Enlight Media(SZ:300251) Zhongyuan Securities·2024-04-23 03:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 1.545 billion yuan, a year-on-year increase of 104.74% [2][4] - The net profit attributable to shareholders was 418 million yuan, with a non-recurring net profit of 388 million yuan [2][4] - The company has multiple film projects scheduled for release, which are expected to contribute positively to future earnings [4][5] Financial Performance Summary - In Q1 2024, the company reported revenue of 1.07 billion yuan, a year-on-year increase of 159.33%, and a net profit of 450 million yuan, up 248.01% [2][4] - The overall gross margin for 2023 was 39.89%, an increase of 20.79 percentage points, with Q1 2024 gross margin at 48.24%, up 22.96 percentage points [4][14] - The company plans to distribute a cash dividend of 0.70 yuan per share, totaling approximately 204 million yuan, with a payout ratio of 48.80% [2][4] Earnings Forecast and Investment Suggestions - The company is expected to maintain strong project reserves and production capabilities, with projected EPS for 2024-2026 at 0.35 yuan, 0.38 yuan, and 0.42 yuan respectively [4][5] - The projected P/E ratios for 2024-2026 are 28.48, 26.27, and 23.82 respectively, indicating a favorable valuation relative to earnings growth [4][5]