Enlight Media(300251) 兴业证券·2024-11-17 03:50Investment Rating - The report maintains an "Accumulate" rating for the company, Light Media [2]. Core Insights - The company reported a revenue of 1.442 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 53.37%. However, the third quarter saw a significant decline in revenue to 108 million yuan, down 67.85% year-on-year, with a net loss of 12 million yuan [4]. - The company's film and television content business is progressing steadily, but investment returns have negatively impacted overall performance. Despite the challenges, the core business remains profitable when excluding investment losses [4]. - The company has a rich pipeline of films and has launched its film base, with several upcoming releases scheduled for Q4 2024, including "The Heart of Qiao Yan" and "Victory in Hand" [4]. - Profit forecasts have been adjusted, with expected net profits for 2024-2026 at 543 million, 1.027 billion, and 1.181 billion yuan, respectively, corresponding to PE ratios of 48.8, 25.8, and 22.4 times based on the current stock price [4]. Financial Summary - For 2023, the company is projected to achieve a revenue of 1.546 billion yuan, with a year-on-year growth of 104.7%. The net profit attributable to shareholders is expected to be 418 million yuan, reflecting a growth of 158.6% [3]. - The gross margin is forecasted to be 39.9% in 2023, with an expected increase to 48.3% by 2025 [3]. - The return on equity (ROE) is anticipated to rise from 4.8% in 2023 to 10.1% by 2025 [3].