CAPOL(SZ:002949) Tianfeng Securities·2025-04-25 10:18Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company's traditional business has stabilized, while it is accelerating its transformation into micro-short dramas to create new growth points [2][4]. - In 2024, the company achieved operating revenue of 1.167 billion yuan, a year-on-year decrease of 22.55%, and a net profit attributable to shareholders of 125 million yuan, down 22.33% year-on-year [1][5]. - The company is actively expanding its cultural and creative industry chain, particularly in digital culture, and has established a subsidiary focused on micro-short dramas [2][4]. Financial Performance - In 2024, the company's gross profit margin was 35.10%, an increase of 2.87 percentage points year-on-year, while the expense ratio was 16.61%, up 1.09 percentage points year-on-year [3]. - The company reported a net profit margin of 12.37% in 2024, a slight decrease of 0.19 percentage points year-on-year [3]. - For Q1 2025, the company reported revenues and net profits of 264 million yuan and 2 million yuan, respectively, representing year-on-year growth of 15.36% and a decline of 20.22% [1][3]. Business Segmentation - In 2024, the company's revenue from various segments included 950 million yuan from architectural design, 154 million yuan from cost consulting, 30 million yuan from full-process consulting, and 12 million yuan from engineering general contracting, with year-on-year changes of -14.98%, -19.37%, -1.67%, and -92.67%, respectively [2]. - The company has established a nearly 100-person team for its micro-short drama business, covering key aspects such as content, production, distribution, and copyright operations [2][4]. Future Outlook - The report projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 152.52 million yuan, 177.28 million yuan, and 202.19 million yuan, respectively, indicating a recovery trend [4][5]. - The company is expected to benefit from its business transformation, which may lead to improved performance and valuation in the medium to long term [2][4].