Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of HKD 2.401 billion, representing a year-on-year increase of 20.0% [1] - The adjusted EBITDA for 2024 is forecasted to be HKD 438 million, reflecting a year-on-year growth of 37.3% [1] - The company is expanding its subscription business into new emerging fields, contributing HKD 1.104 billion in revenue, which is 46.0% of total revenue [1] - The value-added services segment is also growing, with revenue of HKD 1.298 billion, accounting for 54.0% of total revenue [2] Summary by Sections Subscription Business - The subscription business is deepening its application in various scenarios, achieving revenue of HKD 1.104 billion in 2024, a year-on-year increase of 27.1 [1] - The company is expanding its service boundaries to include live streaming, micro-short dramas, music, e-commerce images, and online novels [1] Value-Added Services - The value-added services segment continues to see contract upgrades, generating revenue of HKD 1.298 billion, a year-on-year increase of 14.6% [2] - The launch of the Vobile MAX digital asset trading platform integrates video rights confirmation, blockchain, and Web3 technologies [2] Market Performance - North America shows strong growth, with revenue of HKD 1.184 billion, a year-on-year increase of 20.5%, accounting for approximately 49.3% of total revenue [3] - Domestic revenue reached HKD 1.188 billion, growing by 18.6% year-on-year, representing 49.5% of total revenue [3] Profitability Forecast - The company is expected to achieve revenues of HKD 2.940 billion, HKD 3.640 billion, and HKD 4.740 billion in 2025, 2026, and 2027 respectively, with corresponding price-to-sales ratios of 3.2, 2.6, and 2.0 [4]
阜博集团（03738）：国内外市场齐头并进，2024年盈利能力显著增强