业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...

证券研究报告·行业深度报告·传媒 传媒行业深度报告 24Q4&25Q1 业绩综述：25Q1 板块整体优于 市场预期，影视及游戏行业表现亮眼 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 出版报刊：教育出版监管影响收入，所得税政策变动产生一次性影响。 2024 年、2025Q1 出版报刊行业收入同比下降 2%及 4%，教育出版领域 的监管政策对相关企业产生了影响，一般图书出版领域整体平稳。2024 年、2025Q1 归母净利润分别同比下降 34%及同比增长 34%，行业归母 净利润的波动主要与递延所得税资产/负债的变动有关,而毛利和费用变 化幅度不大。考虑到财务稳健性及股息率，推荐：南方传媒、山东出版， 建议关注中原传媒、中南传媒、凤凰传媒、长江传媒、皖新传媒等；其 他出版方面，推荐中文在线，建议关注果麦文化等。 2025 年 05 月 05 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S0600517110002 021-60199793 zhoulj@dw ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20250504 5 月度金股：回归科技成长 2025 年 05 月 04 日 [观点Table_Summary] ◼ 5 月，我们的配置关注三大方向。 ◼ 我们的金股组合如下 | 代 码 | 简 称 | 行 业 | 市 值 | 26EPS | 27EPS | 26PE | 27PE | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （亿元） | （元） | （元） | | | | 000032.SZ | 深桑达A | 计算机 | 258 | 0.51 | 0.67 | 44 | 34 | | 600323.SH | 瀚蓝环境 | 环保公用 | 189 | 2.60 | 2.72 | 9 | 9 | | 300034.SZ | 钢研高纳 | 军工 | 118 | 0.41 | 0.47 | 36 | 32 | | 600415.SH | 小商品城 | 商社 | 841 | 1.04 | 1.24 | 15 | 12 | | 9660.HK | 地平线机器 | 汽车(海外、 汽 | 865 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 724 million yuan, representing a year-over-year increase of 3.94% and a quarter-over-quarter increase of 2.75% [1] - The net profit attributable to shareholders was 348 million yuan, showing a year-over-year decrease of 1.29% and a quarter-over-quarter decrease of 1.76% [1] - The non-recurring net profit attributable to shareholders was 349 million yuan, reflecting a year-over-year decline of 10.45% but a quarter-over-quarter increase of 3.95% [1] Group 2: Contract Liabilities and Revenue Recognition - Contract liabilities continued to grow, reaching 761 million yuan by the end of Q1 2025, an increase of 290 million yuan year-over-year and 128 million yuan quarter-over-quarter [1] - The increase in contract liabilities is primarily due to user recharge flows that need to be amortized based on item consumption and player lifecycle [1] - The sales expense ratio for Q1 2025 was 38.41%, up 9.40 percentage points year-over-year but down 3.76 percentage points quarter-over-quarter, indicating a mismatch between revenue recognition and expense recognition [1] Group 3: New Game Development - The company is actively developing new games to expand its product matrix and create new growth points [2] - The multiplayer game "Supernatural Action Team" began a paid test in early 2025 and reached a peak ranking of 16 in the iOS free game chart and 18 in the iOS adventure game sales chart [2] - The strategy card game "Code Kill" started a limited test on March 27, 2025, while historical SLG "Five Thousand Years" and casual competitive game "Pocket Fight" have obtained approval for launch [2] Group 4: AI Integration - The company has built comprehensive AI capabilities centered around self-developed large models, aiming to industrialize AI applications across various modalities [3] - AI tools have been developed for image, video, voice, code, text, and strategy, which help reduce research and operational costs [3] - The company announced a deepened AI collaboration with Alibaba Cloud in February 2025, focusing on AI applications in gaming scenarios and computational power ecosystem development [3] Group 5: Earnings Forecast and Investment Rating - The company maintains its previous earnings forecast, expecting EPS of 0.85, 0.92, and 0.99 yuan for 2025-2027, corresponding to current PE ratios of 17, 16, and 15 times [3] - The company is optimistic about the steady release of existing game performance and the incremental contributions from new game launches, while also looking forward to the exploration of AI in gaming [3]