2023年经营情况显著改善，2024Q1业绩同比高增

Investment Rating - The report maintains a "Buy" rating for the company [6][30]. Core Views - The company has shown significant improvement in its operating conditions in 2023, with a revenue increase of 34.97% year-on-year, reaching 816 million yuan, and a return to profitability with a net profit of 52 million yuan [17]. - The gaming equipment sales business has seen a revenue of 398 million yuan in 2023, a year-on-year growth of 27.28%, contributing 48.79% to total revenue [5]. - The company is expanding its overseas market presence, achieving 100 million yuan in overseas sales in 2023, with a strong recovery in customer demand in Southeast Asia [5]. - The anime IP derivative products sales business has experienced substantial growth, with revenue reaching 259 million yuan, a 75.64% increase year-on-year, and a gross margin of 41.16% [18]. - The amusement park operations business generated 108 million yuan in revenue, a 13.81% increase year-on-year, with a gross margin returning to positive at 1.06% [31]. Financial Forecast - The company is expected to achieve revenues of 1.02 billion yuan, 1.16 billion yuan, and 1.29 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.0%, 14.0%, and 11.0% [6]. - The forecasted net profit for the same years is 82.59 million yuan, 97.39 million yuan, and 109.77 million yuan, reflecting growth rates of 59.0%, 17.9%, and 12.7% [6].