华立科技（301011）：游艺设备出海表现亮眼，动漫IP衍生品业务稳增长

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.017 billion yuan in 2024, representing a year-on-year growth of 24.65%, and a net profit attributable to shareholders of 84.65 million yuan, up 62.93% year-on-year [1] - The sales revenue from amusement equipment increased by 37.85% year-on-year to 549 million yuan, accounting for 53.95% of total revenue, with a gross margin of 27.44% [2] - The anime IP derivative products business generated revenue of 327 million yuan, growing 26.14% year-on-year, with a gross margin of 42.75% [3] - The amusement park operation business reported revenue of 106 million yuan, a slight decline of 1.70% year-on-year, but with an improved gross margin of 2.77% [4] Revenue Breakdown - Amusement equipment sales contributed 549 million yuan, 53.95% of total revenue, with a gross margin increase of 0.62 percentage points [2] - Anime IP derivative products generated 327 million yuan, 32.09% of total revenue, with a gross margin increase of 1.60 percentage points [3] - Amusement park operations accounted for 106 million yuan, 10.39% of total revenue, with a gross margin increase of 1.71 percentage points [4] Financial Forecast - The company is projected to achieve revenues of 1.14 billion yuan, 1.225 billion yuan, and 1.3 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.0%, 7.5%, and 6.1% [4] - Net profit attributable to shareholders is expected to reach 970 million yuan, 1.1 billion yuan, and 1.23 billion yuan for the same years, with growth rates of 14.4%, 13.8%, and 11.3% respectively [4]