Enlight Media(300251) Guohai Securities·2024-11-01 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7][11] Core Views - The company has a rich reserve of films, with a focus on the release schedule of "Nezha 2" [1][5] - The company is expected to benefit from the release of its animated films and has a strong pipeline of both live-action and animated projects [6][7] Financial Performance Summary - For Q3 2024, the company reported revenue of 108 million yuan, a year-over-year decrease of 67.85% and a quarter-over-quarter decrease of 59.17% [4][5] - The net profit attributable to shareholders for Q3 2024 was -12 million yuan, down 107.18% year-over-year, with a net profit margin of -11.05% [5][6] - For the first three quarters of 2024, the company achieved revenue of 1.442 billion yuan, an increase of 53.37% year-over-year, and a net profit of 461 million yuan, up 25.08% year-over-year [5][6] Future Earnings Forecast - The company is projected to have revenues of 1.709 billion yuan in 2024, 2.520 billion yuan in 2025, and 2.912 billion yuan in 2026, with corresponding net profits of 549 million yuan, 1.026 billion yuan, and 1.214 billion yuan respectively [7][9] - The expected growth rates for revenue and net profit are 11% and 31% for 2024, and 48% and 87% for 2025 [9][11] Market Position and Strategy - The company is positioned as a leader in the film industry with a multi-brand strategy that builds a competitive moat [7][9] - The development of the "Chinese Mythology Universe" animation system and the application of AI technology in content production are expected to enhance efficiency and quality [7][9]