Core Viewpoint - Yiri Technology has demonstrated resilience in maintaining stable revenue despite global trade tensions, highlighting its competitive edge in the professional lighting market, particularly in Europe and the United States [1][2][6]. Company Overview - Yiri Technology reported nearly 1 billion yuan in revenue last year, with foreign trade accounting for nearly 70% of its business, primarily in the U.S. market [1][5]. - The company has established itself as a leading player in the lighting industry, gaining recognition through major events like the Beijing Winter Olympics and various international concerts [1][5]. Market Position and Strategy - Yiri Technology has successfully replaced many Western brands in the lighting sector, with a significant presence in high-profile events such as the Billboard Music Awards and the Eurovision Song Contest [5][6]. - The company emphasizes creativity, innovation, and a robust supply chain as key factors in its competitive strategy, allowing it to maintain a strong market position despite external pressures [2][8]. Technological Innovation - Yiri Technology invests heavily in research and development, with 5% of its total revenue allocated to R&D, resulting in over 200 patents and ongoing applications for additional patents [11][12]. - The company has developed advanced technologies, such as the ResetFree technology for precise lighting control, enhancing its competitive edge in the global market [11]. Industry Trends - The global stage lighting equipment market is projected to grow from approximately $5.8 billion in 2024 to $10 billion by 2030, with Guangdong being a major production base [7]. - The traditional lighting industry in Guangdong is undergoing transformation, integrating technological advancements and exploring new sectors such as electric vehicles and optical displays [12].

转自：前瞻产业研究院 行业主要上市公司：慈文传媒(002343.SZ);北京文化(000802.SZ);芒果超媒(300413.SZ);利亚德(300296.SZ);洲 明科技(300232.SZ);浩洋股份(300833.SZ);遥望科技(002291.SZ)等 本文核心数据：演唱会市场规模;演唱会票房场次分布;演唱会巡演项目占比等 行业概况 1、 定义 演唱会(Concert)是指在观众前的现场表演，通常是音乐的表演。音乐可以是由单独的音乐人所表演或是音乐 的集体演出，歌手通常是在舞台上表演。何况还有非常可观的门票收入(当然，也有不少大型演出是免费入 场的)。演唱会对于歌迷来说则是一个狂欢的节日，一般时长在两个小时及以上。 2、 产业链剖析：呈现出较为完整的分工协作模式 演唱会产业链涉及领域较多，呈现出较为完整的分工协作模式。上游涵盖内容制作与软硬件支持，内容制作 涉及歌手、乐队、经纪公司以及主办公司;软硬件支持则包括麦克风、电子屏幕、扬声器、舞台灯光设备 等。中游主要由票务平台、演出场馆方与品牌赞助方构成，票务平台有面向社会大众的一级票务平台和二级 票务平台，还存在内购以及机构黄牛等现象;演出场馆方负责 ...

Core Viewpoint - The visit by over 150 representatives from Dongguan and Foshan to ITC Baolun Electronics aims to deepen strategic cooperation and explore market opportunities, establishing a solid foundation for future business collaboration and mutual development [1][4]. Group 1: Company Overview - ITC Baolun Electronics showcased its development history, core business, product matrix, R&D capabilities, operational performance, and market layout during the visit [4]. - The company emphasizes its commitment to independent research and development in the audio-visual field, aiming to drive high-quality development through technological innovation [4][8]. Group 2: Product and Technology Presentation - The customer representatives were introduced to ITC's intelligent system products, including LED displays, smart conference platforms, and professional audio systems, highlighting their application in various fields [6][10]. - ITC's innovative products received positive feedback, particularly for their market foresight and technological advancements in the audio-visual sector [3][4]. Group 3: Collaboration and Future Prospects - The event served as a platform for value co-creation, promoting technical collaboration, resource sharing, and ecosystem building within the audio-visual industry [8][11]. - ITC Baolun Electronics aims to strengthen partnerships and explore market potential, contributing to the high-quality development of the audio-visual industry [8][11].

5月22日，第21届文博会盛大开幕，当天下午，广东同步发布《关于推动广东演艺市场高质量发展的若 干政策措施》（简称《措施》），共提出17条政策举措，聚焦市场培育，围绕打造国际一流演艺城市 群、培育壮大演艺市场主体、促进市场供给和消费、拓展"演艺+"产业链条、培育演艺新空间、推动演 艺赋能"百千万工程"、做强大湾区特色演艺展会、发挥行业协会引领作用、加强演出市场服务保障等， 在多方面加大支持力度。 广东省文化和旅游厅副厅长曾晓峰在会上表示，广东是中国对外开放南大门，经济体量大、人口众多， 演艺场馆等服务设施完备，一批综合场馆可以满足不同规模的演出需求，广东的舞台灯光音响产品质量 和技术水平在全国处于领先地位。另外，得益于毗邻港澳的地理优势，广东一直以来吸引着国内外特别 是港澳艺人落地演出，是我国最重要的演出市场之一。 在创新服务保障上，广东压缩营业性演出活动审批时限，全面推行首演地内容审核负责制，为演出企业 在宣传推广服务方面提供便利。出台大型营业性演出退票服务规范，探索建立尾票服务机制，护航演艺 市场高质量发展。 "诚邀大家到广东观看演出，跟着演出到广东来旅游，在广东观山看海，感受广东温度，体验广东热 情。" ...

制造领先：永艺股份、浩洋股份 20250513 摘要 • 美国对中国加征关税，短期内影响出口企业，但可通过出口公司与客户共 同承担或转嫁给消费者来消化成本。关税回归合理幅度后，国内出货节奏 预计恢复正常，二季度订单有望修复，但下游企业备库谨慎。 • 出口企业受关税压制估值回落，核心优势强、海外工厂占比较高的公司受 影响较小，估值与成长性匹配。长期来看，这些公司在关税期间波动不大， 有望增强长期竞争力，估值点位适合进入配置区间。 • 永艺股份在办公椅品类具备不可替代性，其产业链优势建立了客户壁垒。 近期订单乐观，越南工厂加速出货以利用关税窗口期，中国终端客户也积 极下单发货，利润端受影响较小，订单预期有望进一步修复。 • 永艺股份 2025 年的盈利预测中枢约为 3.8 亿元，目前估值为 10 倍，在出 口链中具有较高性价比，与增速的 PEG 相比处于低位，股息率超过 4%， 在整体估值修复的前提下，该公司是一个具有弹性的选择。 • 浩洋股份在舞台灯光演艺设备制造方面具备成本效率优势和产品创新能力， 通过主动开发新产品如激光光源，引领行业变革，推动长期激光光源渗透 率提升。 Q&A 中国制造业在全球供应链中的地 ...

2024年，浩洋股份的营业收入和净利润均出现下滑，营业收入从2023年的13.05亿元下降至12.12亿元， 同比下降7.12%；归属净利润从3.66亿元下降至3.02亿元，同比下降17.61%。这是公司自2020年以来首 次出现营收和利润的双重下滑，显示出公司在市场环境变化下的应对能力不足。 从历史数据来看，浩洋股份的业绩波动较大。2022年公司营收和净利润分别同比增长97.80%和 161.97%，但2023年增速明显放缓，2024年则直接转为负增长。这种大起大落的业绩表现，反映出公司 在市场拓展和风险控制方面的不足。尤其是在全球经济增速放缓、地缘政治冲突加剧的背景下，浩洋股 份的业绩压力进一步加大。 研发投入加大，但短期效益未显 5月6日，浩洋股份发布2024年年报，报告期内公司实现营业收入约12.12亿元，同比下降7.12%；归属净 利润为3.02亿元，同比下降17.61%；扣非净利润为2.85亿元，同比下降18.66%。尽管公司在品牌扩张和 研发投入上持续发力，但业绩下滑的趋势依然明显，尤其是在全球经济不确定性加剧的背景下，浩洋股 份的短期表现令人担忧。 营收利润双降，业绩承压明显 2024年，浩洋 ...

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, attributed to various factors including trade tensions and operational adjustments [1][3]. Financial Performance - In 2024, the company achieved revenue of 12.12 billion, a year-on-year decrease of 7.12%, and a net profit of 3.02 billion, down 17.61% [1]. - For Q4 2024, revenue was 2.66 billion, a decline of 9.64%, with a net profit of 0.43 billion, down 22.15% [1]. - In Q1 2025, revenue was 2.90 billion, a decrease of 8.04%, and net profit was 0.53 billion, down 47.04% [1]. Dividend Announcement - The company announced a cash dividend of 13 yuan per 10 shares, totaling 1.64 billion [2]. Strategic Adjustments - The company is facing short-term pressures but is actively adjusting its strategies, including increasing investment in its own brands and expanding its global presence through acquisitions [3]. - The OBM business revenue reached 8.43 billion in 2024, showing a growth of 2.4% and accounting for 70% of total revenue [3]. Industry Outlook - The downstream demand in the industry remains strong, with ongoing robust demand for performances both domestically and internationally [3]. - The company is leveraging its experience in significant projects to enhance its brand recognition and competitive edge [3]. Profitability and R&D Investment - The gross margin for 2024 improved by 0.41 percentage points to 50.37%, driven by increased contributions from proprietary brands and new products [4]. - R&D expenses rose by 51.05% to 85.85 million, reflecting the company's commitment to innovation [4]. - In Q1 2025, the gross margin decreased by 3.25 percentage points to 49.14%, indicating pressure on profitability [4]. Investment Plans - The company plans to invest at least 6.03 billion in building a performance equipment industrial base, which aligns with local industrial policies and aims to enhance market competitiveness [5]. Long-term Investment Perspective - The company is recognized as a leading manufacturer in the stage lighting equipment sector, with a strong competitive advantage due to its combination of overseas brands and domestic production capabilities [6]. - Despite short-term challenges, the long-term outlook for the stage lighting equipment industry remains stable, with expected revenue growth in the coming years [6].

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 短期经营承压，公司积极应对 [Table_Title2] 浩洋股份(300833) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 300833 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 94.58/28.35 | | 目标价格： | | 总市值(亿) | 40.26 | | 最新收盘价： | 31.83 | 自由流通市值(亿) | 25.87 | | | | 自由流通股数(百万) | 81.26 | [Table_Summary] 事件概述 公司发布 2024 年年报及 2025 年一季报：2024 年实现营收 12.12 元，同比-7.12%；归母净利润 3.02 亿元，同 比-17.61%；扣非后归母净利为 2.85 亿元，同比-18.66%。单季度看，2024Q4 实现营收 2.66 亿元，同比- 9.64%；实现归母净利润 0.43 亿元，同比-22.15%；扣非后净利润 0.38 亿 ...