Enlight Media(300251) 东吴证券·2025-04-24 14:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant performance growth due to the success of the film "Nezha," with expectations for further potential in animated films [7] - The company reported a total revenue of 1.586 billion yuan in 2024, a year-on-year increase of 2.58%, while the net profit attributable to the parent company decreased to 292 million yuan, a decline of 30.11% [7] - The first quarter of 2025 saw a remarkable revenue growth of 177.87% to 2.975 billion yuan, with a net profit attributable to the parent company increasing by 380.71% to 200 million yuan [7] - The company is actively developing derivative products from the "Nezha" IP, including toys and publications, and is planning overseas distribution to enhance IP value [7] - The company has a strong pipeline of films and series, with several projects scheduled for release in the coming years, which are expected to contribute positively to future earnings [7] - The earnings forecast for 2025-2027 has been adjusted significantly, with net profit estimates of 2.497 billion yuan for 2025 and 1.445 billion yuan for 2026, reflecting a P/E ratio of approximately 23 for 2025 [7] Financial Summary - Total revenue is projected to reach 4.051 billion yuan in 2025, with a year-on-year growth of 155.49% [1] - The net profit attributable to the parent company is expected to surge to 2.497 billion yuan in 2025, representing a growth of 755.05% [1] - The latest diluted EPS is forecasted at 0.85 yuan per share for 2025, with a P/E ratio of 23.26 [1] - The company’s total assets are estimated to be 12.275 billion yuan in 2025, with a debt ratio of 8.22% [8]