Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595) [1] Core Views - The acquisition of a 19% stake in Shangying Yuan is expected to increase the listed company's net profit and enhance IP development efforts [1] - Shangying Yuan's stable growth in operating performance and commercial value will effectively improve the listed company's operating quality and shareholder returns [2] - The transaction will further promote the IP strategy, accelerating the development of a second growth curve beyond box office revenue [3] - The report raises the forecast for net profit attributable to the parent company for 2024-2026 to 1.19/2.47/3.68 billion yuan, with corresponding P/E ratios of 118/57/38 [4] Financial Projections - Revenue is projected to grow from 733.42 million yuan in 2024E to 1,077.71 million yuan in 2026E, with year-on-year growth rates of -7.77%, 17.56%, and 25.00% respectively [1] - Net profit attributable to the parent company is forecasted to increase from 118.79 million yuan in 2024E to 367.79 million yuan in 2026E, with year-on-year growth rates of -6.45%, 108.02%, and 48.84% respectively [1] - EPS is expected to rise from 0.27 yuan/share in 2024E to 0.82 yuan/share in 2026E [1] IP Development Strategy - Shangying Yuan focuses on multi-form content renewal, commercial licensing, game cooperation, and creating hit cultural products across online and offline channels [3] - Key IP projects include "Chinese Fantasy 2" and "Little Monster's Summer: Once Upon a Time in Langlang Mountain," expected to be released in 2025 [3] - The company leverages classic IPs like "Calabash Brothers" and "Black Cat Detective" through short video platforms with over 5 million fans [3] - AI technology integration is expanding IP value and commercial applications in areas like social media, gaming, and interactive storytelling [3] Market Performance - The stock price has shown significant volatility, with a 52-week range of 16.12-36.42 yuan [7] - Current market data shows a closing price of 31.17 yuan, with a P/B ratio of 8.20 and a total market capitalization of 13,970.39 million yuan [7] Financial Health - The company's asset-liability ratio stands at 31.38% [8] - Net assets per share are reported at 3.80 yuan [8] - Total share capital is 448.20 million shares, all of which are tradable A-shares [8]

证券研究报告 基础化工周报：聚合MDI价格下降 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 2024年11月24日 投资要点 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为19300/18140/12600元/吨，环比分别+60/- 180/-160元/吨，纯MDI/聚合MDI/TDI行业毛利分别为6073/5958/347元/吨，环比分别+76/-209/- 210元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1145/4494/655/4571元/吨，环比分 别+91/-50/-5/+6元/吨。②本周聚乙烯均价为8365元/吨，环比-9元/吨，乙烷裂解/CTO/石脑油裂解 制聚乙烯理论利润分别为1679/1889/-19元/吨，环比分别-99/+16/-22元/吨。③本周聚丙烯均价为 7300元/吨，环比+0元/吨，PDH/CTO/石脑油裂解制聚丙烯理论利润分别为-222/1378/-343元/吨， 环比分别+34/+18/-18元/吨。 ◼ 【煤化工板块】本周合成氨/尿素/D ...

证券研究报告 人形机器人Figure02性能大幅提升，地方政府布局聚变能源 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 证券分析师：陈李 研究助理：孔思迈 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 执业证书编号：S0600518120001 邮箱：yjs_chenl@dwzq.com.cn 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2024年11月24日 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 2 1. 本周市场回顾 注：本周交易日为11月18日-22日，后文同 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 3 一:大盘走势 ✓ 上证指数走势 000001 SHI上证册数| 2024/05/16 03122 40 ...

证券研究报告 基础化工周报：聚合MDI价格下降 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 2024年11月24日 投资要点 ◼ 【聚氨酯板块】本周纯MDI/聚合MDI/TDI行业均价为19300/18140/12600元/吨，环比分别+60/- 180/-160元/吨，纯MDI/聚合MDI/TDI行业毛利分别为6073/5958/347元/吨，环比分别+76/-209/- 210元/吨。 ◼ 【油煤气烯烃板块】①本周乙烷/丙烷/动力煤/石脑油均价分别为1145/4494/655/4571元/吨，环比分 别+91/-50/-5/+6元/吨。②本周聚乙烯均价为8365元/吨，环比-9元/吨，乙烷裂解/CTO/石脑油裂解 制聚乙烯理论利润分别为1679/1889/-19元/吨，环比分别-99/+16/-22元/吨。③本周聚丙烯均价为 7300元/吨，环比+0元/吨，PDH/CTO/石脑油裂解制聚丙烯理论利润分别为-222/1378/-343元/吨， 环比分别+34/+18/-18元/吨。 ◼ 【煤化工板块】本周合成氨/尿素/D ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24Q3 revenue reached RMB 3,031 million, a YoY increase of 33.9%, with transaction service revenue growing by 69%, accounting for nearly 35% of total revenue [1] - Non-GAAP net profit increased by 50.2% YoY to RMB 1,241 million, with Non-GAAP net margin rising by 4.4 percentage points to 40.9% [1] - The company expects 24Q4 revenue to be between RMB 2,940 million and RMB 3,000 million, representing a YoY growth of 22.3% to 24.8% [1] Market Share and User Growth - Average shipper MAU reached 2.84 million in 24Q3, a YoY increase of 33.6% and a QoQ increase of 7.4% [2] - The proportion of direct shipper (688 members and non-members) fulfilled orders increased to 49% in 24Q3, up from 48% in 24Q2 [2] - The number of active truck drivers who completed orders through the platform exceeded 4 million for the first time in the 12 months ending September [2] - Fulfillment rate reached a new high of 34.5% in 24Q3, a YoY increase of 5.5 percentage points, with fulfilled orders growing by 22.1% YoY to 51.9 million [2] Monetization Efficiency - Transaction service revenue in 24Q3 was RMB 1,048 million, a YoY increase of 68.6%, accounting for nearly 35% of total revenue [3] - The monetization per order was RMB 24.4, a QoQ increase of 2.0%, with the penetration rate of commission orders reaching 82.8%, a QoQ increase of 1.7 percentage points [3] Profitability and Cost Control - Gross margin in 24Q3 increased by 5.4 percentage points YoY to 55%, driven by the higher proportion of high-margin business revenue [3] - Total expense ratio decreased by 8.6 percentage points YoY and 2.2 percentage points QoQ, driving adjusted operating margin to increase by 8.9 percentage points YoY and 3.9 percentage points QoQ [3] Financial Forecasts - Non-GAAP net profit for 2024-2026 is revised upward to RMB 3.9 billion, RMB 5.1 billion, and RMB 6.5 billion, respectively, with corresponding P/E ratios of 18x, 14x, and 11x [4] - The company repurchased USD 40.3 million worth of shares from March 13, 2024, to November 20, 2024 [4] Market Data - Closing price: USD 9.37 [6] - 52-week low/high: USD 5.59/10.29 [6] - Price-to-book ratio: 1.98x [6] - Market capitalization: USD 9,798.68 million [6] Key Financial Ratios - ROIC: 3.3% (2023A), 6.3% (2024E), 8.7% (2025E), 11.3% (2026E) [10] - ROE: 6.3% (2023A), 9.5% (2024E), 12.1% (2025E), 14.5% (2026E) [10] - Gross margin: 51.2% (2023A), 54.5% (2024E), 57.5% (2025E), 59.9% (2026E) [10] - Net profit margin: 26.2% (2023A), 30.6% (2024E), 33.5% (2025E), 36.5% (2026E) [10]

证券研究报告·北交所报告·北交所定期报告 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------- ...

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20241123 "宽财政"博弈"加关税"——2025 年度展 望（二）:人民币汇率 2024 年 11 月 23 日 [Table_Tag] [Table_Summary] 事件 ◼ 核心观点：在 2025 年对华加征关税政策正式落地之前，美元兑人民币 汇率或延续"上有顶、下有底"的底线管理思路，预计 USDCNY 总体 上保持在 7.10-7.35 的波动区间内震荡，然而当美国打响新一轮贸易摩 擦信号弹之后，美元兑人民币汇率或将渐进突破这一区间，且波动率也 将较 2024 年扩大，预计外部风险助推人民币汇率突破底线， USDCNY 波动上限或触及 7.40-7.50 区间。 ◼ 2025 年人民币汇率展望："宽财政"博弈"加关税"。预计 2025 年在"基 本盘"面临关税挑战、"投机盘"期待人民币资产预期回报率提高、"政 策盘"延续底线思路和预期管理的综合作用下，美元兑人民币汇率将在 国内"宽财政"和外部"加关税"的路径下展开博弈，在 2025 年至 2026 年对华加征关税政策正式落地之前，美元兑人民币汇率或延续"上有顶、 下有底"的底线思路，预计 U ...

证券研究报告·策略报告·策略周评 2024-11-18 | --- | --- | --- | |-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------- ...

证券研究报告 大炼化周报：下游织企库存偏高，涤纶长丝偏弱运行 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 2024年11月24日 投资要点 ◼ 【国内外重点炼化项目价差跟踪】国内重点大炼化项目本周价差为2362.45元/吨，环比-95.82元/吨（环比- 3.90%）；国外重点大炼化项目本周价差为886.03元/吨，环比-68.13元/吨（环比-7.14%）。 ◼ 【聚酯 板块】本周POY/FDY/DTY行业均价分别为6914/7464/8446元/吨，环比分别-36/-36/-75元/吨， POY/FDY/DTY行业周均利润为59/159/213元/吨，环比分别-10/-10/-36元/吨，POY/FDY/DTY行业库存为 16.9/21.5/24.2天，环比分别-0.7/+0.2/+1.9天，长丝开工率为89.00%，环比-0.40pct。下游方面，本周织机开工 率为68.53%，环比-0.51pct，织造企业原料库存为8.58天，环比-0.50天，织造企业成品库存为24.44天，环比 +1.27天。 ◼ 【炼油板块】 ...

证券研究报告·行业跟踪周报·有色金属 有色金属行业跟踪周报 美元高位盘整后突破再破阶段新高，工业金 属价格冲高回落维持弱势整理 2024 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 回顾本周行情（11 月 18 日-11 月 22 日），有色板块本周下跌 0.31%，在全部一级 行业中涨幅靠前。二级行业方面，周内申万有色金属类二级行业中贵金属板块上涨 4.21%，金属新材料板块上涨 3.47%，能源金属板块上涨 1.09%，小金属板块上涨 0.63%，工业金属板块下跌 2.33%。工业金属方面，随着下半周美元指数在高位盘 整后突破再破阶段新高，工业金属走势重回弱势，我们认为随着特朗普在大选胜利 后逐步公布其内阁人选，以及对外贸易政策倾向，美元指数仍有望进一步冲高从而 压制整体大宗的风险偏好，预计短期工业金属维持弱势整理。贵金属方面，随着本 周俄乌冲突快速加剧，黄金在避险需求的支撑下获得充足买盘，我们预计短期黄金 在避险需求的助推下有望维持上涨势头，后续需进一步观察地缘冲突是否有缓解迹 象，以及美元指数是否会持续上涨对黄金形成压制。 ◼ 周观点： ...