研报掘金丨华鑫证券：首予创源股份“买入”评级，祈福IP文创加速落地

Core Viewpoint - Chuangyuan Co., Ltd. has launched the "Jinfu" product in collaboration with Wutai Mountain, setting a benchmark for the commercialization of traditional cultural IP, with expectations for breakthroughs in domestic sales [1] Industry Summary - The market size of China's IP economy is projected to grow from 99.4 billion yuan in 2020 to 174.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 15.1% [1] Company Summary - Chuangyuan Co., Ltd. leverages its strengths in cultural creativity, product development, and supply chain management to align with current consumer trends of "emotional value" and "national confidence" [1] - The company utilizes data from the JD platform and its comprehensive marketing capabilities to create a closed loop for cultural IP commercialization [1] - The successful implementation of the "Jinfu × Wutai Mountain" model is significant for the commercial development of traditional cultural IP [1] - The company's traditional foreign trade business is steadily developing, and the Ruitfei brand is entering a phase of accelerated growth [1] - Chuangyuan Co., Ltd. aims to focus on the domestic market and continue expanding, with potential growth opportunities in "blessing cultural creativity + trendy toys + AI toys" [1] - The company has initiated coverage with a "buy" investment rating [1]