Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of HKD 2.0 billion in 2023, representing a year-on-year growth of 38.7%. The subscription business generated HKD 870 million, up 58.2%, while value-added services brought in HKD 1.13 billion, increasing by 26.7% [1][2] - The adjusted EBITDA for 2023 was HKD 320 million, with a margin of 16.0%. The net profit for the year was a loss of HKD 210,000 due to increased sales and R&D expenditures aimed at business expansion [1] - The company is enhancing its subscription services through technology upgrades and expanding its service areas, including trademark and literary works, while also innovating in value-added services [1][2] Revenue Growth - Domestic revenue reached HKD 1.0 billion in 2023, growing by 42.9% and accounting for 50.1% of total revenue. The company is advancing copyright protection and monetization models in China [2] - North American revenue was HKD 980 million, up 32.4%, representing 49.1% of total revenue. The company has seen growth in client numbers and active social media assets managed [2] AI Opportunities - The company is leveraging AI advancements to enhance its service offerings, with a new operational center in Florida aimed at strengthening its technological capabilities [2] - The company is exploring copyright service solutions for small to medium-sized content providers, integrating AIGC and Web3 service capabilities to unlock new growth opportunities [2] Financial Projections - Revenue forecasts for 2024-2026 are set at HKD 2.51 billion, HKD 3.38 billion, and HKD 4.19 billion, respectively, with corresponding price-to-sales ratios of 1.6, 1.2, and 0.9 [2][3]
收入全面增长，产品技术升级，AI服务能力增强