Guangzhou Wahlap Technology (301011) GF SECURITIES·2025-01-19 09:09Investment Rating - The report assigns a "Buy" rating to the company with a current price of 26.13 CNY and a fair value of 29.38 CNY [3]. Core Views - The company has exceeded expectations in both revenue and profit, with a projected annual revenue of approximately 1 billion CNY for 2024, marking a significant growth from the previous year [7]. - The company is focusing on the development of its IP business, capitalizing on the growing demand for offline experiential consumption in the domestic market [7]. - The report highlights the strong performance of the gaming equipment sector and the ongoing development of self-researched card machines, which are expected to maintain a positive trend in 2025 [7]. Financial Summary - Revenue Forecast: The company is expected to achieve revenues of 816 million CNY in 2023, 1.008 billion CNY in 2024, and 1.154 billion CNY in 2025, reflecting growth rates of 35.0%, 23.4%, and 14.6% respectively [2]. - Net Profit: The projected net profit for 2024 is between 80 million and 92 million CNY, representing a year-on-year growth of 53.97% to 77.07% [7]. - Earnings Per Share (EPS): EPS is expected to improve from -0.49 CNY in 2022 to 0.35 CNY in 2023, and further to 0.58 CNY in 2024 [2]. - Valuation Metrics: The company is projected to have a P/E ratio of 66.86 in 2023, decreasing to 27.31 by 2026 [2]. Business Development - The company is actively expanding its customer base and enhancing the commercial value of its IP products, which include gaming products and anime-related merchandise [7]. - There is a strong emphasis on product iteration and market promotion, which is expected to significantly expand the business scale [7].