Guangbo(002103) Tianfeng Securities·2025-03-31 11:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company has launched an employee stock ownership plan aimed at enhancing employee motivation and aligning their interests with those of the company and its shareholders. The plan involves a maximum of 5.34 million shares, representing about 1% of the total share capital, with a purchase price of approximately 5.62 CNY per share [1][2]. - The company is focusing on rapid product iteration and innovation in the creative cultural sector, capitalizing on the growing demand for IP-themed products, particularly among younger consumers. It has secured multiple IP licenses and is developing a diverse range of creative products [3][4]. - Financial forecasts for the company project a net profit attributable to shareholders of 145 million CNY in 2024, 190 million CNY in 2025, and 240 million CNY in 2026, with corresponding P/E ratios of 34X, 26X, and 21X respectively [4][10]. Financial Summary - The company's revenue is projected to decline slightly to 2.56 billion CNY in 2024, followed by a significant increase to 3.02 billion CNY in 2025 and 3.50 billion CNY in 2026, reflecting growth rates of -4.71%, 17.82%, and 16.01% respectively [4][10]. - The EBITDA is expected to grow from 190.80 million CNY in 2024 to 239.85 million CNY in 2025 and 330.99 million CNY in 2026, indicating a positive trend in operational profitability [4][10]. - The company’s net profit margin is projected to improve from -1.46% in 2023 to 6.29% in 2025 and 6.86% in 2026, showcasing a recovery in profitability [12].