华策影视：净利润同比向下，关注内容表现及AIGC布局

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][7]. Core Views - The company's revenue and net profit have significantly declined year-on-year, with a 67.67% drop in revenue to 368 million yuan and a 70.39% drop in net profit to 71 million yuan in the first half of the year [1][4]. - The company is focusing on a "content is king" strategy, with plans to release several new television series in the second half of the year, which is expected to help recover the television production business [5][6]. - The company is also investing in AIGC (Artificial Intelligence Generated Content) and has developed its own large model, which has been registered with the national generative AI service list [6][7]. Financial Performance - For the first half of the year, the company reported a revenue of 368 million yuan and a net profit of 71 million yuan, with a corresponding diluted EPS of 0.04 yuan [1][4]. - In Q2 2024, the company achieved a revenue of 191 million yuan and a net profit of 41 million yuan, showing a year-on-year growth of 10.8% and 55.9% respectively [1][4]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year [1][4]. Business Segments - The television production and distribution segment saw a revenue drop of 96.8% to 26.5 million yuan, primarily due to a reduced number of projects initiated [5][6]. - The copyright business continues to grow, with a revenue increase of 26.87% to 180 million yuan, although the gross margin slightly decreased [5][6]. - The company has completed several film projects and has plans for more in the second half of the year, which are expected to improve the film business [5][6]. Future Outlook - The company forecasts net profits of 448 million yuan, 524 million yuan, and 546 million yuan for 2024, 2025, and 2026 respectively, with diluted EPS of 0.24 yuan, 0.28 yuan, and 0.29 yuan [7][9]. - The current stock price corresponds to a PE ratio of 23, 19, and 19 for the years 2024, 2025, and 2026 [7][9].