Investment Rating - The report maintains a "Buy" rating for Yuewen Group with a target price of HKD 41.17, revised from HKD 46.82 [1][6][9] Core Views - Yuewen Group's revenue in H1 2024 increased by 27.7% YoY to RMB 4.19 billion, with net profit attributable to shareholders growing by 33.9% YoY to RMB 500 million [1] - The strong performance is driven by the high growth of IP operation business, supported by multiple hit TV dramas and films [1] - The company is expected to achieve revenues of RMB 7.5 billion, RMB 7.91 billion, and RMB 8.21 billion in 2024, 2025, and 2026, respectively [1] Online Business - Online business revenue in H1 2024 decreased by 2.2% YoY to RMB 1.94 billion, mainly due to a shift towards ROI-focused paid reading models, which reduced ad revenue from free reading channels [2] - MAU on Tencent product channels dropped by 33.5% YoY to 70 million, with revenue declining by 26.2% YoY to RMB 130 million [2] - Third-party platform revenue grew by 18.2% YoY to RMB 120 million, benefiting from increased cooperation with third-party distributors [2] - MPU (Monthly Paying Users) increased by 1.1% QoQ to 8.8 million, indicating improved user stickiness and potential for future growth [2] IP Operation Business - IP operation business revenue surged by 75.7% YoY to RMB 2.2 billion in H1 2024, driven by hit TV dramas such as "Hot and Spicy," "The Legend of Shen Li," and "The Story of Rose" [3] - The company has a rich pipeline of IP projects, with "The Great Sage" and "Silent Reading" set to launch in H2 2024 [3] - IP licensing and derivative businesses also saw significant growth, with IP card GMV reaching RMB 100 million in H1 2024 [3] AI Technology and Overseas Expansion - Yuewen Group is leveraging AI technology, particularly its "Miaobi" model, to enhance content creation efficiency and support the overseas expansion of its WebNovel platform [4] - In H1 2024, AI-translated works accounted for approximately 40% of the top 100 bestsellers on WebNovel [4] - The company is exploring further integration of AI with IP content creation, which could drive future revenue growth [4] Financial Forecasts - Revenue is projected to grow at a CAGR of 4.6% from 2024 to 2026, reaching RMB 8.21 billion by 2026 [5] - Non-GAAP net profit is expected to increase from RMB 1.38 billion in 2024 to RMB 1.63 billion in 2026 [1] - EPS is forecasted to grow from RMB 1.06 in 2024 to RMB 1.28 in 2026 [5] Valuation - The SOTP valuation method assigns a target price of HKD 41.17, with online business valued at RMB 17.74 billion (HKD 18.85 per share) and IP operation business valued at RMB 21.01 billion (HKD 22.32 per share) [9][11][13] - The online business is valued at 4.6x 2024E PS, in line with the average PS of other online entertainment platforms [11] - The IP operation business is valued at 19.2x 2024E PE, consistent with the average PE of other IP content producers [13]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 4.19 billion yuan in H1 2024, representing a year-on-year increase of 27.7%, driven by the release of popular films and significant breakthroughs in IP development [2]. - The adjusted net profit attributable to shareholders reached 700 million yuan, up 16.4% year-on-year, with a gross profit margin of 49.7% [2]. - The online business showed signs of stabilization, with a slight decline in revenue, while the company is focusing on enhancing its self-owned reading platform and exploring new revenue streams through AIGC technology [2]. Summary by Sections Revenue Performance - The company reported a total revenue of 4.19 billion yuan in H1 2024, with a gross profit of 2.08 billion yuan, marking a gross profit margin of 49.7% [2]. - Online business revenue was 1.94 billion yuan, a decrease of 2.2% year-on-year, with self-owned platform revenue slightly declining by 0.9% to 1.69 billion yuan [2]. IP Development and Content Strategy - The company has launched several successful TV series and films, including "The Story of Rose" and "Celebrating the Year 2," contributing to a significant increase in copyright operations and other revenues, which grew by 73.3% to 2.25 billion yuan [2]. - The company is actively expanding its IP portfolio across various sectors, including animation, comics, and games, with notable projects in the pipeline for the coming years [2]. Financial Forecast and Valuation - The revenue forecast for 2024 and 2025 has been slightly adjusted upwards to 7.84 billion yuan and 8.12 billion yuan, respectively, while the adjusted net profit estimates have been revised downwards to 1.38 billion yuan and 1.51 billion yuan [2]. - The report emphasizes the importance of the company's IP reserves and the potential for diversified monetization strategies moving forward [2].

: 原 山 券 传媒/数字媒体 头部 IP 内容释放驱动业绩增长，IP 商业化多点开花 港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 闰鳥（分析师） tianpeng@kysec.cn 正书站号：S0790523090001 | --- | |--------------------| | 日 朝 | | 当前股价(港元) | | 一辛哀奇哀低(港无) | | | 流通市值(亿港元)259.38 总股本(亿股)10.23 流通港股(亿股)10.23 道３个月挨手手(%)18.94 股价达券困 南文化 也 生 指數 10% -10% -20% -30% -40% 2024-04 2023-08 2023-12 數據未源： 外部部 老职务 外职务 《大 IP 产品储备丰富，2024 年改逆供 给释汝 一港殷公司位总要新报告》 -2024.3.19 fangguangzhao@kysec.cn 证书编号：S0790520030004 ● 优质 IP 内客服动 2024H1 业续增长，看好后续内客上新，维持"买入" 评级 2024H1 公司实现主营业务收入 41.91 亿元 (同比+27.7%)，其 ...

传媒/数字媒体 头部 IP 内容释放驱动业绩增长，IP 商业化多点开花 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/12 | | 当前股价(港元) | 25.350 | | 一年最高最低(港元) | 33.500/20.400 | | 总市值(亿港元) | 259.38 | | 流通市值(亿港元) | 259.38 | | 总股本(亿股) | 10.23 | | 流通港股(亿股) | 10.23 | | 近 3 个月换手率(%) | 18.94 | 股价走势图 阅文集团 恒生指数 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《大 IP 产品储备丰富，2024 年或迎供 给释放 —港股公司信息更 ...

Revenue Growth and Financial Performance - Total revenue increased by 27.7% year-on-year to RMB 4,190,933 thousand[2] - Revenue increased by 27.7% year-over-year to RMB 4,190.9 million in the first half of 2024[14] - Revenue for the six months ended June 30, 2024, was RMB 4,190.9 million, a 27.7% increase from RMB 3,283.0 million in the same period last year[39] - Total revenue for the six months ended June 30, 2024, was RMB 4,190,933 thousand, with online business contributing RMB 1,940,377 thousand and copyright operations and others contributing RMB 2,250,556 thousand[55] Operating Profit and Margins - Operating profit margin improved from 9.5% to 10.8% year-on-year[3] - The company's operating profit increased to RMB 454.4 million, up from RMB 310.9 million in the previous year[13] - Operating profit increased by 46.1% YoY to RMB 454.4 million[20] - Operating profit for the six months ended June 30, 2024, increased to RMB 454,449 thousand, up from RMB 310,948 thousand in the same period in 2023[26] - Operating profit for the six months ended June 30, 2024, was RMB 454.4 million, a 46.1% increase from RMB 310.9 million in the same period last year[39] Copyright Operations and IP Performance - Copyright operation revenue surged by 75.7% year-on-year[3] - Copyright operations revenue increased significantly to RMB 2,202.8 million, representing 52.6% of total revenue[14] - Copyright operations and other revenue surged by 73.3% YoY to RMB 2,250.6 million, driven by strong growth in IP operations[18] - The company acquired Tencent Animation, adding top domestic animation IPs like "The Outcast" and "Fox Spirit Matchmaker"[8] - IP card business achieved a GMV of approximately RMB 100 million in the first half of the year[9] - The company reclassified short dramas from "Online Business" to "Copyright Operations and Others" to better reflect revenue structure and profit trends[53] User Metrics and Engagement - The company's MPU (Monthly Paying Users) exceeded 8.8 million, showing steady growth[6] - Average monthly active users on the company's own platforms and Tencent products decreased to 176.0 million from 211.7 million year-over-year[16] - Average monthly paying users remained stable at 8.8 million, with average revenue per paying user at RMB 31.7[16] - Average monthly active users (MAU) of the company's own platform products and self-operated channels decreased by 16.9% YoY to 176.0 million, with self-operated channels seeing a 33.5% decline to 70.7 million due to reduced free reading channel users[17] - Average monthly paying users increased slightly by 0.4% YoY to 8.8 million[17] - Average monthly revenue per paying user for the paid reading business decreased by 1.9% YoY to RMB 31.7[18] Content and Platform Performance - The movie "YOLO" became the highest-grossing film in China in 2024 with a cumulative box office of RMB 3.5 billion[7] - The TV series "Joy of Life Season 2" achieved a record-breaking heat index of over 34,000 on Tencent Video[4] - WebNovel provided approximately 5,000 translated Chinese works and 650,000 local original works to overseas users[6] - The company's online reading platform added approximately 170,000 new writers and 320,000 new novels in the first half of 2024[6] - AI-translated works accounted for approximately 40% of the top 100 bestsellers on the WebNovel platform[11] - Revenue from self-owned platform products for the six months ended June 30, 2024, was RMB 1,694,169 thousand, with RMB 1,500,919 thousand recognized at a point in time and RMB 193,250 thousand recognized over time[58] Profitability and Earnings - Non-IFRS net profit attributable to equity holders increased to RMB 702.1 million from RMB 603.1 million year-over-year[13] - Net profit attributable to equity holders grew by 33.9% YoY to RMB 504.3 million, with non-IFRS net profit up 16.4% to RMB 702.1 million[22] - Profit for the period was RMB 503.9 million for the six months ended June 30, 2024, a 34.0% increase from RMB 376.0 million in the same period last year[39] - Net profit for the six months ended June 30, 2024, was RMB 504,303 thousand, compared to RMB 376,680 thousand in the same period of 2023[43] - Net profit attributable to equity holders of the company for the six months ended June 30, 2024, was RMB 504,303 thousand, compared to RMB 376,680 thousand in the same period in 2023, representing a 33.9% increase[66] Cash Flow and Liquidity - Net cash position stood at RMB 9,208.1 million, reflecting strong liquidity[24] - The company's net cash position increased to RMB 9,208.1 million as of June 30, 2024, from RMB 8,101.4 million as of December 31, 2023[32] - Free cash flow for the six months ended June 30, 2024, was RMB 1,531.8 million, driven by net cash from operating activities of RMB 1,613.8 million[32] - Cash flow from operating activities significantly improved to RMB 1,613,843 thousand, compared to RMB 615,638 thousand in the same period of 2023[45] - Cash and cash equivalents at the end of June 2024 stood at RMB 2,898,306 thousand, a decrease from RMB 3,359,906 thousand at the end of June 2023[45] Expenses and Costs - Sales and marketing expenses rose by 41.0% YoY to RMB 1,158.9 million, accounting for 27.7% of revenue[20] - Promotion and advertising expenses increased to RMB 866,253 thousand for the six months ended June 30, 2024, compared to RMB 558,281 thousand in the same period in 2023[59] - Content costs for the six months ended June 30, 2024, were RMB 856,281 thousand, up from RMB 751,939 thousand in the same period in 2023[59] - Government subsidies for the six months ended June 30, 2024, were RMB 48,634 thousand, down from RMB 83,434 thousand in the same period in 2023[60] - Income tax expense for the six months ended June 30, 2024, was RMB 99,064 thousand, compared to RMB 49,610 thousand in the same period in 2023[63] Assets and Liabilities - Total assets increased to RMB 24,431.3 million as of June 30, 2024, up from RMB 23,188.5 million as of December 31, 2023[31] - Total liabilities rose to RMB 5,199.5 million as of June 30, 2024, compared to RMB 4,164.0 million as of December 31, 2023[31] - Total assets as of June 30, 2024, were RMB 24,431.3 million, a 5.4% increase from RMB 23,188.5 million as of December 31, 2023[41] - Total liabilities increased to RMB 5,199,506 thousand as of June 30, 2024, up from RMB 4,164,048 thousand at the end of 2023[42] - Current liabilities rose to RMB 4,916,294 thousand, driven by increases in trade payables (RMB 1,222,103 thousand) and other payables (RMB 1,935,279 thousand)[42] Shareholder Equity and Dividends - Shareholders' equity increased to RMB 19,232,665 thousand as of June 30, 2024, up from RMB 18,563,484 thousand at the end of June 2023[43] - The company repurchased and canceled shares worth RMB 16,512 thousand during the six months ended June 30, 2024[43] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[95] - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[67] Investments and Acquisitions - The company acquired Tencent Animation, adding top domestic animation IPs like "The Outcast" and "Fox Spirit Matchmaker"[8] - The company completed a business combination with Tencent and its subsidiaries, using the book value method, which did not generate new goodwill[48] - The company invested approximately 150,000,000 RMB in convertible bonds of an investee company engaged in animation and game production in July 2024[95] - Investments in associates and joint ventures as of June 30, 2024, amounted to RMB 1,064,204 thousand, with investments in joint ventures increasing to RMB 663,978 thousand from RMB 515,278 thousand at the end of 2023[73][74] Accounting and Financial Reporting - The company adopted revised accounting standards effective from January 1, 2024, including IAS 1 amendments and IFRS 16 amendments, with no material impact on financial statements[50] - The company is evaluating the impact of new and revised standards, including IFRS 18 and IFRS 19, which are not yet effective[51] - The company's financial statements are prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)[47] - The company's financial data is presented in RMB and is unaudited but reviewed by external auditors[46] Corporate Governance and Shareholder Information - The board of directors consists of executive directors Hou Xiaonan and Huang Yan, non-executive directors James Gordon Mitchell, Cao Huayi, and Xie Qinghua, and independent non-executive directors Yu Chuyuan, Liang Xiuting, and Liu Junmin[101] - The company has adopted several equity incentive plans, including the 2014 Restricted Share Unit Plan, the 2020 Restricted Share Unit Plan, and the 2021 Share Option Plan, with amendments approved by shareholders on May 22, 2023[102] - The company's external auditor is PricewaterhouseCoopers[102] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code 772[102] - Tencent Holdings Limited is one of the company's controlling shareholders, listed on the Main Board of the Hong Kong Stock Exchange under the stock code 700[104] Other Financial Metrics - Gross profit increased by 29.8% YoY to RMB 2,083.2 million, with a gross margin of 49.7%, up from 48.9% in the previous year[20] - Gross profit for the six months ended June 30, 2024, was RMB 2,083.2 million, a 29.8% increase from RMB 1,604.8 million in the same period last year[39] - Gross profit for the six months ended June 30, 2024, was RMB 2,083,230 thousand, with online business generating RMB 974,426 thousand and copyright operations and others generating RMB 1,108,804 thousand[55] - EBITDA increased to RMB 501.5 million, with adjusted EBITDA reaching RMB 587.6 million[24] - Adjusted EBITDA for the six months ended June 30, 2024, rose to RMB 587,619 thousand, compared to RMB 471,354 thousand in 2023[26] - Non-IFRS operating profit for the six months ended June 30, 2024, reached RMB 624,174 thousand, with a non-IFRS operating profit margin of 14.9%[28] - Non-IFRS net profit attributable to equity holders for the six months ended June 30, 2024, was RMB 702,061 thousand, with a non-IFRS net profit margin of 16.7%[28]

阅文集团20240425_智能速览 2024年04月26日00:57 关键词 阅文 在线业务 版权IP运营 收入占比 作者资源 付费用户数 腾讯动漫 短剧 AI 产业 全链条 IP 用户 阅读 互 动 利润 动画 漫画 版权业务 全文摘要 讨论集中在阅文集团如何通过其在线业务和版权IP运营实现增长和创新。尽管在线阅读市场已经成 熟，阅文通过优化用户体验和提升服务品质保持着领先位置。关于版权IP运营，阅文凭借其产业整合能 力和多元化战略，展示了稳定的增长态势，并且期望这些努力能够带来新的增长点。此外，通过激励机 制增加收入，以及强化与腾讯内部资源的联系，阅文集团展示了其在数字化娱乐领域的广泛布局和强大 的发展动力。随着阅文进一步探索如动画、衍生品及有声读物等多元化的内容形式，同时利用人工智能 等新技术提高效率和创新能力，该公司预期将在全球范围内继续扩大其品牌影响力和市场份额。总 之，阅文集团的长远规划和实际执行表明其在巩固现有核心竞争力的同时，也积极寻求新的增长机会和 发展方向。 章节速览 ● 00:00 阅文集团的在线业务与版权IP运营解析 本次对话主要关注阅文集团的核心业务——在线业务和版权IP运营。在线业 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - 2024 is expected to be a significant year for the company with multiple IP projects scheduled for release, including films, TV series, and games, which may enhance the company's visibility and performance [2][13] - The acquisition of Tencent Animation assets is anticipated to strengthen the company's IP operation across various media [25][26] - Continuous investment in AIGC (Artificial Intelligence Generated Content) is expected to improve efficiency and enhance the content ecosystem [31][32] Summary by Sections 1. 2024 Film and TV Lineup - The company is set to release several major projects in 2024, including the film "Hot and Spicy" which has already grossed 3.46 billion RMB, and the anticipated second season of "Qing Yu Nian" with over 13.39 million reservations on Tencent Video [2][13][15] - The lineup includes multiple adaptations of popular IPs, indicating a strong focus on leveraging existing fan bases [15][16] 2. Tencent Animation Acquisition - The company has signed an agreement to acquire Tencent Animation assets for 600 million RMB, which includes various IPs and platforms, enhancing its ability to manage and monetize its content [25][26] - This acquisition is expected to create a comprehensive IP ecosystem encompassing novels, animations, games, and films [26][27] 3. Investment in AIGC - The company plans to invest 100-200 million RMB in AIGC in 2024, focusing on improving existing products and exploring new applications [31] - Current AI products include a writer's assistant and an interactive chat platform, which have shown promising user engagement and efficiency improvements [32][36] 4. Financial Forecasts - The company is projected to achieve Non-IFRS net profits of 1.399 billion RMB, 1.47 billion RMB, and 1.55 billion RMB for 2024, 2025, and 2026 respectively, reflecting a positive growth outlook [3][38] - Revenue is expected to grow from 7.012 billion RMB in 2023 to 7.827 billion RMB in 2024, indicating a recovery and growth trajectory [38]

Financial Performance - Total revenue for the year 2023 was RMB 7,011,785 thousand, a decrease of 8.06% from RMB 7,625,622 thousand in 2022[7] - Gross profit for 2023 was RMB 3,371,463 thousand, down 16.3% from RMB 4,030,103 thousand in 2022[7] - Operating profit for 2023 increased to RMB 709,309 thousand, compared to RMB 628,834 thousand in 2022, marking a growth of 12.8%[7] - Net profit attributable to equity holders for 2023 was RMB 804,879 thousand, up 32.3% from RMB 608,186 thousand in 2022[7] - The company reported a total comprehensive income of RMB 843,346 thousand for 2023, compared to RMB 722,435 thousand in 2022, indicating an increase of 16.7%[7] - Online business revenue accounted for 56.3% of total revenue, with self-owned platform products generating RMB 3,413.9 million, a slight increase from 45.7% in the previous year[23] - Revenue from online business for the year was RMB 3,948.1 million, with a gross margin of 49.8%[32] - Total cost of revenue increased by 1.2% year-on-year to RMB 3,640.3 million, representing 51.9% of total revenue[28] - Content costs increased to RMB 1,646.0 million, accounting for 23.5% of total revenue, up from 19.8% the previous year[28] - Selling and marketing expenses decreased by 14.1% year-on-year to RMB 1,719.5 million, representing 24.5% of total revenue[29] - Adjusted EBITDA for the year was RMB 1,017.9 million, with an adjusted EBITDA margin of 14.5%[34] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 23,188,455 thousand, an increase from RMB 22,734,478 thousand in 2022[8] - Total equity attributable to equity holders was RMB 19,024,945 thousand in 2023, up from RMB 17,957,338 thousand in 2022, reflecting a growth of 5.93%[8] - Non-current assets increased to RMB 11,965,656 thousand in 2023, compared to RMB 10,258,566 thousand in 2022, representing a growth of 16.6%[8] - Current liabilities decreased to RMB 3,603,134 thousand in 2023 from RMB 3,983,756 thousand in 2022, a reduction of 9.5%[8] - Total liabilities decreased from RMB 4,779.8 million in 2022 to RMB 4,164.0 million in 2023, resulting in a reduction of 12.9%[43] - The debt-to-equity ratio improved from 2.3% as of December 31, 2022, to 0.1% as of December 31, 2023, indicating a significant reduction in leverage[44] - Cash and cash equivalents increased from RMB 7,091.4 million in 2022 to RMB 8,101.4 million in 2023, representing a growth of 14.2%[44] - Free cash flow for the year ended December 31, 2023, was RMB 872.8 million, derived from net cash flow from operating activities of RMB 1,131.5 million[44] User Engagement and Market Expansion - The number of monthly paying users grew by 10.1% year-on-year to 8.7 million[15] - The number of new authors on the online reading platform increased by approximately 380,000, and the total number of novels rose by 670,000, with over 39 billion new words added[14] - The number of new authors earning over 100,000 RMB in 2023 increased by 60% year-on-year, while nearly one-third of new books earning over 1 million RMB were from new authors[14] - The company plans to focus on new product development and market expansion strategies in the upcoming year[2] - The flagship product, Qidian Reading, saw a revenue increase of approximately 40% year-on-year[24] Strategic Initiatives and Partnerships - The company launched the first industry web novel large model "Yuewen Miaobi" and its application product "Writer Assistant Miaobi Version," aiming to enhance IP creation and commercialization efficiency[19] - The acquisition of Tencent Animation assets will enrich the company's IP reserves, including popular titles like "Yi Ren Zhi Xia" and "Hu Yao Xiao Hong Niang" for future adaptations[22] - The company plans to explore new derivative product categories and synergize with other content forms, such as synchronizing the launch of related merchandise with IP adaptations[21] - The company has initiated a "Short Drama Starry Sky Incubation Plan," launching a hundred IP cultivation projects and a billion yuan creative fund to explore interactive short dramas[21] - The company is focused on leveraging its partnerships to enhance its market position and drive revenue growth through collaborative projects[154] Governance and Management - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors, ensuring a diverse composition across various professional backgrounds[187] - The company has adopted the corporate governance code as its own governance guidelines and continues to promote good investor relations[187] - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic and Investment Committee[199] - The management team has extensive experience in product planning and operations, with previous roles at Tencent and Baidu[52] - The company has a strong leadership structure with multiple directors overseeing various subsidiaries, including Shanghai Yuedong and Tianjin Huawen[53] Shareholder Information - Following the completion of the 2023 profit-sharing issuance, the total issued shares increased to approximately 1,026,113,231 shares[48] - Tencent holds a 56.44% stake in the company as of the announcement date, slightly decreasing to 56.29% post profit-sharing issuance[48] - The company has established a remuneration committee to review the compensation policies for directors and senior management, considering the group's operational performance[75] - The board has decided not to recommend the distribution of a final dividend for the year ending December 31, 2023, consistent with the previous year[67] Risks and Compliance - The company faces risks related to the contractual arrangements, including potential losses from consolidated affiliated entities and the possibility of agreements being deemed non-compliant with applicable Chinese laws[177] - The company does not have any insurance coverage for risks associated with the contractual arrangements and the transactions to be conducted under them[178] - The company is subject to scrutiny by Chinese tax authorities, which could result in additional tax liabilities affecting net income and shareholder value[178] - The board believes that the contractual arrangements and the transactions to be conducted under them are important for the company's legal structure and business[176] Future Outlook - The company plans to hold its annual general meeting on June 3, 2024, with a suspension of share transfer registration from May 29 to June 3, 2024[184] - The company aims to attract, retain, and motivate qualified personnel through competitive salaries and performance-linked bonuses[46] - The company is committed to enhancing its operational efficiency and innovation capabilities to drive future growth[60]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$32.00, down from the previous HK$35.00 [1][18]. Core Insights - The company is expected to achieve over 30% profit growth in 2024, supported by a rich portfolio of TV series, movies, and games [1][2]. - Revenue for 2024 is projected at RMB 7.59 billion, reflecting an 8.2% year-on-year increase [3][15]. - The adjusted net profit for 2024 is estimated at RMB 1.48 billion, a 30.6% increase compared to the previous year [15][18]. Financial Performance Summary - The company reported a revenue of RMB 3.73 billion for 2H23, a 5% year-on-year increase, with adjusted net profit at RMB 527 million, down 23% year-on-year [1][13]. - Online reading platform revenue decreased by 7% to RMB 1.91 billion, while copyright operation revenue increased by 25% to RMB 1.78 billion [1][13]. - The adjusted net profit margin for 2H23 was 14.1%, down from 19.3% in the previous year [13][15]. Revenue Breakdown - Online business revenue is expected to be RMB 3.96 billion in 2024, while copyright operations are projected at RMB 3.54 billion [15][18]. - The company plans to release 6 to 7 TV series in 2024, including major titles that have already shown strong box office performance [2][18]. Valuation and Target Price - The target price is derived from a sum-of-the-parts (SOTP) valuation, with contributions from various segments: RMB 8.00 for non-New Classics copyright operations, RMB 12.00 for New Classics, and RMB 12.00 for online business [18][20]. - The valuation reflects a consistent P/E ratio of 20x for 2024 across all segments, aligning with industry averages [18][20].

[Table_MainInfo] 公司研究/传媒 证券研究报告 阅文集团（0772）公司年报点评 2024年03月21日 [Table_InvestInfo] 在线业务核心平台稳健发展，重点内容储 投资评级 优于大市 维持 备丰富 股票数据 3[T月ab20le日_S收t盘oc价kI（n港fo元] ） 28.10 [Table_Summary] 52周股价波动（港元） 20.40-4352..7355 投资要点： 总股本/流通A股（百万股） 1023/1023 总市值/流通市值（百万港元） 28757/28757 相关研究 32900/32900 ⚫ 事件：2023年公司实现营收70.2亿元，同比下降8.0%，实现经调整的归母 [《Ta阅b文le集_R团e半p年or报tI点nf评o]： 上半年营收和利润有 净利润11.3亿元，同比下降16.2%。 2023年毛利率48.1%，同比下降4.7pct， 其中版权运营及其他业务毛利率同比下降11.8pct至45.9%。2023年销售费 所下滑，中长期关注公司AI赋能IP价值释放》 用率24.5%，同比下降1.8pct；管理费用率16.6%，同比提升0.4pct。 2 ...