25 年基本面有望改善。公司24 年受外部因素影响，在手订单实施进度减缓，交付周期延长，收入下 滑；同时公司积极开拓消费新文旅业务，IP 孵化和技术、内容投入增加；公司24 年亏损，已发业绩预 告，预计24 年归母净亏损为9000 万元至1.35 亿元。当前在手订单充沛（24H1 新签订单金额同比增长 52%，在手订单余额48.4 亿元），回款逐渐改善，基本面有望改善。 维持买入评级。考虑到公司项目获取及实施进度受外部因素影响，我们下调公司24-25 年归母净利润 为-1.04/2.69 亿元（23/4/18 预测为5.08/6.19 亿元），新增26 年归母净利润预测为3.7 亿元。根据Wind 一 致预测，可比公司大丰实业、米奥会展25 年平均PE 为23x；考虑到风语筑除基本面改善，探索具身智 能新方向，给予公司25 年目标PE25x，对应目标市值67 亿元，有27%上升空间，维持买入评级。 风险提示：项目落地进展不及预期，回款不及预期。 主业转型多元化，拓展文旅和科技融合项目。公司24 年上半年先后中标"上海奉贤在水一方科幻 馆"、"苏州高铁之心"、"长春新质生产力促进中心"、"非遗里的中国"等文旅和 ...

上 市 公 司 传媒 | 市场数据： | 2025 年 04 月 15 日 | | --- | --- | | 收盘价（元） | 8.93 | | 一年内最高/最低（元） | 13.28/6.49 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 2.24 | | 流通 A 股市值（百万元） | 5,311 | | 上证指数/深证成指 | 3,267.66/9,858.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 3.68 | | 资产负债率% | | 51.70 | | 总股本/流通 A 股（百万） | 595/595 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 04-15 05-15 06-15 07-15 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 -60% -40% -20% 0% 20% 40% 风语筑 沪深300指数 (收益率) ...

Investment Rating - Non-metallic building materials: Buy (Maintain) [4] - Construction and Engineering: Overweight (Maintain) [4] Core Viewpoints - The report discusses three phases of the "tariff" trade, highlighting the impact of high tariffs between China and the US on domestic substitution and the potential benefits for companies with local production facilities [1][2] - The first phase focuses on domestic substitution due to high tariffs, suggesting attention to companies like Quartz Co., Kaisheng Technology, and Feiliwa, which are positioned to benefit from this trend [1] - The second phase indicates a global economic downturn due to a 10% tariff imposed by the US, leading to increased pressure on manufacturing and capital expenditure, with a recommendation to focus on state-owned enterprises and index-weighted stocks [1][2] - The third phase anticipates domestic policy adjustments aimed at boosting consumption and infrastructure investment, with specific recommendations for companies in the construction materials sector [2] Summary by Sections Phase 1: Domestic Substitution - Companies benefiting from domestic substitution include Quartz Co. (domestic sand for semiconductors), Kaisheng Technology (synthetic quartz sand), and Feiliwa (leading semiconductor quartz products) [1] - US-based companies like Puyang Nayi and China Jushi are expected to benefit from high tariff barriers [1] Phase 2: Global Economic Impact - The imposition of a 10% tariff by the US is expected to lower global economic forecasts, increasing demand risks and putting pressure on manufacturing [1][2] - Recommendations include focusing on state-owned enterprises such as China State Construction, China Railway Construction, and China Chemical [1][2] Phase 3: Domestic Policy Adjustments - Anticipated policy measures include boosting consumption, expanding into non-US markets, and structural investment opportunities in infrastructure [2] - Key companies to watch include cement and glass leaders like Anhui Conch Cement and Qibin Group, as well as consumer building materials leaders like Skshu Paint and Beixin Building Materials [2] Market Data Tracking - The report notes a decline in the CITIC Building Materials Index by 2.56% and the CITIC Construction Index by 3.29% during the reporting period [3] - Specific price data includes an average price of 398.33 CNY/ton for PO42.5 cement and 1269 CNY/ton for glass, with respective changes noted [3]

4月1日，在线旅游概念上涨1.11%，今日主力资金流入4188.21万元，概念股19只上涨，7只下跌。 主力资金净流入居前的分别为岭南控股（000524）(5492.32万元)、ST华闻（000793）(1755.99万元)、滨 江集团（002244）(1448.34万元)、首旅酒店（600258）(1079.55万元)、众信旅游（002707）(756.52万 元)。 | 序号 | 代码 | 名称 | 最新价 | 涨跌幅 | 主力净流入 | 主力净占比 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 000524 | 岭南控股 | 11.4 | 5.56 | 5492.32万元 | 8.9% | | 2 | 000793 | ST华闻 | 2.33 | 4.95 | 1755.99万元 | 14.54% | | 3 | 002244 | 滨江集团 | 10.07 | -3.54 | 1448.34万元 | 3.86% | | 4 | 600258 | 首旅酒店 | 13.96 | 4.88 | 1079.55万元 | 3.13% | | 5 | 002 ...

- The report does not contain any quantitative models or factors

Core Viewpoint - The Chinese millet economy market is expanding rapidly, projected to reach 168.9 billion yuan in 2024 with a year-on-year growth rate of 41%, and expected to surpass 200 billion yuan in 2025. The low conversion rate of domestic IP compared to the US and Japan indicates significant growth potential in the industry [1][2]. Group 1: Reasons for High Market Prosperity - Supply-side factors include an increase in specialized players such as copyright agents, trendy toy brands, contract manufacturers, millet stores, and second-hand trading platforms, which enhance authorization and sales channels [2]. - Demand-side factors involve the expansion of domestic subculture user base and a shift in consumer perception from entertainment products to emotional values like cultural belonging and social connection [2]. Group 2: IP Value and Monetization Paths - Shanghai Film holds 60 IPs authorized by Shanghai Film Group and Shanghai Animation Film Studio, focusing on revitalizing classic animation IPs through content renewal, commercial authorization, game collaboration, and cultural product development [3]. - Light Media emphasizes content development over derivatives, with the animated film "Ne Zha" grossing $2.1 billion globally, ranking fifth in box office history, and generating over 300 million yuan in merchandise sales within a month of release [3]. - Ao Fei Entertainment centers on developing trendy toys and AI toys based on anime IPs [4]. - Alibaba Pictures operates Alibaba Fish, the largest IP authorization agency in China, collaborating with top global IPs and providing comprehensive development and operation services [4]. Group 3: Investment Recommendations - Focus on content IP development with companies like Shanghai Film (revitalizing classic animation IPs), Ao Fei Entertainment (developing trendy toys and AI toys), and Yuewen Group (leading in web literature IP with impressive derivative growth) [5]. - In IP authorization operations, Alibaba Pictures is noteworthy for its extensive IP authorization platform [5]. - For IP derivative product creation and sales, attention should be given to Pop Mart (new IP launches, overseas expansion, and product diversification), Huali Technology, Tom Cat, and Fengyu Zhu [5].

Summary of the Conference Call for Fengyuzhu Company Overview - Fengyuzhu is a leading company in the domestic digital display industry, focusing on exhibition and digital content for public cultural spaces. Key projects include the Chinese Communist Party History Exhibition Hall and the World Skills Museum, along with immersive cultural experiences in collaboration with CCTV [3][4]. Current Business Situation - As of September 30, 2024, Fengyuzhu has nearly 5 billion yuan in hand orders, with annual new orders ranging from 2 billion to 4 billion yuan. The overall gross margin remains stable at 30%-35%, while the net profit margin fluctuates between 10%-15%. However, a projected loss of 110 million yuan in 2024 marks the first annual loss since 2015, although profitability has improved in the second half of 2024 due to favorable policy changes [3][4][5]. Future Outlook - The company is transitioning from focusing solely on exhibition halls to news and consumer scenarios to adapt to the domestic economic cycle. This shift is expected to generate more projects based on consumer demand, leading to improved performance in 2025 [3][5]. - Fengyuzhu has established the Jushen Intelligent Research Institute to apply intelligent products in exhibition, cultural tourism, and news consumption scenarios, particularly focusing on the potential of humanoid robots in cultural heritage and tourism [3][8]. Technological Advancements - The company plans to deploy humanoid robots in 3,000-4,000 existing venues, with each venue requiring approximately 3-5 robots for functions such as reception and guided tours. The cost for a venue to purchase 3-5 robots is about 7 million yuan, with potential selling prices tripling, leading to gross margins of 50% or higher [3][10][15]. Competitive Position - Fengyuzhu maintains a cooperative relationship with humanoid robot manufacturers, focusing on application channels and secondary development. The company has a strong team of 200 planners, 300 creative designers, and nearly 500 developers, ensuring its leading position in the exhibition display industry [11]. Revenue Model - The business model involves purchasing robots from manufacturers, developing content, and selling them to venues. The high demand for humanoid robots in exhibition and cultural tourism scenarios supports a profitable revenue stream [15][21]. Data Utilization and AI Capabilities - The company plans to collaborate with research institutions to collect data for training humanoid robots, creating a closed-loop business model. This involves accumulating real-world data to enhance the robots' capabilities [16][18]. Project Implementation Timeline - Some projects may take 1-3 months to be operational, with the potential for rapid deployment of sample projects for client demonstrations [19][20]. Conclusion - Fengyuzhu is well-positioned to leverage its existing orders and technological advancements to enhance its market presence in the digital display and humanoid robot sectors, with a focus on adapting to consumer needs and expanding into new business scenarios.

Investment Rating - The report maintains a "Buy" rating for the media industry [7][23]. Core Views - In Q1 2025, the increase in AI applications is driving online marketing, while the empowerment of offline applications is a new focus for existing businesses. Key areas of interest include cinema chains and digital exhibitions as representative scenarios for AI application [6][20]. - The report highlights three investment dimensions: 1. Focus on large companies' AI capital expenditures and their impact on the supply chain (e.g., Alibaba, ByteDance, Tencent) 2. Attention to offline application scenarios empowered by AI, such as cinema chains and digital exhibitions 3. Investment in media sectors expected to recover in 2025 [6][7]. Summary by Sections Industry Overview and Dynamics - The media industry has shown varied performance, with the media sector down by 3.3% over the past month, while the Shanghai Composite Index increased by 1.7% [3][15]. - The report notes significant movements in the market, with top gainers including Jin Yi Film and Hubei Broadcasting, while Bilibili saw a notable decline [15][16]. Key Recommendations - Specific stocks recommended include: - Fengyu Zhu (603466) for its collaboration with the "Three-Body" sci-fi IP - Yaoyi Technology (002605) benefiting from AI-enabled marketing - Mango Super Media (300413) for its AI customer service initiatives [7][12]. - Other notable mentions include Wanda Film (002739) and Huace Film (300133) for their potential in the cinema and content sectors [7][12]. Market Performance - The report indicates that the cinema sector is in a recovery phase, with companies like Wanda Film and Hengdian Film expected to benefit from this trend [20][28]. - The digital marketing sector is also highlighted, with companies like BlueFocus (300058) and Zhejiang Wenlian (600986) positioned to gain from increased AI-driven marketing efforts [20][19]. Game Industry Progress - The report discusses the performance of mobile games in overseas markets, with notable titles achieving significant revenue milestones [22].

| 证券代码：603466 | 证券简称：风语筑 | 公告编号： | 2024－050 | | --- | --- | --- | --- | | 债券代码：113643 | 债券简称：风语转债 | | | 上海风语筑文化科技股份有限公司 关于聘任证券事务代表的公告 上海风语筑文化科技股份有限公司 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 简历附件： 上海风语筑文化科技股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日 召开第四届董事会第一次会议，审议通过了《关于聘任公司证券事务代表的议案》。 同意聘任林诗静女士为公司证券事务代表，协助董事会秘书履行职责，任期自董 事会审议通过之日起至本届董事会任期届满之日止。 林诗静, 女，1990 年出生，硕士学历，2015 年取得法律职业资格证书，2016 年 6 月至 2021 年 4 月，在上海市锦天城律师事务所任律师一职，2021 年 5 月加 入上海风语筑文化科技股份有限公司，现任公司证券事务代表。 林诗静女士具备担任证券事务代表所必需的专业知识和相关工 ...

上海风语筑文化科技股份有限公司 第四届监事会第一次会议决议公告 公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海风语筑文化科技股份有限公司（以下简称"公司"）第四届监事会第一 次会议于 2024 年 8 月 19 日以现场结合通讯表决方式召开。全体监事一致推举由 栋栋女士主持本次会议，会议应参加表决监事 3 人，实际参加表决监事 3 人，符 合《中华人民共和国公司法》和《公司章程》的有关规定。 债券代码：113643 债券简称：风语转债 证券代码：603466 证券简称：风语筑 公告编号： 2024－045 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 上海风语筑文化科技股份有限公司 监事会 2024 年 8 月 20 日 一、《关于选举公司第四届监事会主席的议案》 据《公司法》及《公司章程》等有关规定，选举由栋栋女士为第四届监事会 主席，任期自本次监事会审议通过之日起至第四届监事会任期届满之日止。 ...