2023年营收高增，2024Q1同比有所下降

Investment Rating - The report maintains a "Buy" rating for the company [24] Core Views - The company achieved a record high revenue of 738 million yuan in 2023, representing an 82.0% year-on-year increase, and turned a profit of 46 million yuan compared to a loss of 25 million yuan in the previous year [6][9] - For Q1 2024, the company reported a revenue of 97 million yuan, a decrease of 38.8% year-on-year, primarily due to the impact of holidays and the completion of high-value projects [6][7] - The company has a strong order backlog of 1.368 billion yuan as of the end of 2023, indicating robust future revenue potential [7] Financial Performance - In 2023, the company’s revenue from amusement facilities and virtual immersive projects reached 395 million yuan and 268 million yuan, with year-on-year growth of 49.8% and 219.0% respectively [7] - The company’s gross margin for 2023 was 35.4%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 6.3% [8] - The report projects revenues of 788 million yuan, 893 million yuan, and 1.041 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 78 million yuan, 101 million yuan, and 143 million yuan [11] Market Outlook - The company is expected to benefit from the recovery of the industry and the release of new production capacity, with a dual-driven strategy of "cultural tourism + manufacturing" [9] - The company has secured new contracts in international markets, including Germany, the USA, and Brazil, which are anticipated to contribute to revenue growth [7]