Investment Rating - The report gives a "Strong Buy" rating for the company [3] Core Insights - The company is a leading global provider of digital content asset protection and transaction SaaS services, with a business model based on subscription services and a focus on maximizing IP value through various value-added services [1][6] - The company has experienced rapid revenue growth, with revenue increasing from HKD 120 million in 2018 to HKD 2.4 billion in 2024, representing a CAGR of 65% [6][11] - The company is well-positioned to benefit from the rise of AIGC technology and increasing demand for content protection and identification [6][11] Company Overview - The company was founded in 2005 in Silicon Valley and went public on the Hong Kong Stock Exchange in January 2018 [11] - The company has a diversified business model that includes subscription services and various value-added services, focusing on long-term stable service to top content providers globally [14][15] - The major shareholder is Yangbin Bernard Wang, holding 18.30% of the shares [3][18] Financial Performance - In 2024, the company achieved a revenue of HKD 2.4 billion, a 20% year-on-year increase, driven by growth in both the US and China [24] - The company expects to achieve revenues of HKD 2.8 billion, HKD 3.5 billion, and HKD 4.5 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 186 million, HKD 251 million, and HKD 342 million [7][24] - The company has maintained a gross margin above 40% from 2022 to 2024, with a decrease in expense ratio to 25% in 2024 [32][34] Industry Situation - The rise of streaming platforms has significantly increased the demand for content protection, with subscription users growing rapidly in the US [36][39] - Domestic policies are increasingly encouraging cultural exports, enhancing awareness of copyright protection [45][48] - The company is positioned to leverage the growing need for copyright protection as the digital content landscape evolves [6][11]

Investment Rating - The report maintains a "Strong Buy" investment rating for China Unicom [4] Core Views - In Q1 2025, China Unicom achieved a revenue of 103.4 billion yuan, representing a year-over-year growth of 3.9%, and a net profit attributable to shareholders of 2.6 billion yuan, up 6.5% year-over-year [1][8] - The company continues to expand its computing power business, with a total intelligent computing scale exceeding 21 EFLOPS, meeting AI training and inference demands [8] - Strategic partnerships with major internet companies like Alibaba and Tencent are expected to enhance AI service capabilities and cloud business [8] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 2023: 372.6 billion yuan, 2024: 389.6 billion yuan, 2025E: 403.7 billion yuan, 2026E: 415.7 billion yuan, 2027E: 426.3 billion yuan, with growth rates of 5%, 5%, 4%, 3%, and 3% respectively [3][21] - Net profit forecasts for 2025, 2026, and 2027 are 9.8 billion yuan, 10.5 billion yuan, and 11.2 billion yuan, corresponding to PE ratios of 17.4, 16.2, and 15.2 respectively [8][22] - The company reported a total market capitalization of 170.1 billion yuan and a circulating market capitalization of 167.4 billion yuan [4] Operational Performance - As of Q1 2025, the company had 349 million mobile users and 124 million fixed broadband users, with a net increase of 4.78 million and 1.92 million users respectively [8] - The revenue from cloud and IDC services reached 19.7 billion yuan in Q1 2025, with IDC business revenue growing by 8.8% year-over-year [8] - The company’s operating cash flow for 2023 is projected at 104.3 billion yuan, with a net profit of 18.7 billion yuan [20]

证券研究报告 | 公司点评报告 2025 年 04 月 18 日 新洋丰（000902.SZ） 全年业绩稳步增长，复合肥迎来量利齐升 事件：公司发布 2024 年年报，报告期内实现收入 155.6 亿元，同比增长 3.07%， 归母净利润 13.15 亿元，同比增长 8.99%，扣非净利润 12.41 亿元，同比增长 6.75%；其中四季度单季实现收入 31.96 亿元，环比下降 19.04%，归母净利润 2.02 亿元，环比下降 46.11%，四季度为复合肥传统淡季，业绩符合预期。 ❑ 风险提示：原材料价格大幅波动、产品放量不及预期、新项目投产不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 15100 | 15563 | 17250 | 18615 | 19956 | | 同比增长 | -5% | 3% | 11% | 8% | 7% | | 营业利润(百万元) | 1422 | 1590 | 1975 | 2213 | 2428 ...

证券研究报告 | 债券点评报告 2025 年 4 月 17 日 基建高频指标改善——经济热力图 【周度经济指数】周度经济指数回落。上周中国周度经济指数（WEI）为 6.1%， 较前值回落 0.1 个百分点。其中 WEI 生产子指数为 6.6%，较前值回升 0.3 个百 分点；WEI 需求子指数为 5.4%，较前值回落 0.3 个百分点；供需缺口为-1.1%， 较前值回落 0.5 个百分点。 【生产】生产回落。上周螺纹钢产量 4 周移动平均同比为 8.4%，较前值回升 1.7 个百分点。高炉开工率为 83.3%，较前值回升 0.1 个百分点。PTA 产业链负荷 率为 76.8%，较前值回落 3.7 个百分点。汽车半钢胎开工率为 78.5%，较前值 回落 3.3 个百分点。沿海主要电厂日均耗煤量 4 周移动平均同比为-11.2%，较 前值回落 10.6 个百分点。 【基建】基建高频指标回升。上周水泥发运率为 42.8%，较前值持平。水泥磨机 运转率为 44.5%，较前值回升 2.8 个百分点。石油沥青装置开工率为 27.6%， 较前值回升 1.9 个百分点。 【房地产】商品房销售增速回落。上周 30 大中城市商品 ...

当前股价：33.76 元 证券研究报告 | 公司点评报告 2025 年 04 月 17 日 安琪酵母（600298.SH） Q4 收入稳健，海外快速增长 消费品/食品饮料 公司发布 2024 年度报告，24 年实现收入/归母净利润/扣非归母净利润分别为 152.0/13.2/11.7 亿，同比+11.9%/+4.3%/+5.8%。展望 25 年，公司以稳为主， 收入目标增速 10%，海外增速预计快于国内，产能上埃及、俄罗斯二期扩建及 普洱项目基本完成，15 万吨粮食仓储、印尼项目建设筹备中，为中长期提供有 力支撑。利润端，原料价格同比略降，费用精细化管理优化费率。我们调整 25-26 年收入预测为 167/183 亿，归母净利润分别 14.6 亿/16.8 亿，25-26 年 EPS 分 别为 1.68/1.94 元，对应 25 年 20x，维持"增持"评级。 增持（维持） 基础数据 | 总股本（百万股） | 869 | | --- | --- | | 已上市流通股（百万股） | 854 | | 总市值（十亿元） | 29.3 | | 流通市值（十亿元） | 28.8 | | 每股净资产（MRQ） | 12. ...

证券研究报告 | 公司点评报告 2025 年 04 月 17 日 爱玛科技（603529.SH） 2024 年稳健收官，看好 2025 年量价齐升 消费品/轻工纺服 公司在 2024 年营收/归母净利润同比+2.71/5.68%，在政策过渡年平稳收官，彰 显经营韧性。我们看好 2025 年在以旧换新政策加持下，公司凭借产品优势+品 牌效应超额受益。我们预计 2025-2027 年公司归母净利润 26.36/31.09/35.97 亿元，对应 PE 分别为 13.8/11.7/10.1 x，维持 "强烈推荐"投资评级。 刘丽 S1090517080006 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 21036 | 21606 | 27418 | 31915 | 36313 | | 同比增长 | 1% | 3% | 27% | 16% | 14% | | 营业利润(百万元) | 2194 | 2310 | 3080 | 3638 | 4211 ...

Investment Rating - The report assigns an "Accumulate" rating for Dongguan Holdings [3]. Core Views - Dongguan Holdings focuses on its core highway business, committing to absolute dividends to enhance shareholder returns. The company has been divesting non-core operations and is expected to maintain stable operations in its main business [1][7]. - The company has announced a shareholder return plan for 2025-2027, promising a minimum cash dividend of 0.475 CNY per share, which corresponds to an attractive dividend yield of 4.5% based on the latest closing price [7][43]. Financial Data and Valuation - Revenue projections for Dongguan Holdings show a significant decline in 2024, with total revenue expected to be 1.692 billion CNY, a 64% decrease from 2023. However, a gradual recovery is anticipated in subsequent years [2][47]. - The company’s net profit for 2024 is projected at 955 million CNY, with a compound annual growth rate (CAGR) of 7.4% from 2010 to 2024 [32][47]. - The company’s asset-liability ratio is 42.7%, indicating a relatively low level of debt compared to industry peers [41][42]. Business Overview - Dongguan Holdings operates the Dongguan-Shenzhen Expressway, which is a critical transportation artery in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total length of 55.7 kilometers [11][18]. - The company has shifted its focus to core business operations, exiting from non-core sectors such as rail transit and trust businesses, thereby enhancing operational stability [7][49]. - The company’s revenue structure indicates that over 75% of its income is derived from transportation infrastructure, with the expressway business contributing the majority of gross profit [21][29]. Investment Opportunities - The report highlights that the return on investment (IRR) for the Dongguan-Shenzhen Expressway expansion project is estimated at 5.7%, which is above the industry average. The project is expected to be completed by December 2028 [38][39]. - The company’s commitment to dividends and its strong cash flow position suggest a robust capacity for shareholder returns in the future [41][43]. Profitability Forecast - The forecast for net profit from 2025 to 2027 is 911 million CNY, 906 million CNY, and 971 million CNY respectively, with a projected price-to-earnings (PE) ratio of 12x for 2025 [47][49]. - The gross margin for the expressway business is expected to remain stable, with projections of 72.4% for 2025 [46].

张静静 S1090522050003 zhangjingjing@cmschina.com.cn 罗 丹 S1090524070004 luodan7@cmschina.com.cn 敬请阅读末页的重要说明 证券研究报告 | 宏观分析报告 2025 年 4 月 17 日 一季度经济有哪些亮点 2025 年 3 月经济数据点评 ❑ 一季度 GDP 同比增长 5.4%，与 2024 年四季度持平，高于市场预期的 5.2%。其中，第二产业（工业）增加值同比增长 5.9%，第三产业（服务 业）增长 5.3%。新质生产力领域（如装备制造、高技术制造）贡献显 著，一定程度上抵消了房地产等传统产业的部分拖累。 ❑ 一季度全国规模以上工业增加值同比增长 6.5%，较 2024 年全年增加 0.7 个百分点。其中，3 月单月增速达 7.7%，环比增长 0.44%，显示工业生产 动能逐月增强。 ❑ 分行业来看，新质生产力中的装备制造业增加值同比增长 10.9%，统计局 数据显示，新能源汽车产量增长 45.4%，工业机器人、3D 打印设备增速 均超 25%，政策推动下智能化与绿色化转型成效显著。计算机通信与电子 设备 3 月增长 ...

关税影响暂时减弱，关注抗风险能力强的纺织制造龙头 纺织服装海外趋势跟踪（2025 年 4 月） 消费品/轻工纺服 2）制造端： 2025 年 3 月儒鸿（面料运动服）营收+21%，聚阳（运动休闲 服装）营收+11%。丰泰营收-2%，来亿营收+47%，裕元制造营收+4%。 美国对东南亚加征关税影响暂时减弱，考虑到目前美国纺织服装对东南亚供应 链依赖度高，国内纺织制造龙头在东南亚产能布局完善且成熟，应重点关注利 润率较高&行业竞争格局好&客户结构优质的纺织制造龙头。 ❑ 美国加征关税分析：美国征关税影响暂时减弱&美国对东南亚产业链依赖度高 1）关税复盘：4 月 2 日，美国宣布对等关税，其中柬埔寨 49%、越南 46%。 4 月 9 日，美国宣布除中国外，所有国家的对等关税暂停加征 90 天。仅执行 10%的基准关税。 2）美国纺织服装高度依赖于东南亚供应链：美国进口鞋履：越南占 30%+， 印尼 9%+，进口服装：越南占 20%+，柬埔寨、印尼占比 5%+。从 Nike 及 Adidas 的供应链分布看，70%以上鞋履产能和 60%服装产能分布在东南亚， 供应商份额集中度较高，对东南亚及头部供应链依赖度高。 3 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company plans to acquire New Wave Media for an estimated value of 8.3 billion yuan, which is expected to enhance industry concentration and potentially lead to significant growth opportunities [1][8] - The integration of New Wave Media is anticipated to improve operational efficiency and decision-making authority under the company's management, which could lead to enhanced profitability [8] - The company is expected to benefit from the recovery of consumer demand and emerging consumption trends, particularly in high-tier cities [8] Financial Data and Valuation - Total revenue is projected to grow from 9.425 billion yuan in 2022 to 14.857 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10% [3][10] - Operating profit is expected to increase from 3.507 billion yuan in 2022 to 8.091 billion yuan in 2026, reflecting a significant recovery and growth trajectory [3][10] - Net profit attributable to shareholders is forecasted to rise from 2.790 billion yuan in 2022 to 6.691 billion yuan in 2026, indicating a strong recovery in profitability [3][10] - The company's price-to-earnings (PE) ratio is projected to decrease from 36.9 in 2022 to 15.4 in 2026, suggesting improved valuation attractiveness over time [10] Market Position and Competitive Advantage - The acquisition is expected to enhance the company's bargaining power and operational efficiency, similar to past successful integrations [8] - The company is positioned to capitalize on the exit of smaller competitors in the market, thereby solidifying its media value in high-tier cities [8] - The report highlights the potential for significant rental optimization and advertising price increases post-integration, driven by improved market conditions [8]