年报及Q1点评：业绩同比向下，关注主业及第二成长曲线

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a year-on-year decline in performance, with 2023 revenue at 2.267 billion yuan and net profit at 382 million yuan, down 8.39% and 5.08% respectively. The first quarter of 2024 saw a significant drop in revenue and net profit, primarily due to fewer revenue recognition items [1][37] - The company has a strong pre-sale reserve, with a total pre-sale of 3.798 billion yuan and a successful development of original projects, including several notable series [1][25] - The company is focusing on its second growth curve, expanding its copyright business and international operations, and has made significant strides in short drama production and animation [1][9] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 2.267 billion yuan and a net profit of 382 million yuan, with a corresponding diluted EPS of 0.20 yuan. The fourth quarter alone saw revenue of 803 million yuan and a net profit of 55 million yuan, reflecting a year-on-year decline of 20.5% and 46.0% respectively [1][37] - For Q1 2024, the company reported revenue of 177 million yuan and a net profit of 30 million yuan, marking a drastic year-on-year decline of 81.7% and 79.6% [1][37] Business Development - The company is enhancing its IP lifecycle management in the television sector, with several original projects in development and a total pre-sale of 19.81 billion yuan in 2023 [1][25] - In the film sector, the company has initiated production on four major projects in 2023, with six expected to be released in 2024, including high-profile titles [1][25] Growth Opportunities - The company has completed the acquisition of Senlian, increasing its film and television copyright inventory to 50,000 hours. It has also expanded its international distribution to over 200 countries and regions [1][9] - The company is investing in short dramas and animation, with plans to increase capital investment in these areas [1][9] Financial Forecast - The profit forecasts for 2024 and 2025 have been revised down to 448 million yuan and 524 million yuan respectively, with a new forecast for 2026 at 546 million yuan. The diluted EPS is projected to be 0.24, 0.28, and 0.29 yuan for 2024, 2025, and 2026 respectively [1][11]