COL(SZ:300364) Guohai Securities·2025-12-20 13:56Investment Rating - The report assigns a "Buy" rating for the company, indicating a favorable outlook compared to the market index [5]. Core Insights - The company is planning to list H-shares in Hong Kong to enhance its global strategy and broaden financing channels, which is expected to drive growth in its overseas short video platforms [5]. - The company's short video platforms, FlareFlow and ReelShort, are ranked among the top 6 globally, with significant revenue growth and market share expansion [6]. - The AI comic business is expanding rapidly, with successful IPs and collaborations in international markets, indicating a strong growth trajectory [7][8]. Summary by Sections Recent Performance - The company's stock has underperformed relative to the CSI 300 index, with a 12-month decline of 14% compared to a 15.8% increase in the index [3]. Market Data - Current stock price is 23.83 yuan, with a market capitalization of approximately 17.36 billion yuan and a circulating market value of about 15.74 billion yuan [3]. Strategic Developments - The company aims to enhance its overseas brand influence and operational efficiency through the planned Hong Kong listing, which will also help mitigate foreign exchange costs [5]. - The overseas short video market is experiencing significant growth, with projections indicating a market size of 36 billion USD in 2025 and 60 billion USD in 2026, reflecting a robust commercial potential [8]. Platform Performance - FlareFlow's revenue showed a remarkable increase, with a peak of 729,000 USD in November 2025, while ReelShort achieved a net revenue of 35.99 million USD, marking a 72% year-on-year growth [6]. - The monthly active users (MAU) for ReelShort reached 49.9 million, representing a 222% increase year-on-year, showcasing the platform's strong user acquisition [6]. AI Comic Business - The company has launched successful AI comic projects, with significant viewership numbers, and is set to release its self-developed AI animation toolchain by December 2025 [7].