Baination(SZ:300291) GUOTAI HAITONG SECURITIES·2025-05-23 11:04Investment Rating - The investment rating for the company is "Accumulate" [11][19]. Core Views - The company has a substantial reserve of series projects and has signed multiple cultural tourism contracts, with several films expected to be released during the summer season, leading to a forecasted rapid growth in revenue [3][11]. - The company is expected to have a significant year in 2025 with nearly ten series anticipated for release, including several headlining series that have been recommended by major platforms like Mango TV [11]. - The film business has underperformed since 2021, with several films, including "Lion Boy 2," failing to meet box office expectations, which has negatively impacted the company's overall performance [11]. - The target price has been adjusted to 6.90 yuan, down from a previous estimate of 7.84 yuan, reflecting a decrease of 12% based on comparable company valuations [11][13]. Financial Summary - Projected revenue for 2023 is 432 million yuan, with a significant increase to 739 million yuan in 2024, and further growth to 985 million yuan in 2025, representing a year-on-year growth of 71.1% [5]. - The net profit attributable to the parent company is expected to turn positive in 2025, with estimates of 140 million yuan, following losses of 186 million yuan in 2023 and 393 million yuan in 2024 [5]. - The earnings per share (EPS) is projected to be -0.20 yuan in 2023, -0.42 yuan in 2024, and is expected to recover to 0.15 yuan in 2025 [5]. Market Data - The company's stock price has ranged between 3.80 yuan and 7.03 yuan over the past 52 weeks, with a total market capitalization of 4,417 million yuan [6]. - The company has a total share capital of 942 million shares, with 929 million shares in circulation [6]. Business Development - The company has confirmed revenue from several series in 2024, exceeding 400 million yuan, and anticipates further growth if the planned series are released in 2025 [11]. - The cultural tourism business is progressing steadily, with new projects signed in various locations, which are expected to provide stable revenue growth [11].