Jetsen(300182) HUAXI Securities·2025-05-21 13:30Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company reported stable revenue growth in Q1, with a revenue of 7.11 billion yuan, up 5.13% year-on-year, and a net profit of 1.31 billion yuan, up 11.80% year-on-year [2] - The company is actively exploring AI+ copyright operation business models, collaborating with Huawei and other firms to enhance its content creation capabilities [5] - The company maintains a leading position in the copyright market and is committed to promoting cultural exports [4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 28.66 billion yuan, a year-on-year increase of 2.36%, and a net profit of 2.38 billion yuan, a decrease of 47.04% [2] - The overall gross margin for 2024 was 8.65%, down 63.76% from 2023, while Q1 2025 showed a significant recovery with a gross margin of 30.13% [3] Research and Development - The company increased its R&D investment, particularly in the AIGC field, leading to a rise in the R&D expense ratio to 1.43% in 2024 [3] Market Position and Strategy - The company has a strong inventory of copyrights and is expanding its domestic and international content offerings, including multiple films with box office potential [4] - The company has established a self-operated team on overseas platforms and has significantly increased its subscriber base on YouTube [4] Future Outlook - The revenue forecasts for 2025-2027 have been adjusted to 32.10 billion yuan, 35.51 billion yuan, and 38.81 billion yuan, respectively, with net profits adjusted to 4.65 billion yuan, 5.29 billion yuan, and 5.84 billion yuan [6][8]