Baination(300291) 国泰君安·2024-04-29 05:02Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price of 7.84 CNY, while the current price is 4.99 CNY [11][21]. Core Views - The company has exceeded expectations in Q1 2024, with two films set to release during the May Day holiday, and over ten films completed, indicating a promising year ahead [11][12]. - The company forecasts EPS for 2024, 2025, and 2026 to be 0.39, 0.47, and 0.55 CNY respectively, maintaining the previous earnings projections [11][12]. - The company is expanding its cultural tourism business, with several projects underway that are expected to contribute to revenue growth [11][12]. Financial Summary - The company reported a revenue of 432 million CNY for 2023, a decrease of 7.93% from the previous year, and a net profit of -186 million CNY, indicating a shift from profit to loss [11][12]. - For Q1 2024, the company achieved a revenue of 49.71 million CNY, reflecting a growth of 16.02%, and turned a profit with a net profit of 3.52 million CNY [11][12]. - The financial outlook shows a projected revenue increase to 1,021 million CNY in 2024 and 1,226 million CNY in 2025, with a further increase to 1,439 million CNY in 2026 [11][12]. Profitability and Valuation Metrics - The report indicates a significant improvement in profitability metrics, with a projected operating profit margin of 23.1% in 2024, up from -61.4% in 2023 [11][12]. - The return on equity (ROE) is expected to recover to 9.3% in 2024, compared to -5.2% in 2023 [11][12]. - The company’s valuation metrics include a PE ratio of 12.85 for 2024 and a projected EV/EBITDA of 16.33 [11][12].