申万宏源：金马游乐技术突破引领业绩高增 AI+机器人共筑新篇

Core Viewpoint - Shenwan Hongyuan Securities reports that Jinma Amusement (300756) is a leading manufacturer in the domestic amusement equipment sector, with a solid competitive advantage in its core business and a growing order book driven by technological advancements [1] Group 1: Company Performance - Jinma Amusement has established a comprehensive product matrix covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, achieving significant technological breakthroughs and exporting to nearly 50 countries [2] - The company reported a revenue of 5.69 billion yuan in Q1-Q3 2025, a year-on-year increase of 23.8%, and a net profit of 0.9 billion yuan, up 456.5% year-on-year, indicating a healthy order backlog and accounts receivable turnover [2] Group 2: Industry Trends - The amusement equipment industry in China is undergoing structural upgrades, supported by national policies and increasing market demand, with the global theme park market expected to reach $55.9 billion in 2024, growing by 8.21% [3] - The domestic theme park sector is leading global growth, entering a concentrated equipment renewal phase, which presents ongoing demand for upstream manufacturers [3] Group 3: Technological Advancements - Jinma Amusement is enhancing its R&D capabilities, with a team of 184 people and an R&D expenditure of 27.08 million yuan, representing 4.69% of revenue, indicating a commitment to innovation [4] - The company is actively pursuing AI and robotics applications in the cultural tourism sector, having established a joint venture to promote the deployment of tourism robots, and launched the "Robot MART" product, the first AI robot capable of autonomous retail services [4] Group 4: Future Outlook - Shenwan Hongyuan Securities projects Jinma Amusement's net profits for 2025-2027 to be 1.09 billion, 2.07 billion, and 3.46 billion yuan respectively, with corresponding P/E ratios of 83, 44, and 26 [1] - The estimated equity market value for 2025 is 12.8 billion yuan, with a target price of 81.16 yuan, indicating a potential upside of 40.7% from the current stock price [1]