Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.245 billion yuan in 2023, representing a year-on-year growth of 16.7%, and a net profit attributable to shareholders of 264 million yuan, up 11.5% year-on-year [2][3]. - The main business segments are performing well, with AR/VR marketing services generating 845 million yuan in revenue (up 24.0% year-on-year) and AR/VR SaaS business achieving 59 million yuan (up 31.7% year-on-year) [3]. - The company is expanding its business footprint internationally, having served four overseas advertising agencies and reaching 374 overseas media outlets, generating 100 million yuan in revenue [3]. - The company is exploring new development directions by launching digital human development and operation services, accumulating nearly 5 million followers and over 20 million likes for its virtual characters [3]. - The report anticipates significant growth in the AR/VR content and marketing market, driven by new device launches, with projected revenues of 1.43 billion yuan, 1.65 billion yuan, and 1.92 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Summary - For 2023, the company reported a revenue of 1.245 billion yuan and a net profit of 264 million yuan, with growth rates of 17% and 11% respectively [9]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.18 yuan, 0.20 yuan, and 0.24 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 3, 3, and 2 [9].
动态点评：业绩持续增长，外扩商业版图