core Insights - The company achieved total revenue of 10.622 billion in 2024, a year-on-year increase of 49.30%, and a net profit of 408 million, up 85.51% year-on-year [1] - The company's strategy of "high-end cost performance" continues to deepen, with significant growth in e-commerce channels, particularly through Douyin, which generated 2.188 billion in revenue, a year-on-year increase of 81.73% [2] - The company plans to issue H shares and list on the Hong Kong Stock Exchange, with the proposal already approved by the board [3] Revenue and Profitability - In Q4 2024, the company reported total revenue of 3.453 billion, a year-on-year increase of 36.35%, and a net profit of 67 million, up 32.63% year-on-year [1] - The gross profit margin for 2024 was 24.25%, an increase of 0.92 percentage points year-on-year, attributed to improved supply chain efficiency [4] - The company’s net profit margin for 2024 was 3.84%, reflecting a year-on-year increase of 0.75 percentage points [4] Sales Channels and Product Development - The third-party e-commerce platform revenue reached 7.407 billion, accounting for 69.73% of total revenue, with significant contributions from Douyin, Tmall, and JD.com [2] - The company launched over 1,000 SKUs in 2024, successfully creating more than 20 billion-level single products [2] - The company’s sub-brands, including "Little Deer Blue Blue," generated 794 million in revenue, a year-on-year increase of 35.03% [3] Future Projections - The company is projected to achieve revenues of 13.668 billion, 17.041 billion, and 20.609 billion for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 28.67%, 24.68%, and 20.94% [7] - The expected earnings per share for 2025, 2026, and 2027 are 1.34, 1.75, and 2.26 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025, 2026, and 2027 projected at 51.88 billion, 54.58 billion, and 56.88 billion respectively, reflecting year-on-year growth of +3.98%, +5.21%, and +4.21% [4] Core Insights - In 2024, the company achieved total revenue of 597.15 billion (down 0.64%) and a net profit attributable to shareholders of 49.89 billion (down 1.26%), with a cash dividend of 0.75 per share [1] - The company reported a recovery in sales volume in Q4 2024, with total external sales of meat products reaching 83.12 million tons, an increase of 9.47% year-on-year [2] - The gross profit margin for the company was 17.69%, an increase of 0.64 percentage points year-on-year, driven by improvements in the gross profit margins of packaged meat and poultry products [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 156.03 billion (up 13.46%) and a net profit of 11.85 billion (up 63.27%) [1] - The total external sales volume of meat products for 2024 was 318 million tons, a decrease of 1.67% year-on-year, primarily due to declines in packaged meat and fresh pork products [2] - The company’s revenue from packaged meat products, fresh pork, and other products for 2024 was 247.88 billion, 269.30 billion, and 79.97 billion respectively, with year-on-year changes of -6.16%, +1.12%, and +13.42% [2] Profitability - The profit margin for the packaged meat segment increased by 14% to 4699 yuan per ton, while the profit margin for fresh pork decreased by 32.61% to 324 yuan per ton [3] - The company’s net profit for 2024 was 49.89 billion, with a year-on-year decrease of 1.26% [1] Growth Prospects - The company plans to expand its direct sales and distribution network, with direct sales revenue increasing by 6.11% to 143.81 billion and the number of distributors growing by 19.83% to 21,282 [2] - Future net profit projections for 2025, 2026, and 2027 indicate a steady growth trajectory, with corresponding P/E ratios of 18, 17, and 16 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025, 2026, and 2027 being 50.85 billion, 56.38 billion, and 60.58 billion respectively, indicating significant growth potential [6][8]. Core Insights - The company reported total revenue of 886.75 billion in 2024, a decrease of 10.09% year-on-year, with a net profit of 1.05 billion, down 97.83% [2]. - The company plans to distribute a cash dividend of 0.509 per share, totaling 19.94 billion, with a payout ratio of 45% [2]. - The decline in revenue was primarily due to impairment losses related to Bellamy and the joint venture Modern Dairy, which impacted profits significantly [4]. Revenue Breakdown - In 2024, revenue from liquid milk, ice cream, milk powder, cheese, and other businesses was 730.66 billion, 51.75 billion, 33.20 billion, 43.20 billion, and 27.94 billion respectively, with year-on-year changes of -10.97%, -14.12%, -12.66%, -0.86%, and +17.99% [3]. - The second half of 2024 showed improvements with liquid milk and milk powder revenue declines narrowing, while ice cream and cheese businesses experienced growth [3]. Profitability Analysis - The company's gross margin for 2024 was 39.57%, an increase of 2.42 percentage points year-on-year, mainly due to lower raw milk prices [4]. - The net profit margin was 0.12%, a decrease of 4.76 percentage points, primarily due to significant impairment losses [4]. Strategic Positioning - The company is leveraging its channel advantages and rapidly iterating new products to meet diverse consumer needs, positioning itself for recovery in the liquid milk segment [5]. - The company is expected to further increase its market share in the medium to long term due to its leading channel advantages and swift product innovation [5].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 1 日 [Table_Title] 运营商资本开支向算力倾斜，关注 OFC 开幕催化 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.3.24-2025.3.28）上证综指回调 0.40%，深证 成指回调 0.75%，创业板指回调1.12%。本周申万通信回调 3.87%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.24-2025.3.28）通信板块三级子行业中， 其他通信设备回调幅度最低，跌幅为 3.15%，通信工程及服务回调幅 度最高，跌幅为 8.41%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.24-2025.3.28）通信板块涨幅板块分析方 面，*ST 九有（8.09%）、ST 路通（7.37%）、东土科技（5.68%） 涨幅分列前三。 运营商 CAPEX 变局：整体"瘦身"，算力投资"不设限" 卫星通信：海格通信（00 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 04 月 01 日 [Table_Title] 海内外模型端加速迭代，关注业绩披露情况 ——传媒行业周报（2025.3.24-2025.3.30） [Table_Summary] 报告要点： 市场表现 AI 事件，海外，谷歌发布 Gemini 2.5pro；OpenAI 发布 GPT-4o 图像 生成功能。国内，Deepsseek-v3 版本更新；昆仑万维发布全球首款音 乐推理大模型 Mureka O1；豆包新版深度思考开启测试；阿里通义千 问推出视觉推理模型 QVQ-Max。 游戏：最新一周（2025.3.24-2025.3.30），《王者荣耀》、《和平精英》 和《地下城与勇士：起源》成为本周畅销榜前 3 名，腾讯 NBA2K 正 版拟真竞技手游《美职篮全明星》周内上线，表现优秀。心动公司公 布 2024 年度业绩，年内实现扭亏为盈。未来一周将有 8 款商品上线， 腾讯腾讯旗下 MMO 冒险游戏《剑灵 2》将上线。 影视：最新一周（2025.3.24-2025.3.30，下同）国内总票房 2.11 亿 元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-on-year growth of 34.6%, with a net profit of 881 million yuan, up 33% year-on-year. The gross margin stood at 84.4%, with a net margin of 22.69% [1][4]. - The color cosmetics segment showed significant growth, achieving revenue of 2.304 billion yuan, a 42.04% increase year-on-year, while the skincare segment generated 1.429 billion yuan, growing 23.21% year-on-year [2]. - The company is expanding its online channels rapidly, with online revenue reaching 1.784 billion yuan, a 51.23% increase year-on-year, while offline revenue was 1.949 billion yuan, up 21.64% [3]. Financial Performance Summary - For 2024, the company achieved a total revenue of 3.885 billion yuan, with a year-on-year growth rate of 34.6%. The net profit was 881 million yuan, reflecting a growth of 33% [6]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.158 billion yuan, 1.449 billion yuan, and 1.795 billion yuan, respectively, with corresponding P/E ratios of 40, 32, and 26 [4][6].

[Table_Title] 金股报告 推荐逻辑 电新机械：运机集团，001288.SZ——海外订单饱满，产能爬坡迎来业绩兑现；与华 为深度合作，价值量提升。 计算机：金山办公，688111.SH——收入利润持续增长，持续加大研发投入；个人业 务稳步发展，打造 AI 原生功能；WPS 365 面向组织级客户全新升级，实现一站式 AI 办公 证券研究报告 2025 年 04 月 01 日 国元证券 2025 年 4 月金股组合及投资逻辑 ——2025 年第 4 期 报告要点： 国元月度金股（2025 年 4 月） |  | 国元月度金股（2025 年 | 4 月） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 23A | 24E | 25E | | | | | 电新机械 | 运机集团 | 001288.SZ | 0.60 | 0.95 | 1.41 | 30.33 | 44.04 | 冯健然 | ...