INLY(603598) 华金证券·2024-11-05 05:00Investment Rating - The investment rating for the company is "Accumulate-A" [4] Core Views - The company achieved a total revenue of 4.433 billion in the first three quarters of 2024, representing a year-on-year growth of 28.43%, while the net profit attributable to shareholders decreased by 44.59% to 0.02 billion [1] - In Q3 2024 alone, the company generated a revenue of 1.48 billion, marking a year-on-year increase of 26.74% [1] - The company is focusing on short drama content and marketing models, providing comprehensive services from pre-investment to post-investment, and expanding its short drama business across multiple platforms [2] - The company has launched several short drama projects in collaboration with various brands, becoming a leading agent during the Double Eleven shopping festival [2] - The company's proprietary smart marketing tool, "Nuclear Power Star Push," has added multiple features to enhance brand communication and marketing efficiency [2] Financial Data and Valuation - The projected revenue for the company is expected to grow from 5.934 billion in 2024 to 10.280 billion in 2026, with a year-on-year growth rate of 25.2% in 2024 and 39.1% in 2025 [3][7] - The net profit attributable to shareholders is forecasted to increase from 0.57 billion in 2024 to 1.46 billion in 2026, with an EPS of 0.21 in 2024 and 0.54 in 2026 [3][7] - The company's P/E ratio is projected to decrease from 67.6 in 2024 to 26.2 in 2026, indicating an improvement in valuation [3][7] - The gross margin is expected to stabilize around 5.3% to 5.4% from 2024 to 2026 [3][7]