Investment Rating - The report maintains a "Buy" rating for the company, citing its technological barriers in the copyright protection sector [1][2] Core Views - The company achieved H1 2024 revenue of HKD 1,181 million, a 17.7% YoY increase, with gross profit rising 28.3% to HKD 504 million and gross margin improving by 3.5 percentage points to 42.7% [1] - Subscription business revenue grew 16.8% to HKD 545 million, while value-added services revenue increased 18.5% to HKD 635 million [1] - Overseas revenue reached HKD 576 million, with the US market contributing HKD 572 million, a 30.0% YoY growth, while mainland China revenue grew 8.0% to HKD 605 million [1] - The company is expanding its AIGC service capabilities through collaborations with leading universities and technology companies, developing watermarking solutions, and enhancing content recognition and rights confirmation technologies [1] Business Development - Domestic business expansion includes partnerships with China Media Group for copyright protection and trading platforms, collaboration with Ant Group for copyright ecosystem development, and cooperation with China Film Press for film asset aggregation [1] - International cultural expansion efforts include partnerships with Mango TV for overseas platform coverage, collaborations with provincial TV stations for content distribution, and the creation of an AIGC cloud platform with China Mobile [1] - Customer base grew to 227 content clients and 139 platform clients, with managed assets reaching 3.43 million on social media platforms and 2.57 million hours on video platforms [1] Financial Performance - 2024-2026 revenue forecasts are adjusted to HKD 2,500 million, HKD 2,991 million, and HKD 3,417 million respectively, with net profit projections of HKD 74 million, HKD 115 million, and HKD 153 million [1][7] - The company's P/S ratio is expected to decline from 2.4 in 2022 to 1.0 in 2026 [2] - Total assets are projected to grow from HKD 3,506 million in 2023 to HKD 4,159 million in 2026, with shareholder equity increasing from HKD 2,140 million to HKD 2,542 million over the same period [7] Market Data - The company has a total market capitalization of HKD 3.477 billion with 2.272 billion shares outstanding [4] - The stock price has shown significant volatility, with a 52-week range of HKD 1.12 to HKD 2.68 [4] - Recent performance shows a 23.4% 1-month return and a -28.5% 1-year return [5]
阜博集团：24H1业绩点评：业绩稳健增长，拓展AIGC领域服务能力