广博股份：聚焦文创及IP周边事业发展-20250216

Investment Rating - The report assigns a "Buy" rating for Guangbo Co., Ltd. (002103) as the initial coverage [5][10]. Core Insights - Guangbo Co., Ltd. focuses on the development of cultural and creative products, enhancing its profitability through a strong emphasis on the stationery and office supplies sector [1][15]. - The company achieved a revenue of 2.69 billion yuan in 2023, representing an 8.2% year-on-year increase, with a significant contribution from creative stationery and direct office sales [2][19]. - The report highlights the growing demand for IP-based products and the potential of the "Guzi" economy, which is expected to drive future growth [3][5]. Summary by Sections 1. Company Overview - Guangbo Co., Ltd. is a leading manufacturer and seller of educational and office supplies, offering a comprehensive range of products including fashionable office supplies, creative lifestyle items, and direct sales [1][15]. - The company has developed several sub-brands such as "kinbor" and "fizz," targeting different market segments to meet diverse consumer needs [1][15]. 2. Business Performance - In 2023, the educational and office supplies segment generated 2.52 billion yuan in revenue, accounting for 93.8% of total revenue, with a year-on-year increase of 30.15% [21][23]. - The direct office sales segment has seen a dramatic increase, with revenue rising from 290 million yuan in 2020 to 1.645 billion yuan in 2023, now representing 61% of total revenue [2][23]. 3. Market Trends - The report notes a significant growth in the "Guzi" economy, with the two-dimensional industry expected to expand from 221.9 billion yuan in 2023 to 590 billion yuan by 2029, indicating a compound annual growth rate (CAGR) of 18% [5][44]. - The emotional value of products is becoming increasingly important to consumers, particularly among younger demographics, driving demand for creative and personalized stationery items [42][46]. 4. Financial Projections - The report forecasts revenues of 2.56 billion yuan, 3.02 billion yuan, and 3.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.45 billion yuan, 1.9 billion yuan, and 2.4 billion yuan [10][56]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.27 yuan, 0.36 yuan, and 0.45 yuan respectively [10][56].