Cre8 Direct(300703) 天风证券·2025-02-16 06:04Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5]. Core Insights - The success of "Nezha 2," which has surpassed 10 billion yuan in box office revenue, is expected to catalyze the company's IP business and the "Guzi" economy, highlighting the importance of domestic IP [1]. - The company is leveraging its regional supply chain advantages to develop its own brands in the domestic market, focusing on a multi-channel retail strategy that includes both online and offline sales [2]. - The sports and fitness segment, led by the subsidiary RITFIT, is experiencing significant growth, with a strong emphasis on product development and brand marketing [3]. - The major shareholder, Ningbo Cultural Tourism Exhibition Group, holds a 29% stake and aims to enhance the company's cultural industry and IP resource development through its extensive resources [2]. Financial Performance and Forecast - The company forecasts a net profit attributable to the parent company of 1.2 billion yuan, 1.6 billion yuan, and 2.1 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 25, 19, and 15 [4]. - Revenue is projected to grow from 1.35 billion yuan in 2023 to 3.12 billion yuan by 2026, reflecting a compound annual growth rate of approximately 30% [4][10]. - The EBITDA is expected to increase from 220.25 million yuan in 2023 to 331.79 million yuan in 2026, indicating a positive trend in operational profitability [4][10]. Market Position and Strategy - The company is actively seeking suitable IP resources to integrate with its own brands, aiming to enhance its market presence and brand recognition [2]. - The global home fitness equipment market is projected to grow at a CAGR of 5%, reaching 16.56 billion USD by 2030, positioning the company favorably within this expanding market [3].