相关关联机构： 中银国际控股有限公司北京代表处 | --- | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------|---------------------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for the company, with a neutral outlook [1]. Core Insights - The report highlights the strengthening consumer willingness and ability to spend on IP derivatives in China, indicating significant growth potential for the IP industry [2]. - The company is strategically focusing on high-value IP development and digital transformation, aligning with the "14th Five-Year Plan" proposed by its major shareholder, Shanghai Film Group [5][10]. - The acquisition of a 51% stake in Shanghai Film Yuan Culture marks a pivotal step in the company's transition towards large IP development, creating a dual-track business model [15][35]. Financial Summary - The company forecasts revenue growth from RMB 430 million in 2023 to RMB 1.5 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35.57% [1]. - The net profit attributable to the parent company is expected to rise from a loss of RMB 328.2 million in 2022 to a profit of RMB 428.31 million by 2026, indicating a significant turnaround [1]. - Earnings per share (EPS) are projected to increase from a loss of RMB 0.73 in 2022 to RMB 0.96 by 2026 [1]. Business Structure - The company's operations are divided into four main segments: cinema operations, cinema line business, film distribution, and large IP development [27]. - The cinema operations include the SFC cinema chain, which is one of the largest in the country, while the film distribution leverages the strengths of the Shanghai Film Group [27][28]. - The large IP development business, initiated after the acquisition of Shanghai Film Yuan, focuses on content development, licensing, and creating new consumption scenarios [27][35]. Market Position - Shanghai is identified as the largest box office market in China, with strong demand for imported films [81]. - The company ranks among the top three cinema lines in the country, benefiting from high operational efficiency [11]. - The report notes that the profitability of film screening-related businesses has recovered, and large IP development is expected to contribute to incremental growth [10][18]. IP Development Strategy - The company holds a diverse portfolio of 60 high-value IPs, including both animated and live-action properties, which are crucial for its large IP development strategy [36]. - The report emphasizes the importance of renewing existing IPs and exploring new content to maximize their market value [55]. - Collaborations with major brands and innovative marketing strategies are being employed to enhance the visibility and commercial potential of its IPs [61][92].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" and a market price of RMB 59.83. The sector rating is "Outperform" [1]. Core Views - The report highlights the company's steady growth in performance for 2023 and Q1 2024, with a positive outlook on the expansion of its electronic materials business and the LNG board business entering a harvest period, maintaining the "Buy" rating [1][5]. Financial Performance Summary - In 2023, the company achieved revenue of RMB 4.738 billion, a year-on-year increase of 11.24%, and a net profit attributable to shareholders of RMB 579 million, up 10.53% year-on-year. In Q4 2023, revenue was RMB 1.196 billion, a 9.49% increase year-on-year, while net profit was RMB 99 million, a significant increase of 62.26% year-on-year [5][7][8]. - For Q1 2024, the company reported revenue of RMB 1.618 billion, a 51.09% year-on-year increase, and a net profit of RMB 246 million, up 42.21% year-on-year [5][9]. Business Segment Performance - The electronic materials segment generated revenue of RMB 3.209 billion in 2023, with a gross margin of 33.80%. The semiconductor precursor materials contributed RMB 1.138 billion in revenue, while the photoresist and related reagents generated RMB 1.304 billion [5]. - The LNG insulation materials segment saw revenue of RMB 865 million in 2023, a remarkable increase of 114.49% year-on-year, with production and sales also significantly up [5]. R&D and Production Capacity - The company has increased its R&D investment, with R&D expenses rising to RMB 190 million in 2023, a 48.78% increase year-on-year. The production capacity for semiconductor precursors is steadily ramping up, with successful product testing for major clients [5][11]. Valuation - The report adjusts the earnings forecast for 2024-2026, estimating earnings per share (EPS) of RMB 1.91, RMB 2.65, and RMB 3.54, with corresponding price-to-earnings (PE) ratios of 31.4x, 22.6x, and 16.9x respectively [5][11].

电子 | 证券研究报告 — 行业点评 2024年5月30日 强于大市 电子 2023 年和 2024Q1 总结 之 CIS 2024 年CIS 行业有望迎来增长高峰，高阶国产 CIS 逐步推进对海外的替代 2024年全球CIS规模预计将迎来一个增长的高峰点。国产CIS厂正在凭借高 规格的CIS产品实现对索尼、三星等海外厂商的替代。韦尔股份、思特威、 格科微 2024Q1 营业收入同比均实现较快增长，这一定程度上可以反应行业 的复苏和高端国产CIS的进步。 支撑评级的要点  2024年全球CIS市场规模有望迎来一个增长的高峰点。根据群智咨询数 据，2023年全球CIS市场规模约190亿美元，YoY+2%。2023年全球宏 观经济呈现增长放缓、通胀和金融风险交织的趋势，叠加 CIS 高库存急 需消化的不利因素，全球 CIS 市场规模增速偏低。随着 CIS 技术水平的 提升和各种应用场景的不断涌现，高性能 CIS 的需求也持续增长。群智 咨询预计2024年全球CIS市场规模有望达到214亿美元，YoY+13%。  国产厂商逐步实现CIS技术升级和国产替代。根据Yole数据，2022年全 球CIS市场份额中，索尼 ...

电力设备 | 证券研究报告 — 行业点评 2024年5月30日 强于大市 光伏行业动态点评 国务院印发《2024—2025 年节能降碳行动方案》， 放宽新能源利用率至90%，严控新增硅项目准入 国务院印发《2024—2025年节能降碳行动方案》，其中明确提出在资源较优 地区放宽新能源利用率至90%，打开光伏装机向上空间；明确提出新建多晶 硅能效须达到行业先进水平，光伏供给侧改革持续推进；维持行业强于大市 评级。 支撑评级的要点  国务院印发《2024—2025年节能降碳行动方案》：2024年5月29日， 国务院印发《2024—2025年节能降碳行动方案》（以下简称《行动方案》）， 明确我国将通过化石能源消费减量替代行动、钢铁行业节能降碳行动等 10大行动稳步推进节能降碳，并支持我国光伏、氢能等行业健康发展。  新能源利用率放宽至90%，促进我国新能源装机上量：《行动方案》明 确提出，我国将继续大力促进非化石能源消费，在保证经济性前提下， 资源条件较好地区的新能源利用率可降低至 90%。我们认为，将新能源 利用率95%标准下调至90%将有效打开我国新能源装机空间。根据2018 年发改委、能源局发布的《清洁能 ...

| --- | --- | --- | --- | --- | |--------------------------------------|------------------------------------------------------|-------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 5 月金股组合 \n股票代码 | —— 晨会聚焦 | 股票名称 | | 2024 年 5 月 30 日 \n中银晨会聚焦 -20240530 | | 002352.SZ | | 顺丰控股 | | | | 600309.SH | | 万华化学 | | | | | | | | ■ 重点关注 | | 688019.SH 300274.SZ | | 安集科技 阳光电源 | | | | ...

医药生物 | 证券研究报告 — 调整盈利预测 2024年5月30日 002001.SZ 新和成 买入 维生素及蛋氨酸价格上涨，新项目持续推进 原评级：买入 市场价格:人民币 18.92 公司发布2023年年报，2023年实现营收151.17亿元，同比下降5.13%；实现归母净利润27.04 亿元，同比下降 25.30%；其中 23Q4 实现营收 41.04 亿元，同比增长 2.00%，环比增长 板块评级:强于大市 14.21%；实现归母净利润6.03亿元，同比下降1.02%，环比下降2.42%。公司发布2024年一 季报，24Q1实现营收 44.99亿元，同比增长 24.54%，环比增长 9.61%；实现归母净利润 8.70 本报告要点 亿元，同比增长 35.21%，环比增长 44.21%。公司拟向全体股东每 10股派发 4.50元的现金分 红。看好维生素、蛋氨酸价格上涨带来的业绩增长，新项目持续推进，维持买入评级。  2024 年一季度公司业绩同环比提升，看好 支撑评级的要点 维生素、蛋氨酸价格上涨带来的业绩增  24Q1业绩同环比增长。2023年公司营收及归母净利润同比下降，毛利率为 32.98%（同 ...

-基础化工 | 证券研究报告 — 调整盈利预测 2024年5月29日 300487.SZ 蓝晓科技 买入 盐湖提锂收获期，吸附材料业务持续增长 原评级：买入 市场价格:人民币 47.01 公司发布2023年年报，2023年公司实现营收24.89亿元，同比增长29.62%；实现归母净利润 7.17 亿元，同比增长 33.35%；其中 23Q4 实现营收 9.12 亿元，同比增长 22.82%，环比增长 板块评级:强于大市 60.26%。公司发布 2024 年一季报，24Q1 实现营收 6.31 亿元，同比增长 25.99%，环比下降 30.84%；实现归母净利润1.69亿元，同比增长26.35%，环比下降14.94%。公司拟向全体股东 本报告要点 每 10股派送现金股利 5.68 元（含税）。看好公司盐湖提锂订单高质量交付，吸附材料业务稳 健增长，维持买入评级。 ◼ 2023 年公司业绩创历史新高，盈利能力 支撑评级的要点 进一步提升。看好公司盐湖提锂订单高 ◼ 2023年公司业绩创历史新高，盈利能力进一步提升。2023年公司营收及归母净利润创历史 质量交付，吸附材料业务稳健增长，维 新高，主要原因为盐湖提锂大 ...

房地产行业 | 证券研究报告 — 行业周报 2024年5月29日 强大于市 房地产行业第 21 周周报（5 月 18 日-5 月 24 日） 本周楼市成交同比降幅扩大；多地积极响应下调 首付比例和房贷利率 新房、二手房成交面积环比均由正转负，同比降幅均扩大；新房库存面积与去化周期 环比下降。 核心观点  新房成交面积环比由正转负，同比降幅扩大。40个城市新房成交面积为253.3万 平方米，环比下降12.6%，同比下降38.9%，同比降幅较上周扩大了13.0个百分 点。一、二、三四线城市新房成交面积环比增速分别为-6.4%、-14.6%、-12.9%， 同比增速分别为-28.2%、-41.6%、-43.5%，同比降幅较上周分别扩大了1.7、14.7、 21.0个百分点。  二手房成交面积环比由正转负，同比降幅扩大；其中二线城市成交面积环比降幅最小， 同比降幅收窄。18个城市成交面积为195.0万平方米，环比下降10.3%，同比下降4.5%， 同比降幅较上周扩大了 1.6 个百分点。一、二、三四线城市成交面积环比增速分别为 -24.3%、-3.2%、-15.8%，同比增速分别为-2.6%、-1.2%、-16. ...

Key Insights - The "National Team" stock holdings have fluctuated significantly, increasing from approximately 1.1 trillion yuan in January 2013 to around 3.8 trillion yuan in January 2018, then declining to about 2.4 trillion yuan in November 2022, before gradually recovering to approximately 3.1 trillion yuan by March 2024 [15] - Since June 2016, the cumulative net value of the "National Team" holdings has consistently risen, outperforming the CSI 800 index and fund-heavy indices since early 2021 [2][16] - The "National Team" has shown a preference for the banking sector, which constituted 71.1% of its holdings as of March 2024, followed by non-bank financials at 7.1% [17] Holdings and Valuation - The market value of the "National Team" in the financial sector has grown from 197.15 billion yuan in Q1 2016 to 243.23 billion yuan by March 2024, while the consumer, cyclical, and machinery sectors have fluctuated between 10 billion and 27 billion yuan during the same period [3] - The "National Team" stock selection strategy involves entering the market during downturns to stabilize it, often leading to excess returns when following incremental capital inflows [5][25] Performance Analysis - The "National Team" heavy and increased stock combinations have consistently outperformed the CSI 800 index and mixed equity fund indices, with notable excess returns compared to northbound capital [4] - The model used for stock selection has demonstrated stable excess returns across the CSI 300, CSI 500, and the entire A-share market, achieving annualized excess returns of 11.6%, 17.0%, and 21.1% respectively [20] Stock Selection Factors - The report outlines a three-factor model for stock selection: Factor 1 measures the buying intensity of the "National Team," Factor 2 assesses potential market value space of individual stocks, and Factor 3 evaluates the market value ratio of "National Team" holdings [25]