AI赋能+产线扩张有望平滑产品周期，关注《哪吒2》定档情况

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from AI empowerment and production line expansion, which will help smooth product cycles, particularly with the anticipated release of "Nezha 2" [1][2] - The company reported a revenue of 1.546 billion yuan in 2023, a year-on-year increase of 104.74%, and a net profit of 418 million yuan, marking a return to profitability [2][3] - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares, totaling 20.4 million yuan [2] Financial Performance - In Q1 2024, the company achieved a revenue of 1.07 billion yuan, a year-on-year increase of 159.33%, with a net profit of 425 million yuan, up 248.01% year-on-year [2] - The company expects revenues of 2.381 billion, 2.803 billion, and 3.307 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.004 billion, 1.234 billion, and 1.367 billion yuan [3][4] - The gross profit margin is projected to be 55.2% in 2024, increasing to 57.0% in 2025 before slightly decreasing to 53.2% in 2026 [4] Production and Content Pipeline - The company has expanded its animation production lines, with two main studios: Coloroom and Light Chaser Animation, which are expected to produce 2-3 animated films annually, potentially increasing to 4-5 films with AI integration [3] - The company has a rich pipeline of films and series, with several anticipated releases in 2024, including "The Grass and Trees" and multiple adaptations of popular stories [3][4]