光伏现金流持续改善，海风、电网逐步交付 ——电力设备行业2024年三季报综述 华龙证券研究所 电力设备行业 分析师：杨阳 SAC执业证书编号：S0230523110001 分析师：许紫荆 SAC执业证书编号：S0230524080001 2024年11月14日 证券研究报告 请认真阅读文后免责条款 沪深300表现 （单位：%） 表现 1M 3M 12M 电力设备行业 16.43 44.02 10.00 沪深300 3.78 23.01 14.76 最近一年市场走势（单位：%） 相关报告 -37% -25% -13% 0% 12% 24% 2023-11 2024-03 2024-07 2024-11 电力设备 沪深300 《隆基BC产能建设加速，《能源法》表决通过—电新&公用行业周 报》2024.11.12 《六部门发文，光伏行业政策与基本面共振—光伏行业事件点评 报告》2024.11.05 《光伏价格趋于理性，海风项目持续推进—电新&公用行业周报》 2024.10.30 请认真阅读文后免责条款 2 3 摘要 Ø 光伏：2024年Q3归母净利润亏损环比扩大，底部逐渐明朗。 2024年Q1-Q3，光伏设备行业实 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1]. Core Insights - The media sector's total revenue reached 367.16 billion yuan in the first three quarters of 2024, with a year-on-year growth of 0.41%. However, the net profit attributable to shareholders decreased by 32.58% to 23.47 billion yuan. The gross margin was 31.38%, down 3.09 percentage points, and the net margin was 6.48%, down 33.76 percentage points [1][6]. Summary by Sections 1. Industry Overview - The media sector's performance in the first three quarters of 2024 showed stable revenue but significant profit decline, primarily due to a high base effect from the previous year and increased expenses [1][13]. - The overall gross margin for the media sector was 31.38%, with a net margin of 6.48% [15]. 2. Subsector Overview 2.1 Gaming - The gaming sector's total revenue reached 68.18 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.31%. However, the net profit attributable to shareholders fell by 30.58% to 7.33 billion yuan [2][19]. - The gross margin improved slightly from 66.91% to 67.08%, while the net margin decreased to 10.82% [19]. 2.2 Film and Television - The film and television sector generated revenue of 25.89 billion yuan, down 14.31% year-on-year, with a net profit of 0.89 billion yuan, a decline of 69.01% [25][26]. - The gross margin was 24.63%, down 13.25 percentage points, and the net margin fell to 3.15%, down 67.15 percentage points [25]. 2.3 Digital Media - The digital media sector reported revenue of 18.46 billion yuan, a decrease of 5.09% year-on-year, with a net profit of 1.50 billion yuan, down 39.02% [31][32]. - The gross margin was 36.76%, down 10.47 percentage points, while the net margin increased to 12.51%, up 0.77 percentage points [31]. 2.4 Advertising - The advertising sector achieved revenue of 122.02 billion yuan, a year-on-year increase of 6.54%, but the net profit decreased by 7.76% to 4.54 billion yuan [4][34]. - The gross margin fell to 12.13%, down 7.97 percentage points, and the net margin decreased to 3.72%, down 12.60 percentage points [4]. 2.5 Broadcasting and Television - The broadcasting and television sector's revenue was 31.23 billion yuan, down 6.23% year-on-year, with a net loss of 0.21 billion yuan, a decline of 117.63% [4][19]. 2.6 Publishing - The publishing sector's revenue was 101.39 billion yuan, a slight decrease of 1.96%, with a net profit of 9.42 billion yuan, down 26.34% [5][19]. 3. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. The film sector, which is expected to recover due to valuation repair and supply release, with recommendations for companies like Shanghai Film and Wanda Film [6]. 2. The publishing sector, characterized by strong dividend yields and low valuations, with recommendations for companies like Zhonghua Media and Phoenix Media [6]. 3. Quality IP and gaming companies with international expansion, recommending companies like 37 Interactive Entertainment and Giant Network [6].

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偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 206 期，总第 1765 期（电子版） 2024 年 11 月 13 日 星期三 | --- | --- | --- | |----------------|--------------|-----------| | | | | | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3421.97 | -1.39 | | 深证成指 | 11314.46 | -0.65 | | 中小 100 | 6953.76 | -0.91 | | 创业板指 | 2390.8 | -0.07 | | 沪深 300 | 4085.74 | -1.1 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43910.98 | -0.86 | | 纳斯达克 | 19281.4 | -0.09 | | 标普 500 | 5983.99 | -0.29 | | 英国富时 100 | 8025.77 | -1.22 | | 日经 225 | 39176.02 | -0.51 ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 207 期，总第 1766 期（电子版） 2024 年 11 月 14 日 星期四 货币市场 欧元兑美元 1.0566 0.02 美元兑日元 155.6025 0.08 | --- | --- | --- | |--------------|---------------------|-----------| | | 沪深指数 \n收盘(点) | 涨跌幅(%) | | 上证指数 | 3439.28 | 0.51 | | 深证成指 | 11359.29 | 0.4 | | 中小 100 | 6981.22 | 0.39 | | 创业板指 | 2417.25 | 1.11 | | 沪深 300 | 4110.89 | 0.62 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43958.19 | 0.11 | | 纳斯达克 | 19230.73 | -0.26 | | 标普 500 | 5985.38 | 0.02 | | 英国富时 100 | 8030.33 | 0.06 | ...

偶倒 0680 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 2024 年第 208 期，总第 1767 期（电子版） 2024 年 11 月 15 日 星期五 美元离岸人民币 7.2539 0.02 欧元兑美元 1.0529 -0.01 | --- | --- | --- | |--------------|--------------|-----------| | | 沪深指数 | | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3379.84 | -1.73 | | 深证成指 | 11037.78 | -2.83 | | 中小 100 | 6801.85 | -2.57 | | 创业板指 | 2334.96 | -3.4 | | 沪深 300 | 4039.62 | -1.73 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43750.86 | -0.47 | | 纳斯达克 | 19107.65 | -0.64 | | 标普 500 | 5949.17 | -0.6 | | 英国富时 100 | 8071.19 | 0.51 | ...

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政策发力销量复苏，看好行业盈利能力修复 ---汽车行业2024年三季报综述 华龙证券研究所 汽车行业 分析师：杨阳 SAC执业证书编号：S0230523110001 联系人：李浩洋 SAC执业证书编号：S0230124020003 2024年11月13日 证券研究报告 请认真阅读文后免责条款 CDSE > 华龙证券 沪深300表现（2024.11.11) （单位：%） 近一年市场走势（单位：%） 相关报告 -36% -24% -12% -1% 11% 23% 2023-11 2024-03 2024-07 2024-11 汽车 沪深300 《新势力车企销量点评月报：新势力10月交付量同比+66%，月销2万辆成"及 格线"》2024.11.08 《汽车行业周报："银十"延续旺季热度，乘用车销量进入冲刺期》 2024.11.05 《汽车行业周报：以旧换新申请突破125万份，尊界首车将亮相广州车展》 2024.10.22 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 表现 | 1M | 3M | 12M | | ...