Enlight Media(300251) Soochow Securities·2025-02-04 02:05Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The animated film "Nezha: The Devil's Child" has significantly exceeded expectations, with a first-day box office of approximately 4.9 billion yuan and a cumulative box office nearing 39 billion yuan as of February 3, 2025. The final box office is projected to be between 65-70 billion yuan [8] - The success of "Nezha 2" validates the company's content development capabilities and industrial production advantages, enhancing the potential of its Chinese mythology IP. The company has a robust pipeline of upcoming projects across various genres, including live-action films and animated features [8] - The company's net profit forecasts for 2024-2026 have been adjusted to 4.08 billion yuan, 12.97 billion yuan, and 14.45 billion yuan, respectively, corresponding to a P/E ratio of approximately 22 and 19 times for 2025-2026 [8] Financial Summary - Total revenue is projected to grow from 1,545.63 million yuan in 2023 to 3,274.57 million yuan in 2026, with a year-on-year growth rate of 104.74% in 2023 and 10% in 2026 [1][9] - The company's net profit is expected to recover from a loss of 712.71 million yuan in 2022 to a profit of 417.81 million yuan in 2023, with further growth to 1,444.92 million yuan by 2026 [1][9] - The earnings per share (EPS) is forecasted to increase from 0.14 yuan in 2023 to 0.49 yuan in 2026 [1][9]