Guangbo(002103) 天风证券·2025-02-24 07:51Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Viewpoints - The company is focusing on enhancing creativity and product development around IP, capitalizing on the growing demand for IP-based cultural products, especially among younger consumers [1][2]. - The company has secured multiple IP licenses, including popular franchises, and is actively developing related merchandise to meet market demand [2]. - The establishment of production bases in Vietnam and Cambodia aims to mitigate tariff risks and expand production capacity in Southeast Asia [3]. - The financial forecast indicates an expected EPS growth from 0.27 CNY in 2024 to 0.45 CNY in 2026, with corresponding PE ratios decreasing from 40x to 24x [4]. Summary by Sections Company Strategy - The company is innovating its product lines by integrating fashion and emotional value into its offerings, particularly in the cultural and creative sectors [1][2]. - It aims to develop a diverse IP matrix by promoting its own IPs and collaborating with new IPs to enhance product appeal [2]. Financial Performance - The company reported a revenue of 2,690.38 million CNY in 2023, with projections of 3,020.60 million CNY in 2025 and 3,504.24 million CNY in 2026, reflecting a growth rate of 17.82% and 16.01% respectively [12][15]. - The net profit for 2023 is projected at 169.03 million CNY, with further increases expected in subsequent years [14][15]. Market Position - The company is leveraging its established brand and sub-brands to enhance market presence and consumer engagement, particularly through social media and community building [2][4].