Fengyuzhu(SH:603466) Huaxin Securities·2026-01-29 00:45Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is focusing on the transformation of traditional cultural IP through immersive consumption scenarios and diversified business models to drive revenue growth, despite facing losses in net profit due to rigid labor and operational costs in 2025 [4] - The company has established strategic partnerships with leading technology firms to enhance its AI and 3D strategy, aiming to integrate culture, technology, and consumption [5] - The company is expected to enter a new phase in 2026, leveraging technological advancements to create digital experience spaces and interactive IP-themed experiences, thus upgrading the industry from traditional displays to immersive and intelligent experiences [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 15.25 billion, 18.14 billion, and 21.60 billion yuan respectively, with corresponding EPS of -0.04, 0.27, and 0.36 yuan [7] - The company is projected to achieve a net profit of -0.26 billion, 1.63 billion, and 2.13 billion yuan for the years 2025, 2026, and 2027, indicating a significant recovery and growth trajectory [10] - The current stock price corresponds to a PE ratio of -208.8 for 2025, 33.4 for 2026, and 25.6 for 2027, reflecting the company's position as a leading player in the digital entrepreneurship sector [7][10]