公司报告 | 公司点评 电广传媒（000917） 证券研究报告 25Q1 受投资项目影响短期承压。2025 年第一季度，公司实现营业收入 9.22 亿元，同比增长 2.67%； 实现归属于上市公司股东的净利润 0.03 亿元，同比减少 89.1%。主要系 IPO 数量减少，基金投资项目 退出减少，投资业务板块利润下降。2024 年，公司营业收入 39.02 亿元，同比减少 0.47%；归属于上市 公司股东的净利润 0.96 亿元，实现连续四年盈利。 文旅业务践行"文化+科技+旅游"，"新文旅"战略纵深推进。2024 年，文旅业务实现收入 4.11 亿元， 占总营业收入比重 10.52%。芒果文旅各景区累计接待游客 620 多万人次，同比增长 51%。存量项目方 面，长沙世界之窗主题乐园 2024 年实现营业收入 1.78 亿元，净利润 0.25 亿元；圣爵菲斯大酒店 20 24 年实现收入 1.41 亿元，净利润 0.0 3 亿元，连续九年实现盈利。新项目方面，衡阳苏州湾老街暨青春东 洲岛项目于 2024 年 9 月 20 日试运营，累计接待游客量超 200 万人次；湘潭万楼芒果青年码头项目于五 一期间吸引 ...

Group 1 - Guangyang Co., Ltd. has decided to terminate the plan to acquire 100% equity of Ningbo Yinqiu Technology Co., Ltd. and will resume trading on May 30, 2025 [1] - Longjing Environmental Protection plans to invest 75.075 million yuan to acquire 20% equity in Zhejiang Jitai Intelligent Technology Co., Ltd. [1] - Fengmao Co., Ltd. intends to invest up to 1.5 billion yuan to establish an automotive parts production base in Jiaxing [2] Group 2 - JinkoSolar has received a government subsidy of 98 million yuan [2] - Huayuan Real Estate has completed the registration of its name change to "Huayuan Holdings," effective June 5, 2025 [2][3] - Haisen Pharmaceutical's general manager plans to reduce his stake by 0.97% of the company's total shares [4][5] Group 3 - Shandong Highway plans to issue bonds not exceeding 8 billion yuan [6] - Mengguli's shareholders plan to collectively reduce their stake by up to 5% [7] - Yihua Tong has terminated its fuel cell comprehensive testing evaluation center project, originally planned for 220 million yuan [9] Group 4 - Ouma Software is the first candidate for the banking industry association's professional qualification examination service project, with a bid of 39.90 yuan per subject [11] - ST Dehao's subsidiary plans to invest 50 million yuan in an automotive LED packaging project [11] - Shuanglin Co., Ltd. plans to raise no more than 1.5 billion yuan through a private placement [12] Group 5 - Huaci Co., Ltd. plans to raise no more than 700 million yuan for the ASEAN Ceramic Valley project [13] - Aisi Kai intends to sign a procurement framework agreement for ceramic 3D printers, not exceeding 7.5 million yuan [14] - Baolingbao's major shareholder plans to reduce their stake by up to 3% [15] Group 6 - Heng Rui Pharmaceutical's subsidiary has received conditional approval for the launch of a class 1 innovative drug for lung cancer treatment [16][17] - *ST Jinguang is facing delisting due to continuous false reporting in annual reports from 2020 to 2023 [18] - Guangxi Broadcasting plans to swap 100% equity of Guangdian Technology for 51% equity of Jiaoke Group, with both assets valued at 1.411 billion yuan [19][20] Group 7 - ST Ruike's stock will be delisted from risk warnings and will change its name to "Guorui Technology" effective June 3, 2025 [21][22]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a content value closed loop, despite a slight decline in revenue [3]. - The company is expected to achieve revenue of 16.7 billion, 18.0 billion, and 19.5 billion yuan from 2025 to 2027, with corresponding net profits of 7.0 billion, 7.7 billion, and 8.5 billion yuan [3]. Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit of 161 million yuan (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94%, respectively [1]. - The company’s IPTV basic business revenue for 2024 was 834 million yuan (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business revenue for 2024 was 633 million yuan (YoY +4.49%) [2]. - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024 [3]. Future Projections - The company is projected to achieve operating revenues of 1.670 billion, 1.801 billion, and 1.950 billion yuan from 2025 to 2027, with net profits of 701 million, 771 million, and 851 million yuan respectively [5]. - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 13, 12, and 11 times for the years 2025 to 2027 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a closed-loop value chain, despite a slight decline in revenue [3]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 16.7 billion, 18.0 billion, and 19.5 billion for 2025, 2026, and 2027 respectively [3]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.579 billion (YoY +3.63%) and a net profit attributable to shareholders of 658 million (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million (YoY +1.48%) and a net profit attributable to shareholders of 161 million (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively [1]. - The company’s IPTV basic business revenue reached 834 million in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business generated revenue of 633 million in 2024 (YoY +4.49%) [2]. - The content copyright business revenue declined to 84 million in 2024 (YoY -5.67%) [3]. Future Projections - The company is projected to achieve net profits of 701 million, 771 million, and 851 million for 2025, 2026, and 2027 respectively [3]. - The current market capitalization corresponds to a PE ratio of 13, 12, and 11 for the years 2025, 2026, and 2027 [3].