SFC(SH:601595) Tianfeng Securities·2024-04-30 07:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within six months [26]. Core Viewpoints - The company is expected to benefit from the recovery of the film market, with increasing box office revenues and the contribution of its large IP development business to performance growth [6][25]. - The company achieved significant revenue growth in 2023, with total revenue reaching 795.23 million yuan, a year-on-year increase of 85.07%, and a net profit of 126.98 million yuan, marking a return to profitability [5][6]. - The company plans to enhance shareholder returns through cash dividends, proposing a distribution of 1.14 yuan per share for 2023, totaling 51.09 million yuan, and intends to introduce a mid-year dividend in 2024 [18]. Financial Data and Valuation - Revenue projections for 2024-2026 are estimated at 1.09 billion yuan, 1.30 billion yuan, and 1.50 billion yuan, with year-on-year growth rates of 37%, 19%, and 16% respectively [6]. - The company's net profit for the same period is forecasted to be 201.06 million yuan, 245.27 million yuan, and 284.49 million yuan, with growth rates of 58.34%, 21.99%, and 15.99% respectively [6]. - The company's EBITDA is projected to increase from 132.71 million yuan in 2023 to 405.90 million yuan by 2026 [3][6]. Business Development - The company has successfully transitioned from traditional film distribution to large IP development, supported by strategic acquisitions and collaborations with industry leaders [1]. - In 2023, the company’s IP licensing business generated revenue of 40.67 million yuan with a gross margin of 84.42%, indicating strong profitability in this segment [1]. - The company aims to expand its IP collaboration products across five major fields and over 500 brands, targeting a gross merchandise value exceeding 10 billion yuan [1].