Enlight Media(300251) 长江证券·2024-09-03 01:15Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company reported a significant revenue increase of 120.43% year-on-year for the first half of 2024, achieving revenue of 1.334 billion yuan and a net profit of 473 million yuan, up 133.14% year-on-year [2][4]. - The second quarter of 2024 saw a revenue of 264 million yuan, representing a year-on-year growth of 36.99%, but the net profit declined by 40.33% year-on-year to 48 million yuan due to a high base effect from the previous year [2][5]. - The performance of the film "The Twentieth" significantly boosted the company's Q1 2024 results, ranking among the top four in the Spring Festival box office with over 2.4 billion yuan in total box office [5]. - The company's television and web series business also saw substantial growth, with a revenue increase of 100% year-on-year in H1 2024, driven by the success of the web series adapted from a popular comic [5]. - The company is focusing on enhancing animation film production capabilities through AI technology, with a rich pipeline of upcoming films, including several sequels and adaptations [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 1.334 billion yuan and a net profit of 473 million yuan, marking a year-on-year increase of 120.43% and 133.14% respectively [2][4]. - For Q2 2024, the revenue was 264 million yuan, a 36.99% increase year-on-year, while the net profit was 48 million yuan, down 40.33% year-on-year [2][4]. Film and Television Business - The film "The Twentieth" released during the Spring Festival contributed significantly to Q1 2024 performance, while Q2 2024 saw a more subdued performance with films generating a total box office of 313 million yuan [5]. - The television series segment reported a revenue of 234 million yuan in H1 2024, with a gross margin of 37.72%, benefiting from the successful web series [5]. Future Outlook - The company is enhancing its animation film production through AI, with a strong pipeline of upcoming projects, including sequels and adaptations of popular works [5][6]. - The company expects to achieve net profits of 540 million yuan and 1.071 billion yuan in 2024 and 2025 respectively, with corresponding PE ratios of 37.68X and 18.99X [6].