海看股份（301262）：主业表现平稳，视听新业态持续推进

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's main business performance is stable, with ongoing advancements in new audiovisual formats [7] - The company reported a total revenue of 979 million yuan for 2024, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of 400 million yuan, down 2.4% year-on-year [6][8] - The company is actively pursuing innovation and diversification in its business model, particularly in the IPTV sector and micro-short drama production [8] Financial Performance Summary - Revenue projections for the company are as follows: 1,017 million yuan in 2025, 1,055 million yuan in 2026, and 1,092 million yuan in 2027, with growth rates of 4%, 4%, and 3% respectively [2][8] - The net profit attributable to shareholders is expected to be 426 million yuan in 2025, 448 million yuan in 2026, and 470 million yuan in 2027, with growth rates of 6%, 5%, and 5% respectively [2][8] - The company plans to distribute a cash dividend of 210 million yuan in 2024, with a dividend payout ratio of 51.7% [8] Business Development Summary - The IPTV core business generated revenue of 795 million yuan in 2024, a slight increase of 0.02%, while value-added services contributed 139 million yuan [8] - The company is expanding its micro-short drama initiatives, collaborating with local governments and private enterprises to establish a production base and develop content across multiple platforms [8] - AI technology is being integrated into the company's operations, enhancing video production efficiency and reducing costs [8] Valuation Metrics - The company's P/E ratios are projected to be 24.5 in 2024, 23.1 in 2025, 21.9 in 2026, and 20.9 in 2027 [2] - The P/B ratios are expected to be 2.6 in 2024, 2.4 in 2025, 2.2 in 2026, and 2.0 in 2027 [2]