光线传媒(300251)：哪吒2助力1Q业绩高增 转型IP创造者与运营商

Core Insights - The company reported a revenue of 1.586 billion yuan for 2024, a year-on-year increase of 2.58%, while the net profit attributable to shareholders was 292 million yuan, a year-on-year decrease of 30.11% [1] - In Q1 2025, the company achieved a revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.016 billion yuan, a year-on-year increase of 374.79% [1] - The success of the film "Nezha 2" significantly contributed to the revenue and profit growth in Q1 2025, with a total box office of 15.257 billion yuan [1] Financial Performance - 2024 revenue: 1.586 billion yuan, YoY +2.58% [1] - 2024 net profit: 292 million yuan, YoY -30.11% [1] - Q1 2025 revenue: 2.975 billion yuan, YoY +177.87% [1] - Q1 2025 net profit: 2.016 billion yuan, YoY +374.79% [1] Film Production and IP Strategy - The company is advancing its animation film production with projects like "Go to Your Island" and has a rich pipeline including "Three Kingdoms' Starry Sky" and "Non-Human: Limited Player" [2] - The company is transitioning from a "high-end content provider" to an "IP creator and operator," focusing on animation films and blockbuster productions [2] - The company is building a professional IP operation team and expanding into various sectors such as games, cards, and theme parks [2] Profit Forecast - Expected net profits for 2025, 2026, and 2027 are 2.439 billion yuan, 1.267 billion yuan, and 1.456 billion yuan, with YoY changes of +735%, -48%, and +15% respectively [2]