Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 8.12 billion yuan in 2024, representing a 16% year-on-year growth, but reported a net loss of 210 million yuan primarily due to goodwill impairment of 1.1 billion yuan [1][7] - Adjusted net profit, excluding goodwill impairment, was 1.14 billion yuan, showing a 1% increase year-on-year [1][7] - The online reading business stabilized with a revenue of 4.03 billion yuan in 2024, a 2% increase, marking a recovery from previous declines [7] - The company is focusing on high-quality content production, which may extend the development cycle of new projects and increase overall production costs, leading to a forecasted decline in profits in the coming years [7] - The derivative products and other copyright operations are progressing positively, with a 36% year-on-year revenue growth in self-owned copyright operations, excluding the impact of goodwill impairment [7] Financial Data and Profit Forecast - Revenue forecast for 2024 is 8.12 billion yuan, with a projected growth of 1% in 2025 and 5% in 2026 and 2027 [3][8] - Adjusted net profit is expected to be 1.28 billion yuan in 2025, with a 12% year-on-year growth, and 1.42 billion yuan in 2026, with an 11% growth [3][8] - Earnings per share are projected to be 1.25 yuan in 2025 and 1.38 yuan in 2026 [3][8] - The company’s price-to-earnings ratio is forecasted to decrease from 23 in 2024 to 21 in 2025 and further to 19 in 2026 [3][8]
阅文集团（00772）：2024：新丽释放商誉风险，在线阅读企稳，衍生品进展积极