Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][9][13]. Core Insights - The company reported a revenue of 8.12 billion RMB for 2024, a year-on-year increase of 15.8%, while the net loss attributable to shareholders was 210 million RMB, a decrease of 126% year-on-year. The NON-IFRS net profit was 1.14 billion RMB, reflecting a 1% increase year-on-year [2][3]. - The company’s strategic focus on IP (Intellectual Property) commercialization is showing significant potential, with a healthy cash flow growth of 123% year-on-year, reaching 2.53 billion RMB in 2024 [3][4]. Financial Performance - The company’s gross margin improved to 48.29% in 2024, up by 0.21 percentage points year-on-year. The sales expense ratio increased to 27.84%, up by 3.32 percentage points year-on-year, while the general and administrative expense ratio was well-controlled at 14.08%, down by 2.48 percentage points year-on-year [3]. - Revenue breakdown shows that copyright operations generated 4.09 billion RMB, a 33.5% increase year-on-year, while online business revenue was 4.03 billion RMB, a modest increase of 2.1% year-on-year [3]. Business Strategy - The company has implemented a three-step strategy for IP development, achieving breakthroughs in both visualization and commercialization. In 2024, 330,000 new authors were added, and over 650,000 new novels were created, with new authors earning over 500,000 RMB increasing by over 70% year-on-year [4]. - The company’s IP commercialization efforts resulted in a GMV of over 500 million RMB for derivative products, with card products alone exceeding 200 million RMB [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 81.6 billion RMB, 86.3 billion RMB, and 89.7 billion RMB, respectively. The NON-IFRS net profit is projected to be 1.26 billion RMB, 1.43 billion RMB, and 1.54 billion RMB for the same years [5][8].
阅文集团（00772）：头部IP价值凸显，IP商品化启航