Fengyuzhu(SH:603466) GOLDEN SUN SECURITIES·2025-04-17 11:01Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to face revenue pressure in 2024, with a projected revenue of 1.376 billion, a year-on-year decline of 41.44%. However, the first quarter of 2025 shows promising performance with a revenue of 382 million, a year-on-year increase of 29.81% [1] - The company is leveraging 3D and VR technologies to revitalize existing spaces and create new cultural tourism experiences, with a focus on urban renewal and digital reconstruction of existing spaces [2] - The company is integrating traditional cultural IP with immersive interactive technology to establish a closed-loop system of "IP-Scene-Operation," enhancing cultural experience projects and driving new growth in the cultural tourism economy [3] - The company has strengthened its accounts receivable management, achieving a sales cash collection ratio of 131.72%, and is focusing on optimizing project selection to ensure efficient resource allocation [4] - The company is expected to benefit from the national cultural industry digitalization strategy, with projected revenues of 1.597 billion, 1.836 billion, and 2.038 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 16.0%, 15.0%, and 11.0% [4] Financial Summary - In 2024, the company reported a revenue of 1.376 billion, a decline of 41.44% year-on-year, and a net profit attributable to shareholders of -135 million [5] - The projected earnings per share (EPS) for 2025 is 0.26, with a price-to-earnings (P/E) ratio of 34.0 [5] - The company’s gross profit margin for the cultural and brand digital experience space business was 21.37%, a decrease of 2.49 percentage points year-on-year [3]