Beijing Hanyi Innovation Technology (SZ:301270) Guoyuan Securities·2025-05-28 07:25Investment Rating - The report assigns an "Accumulate" rating for the company [4][57]. Core Viewpoints - The company is a leading player in the font library industry, continuously expanding its font application scenarios and aiming to become a diversified cultural technology group [2][4]. - The "Ziyou" platform has introduced a new subscription-based authorization model, achieving significant user engagement with over 13.2 million registered users and 370,000 daily active users by the end of 2024 [2][32]. - Strategic investment from Founder Holdings enhances the company's access to industry resources and collaboration opportunities, particularly in artificial intelligence and font design [3][46]. Summary by Sections Company Overview - Founded in 1993, the company specializes in font design, font library product development, and Chinese character information technology research, holding core intellectual property rights [11][12]. - The company has developed over 1,700 B-end fonts and more than 3,600 font products, with notable custom fonts for major brands like Huawei and Xiaomi [1][11]. Market Potential - The font library industry is projected to grow significantly, with the market size expected to exceed 1.5 billion by 2026, driven by the digital economy and improved copyright markets [17][20]. Financial Performance - The company reported a revenue of 190.72 million in 2024, a decrease of 12.17% year-on-year, while maintaining a gross margin of around 80% [4][23]. - The revenue forecast for 2025-2027 is 238.21 million, 284.88 million, and 325.70 million respectively, with net profits expected to be 50 million, 63 million, and 72 million [4][57]. Business Segments - The core business segments include font software licensing (68.97% of revenue), internet platform licensing (23.88%), and other technical services [27][26]. - The font software licensing segment is expected to see a revenue growth of 28.31% in 2025, while the internet platform licensing segment is projected to grow by 20.23% [51][53]. Strategic Initiatives - The company is actively embracing AI technology to enhance its font design and recognition capabilities, aiming to solve issues related to AI-generated content [3][40]. - The partnership with Founder Holdings is expected to accelerate development in the font library industry and improve profitability [46][47]. Investment Outlook - The report anticipates continued growth in the company's revenue and profitability, supported by its innovative business model and strategic partnerships [4][57]. - The company is positioned to leverage its technological advancements and cultural heritage to create significant commercial and social value [57].