Cre8 Direct(300703) Tianfeng Securities·2025-01-22 08:45Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a significant increase in net profit for Q4 2024, with estimates ranging from 40 to 65 million yuan, representing a year-on-year growth of 300% to 548%. The net profit for the entire year of 2024 is projected to be between 100 to 125 million yuan, reflecting a growth of 30% to 63% [1]. - The company is actively expanding its market presence and promoting new products, with strong performance in cross-border e-commerce contributing to substantial revenue growth compared to the previous year [1]. - The company is pursuing an internationalization strategy by increasing investment in its wholly-owned subsidiary in Singapore and establishing new subsidiaries in Vietnam and Cambodia [2]. - The cross-border e-commerce business is primarily driven by subsidiaries focusing on fitness and educational products, leveraging platforms like Amazon for sales [3]. - The company is developing its IP business through two cultural and creative companies, aiming to expand its market channels and enhance product offerings by integrating quality IP resources [4]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 1.83 billion yuan in 2024, a 35% increase from the previous year, and reaching 3.12 billion yuan by 2026 [12]. - The net profit attributable to the parent company is expected to rise to 121.47 million yuan in 2024, marking a 58% increase, and further increasing to 208.34 million yuan by 2026 [12]. - The earnings per share (EPS) is forecasted to be 0.67 yuan in 2024, increasing to 1.15 yuan by 2026 [12].