晨光股份：加码IP再起航-20250610

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][3] Core Insights - The company is enhancing its brand through strategic partnerships with popular domestic IPs, particularly in collaboration with Tencent Video to launch new products based on popular Chinese animations [1][2] - The focus on consumer-centric strategies and continuous innovation in IP collaborations is expected to strengthen the company's market position and cultural confidence [2] - The financial forecasts indicate a steady growth in revenue and net profit over the next few years, with projected net profits of 1.56 billion, 1.73 billion, and 1.93 billion yuan for 2025, 2026, and 2027 respectively [3][10] Financial Data Summary - Revenue is projected to grow from 23.35 billion yuan in 2023 to 33.53 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.95% [3][10] - The company's net profit is expected to increase from 1.53 billion yuan in 2023 to 1.93 billion yuan in 2027, reflecting a growth rate of 11.55% [3][10] - The earnings per share (EPS) is forecasted to rise from 1.66 yuan in 2023 to 2.10 yuan in 2027 [3][10] - The price-to-earnings (P/E) ratio is projected to decrease from 20.72 in 2023 to 16.39 in 2027, indicating potential value appreciation [3][10]