Investment Rating - The report gives a "Strong Buy" rating for the company [3] Core Insights - The company is a leading global provider of digital content asset protection and transaction SaaS services, with a business model based on subscription services and a focus on maximizing IP value through various value-added services [1][6] - The company has experienced rapid revenue growth, with revenue increasing from HKD 120 million in 2018 to HKD 2.4 billion in 2024, representing a CAGR of 65% [6][11] - The company is well-positioned to benefit from the rise of AIGC technology and increasing demand for content protection and identification [6][11] Company Overview - The company was founded in 2005 in Silicon Valley and went public on the Hong Kong Stock Exchange in January 2018 [11] - The company has a diversified business model that includes subscription services and various value-added services, focusing on long-term stable service to top content providers globally [14][15] - The major shareholder is Yangbin Bernard Wang, holding 18.30% of the shares [3][18] Financial Performance - In 2024, the company achieved a revenue of HKD 2.4 billion, a 20% year-on-year increase, driven by growth in both the US and China [24] - The company expects to achieve revenues of HKD 2.8 billion, HKD 3.5 billion, and HKD 4.5 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 186 million, HKD 251 million, and HKD 342 million [7][24] - The company has maintained a gross margin above 40% from 2022 to 2024, with a decrease in expense ratio to 25% in 2024 [32][34] Industry Situation - The rise of streaming platforms has significantly increased the demand for content protection, with subscription users growing rapidly in the US [36][39] - Domestic policies are increasingly encouraging cultural exports, enhancing awareness of copyright protection [45][48] - The company is positioned to leverage the growing need for copyright protection as the digital content landscape evolves [6][11]
阜博集团（03738）：领先的数字内容资产保护商，国内外业务双轮驱动