Jetsen(SZ:300182) China Post Securities·2025-10-22 11:23Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company is experiencing pressure on its main business, leading to a decline in overall performance, with a significant drop in revenue and net profit in the first half of 2025 [5][6]. - Despite the challenges, the company is actively exploring diversified monetization paths and enhancing its content distribution globally, particularly in the micro-short drama segment [7]. - The rise of AI multi-modal capabilities is expected to boost demand for video resources, highlighting the company's unique value in "data sets + self-developed products" [8][9]. Company Overview - The latest closing price is 5.94 yuan, with a total share capital of 2.664 billion shares and a market capitalization of 15.5 billion yuan [4]. - The company reported a 5.79% year-on-year decline in revenue to 1.367 billion yuan for the first half of 2025, with a net profit drop of 41.84% to 145 million yuan [5]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 3.058 billion yuan, 3.462 billion yuan, and 3.957 billion yuan, respectively, with corresponding net profits of 438 million yuan, 526 million yuan, and 608 million yuan [10][12]. - The expected EPS for the same years is 0.16 yuan, 0.20 yuan, and 0.23 yuan, with PE ratios of 36, 30, and 26 times, respectively [10][12].