Funshine Culture(SZ:300860) Tai Ping Yang·2024-04-26 03:00Investment Rating - The report maintains an "Accumulate" rating for Fengshang Culture (300860) with a target price of 47.25, compared to the last closing price of 41.66 [1]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 677 million, 865 million, 1,006 million, and 1,158 million for the years 2023 to 2026, respectively, reflecting growth rates of 111.46%, 27.78%, 16.29%, and 15.13% [4]. - The net profit attributable to the parent company is forecasted to be 134 million, 260 million, 312 million, and 350 million for the same years, with growth rates of 813.92%, 93.14%, 20.21%, and 12.15% [4]. - The company has a strong order backlog of 900 million as of Q1 2024, which is expected to support its performance throughout the year despite short-term impacts from project confirmation cycles [8]. Summary by Sections Financial Forecasts and Indicators - Revenue for 2023 is projected at 677 million, with a growth rate of 111.46%. The net profit is expected to reach 134 million, showing a remarkable growth of 813.92% [4]. - For 2024, revenue is estimated at 865 million, with a growth rate of 27.78%, and net profit is projected at 260 million, reflecting a growth rate of 93.14% [4]. - The diluted earnings per share are forecasted to be 0.98, 1.89, 2.28, and 2.55 for the years 2023 to 2026, respectively [4]. Business Development - The company is actively exploring the "low-altitude/virtual reality + performance" sector, which is expected to create new highlights for its projects and attract audience participation [8]. - The C-end operational business is beginning to generate profits, with the Shanghai 632 project achieving revenue of 33.54 million and a net profit of 9.92 million [8]. - The company is leveraging its experience from successful projects to enhance its C-end business, which is anticipated to gradually increase its revenue share in the overall income [8].