Enlight Media(SZ:300251) East Money Securities·2024-04-26 08:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance of 5% to 15% above the benchmark index [7]. Core Insights - The company has shown significant growth in the first quarter of 2024, with a revenue increase of 159.33% year-on-year, reaching 1.07 billion yuan, and a net profit increase of 248.01%, amounting to 425 million yuan [3][8]. - The film market is experiencing a strong recovery, with the company participating in several successful film projects, contributing to a total box office of approximately 2.466 billion yuan in the first quarter of 2024 [2]. - The company has a robust pipeline of upcoming films and series, which is expected to support future revenue growth [2][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.546 billion yuan, a year-on-year increase of 104.74%, and a net profit of 418 million yuan, up 158.62% [2][9]. - The gross margin improved to 39.89%, an increase of 20.79 percentage points year-on-year, while the net margin reached 27.13%, marking a return to profitability [2][12]. Revenue Breakdown - The film and related derivative business generated 1.286 billion yuan in revenue, a year-on-year growth of 116.81% [2]. - The company has signed contracts with 25 artist groups, leading to a revenue of 260 million yuan from its agency and other businesses, reflecting a growth of 60.86% [2]. Future Projections - The company forecasts revenues of 2.871 billion yuan, 3.101 billion yuan, and 3.348 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 1.037 billion yuan, 1.174 billion yuan, and 1.329 billion yuan for the same years [8][9]. - The expected earnings per share (EPS) are projected to be 0.35 yuan, 0.40 yuan, and 0.45 yuan for 2024, 2025, and 2026, respectively [8].