Group 1 - Legendary Entertainment is considering acquiring Lionsgate Studios, which has recently spun off its operations [1] - Moelis & Company investment bank is involved in early discussions between Lionsgate and Legendary regarding potential co-productions [2] - Lionsgate has a market capitalization of $2 billion, and its share prices increased by 20% following the initial report of acquisition talks [3] Group 2 - Lionsgate's business model involves offloading foreign films, which limits potential buyers from obtaining full ownership of its library [4] - The company has maintained success in the streaming market by acting as a content provider rather than launching its own OTT service [5] - Legendary's CEO indicated plans to utilize Apollo's funds for significant acquisitions in the entertainment sector [6]

Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

7月10日，截至港股收盘，恒生指数上涨0.57%，报24028.37点。胜利管道（01080.HK）收报0.06港元/ 股，上涨42.86%，成交量5920.3万股，成交额315.46万港元，振幅35.71%。 最近一个月来，胜利管道累计涨幅23.53%，今年来累计涨幅35.48%，跑赢恒生指数19.1%的涨幅。 财务数据显示，截至2024年12月31日，胜利管道实现营业总收入5.7亿元，同比减少3.69%；归母净利 润-4256.4万元，同比增长56.75%；毛利率10.37%，资产负债率59.86%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，石油及天然气行业市盈率（TTM）平均值为-2.3倍，行业中值1.73倍。胜利管道市盈 率-3.54倍，行业排名第38位；其他珠江钢管（01938.HK）为1倍、能源国际投资（00353.HK）为1.73 倍、CGII HLDGS（01940.HK）为3.97倍、中信资源（01205.HK）为5.35倍、中国海洋石油-R （80883.HK）为5.86倍。 资料显示，胜利油气管道控股有限公司是中国最大的石油及天然气管道制造商之一,是中国石油天然 ...

[晨会纪要 Table_NewTitle]20250708 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 重点推荐 财经要闻 [Table_Reportdate] 2025年07月08日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.商保目录将推出，新药上市在加快————医药生物行业周报（2025/06/30- 2025/07/04） ➢ 2.重视新品类和新渠道下的α机会——食品饮料行业周报（2025/6/30-2025/7/6） ➢ 3.旷达科技（002516）：汽车内饰主业稳健增长，2024年员工持股首批解锁落地——公司 简评报告 ➢ 4.国产GPU新秀IPO获受理，EDA对华禁令解封——电子行业周报2025/6/30 ...

[Table_Reportdate] 2025年07月07日 公 司 简 评 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/07/07 | | --- | --- | | 收盘价 | 5.23 | | 总股本(万股) | 147,084 | | 流通A股/B股(万股) | 145,424/0 | | 资产负债率(%) | 17.72% | | 市净率(倍) | 2.06 | | 净资产收益率(加权) | 1.19 | | 12个月内最高/最低价 | 6.50/3.40 | ➢ 风险提示：新业务拓展不及预期、下游客户汽车销量不及预期、光伏限电及上网电价波动 持续、原材料价格波动、芯投微合肥工厂产能爬坡不及预期等风险。 [盈利预测与估值简表 Table_profits] | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

好达电子成立于1999年，是国内较早布局声表面波（SAW）滤波器的厂商之一。2001年，公司成功研 发用于对讲机、遥控器等领域的声表面波滤波器及谐振器，奠定了在射频前端芯片领域的技术基础。 经过20余年发展，好达电子已成为国内SAW滤波器产量领先的企业，产品性能接近国际水平，主要客 户包括小米、中兴、三星、联想、富士康等知名厂商。随着5G通信、物联网等产业的快速发展，国产 射频芯片替代需求旺盛，好达电子若能成功上市，有望进一步扩大市场份额。 在国产半导体自主可控趋势下，射频前端芯片作为关键元器件，市场空间广阔。然而，好达电子此前 IPO的终止，也反映出监管对技术竞争力、客户依赖度及业绩可持续性的关注。此次更换辅导机构再战 资本市场，其上市进程及估值表现值得持续关注。 值得提及的是，这并不是好达电子首次冲击IPO。该公司曾向上海证券交易所报送《无锡市好达电子股 份有限公司关于首次公开发行股票并在科创板上市的申请报告》及相关申请文件，并于2021年6月30日 收到《受理通知书》， 于2021年11月26日经科创板上市委员会2021年第89次审议会议审核通过。公司 于2022年12月26日提交了《无锡市好达电子股份 ...

财务数据显示，截至2024年12月31日，珠江钢管实现营业总收入29.4亿元，同比增长10.9%；归母净利 润2.13亿元，同比增长15.72%；毛利率17.6%，资产负债率80.95%。 6月16日，截至港股收盘，恒生指数上涨0.7%，报24060.99点。珠江钢管（01938.HK）收报0.212港元/ 股，上涨12.77%，成交量348.7万股，成交额74.94万港元，振幅20.21%。 最近一个月来，珠江钢管累计跌幅1.57%，今年来累计涨幅10.59%，跑输恒生指数19.11%的涨幅。 资料显示，珠江石油天然气钢管控股有限公司是中国大型直缝焊管制造商和出口商,2010年于香港联合 交易所主板上市(股票代码:01938.HK),总部位于广州番禺,拥有香港、云浮、南京等多个办事处,主要生产 基地位于珠海、连云港。公司现有齐备的JCOE、COE、SAWH、三辊成型、复合管线等焊管生产线,配 有内外防腐和水泥配重生产线,年产能达到180万吨。公司可批量供应406mm-1829m(16"-72")的大直缝双 面埋弧焊管(SAWL)、245mm-762mm(9"-30")的直缝高频焊管(HFW)、508mm-4 ...

投资者关系活动 主要内容介绍 在本次投资者关系活动中，公司董秘主要介绍了公司上市以来至今 经营模式由 Fabless 转型至 Fab-Lite，同时通过贯通设计、工艺、材料、 器件、集成等能力形成了完整可闭环的资源平台实现了资源重构。随后， 董事长亲自分享对行业趋势和未来公司长期发展战略的展望并与现场的 投资者就竞争格局、技术创新等问题进行深入交流。此外，活动安排现 场投资者通过参观 FAB 走廊，直观感受制造与工艺能力。 主要问题及回复如下： 1、请问公司 2025 年短期及长期的业务展望？ A：尊敬的投资者，您好！2025 年短期来看，尽管受季节规律、折旧等多 因素影响，公司在业绩上承受了一些压力，但整体来看团队与工艺都在 持续进步。 产品方面，2024 年意义重大，公司完成了 12 英寸产线的工艺通线， 并积极推进在所有品牌客户的审厂认证且进展顺利。公司自产的射频开 关、天线 Tuner、LNA 等不同类型和型号产品先后通过了客户的导入和验 证，产能亦进入爬坡阶段。在产能爬坡初期由于产量低，产出的晶圆因 分摊较高故单片实际成本高；该部分晶圆在2025年第一季度跨期销售后， 由于折旧成本较高，对毛利率产生 ...

Core Viewpoint - Guokewai (300672.SZ) is progressing with its acquisition of 94.37% of the shares of SMIC Integrated Circuit (Ningbo) Co., Ltd. to enhance its capabilities in the semiconductor industry and respond to national policies for domestic substitution in core components [2][10] Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments [2] - The transaction aims to establish a dual-driven model of "digital chip design + analog chip manufacturing" by gaining production capabilities in high-end filters and MEMS [2][4] - Guokewai acknowledges that SMIC Ningbo is currently experiencing losses, which may pose risks of consolidated losses in the short term [2][6] Group 2: Financial Performance of SMIC Ningbo - SMIC Ningbo's projected revenues for 2023 and 2024 are 213.2 million and 453.8 million respectively, reflecting a year-on-year growth of approximately 113% [6] - Despite revenue growth, SMIC Ningbo is expected to incur net losses of 813 million in 2024, slightly improving from a loss of 843 million in 2023 [6] - The company is in a capacity ramp-up phase, and its financial performance is under pressure due to high depreciation costs and suboptimal capacity utilization [6][7] Group 3: Strategic Synergies - The acquisition is expected to create synergies by combining Guokewai's digital chip expertise with SMIC Ningbo's strengths in RF front-end and MEMS manufacturing [5] - Guokewai aims to transition from a Fabless design model to a more integrated "chip design + wafer processing" approach, enhancing competitiveness [5] - The collaboration is anticipated to improve operational efficiency and strengthen market cooperation by providing comprehensive solutions to strategic clients [5] Group 4: Market Context and Opportunities - The market for RF filters, particularly in the context of domestic substitution, presents significant growth potential, with SMIC Ningbo being one of the few domestic manufacturers capable of producing high-end BAW filters [9][10] - Currently, foreign companies dominate the SAW and BAW filter markets, with domestic firms holding less than 5% market share in the high-frequency BAW filter segment [9] - The demand for domestic alternatives in the RF filter market is urgent, supported by national policies aimed at reducing reliance on foreign suppliers [9][10]

全球与中国射频干扰输入滤波器市场发展趋势及投资风险展望报告2025-2031年 1 射频干扰输入滤波器市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，射频干扰输入滤波器主要可以分为如下几个类别 【全新修订】：2025年6月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1.2.1 全球不同产品类型射频干扰输入滤波器销售额增长趋势2020 VS 2024 VS 2031 1.2.2 SAW射频滤波器 1.2.3 BAW射频滤波器 1.2.4 其他 1.3 从不同应用，射频干扰输入滤波器主要包括如下几个方面 1.3.1 全球不同应用射频干扰输入滤波器销售额增长趋势2020 VS 2024 VS 2031 1.3.2 蜂窝设备 1.3.3 GPS设备 1.3.4 平板电脑 1.3.5 其他 1.4 射频干扰输入滤波器行业背景、发展历史、现状及趋势 1.4.1 射频干扰输入滤波器行业目前现状分析 1.4.2 射频干扰输入滤波器发展趋势 2 全球射频干扰输入滤波器总体规模分析 2.1 全球射 ...