Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][12] Core Insights - The company is accelerating its AI ecosystem layout, with profit margins expected to continue improving. The revenue structure adjustment, cost reduction, and efficiency enhancement are key factors driving this improvement [5][6][7] - The adjusted net profit forecasts for 2025-2026 have been raised to HKD 250 million and HKD 360 million respectively, with a new forecast for 2027 at HKD 510 million, corresponding to year-on-year growth rates of 41% for each year [5][9] - The company aims for revenue close to HKD 3 billion in 2025, with a year-on-year growth rate of nearly 25%, and AI-related business expected to reach a preliminary scale of USD 10 million [7] Financial Summary - For 2024H2, the company reported revenue of HKD 1.22 billion, a year-on-year increase of 22.3%, and an adjusted net profit of HKD 120 million, marking a return to profitability [6][9] - The subscription service revenue for 2024H2 was HKD 560 million, up 39% year-on-year, driven by increased demand from content platform providers [6] - The adjusted net profit margin for 2024H2 was 9.5%, with a gross margin improvement of 2.1 percentage points due to revenue structure optimization [6][9]
阜博集团（03738）：港股公司信息更新报告：加速推进AI生态布局，利润率有望持续改善