SFC(SH:601595) Tebon Securities·2024-02-01 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Views - The company is expected to turn a profit in 2023, with a projected net profit of between 122 million to 146 million yuan, marking a significant recovery from previous losses [12]. - The company is actively expanding its IP development and digitalization efforts, focusing on various sectors including game collaborations and merchandise licensing [12]. - The cinema business remains robust, with significant growth in box office revenue and a strategic focus on enhancing operational efficiency [12]. Financial Data Summary - Total shares outstanding: 448.20 million [5]. - Market capitalization: 9,976.93 million yuan [5]. - Revenue projections for 2023-2025 are 804 million, 1,086 million, and 1,286 million yuan, respectively, with year-on-year growth rates of 118.3%, 35.1%, and 18.4% [12]. - Net profit projections for the same period are 145 million, 264 million, and 370 million yuan, with year-on-year growth rates of 143.4%, 81.8%, and 40.4% [12]. - The company’s gross margin is expected to improve from -10.7% in 2022 to 34.4% by 2025 [6][12]. - The company’s debt-to-asset ratio is projected to decrease from 42.4% in 2022 to 33.3% in 2025, indicating improved financial stability [6].