Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [9]. Core Insights - The company has demonstrated significant growth in IP-derived revenue, which has more than doubled, alongside diversified exploration in its performance business [2][9]. - For FY26H1, the company reported a revenue of 4.05 billion RMB, a year-on-year increase of 33%, and a net profit attributable to shareholders of 520 million RMB, reflecting a 54% growth [6][9]. - The adjusted EBITDA for FY26H1 was 550 million RMB, showing a 14% increase after excluding a one-time financial asset impairment reversal from FY25H1 [6][9]. Financial Data and Profit Forecast - The company’s revenue projections for FY2024 to FY2028 are as follows: - FY2024: 5.036 billion RMB (YoY +43%) - FY2025: 6.702 billion RMB (YoY +33%) - FY2026E: 8.510 billion RMB (YoY +27%) - FY2027E: 9.982 billion RMB (YoY +17%) - FY2028E: 11.336 billion RMB (YoY +14%) [8][10]. - Net profit attributable to ordinary shareholders is forecasted to grow significantly, with FY2026E projected at 1.043 billion RMB, a 187% increase from FY2025 [8][10]. - The report highlights an improvement in management efficiency, with a decrease in management expense ratio to 16.5% in FY26H1, down 3.1 percentage points year-on-year [9]. Business Segments Performance - The IP-derived business segment saw a revenue of 1.16 billion RMB in FY26H1, up 105% year-on-year, with a gross profit of 230 million RMB, reflecting a 44% increase [9]. - The performance segment generated 1.34 billion RMB in revenue, a 14.5% increase year-on-year, with a segment profit of 750 million RMB, up 4.7% [9]. - The film segment reported a revenue of 1.06 billion RMB in FY26H1, a decrease of 15% year-on-year, while the series production segment turned profitable with a revenue of 480 million RMB [9].
大麦娱乐（01060）：IP收入超一倍增长，演出业务多元探索：大麦娱乐（01060）：