Enlight Media(SZ:300251) Changjiang Securities·2025-11-18 07:18Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, achieving revenue of 374 million (up 247.54% year-on-year) and a net profit of 106 million (up 993.71% year-on-year). The growth is attributed to the success of its films in the first three quarters [2][4]. - The company is transitioning from a high-end content provider to an IP creator and operator, with a diverse project pipeline and a focus on expanding its IP ecosystem [4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 3.616 billion (up 150.81% year-on-year) and a net profit of 2.336 billion (up 406.78% year-on-year) [10]. - The total box office revenue for the films involved in the company's investments reached approximately 15.903 billion [10]. Project Pipeline - The company has a rich and diverse project pipeline, including animated films like "Nezha: The Devil's Child" and "Non-Human: Limited Player," with several other projects in various stages of development [10]. - The animation team is expanding, with plans to increase from 170 to over 300 members, aiming to produce 1.5 to 2 high-quality animated films annually [10]. IP Strategy - The company is actively enhancing its IP operation capabilities and has diversified its derivative product offerings, particularly around the "Nezha" IP, covering over 30 categories [10]. - The company is also exploring new business avenues, including entering the 3A gaming sector and planning to open its first offline flagship store by 2026 [10]. Future Outlook - The company is expected to achieve net profits of 2.387 billion, 1.076 billion, and 1.296 billion for the years 2025 to 2027, with corresponding PE ratios of 20.48, 45.41, and 37.71 [10].