供热面积继续增长，煤价下行有望带来2025年业绩改善。2024年公司供暖及蒸汽业务营业收入22.75亿元，同 比增长4.05%，毛利5.56亿元，同比增加10.96%。2024年公司平均供暖面积约7704万平方米，联网面积约 10791万平方米，较2023年同期有小幅增长。2025年3月以来我国动力煤价格快速下行，有望带动褐煤价格下 降，但是公司经营周期影响，煤价大幅下降时点已经接近供暖季尾声，如果煤价下行趋势延续，公司2025年 业绩有望改善。 传媒业务承压，主要系大屏投放后媒体资源成本增加影响。公司子公司兆讯传媒（301102）2024年实现营业 收入6.70亿元，同比增长12.26%，全年实现归母净利润0.76亿元，同比减少43.64%，主要系受大屏投放后媒 体资源成本增加影响。截至2024年12月，兆讯传媒签约的铁路客运站529个，开通运营铁路客运站495个，运 营4957块数字媒体屏幕，已经成为高铁数字媒体广告行业中媒体资源覆盖最广泛的数字媒体运营商之一。 华源证券股份有限公司刘晓宁,查浩,邹佩轩近期对联美控股（600167）进行研究并发布了研究报告《供暖面积 继续增长煤价下行有望带来业绩改善》，给 ...

证券研究报告 公用事业 | 电力 hyzqdatemark 2025 年 05 月 20 日 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 3,412 | 3,509 | 3,506 | 3,591 | 3,672 | | 同比增长率（%） | -1.12% | 2.87% | -0.11% | 2.44% | 2.25% | | 归母净利润（百万元） | 859 | 659 | 817 | 853 | 874 | | 同比增长率（%） | -9.00% | -23.29% | 24.00% | 4.43% | 2.43% | | 每股收益（元/股） | 0.38 | 0.29 | 0.36 | 0.38 | 0.39 | | ROE（%） | 7.78% | 6.11% | 7.30% | 7.34% | 7.25% | | 市盈率（P/E） | 16.12 | 21.01 | 16.95 | 16.23 | 15 ...

证券代码：301102 证券简称：兆讯传媒 兆讯传媒广告股份有限公司投资者关系活动记录表 编号：2025-001 5、公司传媒大环境中的品牌优势是什么？ 答：公司凭借十余年的经营积累和优质的服务，在行业下游 具有较高的品牌知名度，并与各铁路局集团建立了稳固的战 略合作关系，在行业上游获得了良好的口碑。报告期内，公 司凭借行业领先的媒体资源优势，在 2024 年第十一届中国 户外广告论坛中荣获"城市地标广告媒体"（广州、成都、北 京三地）、"全国高铁站核心候车区数字媒体数量最多"、"贵 阳核心商圈最大高清 LED 屏"、"户外广告交通场景类优质 媒体"四类奖项认证。同时凭借先进数字创意生产和制作能 力打造的作品《进化论》、《汽车之家空间站》、 《Take A Breath 》和《〈猫猫虫〉萌翻龙年新春》荣获"城市户外裸 眼 3D 创意作品"之称。 6、请问公司的针对高铁和商圈的销售模式是什么？ 答：公司成立高铁及商圈媒体的销售团队，并将两个媒体系 统全部按地域划分为大区，分区域进行管理。公司刊例价也 按高铁及商圈媒体二种媒体类型，以站点、屏点或套餐的形 式分别对外报价。在实际销售过程中，公司综合考虑客户合 作情 ...

Core Viewpoint - Zhaoxun Media (301102.SZ), known as the "first stock of high-speed rail media in China," reported a revenue of 670 million yuan in 2024, marking a year-on-year growth of 12.26%, with a net profit attributable to shareholders of 75.6343 million yuan [1] Group 1: High-Speed Rail Digital Media Business - The high-speed rail digital media network is a crucial foundation for Zhaoxun Media's first business curve and core advantage, characterized by its extensive coverage, depth, and quality [2] - The company has solidified its competitive edge, signing contracts with 529 railway passenger stations and operating 495 of them, with over 98.4% being high-speed rail stations, and managing 4,957 digital media screens [2] - Zhaoxun Media has made significant upgrades to major stations like Beijing South and Shenzhen North, enhancing its media offerings and creating impactful visual advertising spaces [2] Group 2: Outdoor Media Business Development - Zhaoxun Media's outdoor naked-eye 3D screen business has begun to take shape, with new installations in key urban commercial areas, including Shenzhen and other major cities [4] - The company has established a top-tier visual creative team and is exploring AI applications in digital content production, achieving notable advancements in digital image processing [4] - The outdoor media business is progressing smoothly, with completed projects enhancing customer engagement and overall profitability [4] Group 3: Market Trends and Economic Environment - The macroeconomic environment in China is stable, providing a conducive backdrop for the advertising and media industry, with advertising revenue surpassing 1.5 trillion yuan in 2024, a 17.9% increase from the previous year [6] - The integration of advertising with the real economy is expected to continue, with significant growth in various media advertising revenues, which exceeded 1 trillion yuan for the first time [6] - Zhaoxun Media's dual-core advertising model combining high-speed rail digital media and urban commercial screen media has gained recognition from numerous leading brands, indicating strong market demand [8]