铜质文创第一品牌，持续重视自研 IP 投入

Investment Rating - The report assigns an "Accumulate" rating for the industry [1][47]. Core Insights - The company holds a 35% market share in the copper cultural and creative products sector, demonstrating strong self-developed IP capabilities, positioning it as a leading player in the niche market [3][7]. - The company’s revenue from self-developed IP products remains high, accounting for over 90% of total revenue, with significant growth in R&D investment, which increased by over 50% in 2023 [4][20][41]. - The copper cultural and creative products market is expected to grow rapidly, with a projected market size of 2.3 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 7.7% from 2024 to 2029 [21][27]. Summary by Sections 1. Leading Brand in Copper Cultural Products - The company is the top brand in China's copper cultural and creative products, with over 95% of its revenue derived from these products from 2022 to 2024, and projected revenue exceeding 500 million yuan in 2024 [7][19]. 2. Global Market Trends - The global cultural and creative products market is expected to reach 10.8 trillion yuan in 2024, with a CAGR of 3.4% from 2019 to 2024, and an anticipated increase to 14.3 trillion yuan by 2029, with a CAGR of 5.8% [19][21]. 3. Profitability and Cost Control - The company’s revenue is projected to grow from 503 million yuan in 2022 to 571 million yuan in 2024, with a profit increase of nearly 80% in 2024 compared to 2023, driven by effective cost control and a decrease in sales and administrative expenses as a percentage of total revenue [28][34][39]. 4. R&D Investment - The company emphasizes R&D, with a significant increase in spending, particularly in employee salaries and benefits related to creative development, indicating a commitment to innovation in self-developed IP [41][40].