证券研究报告 | 2025年04月28日 传媒互联网周报 优于大市 一季度谷子交易量创新高，持续看好 IP 潮玩与 AI 应用 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | 2024(E) | 2025E | 2024(E) | 2025E | | 002517.SZ | 恺英网络 | 优于大市 | 16.19 | 346 | 0.76 | 0.98 | 21 | 16 | | 002027.SZ | 分众传媒 | 优于大市 | 6.93 | 1001 | 0.37 | 0.40 | 19 | 17 | | 300413.SZ | 芒果超媒 | 优于大市 | 25.65 | 480 | 0.73 | 1.15 | 35 | 22 | 资料来源：Wind、国信证券经济研究所预测 请务必阅读正文之后的免责声明及其项下所有内容 传媒板块本周表现：行业上涨 0.14%，跑输沪深 300，跑输创业板指。本周 ...

证券研究报告 | 2025年04月28日 爱康医疗（01789.HK） 优于大市 2024 年归母净利同比增长 50%，打造骨科数字生态闭环 2024 年公司实现收入 13.46 亿（+23.1%），归母净利润 2.74 亿（+50.4%）。 在集采推动下，人工关节行业进一步加速进口替代，公司产品的手术量需求 持续增长，并提升医院覆盖率，也使得带量内产品销售进一步增长。同时， 公司通过积极的市场开拓，以及在数字骨科全流程解决方案的带动下，海外 手术量提升，海外收入获得显著增长。业绩的强劲复苏主要是由于收入增长 以及费用管控。 髋膝关节进口替代成效显著，大力拓展海外市场。分品类来看，2024 年髋关 节植入物实现收入 7.29 亿（+23.5%），膝关节植入物实现收入 4.05 亿 （+30.1%），髋膝关节植入手术量呈现稳步复苏态势，进口替代进程成效显 著，高层级医院手术量贡献呈现持续增长趋势。脊柱和创伤类植入物实现收 入 1.27 亿（+3.3%），受政策影响，脊柱业务短期内维持稳定。得益于 3D 脊柱产品的独特优势，公司依靠合作研究与国家级和省级重点医院建立合 作，聚焦在头部医院开展业务。定制产品及服务实 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company achieved a revenue of 10.778 billion with a year-on-year growth of 21.04% and a net profit of 1.552 billion, reflecting a year-on-year increase of 30% in 2024. The profit growth is attributed to cost reduction and efficiency improvements, solidifying its position as a leading domestic beauty brand [1][7][4] - The company is leveraging its main brand's single product strategy and the rapid rise of emerging brands to build a strong brand matrix, gradually advancing towards becoming a beauty group [4][19] - The company is expected to increase its marketing investments due to the intensified product launches in the second quarter of this year and the continuous incubation of new brands [4][19] Revenue and Profitability - In 2024, the main brand Proya generated revenue of 8.581 billion, growing by 19.55% year-on-year, while the online channel revenue reached 10.234 billion, with a year-on-year increase of 23.68% [2][9] - The gross profit margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by product structure optimization and reduced costs [12][3] - The company plans to distribute a cash dividend of 11.90 per 10 shares, which accounts for 40.07% of the net profit [7][1] Financial Forecasts - The company forecasts revenues of 12.428 billion, 13.993 billion, and 15.449 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.869 billion, 2.144 billion, and 2.388 billion [5][21] - The projected PE ratios for 2025, 2026, and 2027 are 18, 16, and 14 respectively [4][21] Brand and Channel Performance - The emerging brands OR and Original Color Pot achieved revenue growth rates of 71.14% and 138.36% respectively, enhancing the overall brand matrix competitiveness [2][8] - The online direct sales and distribution channels saw revenue increases of 20.35% and 38.40% respectively, while offline channel revenue decreased by 13.63% [9][2]

证券研究报告 | 2025年04月28日 科锐国际（300662.SZ） 优于大市 2024 年经营效能提升显著，2025 年开局良好 2024Q4 归母净利润同比+44%，与业绩快报一致。2024 年，公司营收 117.88 亿元/+20.5%，归母净利润 2.05 亿元/+2.4%，扣非后归母净利润 1.39 亿元 /+3.6%，与业绩快报基本一致符合预期，但收入利润表现未达到 2023 年限 制性股票解锁目标。2024Q4，公司营收 32.72 亿元/+25.4%，归母净利润 0.70 亿元/+44.3%，扣非归母净利润 0.27 亿元/+42.2%，第四季度利润增速转正。 灵活用工维持高周转效率，猎头经营环比继续改善。2024 年，灵活用工业 务营收 111.36 亿元/+22.4%，毛利率 5.5%/-0.8pct，期末灵活用工在管 人数 4.55 万人/+28.2%，期内累计派出人次 49.95 万人/+30.3%，2025Q1 末技术研发类岗位在职人数占比达 68%/+7pct；猎头业务收入 3.75 亿元 /-11.6%，毛利率 26.0%/-0.6pct，环比 24H1（收入同比-15%/毛 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company achieved a revenue of 2.97 billion in 2024, representing a year-on-year growth of 33.44%, with a net profit attributable to the parent company of 342 million, up 31.69% year-on-year [1][7] - The main brand, Marubi, generated a revenue of 2.055 billion in 2024, reflecting a growth of 31.69%, while the secondary brand, Lianhuo, achieved a revenue of 905 million, up 40.72% [2][8] - The company is experiencing a product momentum explosion, particularly with its key products, which are driving significant revenue and profit growth [3][16] Financial Performance - In Q1 2025, the company reported a revenue of 847 million, a year-on-year increase of 28.01%, and a net profit of 135 million, up 22.07% [1][7] - The gross margin for 2024 was 73.70%, an increase of 3.01 percentage points year-on-year, and is projected to rise to 76.05% in Q1 2025 [3][11] - The company’s operating cash flow for 2024 was 301 million, showing a decrease of 11.09% year-on-year, while Q1 2025 saw a significant increase of 117.93% [14] Revenue Breakdown - The eye care category generated 689 million in revenue for 2024, a growth of 60.78%, primarily driven by the Marubi Xiaohong Pen eye cream [2][8] - Online sales channels contributed 2.541 billion in revenue for 2024, up 35.77%, accounting for 85.55% of total revenue [2][8] - The company’s top three core products accounted for 64% of sales, indicating a further increase in product concentration [2][8] Profitability Metrics - The net profit margin for 2024 was 11.53%, a decrease of 0.94 percentage points year-on-year, while the gross profit margin continued to improve [11][18] - The company’s return on equity (ROE) is projected to reach 10.1% in 2024, increasing to 17.4% by 2027 [4][18] Future Projections - The company is expected to achieve a revenue of 3.941 billion in 2025, with a net profit of 476 million, reflecting a growth of 32.7% and 39.4% respectively [4][18] - The forecast for 2027 includes a net profit of 822 million, with a corresponding price-to-earnings (PE) ratio of 20x [3][4][16]

证券研究报告 | 2025年04月28日 长沙银行（601577.SH）2024 年报暨 2025 年一季报点评 优于大市 规模高增，业绩平稳 盈利增速平稳，2024 年分红率提升 1 个百分点。2024 年营收和归母净利润 同比分别增长 4.6%和 4.9%，2025 年一季度营收和归母净利润同比均增长 3.8%。2024 年分红率 22.49%，同比提升 2.2 个百分点，对应股息率 4.47%。 规模延续高增态势，县域金融优势凸显。2024 年末和 2025 年 3 月末规模同 比分别增长了12.4%和14.1%，其中贷款总额同比分别增长了11.6%和12.6%， 规模延续高增态势。其中，2024年对公贷款和个人贷款同比分别增长了19.3% 和 2.6%，主要是信用卡贷款和按揭贷款同比分别下降了 12.8%和 3.6%，个人 经营性贷款和个人消费贷款同比分别增长了 8.3%和 11.3%。 公司信贷实现较好扩张，主要得益于其县域金融战略下积累的深厚客群基 础。2024 年末县域贷款余额达 2014 亿元，同比增长了 18.7%，占贷款总额 的 36.9%，较年初提升 2.2 个百分点。2024 年公司县 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company's performance is under pressure due to multiple factors, including disappointing sales during major promotional events and high marketing costs on platforms like Douyin. The net profit for 2024 is expected to decline by 33.53% year-on-year, while revenue is projected to grow by 3.87% [1][7] - The main brand, Winona, continues to have strong consumer recognition in the sensitive skin care sector, despite short-term performance challenges. The company is actively expanding into the medical beauty and health sectors, which may drive long-term growth [4][18] - The company is currently in a brand matrix development and channel strategy transformation phase, with high expense ratios impacting profitability during this transition [4][18] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 57.36 billion, a year-on-year increase of 3.87%, and a net profit of 5.03 billion, a year-on-year decrease of 33.53% [1][7] - The first quarter of 2025 shows a revenue of 9.49 billion, down 13.51% year-on-year, and a net profit of 0.28 billion, down 83.97% year-on-year [8] - The gross margin for 2024 is projected at 73.74%, a slight decrease of 0.16 percentage points year-on-year, while the first quarter of 2025 shows an improvement in gross margin to 77.47% [12][3] Brand and Channel Performance - In 2024, the main brand Winona generated revenue of 49.1 billion, a decrease of 2.8% year-on-year, while the sub-brand Winona Baby saw a revenue increase of 34.03% to 2 billion [2][8] - Online sales channels achieved revenue of 39.12 billion in 2024, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [9][2] - The offline channel revenue decreased by 10.72% year-on-year to 12.74 billion, indicating a shift in consumer purchasing behavior towards online platforms [9][2] Expense and Profitability Metrics - The sales expense ratio for 2024 is projected to increase by 2.71 percentage points year-on-year to 49.97%, reflecting higher marketing investments [12][3] - The company plans to distribute a cash dividend of 6 yuan per 10 shares for 2024, representing a payout ratio of 50% of net profit [1][7] - The net profit forecast for 2025-2026 has been revised down to 6.87 billion and 8.22 billion, respectively, due to prolonged new product development cycles and high expense ratios during the transformation period [4][18]

证券研究报告 | 2025年04月28日 | 晨会纪要 | | --- | | 数据日期:2025-04-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3295.06 | 9917.05 | 3786.99 | 11007.02 | 2675.23 | 1004.57 | | 涨跌幅度（%） | -0.06 | 0.39 | 0.06 | 0.45 | 0.24 | 0.12 | | 成交金额（亿元） | 4454.17 | 6681.49 | 2205.35 | 2466.36 | 2916.34 | 202.73 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ ( $\frac{\pi}{10}$) 宏观与策略 宏观周报:高技术制造业宏观周报-国信周频高技术制造业扩散指数走平 宏观周报:宏观经济宏观周报-高频指标环比改善，房地产景气上升 固定收益周报:超 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][22] Core Views - The company's revenue for 2024 reached 12.354 billion yuan, a year-on-year increase of 16.25%, while the net profit attributable to shareholders was 2.164 billion yuan, up 10.16% year-on-year [1][4] - The increase in performance is primarily attributed to the active trading in the capital market and the implementation of favorable policies, leading to growth in investment income and asset management business [1][3] - The company has seen a significant increase in its financial asset scale, which grew by 18.28% year-on-year to 153.4 billion yuan, with investment income rising dramatically by 370% year-on-year [2][3] Summary by Sections Financial Performance - In 2024, the company achieved operating income of 12.354 billion yuan, a 16.25% increase year-on-year, and a net profit of 2.164 billion yuan, reflecting a 10.16% growth [1][4] - The first quarter of 2025 showed an operating income of 2.792 billion yuan, up 17% year-on-year, and a net profit of 516 million yuan, a significant increase of 57% [1] Business Segments - Brokerage business revenue decreased by 5.47% to 2.13 billion yuan due to commission rate reductions, despite a 13% increase in stock trading volume [2] - Investment banking revenue fell by 32.87% to 701 million yuan, with equity underwriting down 89% to 1.906 billion yuan, while bond underwriting increased by 32% to 175.8 billion yuan [2] - Asset management fees increased by 7.6% to 159 million yuan, with assets under management (AUM) reaching 100.995 billion yuan, a 20% increase [3] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 2.393 billion yuan, 2.677 billion yuan, and 2.896 billion yuan respectively, with year-on-year growth rates of 10.6%, 11.9%, and 8.2% [4][18] - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 22.6, 20.2, and 18.7 respectively, while the price-to-book (PB) ratios are expected to be 0.9 for 2025 and 2026, and 0.8 for 2027 [4][18]

Investment Rating - The investment rating for the company is "Neutral" [7][5][6] Core Views - The company reported a total revenue of 1.576 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit of 346 million yuan, down 37.1% year-on-year [1] - The gross margin improved quarter-on-quarter, with a gross margin of 69.4% in Q1 2025, although it decreased by 4.9 percentage points year-on-year [2] - The company is maintaining active expense investments during the peak season to promote sales, with a net profit margin of 22.0%, down 4.18 percentage points year-on-year [3] - A stock incentive plan was announced, granting up to 2.0366 million shares to 168 individuals, with performance targets set for 2025-2027 [4] - Revenue and profit are expected to gradually improve as the company enters a low base period in Q2 2025, with projected revenues of 5.08 billion, 5.38 billion, and 5.76 billion yuan for 2025, 2026, and 2027 respectively [5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, a decrease of 25.1% year-on-year, and a net profit of 346 million yuan, down 37.1% year-on-year [1] - The revenue from mid-to-high-end liquor was 1.234 billion yuan, down 28.5% year-on-year, while ordinary liquor revenue was 208 million yuan, down 12.6% year-on-year [2] - The company reported a net profit margin of 22.0%, down 4.18 percentage points year-on-year, with a significant improvement in operating cash flow, which increased by 106.8% year-on-year to 224 million yuan [3] Market and Channel Analysis - The company has optimized its channel structure, with a total of 2,621 distributors as of the end of Q1 2025, a decrease of 42 from the end of 2024 [2] - E-commerce channel revenue increased by 36.7% year-on-year to 205 million yuan, reflecting a trend towards online sales in the liquor market [2] Future Outlook - The company is expected to see a gradual recovery in revenue and performance as it enters a low base period in Q2 2025, with projected revenues of 5.08 billion, 5.38 billion, and 5.76 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The stock incentive plan aims to motivate employees with performance targets that require significant revenue and profit growth over the next three years [4]