星竞威武：多元布局电竞，开创数字体育新时代

Investment Rating - Investment Rating: N/A [11] Core Insights - The report highlights the diversified business development of NIP Group, focusing on esports as the core, with well-known brands like eStar Gaming and Ninjas in Pyjamas [12][45] - The esports industry is rapidly developing with significant commercialization potential, and NIP Group is actively expanding its "esports+" business model [12][45] - The company aims to become a global comprehensive digital sports group through horizontal expansion and vertical resource integration [12][45] Revenue Forecast & Valuation - Revenue projections for 2024-2026 are USD 90.8 million, USD 104.6 million, and USD 133.5 million, with year-over-year growth rates of 8.5%, 15.2%, and 27.6% respectively [3][14] - Adjusted EBITDA is expected to be USD 7.2 million, USD 14.0 million, and USD 22.0 million for the same period [3][14] Business Segments - Esports Club Operations: The company operates two esports brands, Ninjas in Pyjamas and eStar Gaming, allowing for broader game coverage and revenue diversification [12][45] - Digital Talent Management: The company has signed over 36,000 KOLs, with a total audience exceeding 33 million, enhancing brand influence and fanbase [12][45] - Event Production: NIP Group has hosted over 400 events since 2020, boosting industry vitality and brand recognition [12][45] "Esports+" Model - The company has entered the 2.0 stage of the "esports+" model, generating income through advertising, sponsorships, and live streaming, while exploring opportunities in esports education and digital collectibles [12][45]