Cre8 Direct(SZ:300703) Tianfeng Securities·2025-02-16 06:23Investment Rating - The investment rating for the company is maintained as "Buy" with a target price not specified [5] Core Viewpoints - The success of "Nezha 2" with a cumulative box office exceeding 10 billion yuan is expected to catalyze the company's IP business and the "Guzi" economy, indicating a growing importance of domestic IP [1] - The company is actively developing its own brands in the domestic market, leveraging regional supply chain advantages and creating a multi-channel retail system [2] - The sports and fitness segment, led by the subsidiary RITFIT, is experiencing high growth, with a focus on home fitness equipment and a strong emphasis on brand development [3] - The major shareholder, Ningbo Cultural Tourism Exhibition Group, holds a 29% stake and aims to enhance the company's brand development through its resources [2] Financial Data and Forecasts - The company’s revenue is projected to grow from 1,318.67 million yuan in 2022 to 3,120.97 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30.32% [4] - The net profit attributable to the parent company is expected to increase significantly from 74.94 million yuan in 2022 to 208.34 million yuan in 2026, with a notable growth rate of 691.65% in 2023 [4] - The company’s earnings per share (EPS) is forecasted to rise from 0.42 yuan in 2022 to 1.15 yuan in 2026 [4] Market Position and Strategy - The company is focusing on integrating suitable IP resources to enhance its brand development and is leveraging the major shareholder's resources to explore more IP opportunities [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]