2023年及2024Q1业绩点评：剧集主业趋势向上，第二成长曲线明确

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 20% relative to the CSI 300 index [28][34]. Core Insights - The company is actively exploring the application of AIGC (Artificial Intelligence Generated Content) and is experiencing rapid growth in its copyright and international business segments [4][34]. - The film segment is expected to regain high production numbers, with a focus on main control projects [2][4]. - The company has established a second growth curve through its copyright, international, and short drama businesses [5][34]. Financial Performance Summary - In 2023, the company's revenue was 2.267 billion yuan, a year-over-year decrease of 8.39%, with a net profit attributable to shareholders of 382 million yuan, down 5% year-over-year [28][34]. - For Q1 2024, revenue dropped to 177 million yuan, a significant decline of 79.58% year-over-year, with a net profit of 30 million yuan, down 79.58% [28][34]. - The company plans to distribute cash dividends of 0.41 yuan per share, totaling 76.69 million yuan [28]. Business Segment Analysis - Television Series: In 2023, the television series segment generated 1.997 billion yuan in revenue, a year-over-year increase of 6.53%, with a gross margin of 26.8% [28][34]. - Film: The film business generated 80.56 million yuan in 2023, a year-over-year decline of 80.6%, but the gross margin improved by 3.32 percentage points to 46.71% [4][28]. - Copyright: The company expanded its copyright library to 50,000 hours, with revenue from television copyright distribution reaching 407 million yuan, up 19.33% year-over-year [31][34]. - Short Dramas: Collaborations with platforms like Douyin have yielded positive results, with plans for more short dramas in 2024 [32][34]. Future Projections - The company forecasts revenue growth to 2.707 billion yuan in 2024, with a projected net profit of 443 million yuan, reflecting a 16% increase [8][34]. - The expected earnings per share (EPS) for 2024 is 0.23 yuan, with a price-to-earnings (P/E) ratio of 30.70 [8][34].