Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual and quarterly performance met expectations, with continuous growth driven by its main business in Q4 2024 and Q1 2025 [1] - The company is focusing on fan economy and deepening its engagement in vertical markets such as celebrity copyright books [1] - The "Publishing + Internet" strategy is showing initial success, with significant growth in user numbers and internet product accounts [1] - The company is actively developing its second growth curve through the animated film "The Three Kingdoms: The Starry Sky," expected to be released in 2025 [7] - The company is making notable progress in AI applications, particularly with its AI proofreading product [7] Financial Summary - For 2024, the company expects revenue of 582.15 million yuan, a year-on-year increase of 21.76%, and a net profit of 40.83 million yuan, a decrease of 23.87% [9] - Revenue projections for 2025, 2026, and 2027 are 806.14 million yuan, 974.98 million yuan, and 1.25 billion yuan, representing growth rates of 38.48%, 20.94%, and 28.06% respectively [9] - The company anticipates net profits of 138.35 million yuan in 2025, 135.64 million yuan in 2026, and 200.68 million yuan in 2027 [9] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 25.33, 25.84, and 17.47 respectively [9]
24年报及25Q1季报点评图书出版主业高增，《三国的星空》年内可期