IMS(SH:600556) GF SECURITIES·2024-04-23 07:08Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][8]. Core Insights - The company reported a revenue of 42.02 billion yuan for 2023, reflecting a year-on-year increase of 1.77%. The gross margin was 48.43%, while the net profit attributable to the parent company was 0.93 billion yuan, showing a year-on-year increase of 28.96% [33]. - The report highlights the stability of the company's core business, WEIQ, and its exploration of "AI+ overseas expansion" as dual growth drivers [33]. - The company’s operating cash flow was 10.32 billion yuan, indicating strong cash flow performance, while the net loss attributable to the parent company was narrowed down to 0.95 billion yuan [33]. - The report notes that the number of registered professional influencers on the platform reached 17,274, with a year-on-year increase of 15.41% [33]. - The company is expected to achieve revenues of 47.25 billion yuan and 52.50 billion yuan from overseas brands and cross-border MCN respectively, with corresponding net profits of 1.77 billion yuan and 2.54 billion yuan for 2024 and 2025 [33]. Financial Summary - The company’s revenue is projected to grow from 4,202 million yuan in 2023 to 5,703 million yuan in 2026, with growth rates of 1.8%, 12.4%, 11.1%, and 8.6% respectively [33]. - The net profit attributable to the parent company is expected to increase from 93 million yuan in 2023 to 342 million yuan in 2026, with growth rates of -48.4%, 90.3%, 43.6%, and 34.8% respectively [33]. - The report anticipates an EPS growth from 0.05 yuan in 2023 to 0.19 yuan in 2026 [33].