Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the strong performance of the show "Singer 2024," which has exceeded expectations in viewership ratings, leading to increased advertising opportunities and potential revenue growth [6] - The company is expected to see revenue growth driven by both advertising and membership services, particularly as international expansion efforts continue [6] - The financial forecasts indicate a projected revenue of 162.22 billion, 176.93 billion, and 190.09 billion yuan for 2024, 2025, and 2026 respectively, with a year-on-year growth of 10.9%, 9.1%, and 7.4% [6][15] Summary by Sections Company Overview - The company operates in the media and digital media industry, with a current stock price of 25.30 yuan [2] - The total market capitalization is approximately 47.33 billion yuan, with a total asset value of 31.77 billion yuan [7] Financial Performance - The company reported a net profit of 20.03 billion yuan for 2024, with a significant year-on-year decrease of 43.7% [6][15] - The gross profit margin is projected to improve from 33.0% in 2023 to 34.6% in 2024 and stabilize at 35.0% in subsequent years [15][17] - The earnings per share (EPS) is expected to be 1.07 yuan in 2024, with a gradual increase to 1.37 yuan by 2026 [15] Market Position and Growth Potential - The show "Singer 2024" has achieved record viewership ratings, with a CVB rating of 0.62 and a market share of 2.67%, significantly higher than previous episodes [6] - The international reach of the program has expanded, with over 21.77 million viewers and a substantial increase in daily membership revenue [6] - The company is actively exploring new technologies such as AI and XR to enhance innovation and efficiency, which supports long-term growth prospects [6]

西子洁能（002534.SZ）：计提 资产减值拉低 23 年利润，在手 订单充足静待花开 投资要点 事件：公司发布 2023 年年报和 2024 年一季报，2023 年公司实现营收 80.79 亿 元，同比+10.01%，归母净利润 5458.19 万元，同比-73.23%。24Q1 公司实现营 收 11.52 亿元，同比-25.79%，归母净利润 2.58 亿元，同比+949.51%，扣非归母 净利润 1496.8 万元，同比+3.43%。 研发保持高投入，计提资产减值 3.5 亿元，影响全年利润表现。2023 年公司毛利 率、销售净利率分别达到 16.46%、1.43%，较 2022 年分别同比上升 0.93pct、下 降 2.14pct。23Q4 公司实现营业收入 24.88 亿元，同比+47.04%，实现归母净利 润-790.27 万元，同比-107.92%。费用方面，2023 年公司全年研发费用达 4.20 亿 元，同比+1.36%，销售费用达 2.03 亿元，同比+24.64%，管理费用达 3.53 亿元， 同比-0.19%；此外，公司全年财务费用为 730.25 万元，由于利息支出较去年同期 增 ...

[Table_Main] 证券研究报告 | 行业周报 商贸零售 2024年05月21日 618 大促首次取消预售，看好国 商贸零售 货美妆持续抢占份额 优于大市（维持） 证券分析师 ——美妆&零售板块周报 0521 易丁依 [Table_Summary] 投资要点： 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn  周专题：618大促首次取消预售，国货延续性价比优势+积极推新完善产品矩阵， 看好大促期间排名继续提升，持续验证品牌力。 市场表现 618大促总结：平台取消预售机制，围绕价格力竞争。今年618大促各大平台  取消了预售机制，可能会对品牌方产生以下影响：（1）增加库存备货率，尤其 商贸零售 沪深300 7% 对于服装、生鲜等非标准品；（2）退货率或有提高。此外，平台本次大促延续 0% 23年双十一低价思路，围绕价格力展开竞争。 -7% 李佳琦预售：核心品牌参与力度增长，折扣力度微降。与李佳琦合作力度来看， -15%  -22% 国货核心品牌投入力度持续加大，SKU基本上有所增加或持平，但折扣力度相 2023-05 2023-09 2024-01 -29% 较于去 ...

[Table_Main] 证券研究报告 | 行业周报 商贸零售 2024年05月21日 618 大促首次取消预售，看好国 商贸零售 货美妆持续抢占份额 优于大市（维持） 证券分析师 ——美妆&零售板块周报 0521 易丁依 [Table_Summary] 投资要点： 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn  周专题：618大促首次取消预售，国货延续性价比优势+积极推新完善产品矩阵， 看好大促期间排名继续提升，持续验证品牌力。 市场表现 618大促总结：平台取消预售机制，围绕价格力竞争。今年618大促各大平台  取消了预售机制，可能会对品牌方产生以下影响：（1）增加库存备货率，尤其 商贸零售 沪深300 7% 对于服装、生鲜等非标准品；（2）退货率或有提高。此外，平台本次大促延续 0% 23年双十一低价思路，围绕价格力展开竞争。 -7% 李佳琦预售：核心品牌参与力度增长，折扣力度微降。与李佳琦合作力度来看， -15%  -22% 国货核心品牌投入力度持续加大，SKU基本上有所增加或持平，但折扣力度相 2023-05 2023-09 2024-01 -29% 较于去 ...

[Table_Main] 证券研究报告 | 行业周报 房地产 2024年05月21日 房地产 政策持续加码，期待行业复苏 房地产行业周报（2024.5.13-5.17） 优于大市（维持） 证券分析师 [Table_Summary] 投资要点： 金文曦 资格编号：S0120522100001  市场回顾 邮箱：jinwx＠tebon.com.cn 2024.5.13-5.17，上证综指数下跌0.02%，沪深300指数上涨0.32%，房地产板块上 研究助理 涨12.65%，房地产板块跑赢上证综指12.67个百分点，跑赢沪深300指数12.33个 百分点。年初至今，上证综指上涨 6.02%，沪深 300 指数上涨 7.19%，房地产板块 蔡萌萌 上涨1.85%，房地产板块跑输上证综指4.17个百分点，跑输沪深300指数5.34个百 邮箱：caimm＠tebon.com.cn 分点。 上周，重点关注的A股地产股中特发服务、我爱我家、滨江集团涨幅居前，*ST中迪、 市场表现 广汇物流、万通发展跌幅较大；重点关注的 H 股地产股中花样年控股、德信中国涨 房地产 沪深300 幅居前；重点关注的港股物业及代建公司的彩生活、 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the real estate sector [1] Core Viewpoints - The central theme of the report is the positive impact of recent policy adjustments aimed at stimulating demand in the real estate market, including a reduction in housing loan rates and down payment requirements [2][5] - The report anticipates that these measures will gradually restore market confidence and improve sales in the real estate sector [2][5] Summary by Sections Policy Adjustments - On May 17, 2024, the central bank announced a 0.25 percentage point reduction in personal housing provident fund loan rates, with new rates set at 2.35% for loans of five years or less and 2.85% for loans over five years for first-time buyers [1] - The minimum down payment for first-time homebuyers was adjusted to no less than 15%, while for second homes, it was set at no less than 25%, both down by 5 percentage points from previous levels [2] Market Dynamics - The report highlights that the adjustments are expected to lower the barriers to home purchasing, thereby stimulating potential demand [2] - The central bank's establishment of a 300 billion yuan special loan for affordable housing is projected to facilitate the acquisition of unsold properties by state-owned enterprises, potentially leading to an additional 500 billion yuan in bank loans [2] Inventory Management - The report discusses the government's strategy to address the surplus of unsold properties by encouraging the purchase of these units for affordable housing, which is expected to improve cash flow for developers [3][5] - The report notes that the government aims to collect and construct 8.7 million units of affordable rental housing during the 14th Five-Year Plan period, with significant construction tasks still ahead in 2024-2025 [2] Investment Opportunities - The report suggests focusing on companies that will benefit from urban village renovations and government purchases of unsold properties, such as Chengjian Development and Tianjian Group [5] - It also recommends developers with land reserves in high-potential cities, like Poly Developments and China Merchants Shekou, as well as intermediary platforms benefiting from property exchanges [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the computer industry [1] Core Viewpoints - The industry is at a new turning point with significant government support and funding initiatives aimed at enhancing technological self-reliance and innovation [1][3] Summary by Relevant Sections Government Budget Outlook - The fiscal policy is expected to improve with the issuance of long-term special bonds totaling 1 trillion yuan, aimed at major national strategies and security capabilities [2] - The Ministry of Finance has outlined plans for 22 issuances of general and special bonds from May to November 2024, focusing on 20, 30, and 50-year maturities [2] - Local governments are accelerating the implementation of financial subsidies for equipment renewal loans, promoting support for technological upgrades [2] Funding Support for Technological Innovation - A new 500 billion yuan re-lending program has been established to support technological innovation and equipment upgrades, with a low interest rate of 1.75% [3] - The central budget for 2024 allocates 468.8 billion yuan for core technology breakthroughs and high-level technological self-reliance [3] Policy Developments in the Industry - Continuous efforts are being made to establish reliable safety standards for procurement in government agencies, with recent updates to procurement requirements for computers [3] - The demand for domestic alternatives in government and various industries is increasing, as evidenced by recent procurement results showing 100% domestic sourcing [3] Investment Recommendations - Key areas of focus include foundational software and hardware, with recommended companies such as China Great Wall, China Software, and Kingsoft [4] - The industry of information technology innovation (信创) is highlighted, with companies like Topoint Software and Zhiyuan Interconnect recommended for investment [4]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [2] Core Insights - The real estate market is experiencing further sales decline and investment pressure, with April's national commodity housing sales area down 17.12% year-on-year and total sales amount down 29.17% year-on-year [4][6] - Despite the ongoing sales decline, policy adjustments are being made to stimulate demand, including lowering down payment ratios and interest rates for housing loans [6] - The report highlights that the financing environment for real estate developers remains challenging, with total funds received by developers down 24.9% year-on-year [5][6] Summary by Sections Market Performance - The real estate sector has seen a significant decline in sales, with a 23.8% year-on-year drop in sales area from January to April 2024 [7] - The sales amount for the same period decreased by 31.1% year-on-year, indicating a continued downturn in market activity [7] Policy Environment - The report notes that the government has been optimizing policies since January 2024, including the establishment of a real estate financing coordination mechanism, which has led to a loan approval amount of 935 billion yuan for "white list" projects [4][6] - Recent policy changes include a 0.25 percentage point reduction in the personal housing provident fund loan rate and the removal of the minimum interest rate for commercial housing loans [4][6] Investment Trends - The report suggests that the market may stabilize and recover as the financing coordination mechanism is implemented and as policies facilitating the exchange of old for new homes are enacted [6] - It recommends focusing on companies with quality land reserves in core urban areas, such as Binjiang Group, Yuexiu Property, and China Overseas Grand Oceans Group, among others [6]

Industrial Growth - The national industrial added value for January to April increased by 6.3% year-on-year, accelerating by 0.2 percentage points compared to January to March[1] - In April, the industrial added value grew by 6.7% year-on-year, up by 2.2 percentage points from the previous month, with a month-on-month increase of 0.97%[1] - The growth is influenced by factors such as holiday timing and high base effects from the previous year, with expectations for internal momentum in industrial enterprises to be stimulated as policies take effect by the end of 2023[1] Investment Trends - Fixed asset investment (excluding rural households) for January to April saw a cumulative growth rate of 4.2%, with manufacturing investment growing by 9.7% and infrastructure investment (excluding power, heat, gas, and water supply) increasing by 6.0%[31] - Real estate development investment decreased by 9.8% year-on-year, with new housing starts, construction, and completions all showing negative growth[31] - High-tech industries are leading the acceleration in manufacturing investment, with high-tech manufacturing and services growing by 9.7% and 14.5% respectively[65] Policy Impact - The government is expected to accelerate the implementation of policies aimed at large-scale equipment updates and consumption upgrades, which will support manufacturing investment[7] - The issuance of an additional 1 trillion yuan in government bonds is anticipated to increase the fiscal deficit rate to approximately 3.8%[10] - Demand-side policies are crucial for restoring industrial enterprise confidence, as highlighted in the central work conference[3] Consumer Behavior - Online retail sales of physical goods increased by 11.1%, accounting for 23.9% of total retail sales of consumer goods[2] - The consumer market is showing signs of recovery, although the automobile market is experiencing a slowdown[37] Employment Situation - The urban surveyed unemployment rate for January to April was 5.2%, a decrease of 0.2 percentage points year-on-year, indicating overall stability in the employment situation[30]

Economic Data Insights - The U.S. April CPI and core CPI year-on-year growth rates were 3.4% and 3.6%, respectively, meeting expectations but lower than previous values[2] - The month-on-month CPI growth rate slowed to 0.3%, below the expected 0.4%[2] - April retail sales growth rate was 0%, falling short of the expected 0.4%[2] - The Conference Board's leading economic index for April dropped to -0.6%, indicating weakening economic strength[2] Federal Reserve Stance - Federal Reserve officials maintain a hawkish tone, indicating that multiple inflation data points are needed before considering rate cuts[2] - Powell stated that the first quarter inflation data has weakened confidence, making it difficult for the Fed to decide on rate reductions[2] - The likelihood of a rate cut in September is currently at 49%, showing a slight increase from the previous week[60] Market Performance - U.S. stock indices have reached new highs, with the three major indices rising between 1% and 2.5%[46] - The Hang Seng Index and Hang Seng Tech Index increased by 3.1% and 3.8%, respectively[46] - Emerging markets in Asia, such as Vietnam's VN30 and India's SENSEX30, also showed strong performance, rising by 2.6% and 1.7%[46] Risk Factors - Risks include unexpected inflation rebounds, weaker global economic conditions, and geopolitical tensions, particularly regarding the Israel-Palestine conflict[24][25][61] - The geopolitical situation and U.S. election dynamics are becoming more pronounced, potentially leading to market volatility[47]