Enlight Media(300251) 光大证券·2025-02-09 12:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The film "Nezha: The Devil's Child" has significantly exceeded box office expectations, with a total box office of approximately RMB 48.4 billion, accounting for 51% of the total box office during the Spring Festival period [2] - The film's final box office forecast has been continuously revised upwards, with expectations to exceed RMB 108 billion [2] - The company has a robust pipeline of projects, including both live-action and animated films, which will support future performance [3] Summary by Sections Box Office Performance - "Nezha 2" has set a record for the highest box office in Chinese film history, with the Spring Festival box office reaching RMB 95.1 billion [2] - The film's critical reception is strong, with ratings of 8.5 on Douban and 9.7 on both Maoyan and Taopiaotao, indicating a positive audience response [2] Revenue and Profit Forecast - The company has adjusted its profit forecast for 2024 down to RMB 453 million, a 51% decrease from previous estimates, while raising the 2025 profit forecast to RMB 1.732 billion, a 47% increase [4] - The projected revenue for 2025 is RMB 3.464 billion, reflecting a growth rate of 110.29% [5] Project Pipeline - The company has a diverse range of projects in development, including multiple live-action and animated films, as well as ongoing series [3] - Collaborations with leading companies for merchandise related to "Nezha 2" have shown strong market demand, with some products selling at nearly seven times their original price [3] Financial Metrics - The company is projected to achieve a gross profit margin of 52.1% in 2025, indicating strong profitability [9] - The earnings per share (EPS) is expected to be RMB 0.59 in 2025, with a price-to-earnings (P/E) ratio of 23 [5][9]