Enlight Media(300251) 华泰证券·2025-04-23 01:20Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's revenue for 2024 is reported at 1.586 billion RMB, a year-on-year increase of 2.58%, while the net profit attributable to the parent company is 292 million RMB, a decrease of 30.11% [1][2] - In Q1 2025, the company achieved a revenue of 2.97 billion RMB, a significant year-on-year increase of 177.87%, and a net profit of 2.016 billion RMB, reflecting a year-on-year increase of 374.79% [1][2] - The success of the film "Nezha 2" has solidified the company's leading position in the animation film sector, contributing to the substantial growth in Q1 2025 [1][5] Financial Performance Summary - The company reported a comprehensive gross margin of 37.71% for 2024, a decrease of 2.18 percentage points, while the gross margin for Q1 2025 increased to 78.32%, an increase of 30.08 percentage points [2] - The company plans to distribute a cash dividend of 2 RMB for every 10 shares [1] - The company recorded asset impairment losses of 118 million RMB in 2024, impacting net profit [2] Project Pipeline and Development - The company is actively expanding its derivative product business, planning to develop various merchandise related to "Nezha 2" and exploring overseas distribution to enhance IP value [3] - A rich pipeline of upcoming projects includes animated films such as "The Stars of the Three Kingdoms" and "Non-Human: Limited Player," as well as live-action films like "East Extreme Island" expected to release in the summer [4] Earnings Forecast Adjustments - The earnings forecast for 2025-2027 has been adjusted, with net profit estimates raised to 2.428 billion RMB for 2025, reflecting a significant increase of 731.29% year-on-year [5][17] - The target price for the company's stock has been set at 27.39 RMB, based on a projected PE ratio of 33x for 2025 [5][9]