[Table_Title] 最强春节档兑现预期，Sora 利好优质内容公司 [Table_ReportDate] 传媒 | 行业简评报告 | 2024.2.21 [评Ta级ble：_R an看k]好 核心观点 [ Table_Authors] [T[Tabalbel _eS_Sumummmarayr]y ] 李甜露 ⚫ 【核心观点】最强春节档票房再突破，持续关注供给景气下影视板 联席首席分析师 块行情。优质供给驱动下，档期总票房突破历史记录，同时头部影 SAC执证编号：S0110516090001 litianlu@sczq.com.cn 片在档期后仍具有较长线的票房空间。展望 2024 年，我们预计电 电话：86-10-8115 2690 影市场的供给端将持续保持充足水平，将刺激观影需求进一步释 放，行业有望持续繁荣。看好：a）优质储备丰富、有望释放盈利弹 辛迪 性的龙头制作公司；b）市占率稳固、有望受益于行业繁荣的头部院 分析师 线；以及 c）在技术加持和开发力度提升下有望持续挖掘优质内容 SAC执证编号：S0110522110003 价值的内容平台。Sora实现多维突破，利好优质内容公司。Sora的 x ...

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The total box office for the 2024 Spring Festival reached 8.051 billion yuan, breaking historical records, with a total of 163 million attendees and an average ticket price of 49.1 yuan. Two films surpassed 2 billion yuan in box office revenue, with the top three films being "Hot and Spicy" at 2.724 billion yuan, "Racing Life 2" at 2.404 billion yuan, and "Boonie Bears: Time Reversal" at 1.392 billion yuan [4] - The increase in box office revenue is driven by high-quality content supply, with the Spring Festival period being longer than in previous years and a higher proportion of comedy films that fit well with family viewing during the holiday. The number of screenings reached 3.954 million, a year-on-year increase of 48.3%, setting a new historical high. However, compared to 2021, the box office is slightly lower due to fewer attendees and a decrease in average ticket prices [4] - Box office revenue is increasingly concentrated among top films, with the top four films accounting for 98.1% of the total box office, the highest since 2017. Some films underperformed and were withdrawn from release. The audience ratings for the top films are promising, indicating potential for long-term box office growth [4] - The supply of quality content is abundant, and the industry is expected to remain prosperous in 2024 due to recovering film approvals, scheduled releases, and extended promotional periods. Key companies to watch include Light Media, Wanda Film, and others, which are expected to benefit from industry growth [4] Summary by Sections - **Market Performance**: The 2024 Spring Festival box office broke records with 8.051 billion yuan, 163 million attendees, and an average ticket price of 49.1 yuan [4] - **Quality Supply**: The increase in box office is attributed to a longer festival period and a higher proportion of family-friendly comedies, with screenings up 48.3% year-on-year [4] - **Concentration of Revenue**: The top four films accounted for 98.1% of the box office, indicating a trend towards revenue concentration among leading films [4] - **Future Outlook**: The industry is expected to thrive in 2024 with abundant quality content and key companies poised to benefit from this growth [4]

Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The company is expected to achieve significant revenue and profit growth in 2023, driven by product structure upgrades and demand recovery. Projected revenue is between 1.43 billion to 1.45 billion yuan, representing a year-on-year increase of 32.42% to 34.27%. The net profit is expected to be between 240 million to 260 million yuan, reflecting a year-on-year growth of 70.34% to 84.53% [10]. - The company has seen an increase in the sales proportion of its Xunlong series, with key breakthroughs in brand clients. Major brands like Xiaomi and realme are utilizing the company's chips in their headphone products, and the company is expanding its second-tier brand client base [10]. - The company is expanding its product lines around Bluetooth and Wi-Fi connectivity, with eight main product lines including Bluetooth headset chips, smart wearable chips, and AIoT chips. Continuous technological iterations and product upgrades are being pursued to expand new application scenarios [10]. - The company's products are sold domestically while targeting global customers. With approximately 60%-70% of its shipments going overseas, the recovery in overseas demand is expected to drive continued revenue growth [10]. - Profit forecasts for the company are 250 million, 343 million, and 478 million yuan for 2023, 2024, and 2025 respectively, corresponding to PE ratios of 33, 24, and 17 times based on the stock price as of February 19 [10]. Financial Summary - Revenue (in billion yuan): 10.80 in 2024E, 14.45 in 2025E, 19.11 in 2026E, 24.46 in 2027E, with growth rates of 33.82%, 32.25%, and 28.00% respectively [10]. - Net profit (in billion yuan): 1.41 in 2024E, 2.50 in 2025E, 3.43 in 2026E, 4.78 in 2027E, with growth rates of 77.12%, 37.37%, and 39.34% respectively [10]. - EPS (in yuan): 2.08 in 2024E, 2.86 in 2025E, 3.98 in 2026E [10].

Industry Overview - The RF front-end market is expected to grow from $19.2 billion in 2022 to $26.9 billion by 2028, with a CAGR of 5.78% [2] - 5G adoption is driving the modularization of RF front-end components, increasing the value per device from $18 to $25 [2] - The top 5 global RF front-end manufacturers (Skyworks, Qorvo, Broadcom, Qualcomm, Murata) hold 80% of the market share [2] - Domestic Chinese manufacturers have made significant breakthroughs in high-integration modules, particularly in 5G new frequency bands [2] Key Companies Maxscend Microelectronics - Leading domestic RF switch and LNA manufacturer, gradually expanding into module products [2] - Established its own filter production line to achieve high-end module autonomy [2] - MAX-SAW filters have achieved stable mass production, with over 160 million integrated filters shipped in H1 2023 [36] - Actively developing 5G PA modules, with L-PAMiF products increasing client penetration [36] Vanchip Technologies - Domestic leader in 4G RF PA, ranking first in domestic 4G RF power amplifier shipments [37] - Successfully mass-produced L-PAMiD modules in Q3 2023, with ongoing client project introductions [39] - Introduced low-voltage L-PAMiF products to reduce overall client solution costs [39] - Major shareholders include MediaTek, OPPO, Vivo, and Xiaomi, enhancing client relationships [37] Smarter Micro - Emerging domestic PA module manufacturer, ranking second in domestic 5G new frequency band L-PAMiF shipments [40] - Pioneered innovative reconfigurable RF front-end architecture, offering performance and cost advantages [43] - Achieved small-scale production of 5G low and mid-high frequency L-PAMiD modules, currently in client promotion phase [44] - Leading market share in 4G IoT RF front-end modules, with 17.4% market share in non-mobile 4G MMMB PAM [44] Market Trends - 5G smartphone penetration is expected to increase from 49.06% in 2022 to 82.06% by 2028 [15] - PA modules account for the largest market share at 45.31%, with a projected CAGR of 5.80% from 2022-2028 [19] - The modularization trend in RF front-end is driven by 5G's increased frequency bands and technical complexity [14] - Domestic manufacturers have narrowed the gap with international players, particularly in 5G Sub-3GHz frequency bands [25]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The expected number of travelers during the 2024 Spring Festival is projected to reach 9 billion, marking a historical high, with significant growth in self-driving trips reflecting a structural adjustment in travel methods [3][4] - The average economy class ticket price for civil aviation during the Spring Festival is expected to be 1,011 yuan, an increase of 16.0% compared to 2019 and 19.5% compared to 2023 [4][21] - The Spring Festival period (January 26 to March 5, 2024) is anticipated to see a total of 90 billion trips, with 18 billion being commercial passenger transport and 72 billion being self-driving trips, indicating a shift in travel structure [3][4] Summary by Sections 1. Historical High in Spring Festival Travel - The number of travelers during the 2024 Spring Festival is expected to reach 9 billion, a 90.15% increase from 2023 and a 202.01% increase from 2019 [4] - The railway passenger volume is projected to be 480 million, a 37.9% increase from 2023 and an 18% increase from 2019 [4] - Civil aviation passenger transport is expected to exceed 80 million, a 44.9% increase from 2023 and a 9.8% increase from 2019 [4] 2. Spring Festival "Second Trip" Boosts Consumption - The total number of cross-regional travelers during the Spring Festival holiday reached 2.311 billion, a historical high [12] - Domestic tourism during the 8-day holiday is expected to reach 474 million trips, a 34.3% increase year-on-year and a 19.0% increase compared to 2019 [12] - Total domestic tourism expenditure is projected to be 632.687 billion yuan, a 47.3% increase year-on-year and a 7.7% increase compared to 2019 [12] 3. Aviation Travel: Domestic and International Tourism Driving Ticket Volume and Price Increase - The total number of civil aviation flights during the Spring Festival is expected to reach 128,000, with an average of 16,000 flights per day, marking a historical high [17] - The average ticket price for economy class during the Spring Festival is projected to be 1,011 yuan, reflecting a significant increase due to high demand [21] - The growth in international flights and the increase in travel demand are expected to further boost ticket prices [21] 4. Investment Recommendations - The report suggests that the rapid growth in travel numbers during the Spring Festival, driven by "visiting relatives + tourism," will enhance airline ticket prices [22] - Recommended stocks include Spring Airlines, Juneyao Airlines, China Southern Airlines, Air China, China Eastern Airlines, Shanghai Airport, Guangzhou Baiyun Airport, and Shenzhen Airport [22]

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 330 to 370 million yuan in 2023, representing a year-on-year growth of 80% to 100% [10]. - The growth in profit is attributed to several factors, including increased trade volume under the Belt and Road Initiative and RCEP, robust growth in cross-border e-commerce, a strong digital strategy, and a recovering consumer market [10]. - The company plans to issue H-shares to enhance its capital strength and governance [10]. Financial Summary - Revenue projections for the company are as follows: 53.8 billion yuan in 2022, 64.8 billion yuan in 2023 (20.5% growth), 76.4 billion yuan in 2024 (18.0% growth), and 88.0 billion yuan in 2025 (15.2% growth) [5]. - Net profit attributable to shareholders is projected to be 1.8 billion yuan in 2022, 3.7 billion yuan in 2023, 5.0 billion yuan in 2024, and 6.1 billion yuan in 2025 [5]. - The company's current P/E ratios are 25.5 for 2022, 12.8 for 2023, 9.4 for 2024, and 7.7 for 2025 [5]. Market Position and Strategy - The company is focusing on the Southeast Asian market, benefiting from the recovery of the consumer market in RCEP regions [10]. - The company has invested over 150 million yuan in developing its cross-border e-commerce management system, which is now in its third iteration [10]. - The company is also promoting its SaaS service platform while strategically reducing losses in its advertising business [10].

行业评级：看好 重视医药行业中小市值公司的投资机会 王斌 陈智博 医药行业首席 ...

[Table_Summary] [Table_ReportDate] 百普赛斯(301080)公司简评报告 | 2024.02.07 [Table_Rank] 评级： 买入 ⚫ 生物医药投融资是生命科学上游的业绩先行指标，目前海外已完成筑 底，国内仍静待复苏。我们认为后续若美国进入降息周期，海外生物医 药投融资有望迎来复苏，带动生物医药行业研发活跃度逐步提升。 [Table_Chart] 市场指数走势（最近 1 年） -1 -0.5 0 0.5 7-Feb20-Apr 1-Jul11-Sep 22-Nov 2-Feb 百普赛斯 沪深300 [Table_BaseData] 公司基本数据 资料来源：聚源数据 相关研究 [Table_OtherReport] 百普赛斯：海外业绩延续高增，业务 扩张利润端短期承压 百普赛斯：国内业务稳中有升，海外 业绩表现持续强劲 请务必仔细阅读本报告最后部分的重要法律声明 ⚫ 国内市场短期承压，中长期需求仍然向好。受投融资下滑等因素影响， 行业龙头公司 BIO-TECHNE 2023 财年第四季度中国地区业绩下滑超过 20%，国内需求端短期处于承压状态。从中长期看，BIO-TEC ...

[Table_Summary] [Table_ReportDate] 聚灿光电(300708)公司简评报告 | 2024.02.04 [Table_Rank] 评级： 买入 事件： 公司公告《2023 年年度报告》。 点评： 终端需求回暖叠加产能释放，2023 年公司营收再创新高。2023 年公司 实现收入 24.81 亿元，同比+22.30%；实现归母净利润 1.21 亿元，同比 -291.09%。单季度看，2023Q4 公司实现收入 6.52 亿元，同比+33.95%， 环比+3.67%；实现归母净利润 0.44 亿元，同比-147.30%，环比-15.26%。 伴随终端库存陆续去化及下游需求回暖，公司产能释放叠加产品定位、 市场需求精准把握，高端产品产销两旺，2023 年公司营收创历史新高。 受益于成本端改善及精细化管理，公司盈利能力持续改善。2023 年公 司实现毛利率 10.44%，同比+1.33pct；净利率为 4.88%，同比+8.01pct。 单季度看，2023Q4 公司毛利率为 12.11%，同比+11.59pct，环比+2.42pct； 公司净利率为 6.75%，同比+25.88pct，环 ...

[Table_Rank] 评级： 买入 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 6-Feb19-Apr 30-Jun 10-Sep 21-Nov 1-Feb 歌力思 沪深300 ⚫ 事件：公司发布 2023 年度业绩预告，2023 年预计实现归母净利润 1-1.3 亿元；若剔除计提商誉减值影响，预计实现归母净利润 2-2.3 亿元。 点评： ⚫ 成长期品牌增速亮眼，线上及线下渠道增长稳健。伴随经营环境复苏， 2023 年公司收入预计同增 20%-25%，较 2021 年增长 22%-27%。分品 牌看，公司旗下所有品牌收入均实现增长，其中 Self-Portrait/Laurel/IRO 品牌国内市场增速亮眼，歌力思品牌预计增长稳健。分渠道看，公司线 下门店覆盖全国核心商圈，截至 2023 年底旗下门店预计达到 651 家左 右（其中 503 家为直营店），较年初净增 43 家左右；电商渠道采取多品 牌、多平台策略，并推进正价化，主动收缩高折扣渠道，线上业务预计 稳健增长。分季度看，若剔除商誉减值影响，23Q4 预计实现归母净利 润 0.64-0.94 亿元，同比扭亏， ...