Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, achieving an operating income of 1.245 billion HKD in 2023, a year-on-year increase of 16.7%, and a net profit of 264 million HKD, up 11.5% year-on-year. The growth is driven by the expansion of AR/VR marketing services and the increase in average spending by advertisers [5] - The company is focusing on the development of C-end digital humans and XR content, which is expected to drive future growth. The digital human matrix has accumulated over 5 million fans, indicating potential for monetization through various channels [6] - The collaboration with Lanting Digital to produce XR content and the development of AI models are expected to create a second growth curve for the company, particularly with the anticipated demand for MR content in the C-end market [7] Summary by Relevant Sections Financial Performance - In 2023, the company reported an operating income of 1.245 billion HKD, with a year-on-year growth of 16.7%. The net profit was 264 million HKD, reflecting an 11.5% increase. The AR/VR marketing services revenue reached 845 million HKD, up 24% year-on-year, while AR/VR content revenue slightly decreased by 0.65% to 334 million HKD. The AR/VR SaaS service revenue grew by 31.7% to 58 million HKD, driven by a 103% increase in paid users [5][8] - The projected net profits for 2024, 2025, and 2026 are estimated at 332 million HKD, 397 million HKD, and 464 million HKD respectively, with corresponding EPS of 0.18, 0.22, and 0.26 HKD [5] Business Development - The company has expanded its digital human development and operation services, creating virtual personas and providing comprehensive solutions to various industry clients. This initiative has led to a significant fan base, which is expected to facilitate monetization through fan economy and commercial partnerships [6] - The partnership with Lanting Digital for the XR version of a popular concert and the ongoing development of AI models are anticipated to enhance operational efficiency and drive growth in XR content [7]
港股公司信息更新报告：业绩增长稳健，加速C端数字人及XR内容布局