Enlight Media(300251) Changjiang Securities·2024-11-04 02:46Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a revenue of 1.442 billion in the first three quarters of 2024, representing a year-on-year growth of 53.37%. However, the third quarter saw a revenue decline of 67.85% to 108 million, resulting in a net loss of 12 million [3][5]. - The company's investment business has underperformed, leading to a loss of 24 million in investment income for Q3 2024, primarily due to weak performance from invested funds [3][5]. - The company has a rich pipeline of upcoming films, including two scheduled for Q4 2024, which are expected to enhance future profitability [4][5]. - The company is focusing on enhancing animation film production capabilities through AI technology, with several projects in the pipeline [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.442 billion, up 53.37% year-on-year, and a net profit of 461 million, up 25.08% [3]. - In Q3 2024, the company reported a revenue of 108 million, down 67.85% year-on-year, and a net loss of 12 million [3][5]. Upcoming Projects - The company has two films scheduled for release in Q4 2024, including "The Heart of Qiao Yan" and "Winning Hand," with the former already surpassing 100 million in box office revenue [4][5]. - The company is also developing a series of animated films and other major projects, including a sci-fi film directed by Zhang Yimou [5]. Investment Outlook - The report projects the company to achieve a net profit of 503 million and 1.086 billion for 2024 and 2025, respectively, with corresponding PE ratios of 51.16X and 23.70X [5].