YLYT(SZ:002878) Xin Lang Cai Jing·2025-04-30 08:48Core Viewpoint - The company reported a revenue of 2.79 billion yuan for 2024, reflecting a year-on-year increase of 3.65%, but a significant net loss of 184 million yuan, primarily due to substantial goodwill impairment and changes in revenue structure impacting gross margin [1][2] Revenue and Profitability - The revenue structure change led to a pressure on gross margin, with a comprehensive gross margin of 13.83%, down 1.62 percentage points year-on-year, mainly due to the increased proportion of low-margin virtual redemption business in promotional services [2] - The company recognized a goodwill impairment loss of 171 million yuan in 2024, significantly affecting the net profit attributable to shareholders [2] - For Q1 2025, the revenue was 685 million yuan, a year-on-year increase of 15.4%, but the comprehensive gross margin decreased to 14.96%, down 4.99 percentage points, again due to the higher proportion of low-margin promotional services [2] Strategic Initiatives - The "Big IP + Technology" strategy is accelerating, with significant progress in developing IP cultural products and expanding channels, leading to a rapid increase in product categories and SKUs [2] - The company is actively expanding its offline channels, including self-operated cultural life museums, specialty stores, pop-up stores, airport stores, high-speed rail stores, and vending machines, while also developing online IP e-commerce and WeChat stores [2] Licensing and Event Participation - The company has expanded its licensed business rights, successfully operating exclusive licensed products for the 2025 Harbin Winter Universiade on the JD platform and opening numerous retail stores for licensed products [3] - The company has also obtained licensing qualifications for the 2025 Chengdu World University Games and the Greater Bay Area National Games, and is currently developing and selling related products [3] Earnings Forecast and Valuation - Based on the revenue structure changes and gross margin trends, the company adjusted its net profit forecasts for 2025-2027 to 93 million, 113 million, and 133 million yuan, with adjustments of +9.07% and +10.84% for 2025 and 2026 respectively [4] - The target price is set at 16.1 yuan, corresponding to a 46 times PE for 2025, reflecting the gradual release of the "Big IP + Technology" strategy's effectiveness [4]