2025 年 04 月 28 日 业绩密集披露期，整体反馈符合预期 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -0.9 | 6.4 | -8.1 | | 沪深 300 | -3.3 | -0.8 | 5.7 | 市场表现 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 -30 相关研究 1、《食品饮料行业周报：社零数据 超预期暨一季度业绩前瞻》2025- 04-21 2、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 3、《食品饮料行业周报：外围环境 持续承压，期待消费需求回暖》 ...

2025 年 04 月 28 日 业绩密集披露期，整体反馈符合预期 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -0.9 | 6.4 | -8.1 | | 沪深 300 | -3.3 | -0.8 | 5.7 | 市场表现 -10 0 10 20 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 -30 相关研究 1、《食品饮料行业周报：社零数据 超预期暨一季度业绩前瞻》2025- 04-21 2、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 3、《食品饮料行业周报：外围环境 持续承压，期待消费需求回暖》 ...

2025 年 04 月 28 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：62 分（较热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 1、《双融日报》2025-04-25 2、《双融日报》2025-04-24 3、《双融日报》2025-04-23 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 62 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：跨境支付、虚拟电厂、农业 1、跨境支付主题：中国央行等印发《上海国际金融中心 进一步提升跨境金融服务便利化行动方案》。主要内容提 到，跨境清算公司增强与金融机构协同联动，共同提升对 "走出去"企业的服务水平。推动更多银行加入 CIPS，持续 扩大 CIPS 网络覆盖范围。相关标的：跨境通（002640）、青 岛金王（002094） 2、虚拟电厂主题：近日，国家发展改革委、国家能源局 发布《关于加快推进虚拟电厂发展的指导意见》。其中提 到，到 2027 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is focusing on increasing content and R&D investments to drive new growth momentum, with a significant emphasis on innovative content production and technology integration [4][5]. - The company aims to enhance its international presence through the "Mango Going Global Three-Year Action Plan" and the development of an AI-driven interactive platform [6][7]. - The financial forecast indicates a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenues of 154.67 billion, 168.59 billion, and 182.58 billion respectively, and net profits of 16.07 billion, 19.92 billion, and 24.62 billion [10][12]. Summary by Sections Company Overview - The company is a leading player in the media industry, continuously innovating in content production, with a strong focus on self-produced content and a comprehensive media ecosystem [4]. Financial Performance - In 2024, the company's new media interactive entertainment content production and copyright costs reached 810 million, up 17% year-on-year. The internet video business costs were 6.2855 billion, an increase of 8.46% year-on-year [5]. - The first quarter of 2025 saw a year-on-year decline in revenue and net profit of 12.76% and 19.8% respectively, primarily due to a contraction in traditional TV shopping business and increased content investment [5]. Growth Strategy - The company is leveraging AI technology through the establishment of the "Shanhai Research Institute" and the development of its own AI model to enhance content innovation and production efficiency [7]. - The company is also exploring new business models, including e-commerce through its "Xiaomang E-commerce" platform, which achieved an annual GMV of 161 million in 2024, with a compound growth rate of 125% over four years [9]. Profitability Forecast - The report projects a gradual increase in earnings per share (EPS) from 0.86 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 29.9 to 19.5 [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is leveraging AI to reshape its core business, aiming for high-quality development in technology marketing [1] - The company reported a total revenue of 14.2577 billion yuan in Q1 2025, a year-on-year decrease of 9.66%, while net profit attributable to shareholders was 95.5 million yuan, an increase of 16% year-on-year [4][5] - The company is expected to achieve AI-driven revenue of 30 to 50 billion yuan in 2025, with a long-term goal of exceeding 100 billion yuan [5][6] Summary by Sections Market Performance - The company’s stock price is currently at 8.27 yuan, with a total market capitalization of 20.9 billion yuan [1] Business Overview - The company’s revenue structure includes significant contributions from gaming, e-commerce, and internet applications, with respective revenues of 26.14 billion, 18.17 billion, and 9.44 billion yuan in 2024 [4] - The company is focusing on expanding into high-value markets in Europe, Southeast Asia, and Latin America to mitigate external impacts from trade disputes [4] AI Strategy - The company has developed its own AI platform, BlueAI, and aims to create around 1,500 AI-driven intelligent entities by 2024 [5] - The company has partnered with global AI-driven advertising platforms and plans to restart AI investments to enhance its marketing capabilities [6][7] Financial Forecast - Revenue projections for 2025 to 2027 are 65.037 billion, 70.418 billion, and 76.250 billion yuan respectively, with net profits expected to be 459 million, 570 million, and 713 million yuan [8][10] - The company anticipates a significant increase in earnings per share (EPS) from 0.18 yuan in 2025 to 0.28 yuan in 2027 [8][10]

2025 年 04 月 27 日 特斯拉 Optimus Gen3 更新在即，上海车展智能 驾驶及智能座舱成行业焦点 —汽车行业周报 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -5.6 5.6 20.1 沪深 300 -3.7 -0.8 5.7 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：天工 Ultra 夺 得首次人形机器人马拉松冠军， 2025 上海车展建议关注主机厂新 品》2025-04-20 2、《汽车行业周报：首个人形机器 人马拉松即将开跑，双新政策推动 乘用车 3 月零售增长强劲》2025- 04-13 3、《汽车行业点评报告：美国加征 汽车关税，对中国汽车产业影响有 限》2025-04-11 ▌特斯拉 Optimus Gen3 更新在即，小鹏机器人亮相 上海车展 特斯拉是创新能力-供应链资源-软硬件全方位领先车企， Optimus 更新有望带动下一波机器人行情。我们认为， Opti ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - There is a substantial market potential for gout and uric acid-lowering treatments, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with potential to become first-line treatments in oncology as clinical data continues to support their efficacy [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese biotech firms to enter the market [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes due to changes in competitive relationships [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly increase of 5.31% in the chemical pharmaceutical sub-sector [27][34] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's recent one-month decline was 2.19%, but it outperformed the CSI 300 index by 1.51 percentage points [43] - The current price-to-earnings ratio (PE) for the pharmaceutical sector is 30.67, which is below the five-year historical average of 32.78 [48] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policy support on inhalation formulations [52] 4. Important Industry Policies and News - Recent policies include a three-year initiative to improve pediatric and mental health services, and a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030 [55] - Notable industry news includes multiple companies receiving approvals for new drug applications and significant clinical trial results being presented at the upcoming ASCO conference [56][57]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company is experiencing a turning point in its traditional business, with significant breakthroughs in AI and robotics, transitioning from 0 to 1 [8] - The company reported a revenue of 26.094 billion yuan in 2024, a year-on-year increase of 6.66%, but a net loss of 318 million yuan, indicating a shift from profit to loss [4] - In Q1 2025, the company achieved a revenue of 4.874 billion yuan, a year-on-year growth of 1.3%, and a net profit of 45.9345 million yuan, a significant increase of 84.65% [5] Summary by Sections Financial Performance - In 2024, the company's revenue was 260.94 billion yuan, with a net profit of -3.18 billion yuan, primarily due to rising copper prices affecting the gross margin of smart cables, which fell from 12.38% in 2023 to 10.16% in 2024 [4] - The smart cable segment generated revenue of 227.03 billion yuan, while the smart battery segment saw a loss of 6.91 billion yuan, exacerbated by industry competition [4] - For Q1 2025, the company reported revenues of 42.07 billion yuan from smart cables, 3.29 billion yuan from smart batteries, and 3.12 billion yuan from smart airports, with respective year-on-year growth rates of -5.54%, 93.64%, and 80.92% [5] Business Outlook - The company anticipates a turning point in 2025, driven by stable copper prices, the production of undersea cables, and reduced losses in the battery segment due to sufficient orders and improved production efficiency [7] - The AI and robotics sectors are expected to enhance the company's valuation, with successful partnerships and product developments in these areas [8] Profit Forecast - The company forecasts net profits of 671 million yuan, 1.048 billion yuan, and 1.221 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.30, 0.47, and 0.55 [9]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - The market potential for gout and hyperuricemia treatments is substantial, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with clinical data indicating their potential to surpass existing treatments [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese enterprises [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly decline of 2.19% [29] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's current PE (TTM) is 30.67, below the historical average of 32.78, indicating potential undervaluation [47] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policies on inhalation formulations [52] 4. Recent Industry Policies and News - Recent policies focus on enhancing pediatric and mental health services, as well as promoting digital transformation in the pharmaceutical industry to improve competitiveness and quality [54] - Notable industry news includes significant clinical trial results and regulatory approvals for various new drugs, indicating ongoing innovation and development within the sector [55][56] 5. Recommended Companies and Earnings Forecast - The report recommends several companies based on their market potential and recent performance, including Yifang Bio, Zhongsheng Pharmaceutical, and Yifeng Pharmacy, among others [12][14]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown significant improvement in net profit, with a notable recovery in profitability driven by the consumption of high-cost raw materials and effective cost control measures [2][3] - The company is focusing on optimizing its product structure and enhancing cost management in e-commerce channels, which is expected to lead to improved profitability [3] Summary by Sections Financial Performance - In 2024, total revenue was 1.67 billion yuan, a decrease of 3% year-on-year, with a net loss of 72 million yuan compared to a loss of 52 million yuan in 2023. The first quarter of 2025 saw total revenue of 413 million yuan, a decrease of 16%, but a net profit of 40 million yuan, an increase of 216% [1][9] - The company distributed a total cash dividend of 611 million yuan as of December 31, 2024, marking a historical high in dividend payout [1] Profitability and Cost Management - Gross margins for 2024 and Q1 2025 were 22.62% and 33.97%, respectively, with a recovery in profitability expected as high-cost raw materials are depleted and new procurement costs are at historical lows [2] - The sales expense ratio decreased by 0.1 percentage points in 2024 and 1 percentage point in Q1 2025, while the management expense ratio decreased by 1 percentage point and 0.1 percentage points, respectively, indicating effective cost control [2] Product and Channel Strategy - Revenue from red date products, health preservation products, and other categories in 2024 was 1.22 billion yuan, 69 million yuan, and 320 million yuan, respectively, with a focus on developing differentiated and technologically advanced red date products [3] - Offline channel revenue increased by 3% to 1.14 billion yuan in 2024, driven by new retail channels, while e-commerce revenue decreased by 16% to 475 million yuan due to channel relocation impacts [3] Earnings Forecast - The company is expected to see continued improvement in profitability due to lower raw material costs and the expiration of certain depreciation expenses, with projected EPS for 2025-2027 at 0.02, 0.17, and 0.27 yuan, respectively [9]