智通财经APP获悉，12月26日，申万宏源证券发布研究报告指出，金马游乐(300756.SZ)作为国内游乐设 施制造头部企业，核心主业竞争优势稳固，技术水平迭代助推下游订单持续增长，利润端长期有望贡献 稳定增量，公司当前已参股投资国内头部机器人企业打通技术堵点，同时与国内外多个知名文旅&文娱 企业达成稳定合作关系，拥有机器人落地的广阔应用场景，远期有望开辟第二增长曲线。申万宏源证券 预计公司2025-2027年归母净利润分别为 1.09/2.07/3.46 亿元，对应 25-27年PE 分别为 83/44/26 倍。给予 公司 2025年 DCF 模型估算股权市值128 亿元，对应目标价 81.16元，目标价对应当前股价上行空间为 40.7%。首次覆盖，给予"买入"评级。 以技术研发为本拓宽全球化布局，积极推动"AI机器人"落地。公司客户网络覆盖广泛，深度绑定国内 头部主题公园集团，同时切入欧美高端市场与"一带一路"新兴市场，2024年新签订单同比增长超 40%， 国际市场营收同比大增414.84%，全球化布局成效显著，公司当前研发团队规模达184人，2024 年研发 费用投入2708 万元占营收4.69%， ...

中证1000ETF增强（561280）成立日期2023年8月31日，最新规模7371.7万。今年以来收益41.11%，同 类排名824/4206；近一年收益40.06%，同类排名703/4012；成立以来收益47.86%。 12月2日，金马游乐跌5.04%，截至发稿，报53.70元/股，成交2.06亿元，换手率2.87%，总市值84.63亿 元。 资料显示，广东金马游乐股份有限公司位于广东省中山市火炬开发区沿江东三路5号，成立日期2007年 11月20日，上市日期2018年12月28日，公司主营业务涉及大型游乐设施、虚拟沉浸式游乐项目研发、制 造、销售、安装及创新文旅项目投资运营。主营业务收入构成为：游乐设施71.82%，配件及维修 13.55%，门票收入11.25%，其他(补充)1.89%，租赁收入1.10%，服务收入0.29%，商品销售收入 0.11%。 从基金十大重仓股角度 数据显示，工银瑞信基金旗下1只基金重仓金马游乐。中证1000ETF增强（561280）三季度持有股数 1.54万股，占基金净值比例为0.98%，位居第五大重仓股。根据测算，今日浮亏损失约4.39万元。 中证1000ETF增强（561 ...

Group 1 - The core point of the news is that Jinma Amusement experienced a decline of 5.01% in its stock price, reaching 56.27 CNY per share, with a trading volume of 193 million CNY and a turnover rate of 2.54%, resulting in a total market capitalization of 8.868 billion CNY [1] - Jinma Amusement, established on November 20, 2007, and listed on December 28, 2018, is primarily engaged in the research, development, manufacturing, sales, installation of large amusement facilities, and virtual immersive amusement projects, as well as investment and operation of innovative cultural tourism projects [1] - The revenue composition of Jinma Amusement includes amusement facilities at 71.82%, parts and maintenance at 13.55%, ticket income at 11.25%, other (supplementary) at 1.89%, rental income at 1.10%, service income at 0.29%, and merchandise sales at 0.11% [1] Group 2 - From the perspective of major fund holdings, one fund under ICBC Credit Suisse holds shares in Jinma Amusement, specifically the Zhongzheng 1000 ETF Enhanced (561280), which held 15,400 shares in the third quarter, accounting for 0.98% of the fund's net value, making it the fifth-largest holding [2] - The Zhongzheng 1000 ETF Enhanced (561280) was established on August 31, 2023, with a latest scale of 73.717 million CNY, and has achieved a year-to-date return of 39.8%, ranking 838 out of 4,206 in its category; over the past year, it has returned 41.35%, ranking 690 out of 4,008; and since inception, it has returned 46.48% [2]

Group 1 - The core viewpoint of the news is that Jinma Amusement has seen a significant increase in its stock price, rising 5.06% to 60.60 CNY per share, with a total market capitalization of 9.55 billion CNY and a cumulative increase of 9.97% over three days [1] - Jinma Amusement, established on November 20, 2007, and listed on December 28, 2018, specializes in the research, manufacturing, sales, installation, and operation of large amusement facilities and virtual immersive amusement projects [1] - The company's main revenue sources are amusement facilities (71.82%), parts and maintenance (13.55%), ticket sales (11.25%), and other income (1.89%), with rental income at 1.10%, service income at 0.29%, and merchandise sales at 0.11% [1] Group 2 - From the perspective of major fund holdings, one fund under ICBC Credit Suisse has Jinma Amusement as a significant holding, with the China Securities 1000 ETF Enhanced (561280) holding 15,400 shares, accounting for 0.98% of the fund's net value [2] - The fund has generated a floating profit of approximately 45,000 CNY today and 80,500 CNY during the three-day increase [2] - The China Securities 1000 ETF Enhanced was established on August 31, 2023, with a current scale of 73.717 million CNY and has achieved a year-to-date return of 37.77% [2]

Group 1 - The core viewpoint of the news is that Jinma Amusement has seen a significant increase in its stock price, rising by 5.05% to reach 55.10 CNY per share, with a total market capitalization of 8.684 billion CNY [1] - Jinma Amusement, established on November 20, 2007, and listed on December 28, 2018, specializes in the research, manufacturing, sales, installation, and operation of large amusement facilities and virtual immersive amusement projects [1] - The company's main revenue sources are amusement facilities (71.82%), parts and maintenance (13.55%), ticket sales (11.25%), and other income sources [1] Group 2 - From the perspective of fund holdings, one fund under ICBC Credit Suisse has Jinma Amusement as a significant investment, with the Zhongzheng 1000 ETF Enhanced holding 15,400 shares, representing 0.98% of the fund's net value [2] - The Zhongzheng 1000 ETF Enhanced has achieved a year-to-date return of 34.44% and a one-year return of 33.86%, ranking 814 out of 4209 and 585 out of 3982 respectively [2] - The fund manager, Liu Zihao, has been in charge for 2 years and 228 days, with the best fund return during his tenure being 62.01% [3]

Core Insights - Jinma Amusement (300756) and Stardust Intelligence have announced a strategic partnership to develop a new generation of cultural tourism and entertainment robots, including the launch of a retail service store called "Robot MART" powered by AI-driven rope robots [1] Company Overview - Jinma Amusement specializes in amusement facility manufacturing and cultural tourism service operations, with products deployed in numerous well-known theme parks, scenic spots, and urban commercial complexes both domestically and internationally [1] - The company has decades of experience in mechanical engineering, electrical control, virtual reality, scene creation, and safety standards, providing a strong foundation for entering the AI and robotics sector [1] Product Development - Stardust Intelligence focuses on developing a full-stack embodied intelligence platform, with its core product, the Astribot S1 robot, featuring a unique rope-driven design that mimics human tendon movement for precise control and interaction [1] Market Trends - The future of the cultural tourism industry lies in "experience upgrades," as emphasized by Jinma Amusement's leadership, highlighting that the "robot retail service store" will not only serve as a sales terminal but also offer a wide range of products, enhancing customer interaction and creating immersive experiences [1] - The integration of these robots into themed environments aims to attract visitors and increase foot traffic and conversion rates, representing the value of innovative technology empowering the cultural tourism sector [1]

Group 1 - The company, Jinma Amusement, focuses on amusement facilities and virtual immersive entertainment projects as part of its cultural tourism experience products [2] - In recent years, the company has introduced advanced production equipment such as 3D processing, five-axis CNC, 3D printing, and welding robots to enhance its manufacturing capabilities, process quality, and production efficiency [2]

Group 1 - The provincial government emphasizes the importance of implementing the national food security strategy and enhancing project construction in the grain logistics sector, particularly in the Wuhan National Grain Modern Logistics Base [1] - The Guangdong Jinma Central China Regional Headquarters project focuses on the research, production, and operation of large amusement facilities, with plans to officially operate in the second half of the year [2] - The project aims to leverage technologies such as artificial intelligence and virtual reality to innovate in the amusement facility manufacturing sector, contributing to the integration of cultural tourism [2] Group 2 - The local government is actively working on wetland protection and restoration initiatives at Zhangdu Lake, promoting ecological conservation while planning for tourism infrastructure [2] - The government is focusing on the construction of modern urban agriculture and the development of industries such as commercial aerospace, green shipping, and modern logistics to foster economic growth [4] - There is a strong emphasis on enhancing economic operation monitoring and addressing weak links in key industries to achieve growth targets [4]