广博股份（002103）：期待新IP放量

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][19]. Core Views - The company is expected to benefit from the release of new IP products, with a projected revenue increase of 3.3% year-on-year to 2.778 billion in 2024, despite a decline in net profit by 10.1% to 152 million [1][5]. - The company has successfully expanded its creative product line, particularly in the stationery sector, with a notable revenue growth of 15.95% year-on-year, indicating strong market positioning in the IP economy [3][5]. - The company is actively enhancing its overseas production capabilities to mitigate tariff impacts, with domestic revenue growth of 1.26% and international revenue growth of 8.74% in 2024 [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.02 billion, a year-on-year increase of 12.5%, while the net profit attributable to the parent company was 47 million, down 6.9% [1]. - The gross profit margin for 2024 was 15.94%, an increase of 1.22 percentage points, while the net profit margin was 5.48%, a decrease of 0.81 percentage points [1][5]. - The company’s creative products segment achieved a gross margin of 43.3%, reflecting a significant improvement of 8.9 percentage points [3]. Sales and Market Strategy - The company sold 325 million units of educational and office supplies in 2024, with an average price of 8.32 yuan per unit, marking a 5.1% increase in sales volume and a 2.0% increase in price [1]. - The company is focusing on developing a diversified IP matrix and unique cultural products, leveraging popular IPs such as "Detective Conan" and "Initial D" to attract consumer interest [3][5]. - The domestic market strategy includes innovation and expansion into the cultural and creative sectors, while the international strategy emphasizes new customer acquisition and market development [4].