SFC(SH:601595) Tebon Securities·2024-03-17 16:00Investment Rating - The report maintains a "Buy" rating for Shanghai Film (601595.SH) [23] Core Views - The company has released its iNEW strategy focusing on "IP + AI" with a clear goal of enhancing content creation and commercialization [25] - In 2023, Shanghai Film achieved a revenue of 791 million yuan, a year-on-year increase of 84.11%, and a net profit of 124 million yuan, marking a turnaround from losses [25] - The company aims to leverage AI technology to accelerate content renewal and expand its IP commercialization efforts over the next three years [25] Financial Performance and Forecast - The financial forecast for 2024 and 2025 estimates revenues of 1.086 billion yuan and 1.286 billion yuan, representing year-on-year growth rates of 37.3% and 18.4% respectively [25] - The projected net profit for 2024 and 2025 is 260 million yuan and 358 million yuan, indicating growth rates of 110.0% and 37.5% [25] - Key financial metrics include a gross margin improvement from -10.7% in 2022 to 22.8% in 2023, with further increases expected in subsequent years [27] Strategic Initiatives - The iNEW strategy includes the establishment of the iPAi Digital Business Center to integrate resources and enhance AI applications in content creation [25] - The company plans to implement three major initiatives: developing an AI model for Chinese animation, launching a global creator program, and accelerating the commercialization of its extensive IP portfolio [25] - Shanghai Film is also focusing on the gaming sector, planning to develop original IP games and expand its presence in interactive entertainment [25]