本报告导读： 受合同签订进度等因素影响，公司24 年业绩承压，25Q1 业绩大幅回暖。作为兵器导控龙头，公司产业 链布局完善，需求高度确定，业绩有望持续改善。 投资要点： 下调目标价至 18.9元，维持"增持"评级。公司受益于装备建设"十四五"规划任务攻坚，未来业绩有望实 现稳步增长。考虑到公司24年业绩承压，我们下调25 年EPS 至0.21 元（前值为0.23 元），维持26 年 EPS 为0.29 元，考虑到公司产业链完善且下游需求高度确定，给予公司27 年EPS 为0.34 元；参照可比 公司25 年平均PE 为66 倍，考虑到公司在制导控制等领域处于国内领先地位，给予公司25 年90 倍PE， 下调目标价至18.9 元，维持"增持"评级。 公司24 年业绩承压，25 年一季度业绩大幅回暖，研发投入持续加码。1）公司2024 年实现营收27.48 亿 元（-22.91%），主要是受部分产品技术状态变更、订货合同延迟签订等因素影响所致，实现归母净利 润0.59 亿元（-69.29%）；2）2025Q1 公司实现营收3.52 亿元（+347.47%），主要系交付产品同比增加 所致，实现归母净利润-0.17 ...

《2023年文化和旅游产业投融资分析报告》由清华大学五道口金融学院文创金融研究中心撰写，对2023年文化和旅游产业投融 资情况进行了全面分析。 1. 产业投融资特点 - 融资活跃度下降：2023年文化和旅游产业在主要资本市场融资项目数和融资金额均减少，文化企业融资事件数同比下降 14.4%，旅游企业下降53.0%，主要受疫情后市场谨慎投资和国内直接融资市场偏冷影响。 - 融资方式有别：文化类项目或企业多轻资产、规模相对小，倾向股权融资；旅游类项目或企业资产多、规模大，更倾向债权融 资，非上市文旅集团则以长期债券融资为主。 - 新兴赛道机遇：文化产业中创意设计服务等领域融资活跃，资金流向文化传播渠道等领域；旅游产业中旅游辅助服务领域融资 增长，资金偏好旅游资源型和新兴项目，如沉浸式、数字化和信息化赛道。 - 国企积极融资：国有文化和旅游企业利用资本市场红利，通过并购重组等方式融资整合，但部分企业IPO受阻，并购重组也面 临风险。 今天分享的是：2023年文化和旅游产业投融资报告 2. A股上市企业表现 报告共计：41页 以下为报告节选内容 目 录 | 摘 要 -1- | | --- | | 一、文化和旅游产业国 ...

乘"数"而上，福建企业正加快开拓海外市场新商机，共享合作共赢新机遇。 不久前，两台由福州木鸡郎智能科技有限公司自主研发的"木鸡郎6"机器人，在马来西亚的蛋鸡养殖企 业"上岗"。这是中国原创蛋禽养殖机器人首次出口。 "木鸡郎6"机身高约3米，通过四轮驱动可灵活"行走"，逐笼对蛋鸡的生理状态、产蛋情况、饲料状态、 水线状态进行监测。 "在一栋5万羽的鸡舍中，机器人仅需3小时就能完成巡检等工作，死鸡识别准确率达99%，弱鸡及绝产 鸡的识别准确率达90%。"福州木鸡郎智能科技有限公司总经理廖新炜说。 中新社福州4月30日电 (闫旭 蒋雅琛)电竞是文化与体育产业数字化的重要应用场景。在4月30日正于福 州举行的第八届数字中国建设峰会上，泰国斯巴顿大学与福州软件职业技术学院展开了一场电竞对抗 赛。 "数字化和信息化是大势所趋，泰国有实力的高校都在竞逐这一赛道，我们学校也不例外。"来自泰国斯 巴顿大学的老师幸琳凯告诉记者，目前数字技术人才在泰国很稀缺，该校通过与福建网龙网络公司和福 州软件职业技术学院在职业教育领域合作，共同培养人才。 近年来，网龙依托自有的产品、技术、资源等，以福州软件职业技术学院的专业课程、产业学院为支 ...

Core Viewpoint - The divorce of the actual controller of Weston, Mao Yuzhong, and the subsequent transfer of 22.73% of the company's shares to his ex-wife, valued at over 9 billion yuan, has raised significant concerns and speculation regarding the company's stability and governance [1][4][6]. Company Overview - Weston (301315.SZ) announced on April 20 that its actual controller, Mao Yuzhong, has divorced his ex-wife, Xu Xiangfeng, and transferred 20 million shares, representing 22.73% of the company, to her [4]. - Following the announcement, Weston's stock price fell by 2.74%, closing at 45.13 yuan per share, with a total market value of approximately 40 billion yuan [4]. - Before the share transfer, Xu Xiangfeng did not hold any shares in Weston and was not employed by the company; post-transfer, she became the largest individual shareholder [4]. Financial Performance - Weston's performance has been declining, with the company experiencing its first dual decline in revenue and net profit in nearly seven years in 2024 and the first quarter of 2025 [2][14]. - In 2024, Weston reported revenue of 294 million yuan, a decrease of 6.32% year-on-year, and a net profit of 51.71 million yuan, down 11.26% [14]. - The first quarter of 2025 saw further declines, with revenue dropping 26.66% to 43.71 million yuan and net profit down 24.6% to 5.74 million yuan [18]. Shareholder Dynamics - Despite the share transfer, Mao Yuzhong remains the actual controller of Weston, having signed a "consensus action agreement" with Xu Xiangfeng to ensure unified voting at shareholder meetings [6]. - The share transfer allows Mao to circumvent restrictions on selling his shares, as his shares were subject to a three-year lock-up period due to his status as the actual controller [6]. - The third-largest shareholder, Shanghai Congwei Consulting Management Partnership, has conducted two rounds of share reductions, cashing out at least 53.32 million yuan [19][20]. Industry Context - Weston has historically relied heavily on the tobacco industry, with significant revenue contributions from tobacco clients [8][13]. - The company has faced challenges due to increased scrutiny and anti-corruption measures within the tobacco sector, impacting its governance and operational stability [13].

防务类产品智能/集成化需求提升，公司持续投入或迎业绩提升。公司具有航天科工、中国电科、中国 兵工等防务龙头企业的供货资格，是国内最主要的防务连接产品供应商之一。智能化技术在防务领域的 应用越来越广泛。智能化防务装备，如无人机、智能机器人、智能传感器等，已经成为现代战争的重要 组成部分。系统集成化也是防务领域发展的一个重要趋势。政策端，我国也明确将加速发展国防信息化 建设。3 月5 日，国务院总理李强在政府工作报告中谈及国防和军队建设。明确提出抓好军队建设"十四 五"规划收官，加紧实施国防发展重大工程，加快推进网络信息体系建设。同时公司2024 年有多个在研 项目下游应用为全军信息系统、无人机、机载平台等国防领域。我们认为公司是国防信息化的深度参与 者，在国防信息化加速的背景下，其研发投入有望充分转化为业绩增长。 投资建议：我们预计公司 2025-2027 年总收入为24.80/31.29/39.49 亿元，归母净利润2.59/3.27/4.09 亿 元。对应4 月28 日PE 倍数为101.35/80.24/64.10 倍。我们认为公司防务及算力领域相关产品均有望为公 司带来持续的增长，预计未来公司将具有高成 ...

买入（维持） 所属行业：国防军工/军工电子Ⅱ 当前价格(元)：56.09 [Table_Main] 证券研究报告 | 公司点评 华丰科技(688629.SH) 2025 年 04 月 30 日 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -69% -34% 0% 34% 69% 103% 137% 171% 2024-04 2024-08 2024-12 华丰科技 沪深300 沪深300对比 1M 2M 3M 绝对涨幅(%) 13.34 -23.02 47.99 相对涨幅(%) 16.91 -18.15 49.10 资料来源：德邦研究所，聚源数据 请务必阅读正文之后的信息披露和法律声明 相关研究 1.《华丰科技(688629.SH)：国产算力 技术、产能跃升，带来业绩、估值高弹 性》，2024.10.19 华丰科技（688629.SH）：特种信息化 加速+算力高景气度，业绩高增长可期 投资要点 事件：4 月 29 日，华丰科技发布 2024 年年报和 2025 年一季报。2024 年，公司全 年实现营业收入 10.92 亿元，同比增 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a revenue of 1.092 billion yuan for 2024, representing a year-on-year growth of 20.83%, but a net profit attributable to the parent company of -0.18 billion yuan, a decline of 124.53% [4][5] - In Q1 2025, the company achieved a revenue of 406 million yuan, a year-on-year increase of 79.82%, and a net profit of 32 million yuan, up 207.17% year-on-year [4][5] - The company is positioned as a core supplier in the domestic computing power chain and is expected to benefit from the high demand for computing power [4][5] - The defense sector's demand for intelligent and integrated products is increasing, and the company continues to invest in R&D, which is likely to enhance performance [4][5] Summary by Sections Market Performance - The company's stock has shown significant fluctuations compared to the CSI 300 index, with absolute growth rates of 13.34% over 1 month, -23.02% over 2 months, and 47.99% over 3 months [3][4] Financial Data and Forecast - The company forecasts total revenues of 2.48 billion yuan, 3.13 billion yuan, and 3.95 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 259 million yuan, 327 million yuan, and 409 million yuan for the same years [5][7] - The projected P/E ratios for 2025, 2026, and 2027 are 101.35, 80.24, and 64.10 respectively [5][7] Investment Insights - The company has made significant investments in R&D, with a research expense ratio of 10.45% in 2024, indicating a commitment to innovation [4][5] - The company is expected to maintain high growth potential due to its involvement in the defense and computing power sectors, which are anticipated to drive revenue growth [5][6]

原标题：坚持中国特色社会主义文化发展道路 坚持党的领导，是中国特色社会主义文化发展道路最本质的特征。党管宣传、党管意识形态，是我 们党领导人民在长期探索和实践中形成的重要原则。中国共产党是一个高度重视思想文化建设的政党， 在成立初期，就通过宣传思想工作开发民智、赢得民心。在革命、建设和改革等各个阶段，中国共产党 始终是文化建设的坚强领导核心。历史证明，掌握思想领导是掌握一切领导的基础，党的领导为建设文 化强国提供组织保障和思想保障。 【作者系中央党校（国家行政学院）习近平新时代中国特色社会主义思想研究中心研究员、文史教 研部副主任】 党的十八大以来，我们党准确把握世界范围内思想文化相互激荡、我国社会思想观念深刻变化的趋 势，就意识形态领域许多方向性、战略性问题作出部署，我国意识形态领域形势发生全局性、根本性转 变，全党全国各族人民文化自信明显增强，全社会凝聚力和向心力极大提升，为新时代开创党和国家事 业新局面提供了坚强思想保证和强大精神力量。当前，更好担负新时代新的文化使命，要坚持党对宣传 思想文化工作的全面领导，坚持守正创新，建设具有强大凝聚力和引领力的社会主义意识形态，使全体 人民在理想信念、价值理念、道 ...

Group 1: Company Overview - Haoxin Holdings (HXHX) experienced a 3.8% increase in stock price, reaching $1.91 per share, with a total market capitalization of $26.26 million as of April 29 [1] - As of June 30, 2022, Haoxin Holdings reported total revenue of $11.81 million, a year-on-year increase of 13.26%, while net profit attributable to shareholders was $1.39 million, a decrease of 12.63% [1] - Established in 2009, Haoxin Holdings operates in the logistics industry, focusing on container shipping, freight forwarding, and cold chain transportation [1] Group 2: Business Strategy and Market Position - Since 2013, the company has been expanding its operations in the cold chain logistics sector, aiming to become a leading cold chain logistics provider in the Yangtze River Delta region of China [1] - The company's primary market operations are centered around Ningbo-Zhoushan Port, extending to major distribution centers in Shanghai, Guangzhou, Shenzhen, Hangzhou, Yantai, and Guangxi [1] - The cold chain transportation industry in China is still in its infancy, with a market share less than one-tenth of that in Europe and the U.S., presenting significant growth opportunities for Haoxin [1] Group 3: Technological Advancements and Services - The company has implemented a state-of-the-art logistics management system to verify pricing with clients and enhance vehicle dispatch efficiency [2] - A full satellite positioning system has been introduced to monitor vehicle locations and driving speeds, ensuring safety and timely transportation [2] - Haoxin Holdings offers personalized and customized logistics services, designing comprehensive logistics solutions based on real-time information analysis to improve management efficiency and reduce operational costs [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].