京华激光：估值高于行业水平 文创业务波动较大

Core Viewpoint - The stock of Jinghua Laser has experienced a significant increase, with a cumulative rise of 46.44% over four consecutive trading days, indicating strong market interest and volatility in its business segments [1][3]. Business Segments Laser Marking Business - The company primarily provides packaging services for cigarette brands such as "Zhonghua," "Li Qun," "Huang He Lou," "Huang Shan," and "Tai Shan," with projected revenue of 530 million yuan in 2024 [1]. Wine Label Business - Jinghua Laser has established long-term stable partnerships with brands like "Xijiu," "Langjiu," "Jian Nan Chun," "Fenjiu," "Shede," and "Gujing Gong," expecting a revenue of 154 million yuan in 2024, representing a 17% year-on-year growth [2]. Cultural and Creative Business - The company is focusing on enhancing cooperation with leading card game enterprises to secure the latest and most popular IPs for its services. The revenue from this segment is projected to reach 185 million yuan in 2024, reflecting a substantial year-on-year growth of 240.83% [2]. - The revenue for the cultural and creative business from 2022 to 2024 is forecasted to be 88.68 million yuan, 54.17 million yuan, and 185 million yuan, respectively, indicating significant volatility influenced by the number of new IPs and their market acceptance [1]. Financial Performance - In the previous year, Jinghua Laser reported a net profit of 86.27 million yuan, marking an 8.6% increase compared to the previous year [3]. - The company's current rolling price-to-earnings ratio stands at 52.68, which is higher than the industry average of 21.28 [3].