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【光大研究每日速递】20250428
光大证券研究· 2025-04-27 13:12
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】上海车展趋势观察:大电量增程、商用车电动化、宁德时代引领新技术——碳中和领域动态追踪(一 百五十五) 宁德时代引领新技术突破,骁遥双核+自生成锂/钠负极再次拉开产品代差。增程车型有望成为电动化下半 场主力,大电量增程成为趋势。重卡等商用车电动化加速。上海车展新车型发布,大电量增程、商用车电 动化等趋势有望带动锂电需求,新技术突破有望催化固态电池、钠电等主题行情。 (殷中枢/陈无忌) 2025-04-27 您可点击今日推送内容的第1条查看 【汽车】2025上海车展开幕,聚焦智能化主旋律——汽车和汽车零部件板块跟踪报告 2025上海车展开幕,智驾+机器人共振,全产业链变革加速。1)预计2025E销量提振前景依然可期, ...
纵横通信2024年全域数字营销收入增幅超60% 深度布局低空飞控技术领域
4月25日晚,纵横通信(603602)(603602.SZ)发布了2024年年度报告,2024年度,纵横通信实现营业 收入16.65亿元,同比增长22.54%;实现归母净利润1886.14万元。公司表示将以数字基建业务为底座、 以数字营销业务为引擎、以低空经济业务为战略支点,打造"通信技术+数字营销+智能场景"三位一体 的新型业务生态。 4月27日,纵横通信披露了2025年一季度报告,公司一季度实现营业收入3.45亿元;实现归母净利润342 万元,同比扭亏为盈,公司表示主要系全域数字营销业务毛利额增长所致。 在全域数字营销服务业务方面,2024年,纵横通信实现营业收入8.92亿元,同比增长60.38%,占主营业 务收入比例为53.98%,毛利率同比上升4.48%,已经成为公司第一大业务板块。公司深入布局互联网各 个消费场景,通过"全域+多品+全球"的战略布局,公司数字营销业务已经初步形成了融合"产品+平台 +数据"的全域流量生态与海量数据(603138),并通过在流量复用、用户标签分析、营销内容创作等 方面积极应用AI大模型技术。公司系国内AI模型推广领域的战略服务商,服务客户包括字节、阿里、 百度、KIMI ...
易点天下(301171):2024年、2025Q1业绩点评:2025Q1收入利润高增,AI持续赋能出海营销
Guohai Securities· 2025-04-27 09:35
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 ...
三招助力零售户经营“更上一层楼”
今年以来,洪山营销部坚持以满足客户需求为导向,聚焦"让客户更满意"目标,着力打好服务提升、形 象升级、数字赋能"组合拳",助推零售户经营"更上一层楼"。 今年来,洪山营销部结合零售户实际,设计一对一店铺改造方案,通过与零售户有效互动,落实优化店 铺布局、精心陈列商品、商品明码标价等提升举措,营造舒适、整洁的购物环境,真正实现终端形象焕 新,提升店铺引流能力。 数字赋能,激活终端"智能内核" "以前,我柜台上摆放着厚厚的账本,库存盘点费时费力,商品经营全凭经验。安装知音通后,我做到 了经营心中有'数',只要我用鼠标轻轻一点,就可以清楚看到自己的库存状况和盈利状况,省时又省 心。"程露喜笑颜开地说。 为有效提升零售客户数字化运营能力,洪山营销部以"知音通"智能管理系统推广应用为抓手,利用"线 上+线下"服务模式,线上推送现代终端管理等营销知识,拓宽客户经营思路;线下到店走访,帮助客 户熟练掌握智能终端系统的使用方法,开展数字化经营,提升客户经营能力。 下一步,洪山营销部将继续深耕服务一线,以客户需求为导向,市场脉搏为指引,始终坚持我与客户共 成长,维护客户利益。(武汉洪山营销部 周文静) 服务提质,注入终端"成长 ...
电声股份2025年一季度财报:营收增长但盈利能力与现金流承压
Zheng Quan Zhi Xing· 2025-04-27 02:21
Revenue and Profit - The company achieved total revenue of 638 million yuan in Q1 2025, representing a year-on-year increase of 21.45% [2] - However, the net profit attributable to shareholders was 4.34 million yuan, a year-on-year decrease of 15.46%, while the net profit after deducting non-recurring items was 1.41 million yuan, down 41.76% year-on-year [2] Profitability - The company's gross margin was 8.33%, a decrease of 24.39% year-on-year, and the net profit margin was 0.87%, down 4.29% year-on-year, indicating weakened profitability in core operations [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 46.58 million yuan, accounting for 7.3% of revenue, which is a year-on-year decrease of 27.24%. Despite improved cost control, overall profitability did not see significant enhancement [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -0.09 yuan, a year-on-year decrease of 9853.29%, indicating tight cash flow conditions in operational activities [5] - Accounts receivable reached 586 million yuan, which is 4170.25% of the latest annual net profit, highlighting significant pressure in accounts receivable management [5] Assets and Liabilities - Cash and cash equivalents amounted to 600 million yuan, a year-on-year decrease of 26.47%, while interest-bearing liabilities increased to 203 million yuan, a year-on-year increase of 3579.45%, indicating pressure on the company's debt situation [6] Overall Summary - In Q1 2025, the company experienced revenue growth but faced significant challenges in profitability, cash flow management, and accounts receivable. There is a need for further optimization of cost structure, enhancement of accounts receivable management, and improvement of cash flow conditions to boost overall operational efficiency and profitability [7]
兆讯传媒(301102):广告投放稳健增长,点位开拓短期拖累利润
Changjiang Securities· 2025-04-26 23:30
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].
天娱数科一季度扣非净利扭亏,智能转型能否撑起未来
Core Viewpoint - Tianyu Digital Science (002354) is experiencing performance improvement driven by AI technology after two years of goodwill impairment and long-term equity investment losses [1] Financial Performance - In Q1 2025, the company reported a net profit of 5.5 million yuan, achieving a turnaround from losses [1] - For the full year 2024, revenue was 1.579 billion yuan, with a net loss of 118 million yuan, significantly narrowing from a loss of 1.08 billion yuan in 2023, a reduction of 89.15% [1] - The company's gross profit margin has increased for three consecutive years, with a 4.32% year-on-year increase in the data traffic business margin, indicating improved cost control and operational efficiency [1] AI Contribution - AI technology has significantly contributed to business performance, with the AI marketing SaaS platform generating a large volume of AI scripts and short videos, and AI live interaction accounting for 82.49% of operations [1][2] - The AI marketing SaaS platform produced over 30,500 script materials, with more than 6,700 effective scripts generated by AI, representing 22.07% [2] - The platform also created 2.004 million short videos, with over 188,000 generated by AI, accounting for 9.4% [2] User Growth and Platform Development - The mobile application distribution PaaS had 336 million registered users by the end of last year, with an increase of approximately 24 million users year-on-year, and over 7,600 applications available on the platform [3] - The company is advancing the development of the embodied intelligence platform Behavision, which was showcased at CES 2025 [3] Cash Flow and Competitive Landscape - The company faced cash flow pressure, with a 6564.59% year-on-year decrease in net cash flow from operating activities in 2024, primarily due to unreceived payments from data traffic business [4] - However, Q1 2025 showed a 97.97% increase in net cash flow from operating activities, attributed to improved cash collection from accounts receivable [4] - In the AI marketing sector, the company competes with giants like Baidu, ByteDance, and BlueFocus (300058), but its AI model scale and data accumulation are relatively small, raising concerns about its competitive sustainability [4]
扣非归母净利润增长超30%,易点天下双位数增长背后的结构性突围
Core Viewpoint - The company, 易点天下, is experiencing significant growth through strategic transformation and technological advancements in the context of the global AI-driven business landscape [1]. Financial Performance - In 2024, the company achieved a revenue of 2.547 billion yuan, representing a year-on-year increase of 18.83%, and a net profit attributable to shareholders of 232 million yuan, up 6.81% [1]. - The first quarter of 2025 saw explosive growth with a single-quarter revenue of 929 million yuan, nearly doubling year-on-year with a growth rate of 93.18% [1][3]. - The operating cash flow reached 473 million yuan in 2024, marking a substantial increase of 219.29% [3]. Strategic Transformation - The company is leveraging structural opportunities in the programmatic advertising market by becoming the first agent for Applovin in Greater China and utilizing its self-developed AI platform, zMaticoo, for precise operation of mid-tail traffic [1]. - The strategic layout has shifted to include short drama marketing, AI application services, and positioning in the new energy vehicle sector, alongside traditional strengths in cross-border e-commerce and gaming [1][3]. Industry Diversification - Over the past year, Chinese companies have diversified into various sectors, including new energy vehicles, AI products, gaming, and short dramas, expanding beyond traditional consumer electronics and apparel [2]. - 易点天下 has expanded its service offerings to include new industries such as short dramas, AI applications, and new energy vehicles, with a 23.31% revenue growth from application and agency clients in 2024 [3]. Technological Advancements - The company invested 96.91 million yuan in research and development in 2024, an increase of 11.77% year-on-year, to enhance service capabilities [4]. - It launched an "AI+BI+CI" digital marketing solution and developed several AI-driven products, including the AIGC digital marketing creation platform, data analysis and growth model platform, and intelligent multi-cloud management platform [4][5]. Market Positioning - The company aims to meet the diverse needs of medium to large overseas enterprises while providing tailored solutions for emerging client groups in short dramas and AI tools [6].
易点天下:2024年营收净利双增,现金流增长超2倍,中企出海潮带动业绩大涨,一季度营收猛增93.18%,创历史新高
Core Insights - The company reported a revenue of 2.547 billion yuan for 2024, marking an 18.83% year-on-year increase, and a net profit attributable to shareholders of 217 million yuan, up 30.10% [2] - In Q4 2024, the net profit surged to 32.25 million yuan, a record increase of 305.08% [2] - For Q1 2025, the company achieved a revenue of 929 million yuan, a remarkable 93.18% increase, and a net profit of 61.24 million yuan, up 30.78% [4] Financial Performance - The operating cash flow reached a historical high of 473 million yuan, reflecting a 219.29% year-on-year growth, indicating strong profitability [2] - The company plans to distribute a cash dividend of 1.16 yuan per 10 shares, with total dividends and buybacks for the year expected to be 76.48 million yuan, representing 32.99% of the net profit [7] Business Strategy and Partnerships - The company is a pioneer in the AIGC strategy within the marketing technology sector, providing integrated marketing and digital services for enterprises going global [8] - It has established deep partnerships with major global media platforms such as Google, Microsoft, and TikTok, enhancing its digital marketing capabilities [8] - The company collaborates with cloud and AI model providers like Google Cloud and AWS, and became the first-level agent for AppLovin in Greater China, enhancing its advertising technology [9] Technological Advancements - The company has developed multiple proprietary technology platforms, creating a data and algorithm-driven marketing technology matrix [10] - It has been recognized for its innovative AIGC digital marketing solutions, which include AI-generated creative assets [11] - The company has received several awards for its performance in technology innovation and industry leadership, including accolades from Google and InfoQ [12]
[快讯]全力开拓新客户 旗天科技2024年营业收入6.27亿元
Quan Jing Wang· 2025-04-23 05:58
在创新业务方面,旗天科技积极探索新媒体业务,构建全媒体团队,布局抖音、小红书等多平台,实现 全渠道覆盖。子公司成为2025年第九届亚洲冬季运动会特许商品小红书平台独家零售企业,积极尝试赛 事新媒体运营,助力赛事传播与商品销售。此外,公司持续拓展IP及品牌合作,提升新媒体营销能力, 为上游品牌提供解决方案。同时,公司在数字政务运营服务及数字人民币业务方面持续创新尝试,开拓 新的发展空间。 公开资料显示,旗天科技紧抓数字经济发展机遇,围绕数字科技战略定位,聚焦数字营销赛道,以平台 化科技能力为支撑,致力于为客户提供专业、领先、高效的全流程、一站式数字化营销解决方案。 4月22日晚,旗天科技(300061)发布2024年年报。报告显示,2024年公司实现营业收入6.27亿元,实 现归属于上市公司股东的净利润-2.14亿元,同比增长56.76%,主要系公司持续进行经营管理优化,加 强费用管理,同比亏损有所收窄。 在数字生活营销板块,公司全力开拓新客户,深度运营存量项目,优化服务,提升客户满意度。报告期 内,公司成功中标多家头部银行及大型国央企的关键营销服务项目,为业务稳定发展筑牢基础。 同时,公司强化科技赋能,优化迭 ...