天风证券晨会集萃-20250530

Group 1: Card Game Industry - The Chinese card game market is experiencing rapid growth, with the collectible card market expected to reach 31 billion yuan by 2027, accounting for 24.1% of the broader entertainment toy market, with a CAGR of 20.6% from 2022 to 2027 [1] - Leading companies in the market include Card Game, which dominates with major IPs like Ultraman and My Little Pony, and has seen Douyin sales exceed 250 million yuan in the first half of 2024, a year-on-year increase of 10,380% [1] - Other notable companies include Yaoji Technology, which leverages the Pokémon IP and a secondary trading platform, and Hitcard, which focuses on trendy cultural cards, achieving a remarkable 17,000% growth in Douyin sales in 2024 [1] Group 2: Google AI Developments - Google’s AI penetration is accelerating, with the monthly token processing volume of its AI models increasing from 9.7 trillion to 480 trillion, a 48-fold increase year-on-year [3] - The Gemini series models are continuously upgraded, enhancing multi-modal capabilities and evolving into a one-stop AI service platform, which is expected to drive Google's search business and maintain its market share [3] - Google is actively innovating its search experience, reinforcing its leading position in the search domain and showcasing its product innovation capabilities underpinned by AI [3] Group 3: Chemical Industry - The basic chemical industry is projected to achieve a revenue of 22,285 billion yuan in 2024, a year-on-year increase of 2.6%, while operating profit is expected to decline by 4.1% to 1,564 billion yuan [4] - In Q1 2025, the industry is expected to see a slight revenue increase of 5.4% year-on-year, with a significant profit recovery of 99.9% compared to Q4 2024 [8] - The fixed asset growth rate in the chemical industry showed a turning point in Q4 2023, with a year-on-year increase of 11.9% in Q1 2025 [8] Group 4: Aishide Company - Aishide Company reported a revenue of 65.821 billion yuan in 2024, a decrease of 28.58% year-on-year, with a net profit of 581 million yuan, down 11.26% [32] - The company is focusing on AI computing and has established a joint venture to invest in smart terminals and artificial intelligence, aiming to accelerate new growth curves [32] - Aishide's digital distribution and retail positions are strong, and it has maintained a high dividend ratio for eight consecutive years, with expectations of benefiting from the upcoming IPO of Honor [34] Group 5: Baijiu Industry - Water Well Square Company reported a revenue of 5.217 billion yuan in 2024, with a net profit of 1.341 billion yuan, reflecting a year-on-year increase of 5.32% [14] - The company is focusing on enhancing its market presence through new channels, with a significant increase in revenue from e-commerce and group purchases [21] - The company anticipates a gradual recovery in profitability as it adjusts its product focus and optimizes its distribution channels [22]