| --- | --- | --- | --- | --- | |----------------------------------------|------------------------------------------------------|------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 \n6 月金股组合 股票代码 | —— 晨会聚焦 | \n股票名称 | | 2024 年 6 月 27 日 \n中银晨会聚焦 -20240627 | | 600428.SH | | 中远海特 | | | | | | | | | | 600309.SH | | 万华化学 | ■ | 重点关注 | | 002409.SZ | | 雅克科技 | | | | 688700.SH ...

Investment Rating - The report assigns a "Buy" rating to the company [1] Core Views - The company is a leading player in the domestic film and television industry, with strong growth potential across its four main business segments: film, animation, content-related services, and industrial investment [4][5] - The company has successfully established itself as a leader in the animation film sector, creating influential works and aiming to develop a "Chinese Mythology Universe" series [5][39] - The company has a robust revenue growth forecast, with a projected net profit turnaround in 2023, driven by a strong pipeline of quality films and effective cost control strategies [5][22] Summary by Sections Company Overview - The company is a major player in the media and entertainment sector, focusing on film project investment, production, and distribution [12] - It has a diversified business model that includes film, animation, content-related services, and industrial investments, enhancing its competitive edge [12][15] Financial Performance - The company reported a revenue of RMB 1,546 million in 2023, a significant increase of 104.74% compared to the previous year [6] - The net profit attributable to the parent company was RMB 417.81 million in 2023, marking a turnaround from previous losses [6][22] - The company maintains a low expense ratio, which supports its profitability [5][24] Business Segments - The film segment has consistently led the market, with the company releasing films that achieve over RMB 1 billion in box office revenue annually since 2015 [5] - The animation segment is highlighted for its successful productions, including the record-breaking "Ne Zha" which grossed RMB 5.03 billion [39] - The content-related services segment includes artist management and other media services, contributing to the overall revenue growth [24] Market Position - The company has a strong market presence, with a significant share of the domestic film market and a growing footprint in the animation sector [5][30] - It has established partnerships and investments in over 70 companies within the content industry, enhancing its market reach and resource integration [15][17] Future Outlook - The company is expected to continue its growth trajectory, with projections of net profits reaching RMB 1,015.49 million by 2024 [6] - The integration of AI technology in animation production is anticipated to further enhance efficiency and output quality [39]

重点关注 支撑评级的要点 618 期间带货 GMV 同比大增，变现能力提升。根据哔哩哔哩商业动态，哔哩哔哩 618 期间带货 GMV 同比+146%，其 中服饰配饰品类同比增速达 382%，总订单量同比增长 154%，其中千元以上商品订单量同比+136%。618 期间，带货 带来的广告收入同比+93%，其中电商平台行业同比增速达 1346%；在 B 站投放广告的客户数同比+313%，为全行业 带去的新客率均超过 50%；参与带货的 UP 主数量同比+143%，带货视频数量同比+359%，直播带货场次同比+141%。 我们认为，哔哩哔哩 618 收官战报展现出平台在带货领域可发掘的潜力，预计随着其对用户心智的持续打造以及用户 消费习惯的逐步培养，平台变现能力将持续提升。 | --- | --- | --- | --- | --- | --- | |--------------|------------------|------------------------------|----------------|------------------|-------------------------------| ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by over 20% in the next 6-12 months [3][8]. Core Views - The company has seen significant growth in its gaming revenue, particularly from the newly launched mobile game "Three Kingdoms: Strategizing the World," which reached the third position on the iOS bestseller list shortly after its release. This is expected to contribute substantially to the company's game revenue for the year 2024 [3]. - The company's performance during the 618 shopping festival showed a remarkable increase in GMV (Gross Merchandise Volume), with a year-on-year growth of 146%. This indicates a strong improvement in the platform's monetization capabilities [3]. - The report projects an increase in revenue forecasts for 2024, 2025, and 2026, with expected revenues of RMB 26.18 billion, RMB 29.59 billion, and RMB 32.74 billion respectively [4]. Summary by Sections Revenue and Profit Forecast - The company’s projected sales revenue for 2024 is RMB 26,181 million, with a growth rate of 16% compared to 2023. The non-GAAP net profit is expected to be a loss of RMB 465 million, improving to a profit of RMB 1,250 million in 2025 and RMB 1,959 million in 2026 [4][6]. - The report indicates a significant increase in the company's operating income, with expectations of reaching RMB 29,588 million in 2025 and RMB 32,737 million in 2026 [4]. Market Performance - The company’s stock has shown a relative performance of 40.3% over the past months compared to the Hang Seng Index, indicating strong market interest and potential [2]. - The average daily trading volume over the past three months is reported at HKD 539.77 million, reflecting active trading and investor engagement [2]. Shareholder Information - The major shareholder, Chen Rui, holds a 12.1% stake in the company, indicating a significant level of insider investment [2]. Game Revenue Contribution - The newly launched mobile game is expected to significantly boost the company's game revenue, with projections of RMB 8.91 million, RMB 9.92 million, and RMB 10.07 million for Q2, Q3, and Q4 of 2023 respectively [3]. E-commerce Growth - The report highlights a 93% increase in advertising revenue during the 618 shopping festival, with the number of advertisers on the platform increasing by 313% year-on-year [3]. Valuation Metrics - The projected P/E ratios for 2025 and 2026 are 50.6 and 32.3 respectively, indicating a potential for growth in earnings relative to the stock price [4][6].

通信 | 证券研究报告 — 行业周报 2024 年 6 月 25 日 强于大市 通信行业周报(0624-0630) 通信行业相对沪深 300 指数表现 资料来源:万得,中银证券 注:收盘价截止到 2024 年 6 月 21 日 中银国际证券股份有限公司 具备证券投资咨询业务资格 通信 证券分析师:庄宇 yu.zhuang@bocichina.com 证券投资咨询业务证书编号:S1300520060004 证券分析师:吕然 (8610)66229185 ran.lv@bocichina.com 证券投资咨询业务证书编号:S1300521050001 联系人:袁妲 da.yuan@bocichina.com 一般证券业务证书编号:S1300122070006 鸿蒙开启万物互联 华为开发者大会带来全新的 HarmonyOS NEXT、盘古大模型 5.0、昇腾 AI 云服务、GaussDB 数据库等最新科技创新成果,分享鸿蒙生态开放的新能力, 持续为消费者和开发者带来创新体验。 第 25 周主题: 6 月 21-23 日,华为开发者大会(HDC 2024)盛大开幕。大会宣布,Top5000 应用全部启动鸿蒙原生开发。 ...

| --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|---------------------|---------------------------------------------------------------------| | 证券研究报告 \n6 月金股组合 | —— 晨会聚焦 \n | | 2024 年 6 月 25 日 | | 股票代码 | | 股票名称 中远海特 | 中银晨会聚焦 -20240625 | | 600428.SH | | | | | 600309.SH | | 万华化学 | ■ 重点关注 | | 002409.SZ | | 雅克科技 | | | 688700.SH | | 东威科技 | 【策略研究】策略深度 * 王君 郭晓希 徐亚。利率快速下行阶段，市场关注 | | 300750.SZ 600054.SH | | 宁德时代 黄山旅游 | 宽松预期本身，权益能否占优取决于下一阶段货币宽松效果。 | ...

强于大市 | 证券分析师:王靖添 | | |-----------------------------|----------------| | jingtian.wang@bocichina.com | | | 证券投资咨询业务证书编号: | S1300522030004 | | 联系人:刘国强 | |--------------------------------------| | guoqiang.liu_01@bocichina.com | | 一般证券业务证书编号: S1300122070018 | 汽车运输船运价小幅下降,5 月各家快递公司件 量及收入实现增长 航运方面,汽车运输船运价小幅下降,关税政策加剧汽车海运贸易前景不确 定性。航空方面,暑运旅游旺季将至,多地航司开始上新及加密国内国际航 线。快递方面,5 月各家快递公司件量及收入实现增长,单票收入有所下滑。 核心观点: ①汽车运输船运价小幅下降,关税政策加剧汽车海运贸易前景不确定性。根 据克拉克森报道,2024 年至今,克拉克森研究汽车海运贸易指数同比增长 4.3%。预计 2024 年全年,克拉克森研究全球汽车海运贸易量(不包括欧洲 内陆短途 ...

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强大于市 房地产行业第 25 周周报(6 月 15 日-6 月 21 日) 本周楼市成交同环比均改善;统计局 5 月销售降 幅边际改善 本周新房成交面积环比由负转正,同比降幅收窄;二手房成交面积同环比均由负转正, 新房库存面积环比上升,同比下降,去化周期同环比均上升。 核心观点 新房成交面积环比由负转正,同比降幅收窄。40 个城市新房成交面积为280.9 万平方米,环 比上升30.4%,同比下降17.8%,同比降幅较上周收窄了17.7 个百分点。主要是因为去年端 午节低基数原因。一、二、三四线城市新房成交面积环比增速分别为46.8%、28.4%、21.1%, 同比增速分别为 2.2%、-21.2%、-30.1%,一线城市同比增速较上周提升了 42.4 个百分点, 二、三四线城市同比降幅较上周分别收窄了12.1、4.1 个百分点。 二手房成交面积同环比均由负转正。18个城市成交面积为189.1 万平方米,环比上升22.4%, 同比上升53.7%,同比由负转正,较上周提升了68.6 个百分点。一、二、三四线城市成交面积 环比增速分别为 28.4%、24.9%、10.2%,同比增速分别为 105.0%、37.1%、 ...

Group 1 - The report defines the broad low interest rate era, which began in the 1980s, as a result of long-term structural factors such as declining potential economic growth and capital return rates [1][36]. - The narrow low interest rate era is characterized by a significant decline in capital return rates, a weakening of expectations for potential economic growth, and a reduction in the effectiveness of monetary policy [1][40]. - The experience of the United States entering the narrow low interest rate era began in 2007, with a rapid decline in rates from 2007 to 2009, followed by a low interest rate expectation phase from 2009 to 2013, where bonds significantly outperformed equities [1][68]. Group 2 - Japan's narrow low interest rate era began in the early 1990s, with a rapid decline in rates from 1990 to 1997, followed by a low interest rate expectation phase from 1998 to 2022, during which risk assets underperformed compared to overseas assets [1][53]. - The report highlights that during Japan's low interest rate period, risk assets consistently underperformed, while Japanese government bonds outperformed inflation [1][57]. - The report notes that the performance of major assets in Japan during the low interest rate period was significantly weaker than that of overseas risk assets, with a notable recovery in Japanese equities only after the implementation of Abenomics in 2013 [1][78]. Group 3 - The outlook for major assets in China entering the narrow low interest rate era post-2023 indicates a gradual alignment with long-term factors such as population changes, with a focus on the effectiveness of monetary policy remaining intact [1][6]. - The report suggests that while nominal returns in China are low, the actual returns remain favorable, indicating a long-term advantage for equity assets [1][3]. - The report emphasizes that the current market is more focused on the decline in interest rates rather than the effects of monetary easing, with bonds still in a dominant position until the market shifts its focus to the effectiveness of monetary policy in the low interest rate stable phase [1][3].