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2025 年 04 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 易点天下 | 2.0% | -20.1% | 64.2% | | 沪深 300 | -3.7% | -1.2% 7.3% | | | 市场数据 | | 2025/04/25 | | | 当前价格（元） | | 26.85 | | | 周价格区间（元） 52 | | 12.37-41.98 | | | 总市值（百万） | | 12,670.14 | | | 流通市值（百万） | | 8,290.61 | | | 总股本（万股） | | 47,188.59 | | | 流通股本（万股） | | 30,877.50 | | | 日均成交额（百万） | | 1,102.94 | | | 近 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 670 million yuan for 2024, representing a year-on-year increase of 12.26%. However, the net profit attributable to the parent company was 76 million yuan, down 43.64% year-on-year. For Q1 2025, the revenue was 164 million yuan, a decrease of 7.60%, with a net profit of 21 million yuan, down 45.72% year-on-year. The decline in profit is primarily attributed to the upfront costs associated with expanding advertising locations, despite stable growth in advertising spending [2][5][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 670 million yuan, up 12.26% year-on-year. The net profit attributable to the parent company was 76 million yuan, down 43.64% year-on-year. For Q1 2025, the revenue was 164 million yuan, down 7.60%, with a net profit of 21 million yuan, down 45.72% year-on-year [2][5]. Advertising Growth - High-speed rail passenger numbers continued to grow, leading to a recovery in high-speed rail advertising, which generated 564 million yuan in revenue for 2024, an increase of 4.25% year-on-year. The company has signed agreements with 18 domestic railway bureaus, establishing a digital network that reaches over 2 billion passengers annually across 30 provincial-level regions [11]. Outdoor Advertising Expansion - The company significantly increased its revenue from outdoor naked-eye 3D screens, achieving 107 million yuan in 2024, a year-on-year growth of 88.85%. The company is also focusing on AI content production, with several notable projects completed [11]. Cost Structure - The expansion of advertising locations has led to increased costs, with operating costs rising by 28.25% in 2024 and 3.21% in Q1 2025. The media resource usage cost reached 383 million yuan in 2024, up 29.37% year-on-year [11]. Profitability Outlook - The company anticipates that the upfront costs for new advertising locations will impact profitability in the near term. The expected net profit for 2025 and 2026 is projected to be 72 million yuan and 146 million yuan, respectively, with corresponding price-to-earnings ratios of 54.32 and 26.96 [11].

传媒 行业研究/行业周报 《哪吒 2》总票房突破 100 亿元，杭州拟出台全球数 贸港核心区建设方案 ——传媒行业周报（2025.02.10-2025.2.14） ◼ 核心观点 本周核心观点与重点要闻回顾 ◼ 投资建议 本周我们看好广告营销、影视院线、游戏等方面。 广告营销：建议关注分众传媒、易点天下等。 影视院线：建议关注光线传媒、猫眼娱乐、博纳影业、万达电影 等。 广告营销：AppLovin 和 Meta 等公司财报显示广告市场强劲反弹，产 业链有望受益。AppLovin 和 Meta 等公司近期财报显示广告市场强劲 反弹。AppLovin 受益于人工智能驱动的广告技术，四季度业绩超出 预期，并给出了一季度强劲的业绩指引。这表明移动游戏内广告市场 表现出色。其他类型的在线广告公司也展现出增长势头。例如， Meta、Snap 和 Alphabet 都公布了高于预期的广告收入，市场普遍看 好在线广告市场，尤其是在政治周期和假日季的推动下。 影视院线：《哪吒之魔童闹海》总票房突破 100 亿元人民币，相关 板块有望受益。2 月 13 日晚，中国动画电影《哪吒之魔童闹海》 （以下简称《哪吒 2》）总票房突破 10 ...