Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures (1060.HK), reflecting an upward adjustment in valuation due to favorable market conditions and potential growth in IP licensing revenue [4]. Core Insights - Alibaba Pictures' IP licensing platform, Aliyu, is positioned to benefit from the expansion of IPs like Blokko, which recently went public and saw a significant first-day increase of over 40% [1]. - Aliyu's sales surged to 430 million in 2022, marking a 540% growth and elevating its ranking among global licensing agents to 11th place [2]. - The Chinese brand licensing market is growing steadily, with a retail sales figure of 140.1 billion yuan in 2023, reflecting a 0.8% year-on-year increase [2]. - Blokko, a leading player in the building block toy market, is expected to see a compound annual growth rate (CAGR) of 41% from 2023 to 2028, indicating strong market potential [3]. - The report highlights that Blokko's revenue is heavily reliant on a few key IPs, with Ultraman contributing 57.4% of its revenue in the first half of 2024, prompting the company to diversify its product offerings [3]. Financial Summary - For FY2023, Alibaba Pictures reported a revenue of 3,501 million yuan, with projections of 5,036 million yuan for FY2024 and 5,953 million yuan for FY2025, indicating a growth rate of 43.9% and 18.2% respectively [4]. - The net profit is expected to turn positive in FY2024 with a forecast of 285 million yuan, increasing to 531 million yuan by FY2025 [4]. - The earnings per share (EPS) is projected to rise from -0.01 yuan in FY2023 to 0.02 yuan in FY2025, reflecting a positive trend in profitability [4].
阿里影业：IP业务更新点评：阿里鱼为国内最大IP授权代理平台，有望受益于布鲁可IP拓展