Investment Rating - The report maintains an "Outperform" rating for the company [8] Core Insights - The company achieved a revenue of HKD 2.001 billion in 2023, representing a year-on-year increase of 38.7%. Domestic business revenue grew by 43.68% to HKD 1.002 billion, while international revenue, primarily from the US, increased by 32.8% to HKD 0.983 billion, accounting for 49.11% of total revenue [6][7] - The gross profit margin improved by 1.5 percentage points to 42.49%, and EBITDA increased by 6.59% to HKD 319 million [6][7] - The company is actively advancing technology upgrades and product innovation, with value-added service revenue growing by 27% to HKD 1.13 billion, making up 57% of total revenue [6][7] - The company is capitalizing on the trends of Web3 and AI, expanding its copyright content business and establishing a blockchain-based copyright protection and transaction service platform [6][7] Financial Summary - Revenue projections for 2024-2026 are HKD 2.501 billion, HKD 3.306 billion, and HKD 4.536 billion, respectively, with expected growth rates of 25%, 32.2%, and 37.2% [7][11] - The net profit for 2023 is projected at HKD 37 million, with a significant increase expected in subsequent years, reaching HKD 199 million by 2026 [7][11] - The company’s gross margin is expected to stabilize around 43% from 2024 onwards [9][11]
营收持续高增，积极推进技术升级与产品创新把握AI时代新机遇