Core Viewpoint - Company aims to transition from an "IP creator and operator" to a "disseminator of happiness," integrating emotional value of IP into diverse physical scenarios and innovative products to create tangible and perceptible experiences for users [1][4] Group 1: IP Development and Growth - The "Zhou Classmate" IP, inspired by Jay Chou, has gained significant traction, with over 48 million followers on its official account on Kuaishou [2] - The "Liu Genghong" IP was successfully developed during the pandemic, leading to a tenfold increase in followers on Douyin, adding nearly 60 million new fans from April to May 2022 [2] - The launch of the core product "Magic Coffee" in April 2019, linked to the Zhou Chou IP, saw sales reach 550,000 boxes and revenue of 333 million yuan in Q2 2020, marking a 363% year-on-year increase [2] Group 2: Strategic Investments and Collaborations - Company invested in Galaxy Corporation, acquiring up to 7% of its issued share capital, opening channels for collaboration with international stars [3] - The acquisition of a 1.17% stake in the National Stadium (Bird's Nest) positions the company as the only private shareholder, allowing deeper involvement in IP derivative business within the venue [3] - Collaboration with Hangzhou Yushu Technology aims to commercialize consumer-level IP robots, with 6,000 orders valued at over 120 million yuan already secured [3] Group 3: Future Outlook and Revenue Projections - Company is expected to achieve total revenues of 795 million, 1.113 billion, and 1.553 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 36.2%, 40.0%, and 39.5% respectively [5] - Current stock price corresponds to a PE ratio of 58, 41, and 31 for the years 2025, 2026, and 2027 [5]
华源证券：首次覆盖巨星传奇(06683)予“增持”评级 打造新型IP幸福感体验平台