Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - 2024 is expected to be a significant year for the company with multiple IP projects scheduled for release, including films, TV series, and games, which may enhance the company's visibility and performance [2][13] - The acquisition of Tencent Animation assets is anticipated to strengthen the company's IP operation across various media [25][26] - Continuous investment in AIGC (Artificial Intelligence Generated Content) is expected to improve efficiency and enhance the content ecosystem [31][32] Summary by Sections 1. 2024 Film and TV Lineup - The company is set to release several major projects in 2024, including the film "Hot and Spicy" which has already grossed 3.46 billion RMB, and the anticipated second season of "Qing Yu Nian" with over 13.39 million reservations on Tencent Video [2][13][15] - The lineup includes multiple adaptations of popular IPs, indicating a strong focus on leveraging existing fan bases [15][16] 2. Tencent Animation Acquisition - The company has signed an agreement to acquire Tencent Animation assets for 600 million RMB, which includes various IPs and platforms, enhancing its ability to manage and monetize its content [25][26] - This acquisition is expected to create a comprehensive IP ecosystem encompassing novels, animations, games, and films [26][27] 3. Investment in AIGC - The company plans to invest 100-200 million RMB in AIGC in 2024, focusing on improving existing products and exploring new applications [31] - Current AI products include a writer's assistant and an interactive chat platform, which have shown promising user engagement and efficiency improvements [32][36] 4. Financial Forecasts - The company is projected to achieve Non-IFRS net profits of 1.399 billion RMB, 1.47 billion RMB, and 1.55 billion RMB for 2024, 2025, and 2026 respectively, reflecting a positive growth outlook [3][38] - Revenue is expected to grow from 7.012 billion RMB in 2023 to 7.827 billion RMB in 2024, indicating a recovery and growth trajectory [38]
IP大年多项目料将陆续定档，AIGC助力增长