Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 45.99 RMB as of December 17, 2024 [4] Core Views - The company has achieved stable growth in its business scale, with rapid development in the vocational education sector [1] - The company has diversified its business into four core sectors: personalized education, vocational education, cultural reading, and medical-education integration [1] - By December 2024, the company's operations cover over 100 cities, with more than 4,000 full-time teachers and over 2 million cumulative students [1] - The company has expanded its vocational education sector through acquisitions and partnerships, including the acquisition of Shenyang International Business School and investment in Yueyang Modern Service Vocational School [2] - The company expects the Yueyang Modern Service Vocational School to reach a student capacity of 10,000 by the fall of 2025 [2] Financial Performance and Valuation - The company's revenue is projected to grow from 1,798 million RMB in 2022 to 4,075 million RMB in 2026, with a CAGR of 22.5% [3] - Net profit attributable to the parent company is expected to increase from 11 million RMB in 2022 to 464 million RMB in 2026, with a CAGR of 43.7% [3] - The company's EPS is forecasted to rise from 0.09 RMB in 2022 to 3.77 RMB in 2026 [3] - The P/E ratio is expected to decrease from 520.4x in 2022 to 12.2x in 2026, indicating improving valuation metrics [3] Business Expansion and Strategy - The company has established over 30 personalized education learning bases, more than 15 vocational schools and industry-education integration bases, and over 300 personalized education learning centers [1] - In the cultural reading sector, the company has developed "Juxiang Bookstore," which operates in 7 cities with 13 stores, offering a comprehensive cultural reading space [1] - The company has also established 5 full-time bilingual schools and over 7 self-operated hospitals and clinics [1] - The company is actively building modern industry colleges in collaboration with institutions such as Jiangxi Mechanical and Electrical Vocational College and Chongqing University [2] Market Performance - The company's stock price as of December 17, 2024, is 45.99 RMB, with a total market capitalization of 5,667.10 million RMB [4] - The stock has experienced a 12-month price range between 64.99 RMB and 40.95 RMB [4] - Over the past 12 months, the stock has shown a relative return of -32.19% and an absolute return of -14.82% [6]

446 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|------------------|----------------------------------------|-------------------------|----------------------| | 2024 年 12 月 18 日 \n兆易创新（ 603986.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 利基 DRAM 价格下行空间有限，持续受益头部厂 | 投资评级 | | | 买入(维持 ) | | 商减产/退出 | 股价 | (2024-12-17) | | 93.68 元 | | | 交易数据 | | | | | 投资要点 | 总市值（百万元） | | | 62,215.15 | | 拟设立青耘科技，针对定制化存储解决方案。根据公司战略发展及业务需要，兆易 | | 流通 ...

446 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|----------------|---------------------------|-------------------------|-----------------------| | 2024 年 12 月 17 日 \n泰凌微（ 688591.SH ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 电子 \| | 集成电路Ⅲ | | 聚焦物联网芯片设计，助力万物互连 | 投资评级 | | | 增持(首次 ) | | | 股价 | (2024-12-17) | | 29.30 元 | | 以低功耗蓝牙类 SoC 产品为重心，横向持续拓展技术领域： 公司成立于 2010 年， | 交易数据 | | | | | 是一家专业的集成电路设计企业，主要从事无线物联网系统级芯片的研发、设计及 | | 总市值（百万元） | | 7,032.0 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company is launching new games, including "The Legend of the Otherworld: Slime Don't Cry" and "The Sword Legend," which are expected to enhance user experience in a competitive gaming market [1][2] - The company emphasizes a commitment to quality content and user engagement through innovative gameplay mechanics, such as the "Sword Technique System" in "The Legend of the Sword" and dynamic event mechanisms in "The Sword Legend" [2] - The company aims to adapt to market changes with a flexible development approach, focusing on creating high-quality games that resonate with user preferences [2] Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 4.03 billion, 4.51 billion, and 5.00 billion CNY respectively, with corresponding net profits of 1.08 billion, 1.22 billion, and 1.39 billion CNY [3] - The earnings per share (EPS) are projected to be 15.00, 16.90, and 19.29 CNY for the same period, with price-to-earnings (P/E) ratios of 14.4, 12.8, and 11.2 [3] - The company maintains a high gross margin, projected at 88.7% for 2024, increasing to 89.0% in 2025 and 2026 [3] Market Data - As of December 17, 2024, the company's stock price is 216.70 CNY, with a market capitalization of approximately 15.61 billion CNY [4] - The stock has a 12-month price range of 265.60 CNY to 157.94 CNY [4]

千影大模型发布， "AI+"赋创游戏新生态 投资要点 事件：2024 年 12 月 12 日，巨人网络在中国游戏产业年会上发布"千影 QianYing" 有声游戏生成大模型，包含游戏视频生成大模型 YingGame、视频配音大模型 YingSound。 注重角色交互个性化，AI 多维增强用户体验。 作为一个面向开放世界游戏的视频 生成大模型，YingGame 首次实现角色多样动作的交互控制，可自定义游戏角色， 一年股价表现 同时具备更好的游戏物理仿真特性。结合自研视频配音大模型 YingSound，其能够 根据画面生成与之匹配的复杂音效，实现有声游戏视频生成。通过一系列技术创新， 公司新成果融合跨模态特征、细粒度角色表征、运动增强与多阶段训练策略，构建 了高效、高质量的游戏视频训练数据生产管线，多维提升用户体验。 多模态全矩阵布局，"AI+"纵深赋能游戏业务创新发展。 基于视频生成技术，公 司展示了通过文字描述实现游戏创造的一种可行性。此外，公司的 AI 实验室将持 续探索，推进模型能力的升级迭代。公司还基于大模型底座技术启动"千影共创计 划"，对外开放模型技术、模型应用、原创游戏项目等方面的合作共创、应用落 ...

http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|-------------------------------------------|-----------------------------|---------------------------------------|--------------| | 2024 年 12 月 17 日 \n电气设备 | | | 行业研究●证券研究报告 \n行业快报 | | | 全国能源工作会议召开，关注特高压与核电投 | 投资评级 | | 领先大市(维持 | ) | | 资 | 首选股票 | | 评级 | | | 事件点评 | | | | | | 全国能源工作会 12 月 15 日召开，国家能源局主要负责人表示， 2025 年，我国 | 一年行业表现 | | | ...

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华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------|-------------------------------------------|-----------------------------|----------------------------------|----------------| | 2024 年 12 月 16 日 \n消费电子 | | | 行业研究●证券研究报告 \n行业快报 | | | Android XR 发布，有望吸引多终端厂进入 | 投资评级 | | 同步大市(维持 | ) | | 投资要点 | 首选股票 | | | 评级 | | 12 月 12 日（美国时间），谷歌宣布推出专为 XR 头显设计的操作系统"安卓 XR"， | | | | | | 该系统将首次应用于与三星电子合作的名为" Project Moohan "头显项目中，该设 | | | | | | ...

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446 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------|--------------------------|----------------| | 2024 年 12 月 16 日 \n新劲刚（ 300629.SZ ） | | | 公司研究●证券研究报告 | 公司快报 | | | | | 机械 \| | 基础件Ⅲ | | 深耕军工数据链，开拓低空第二增长曲线 | 投资评级 | | | 买入(上调) | | | 股价 | (2024-12-13) | | 23.69 元 | | 投资要点 | 交易数据 | | | | | 事件： 2024 年 10 月 29 日，公司发布 ...