Luoman Technologies(605289) 华西证券·2024-10-14 10:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.74 [1][4]. Core Insights - The immersive experience market is diversifying with applications in cultural tourism, performances, extended reality, and immersive exhibitions, driven by XR technology [1][13]. - The global theme park market is projected to grow at a CAGR of 5.5%, with immersive experiences being a key growth driver, as evidenced by a significant increase in visitor numbers and market size [1][22]. - The acquisition of UK-based Holovis is expected to enhance the company's capabilities and global expansion, with a low acquisition price of 0.52x PS [1][4]. Summary by Sections 1. Immersive Experience Barriers and Market Growth - Immersive experiences are based on XR technology, which has high entry barriers and a large market size [1][13]. - The global theme park market size surpassed $74.2 billion in 2023, with a year-on-year growth of 16.1% [1][25]. - In China, the immersive industry has seen significant growth, with a market size exceeding 90 billion yuan, expected to reach 112.4 billion yuan in 2024 [1][31]. 2. Acquisition of Holovis - The acquisition of Holovis is anticipated to open new growth avenues for the company, enhancing its design and technology capabilities [1][4]. - The first assessment period post-acquisition shows a projected revenue growth of 69% compared to 2023 [3][4]. 3. Financial Projections - Revenue forecasts for 2024-2026 have been adjusted to 1.057 billion, 1.597 billion, and 2.019 billion yuan respectively, with net profit estimates revised to 910 million, 1.61 billion, and 2.06 billion yuan [4][6]. - The company's earnings per share (EPS) estimates have been adjusted to 0.83, 1.47, and 1.87 yuan for the same period [4][6].