AI技术融入主营业务，扩充音视频市场

Investment Rating - The report initiates coverage with a rating of "Accumulate - A" for the company [3][15]. Core Insights - The company has a diversified global content ecosystem and rich quality copyright content, positioning itself as a key central platform integrating data, copyright, and links across the industry [3]. - The company aims to explore AI-related innovative business scenarios and business models based on its quality copyright content dataset [3]. - Revenue forecasts for the company from 2024 to 2026 are projected at 160 million, 195 million, and 237 million yuan respectively, with EPS expected to be 0.23, 0.28, and 0.34 yuan [3]. Financial Data and Valuation - The company achieved a revenue of 781 million yuan in 2023, representing a year-on-year growth of 11.94%, and a net profit of 146 million yuan, recovering from a loss in the previous year [15]. - The company’s revenue is expected to grow to 921 million yuan in 2024, 1,040 million yuan in 2025, and 1,176 million yuan in 2026, with corresponding gross margins of 50%, 49%, and 49% [21]. - The company’s P/E ratios are projected to decrease from 59.6 in 2024 to 40.4 in 2026, indicating an expected improvement in valuation as profits grow [19]. Business Strategy and Market Position - The company focuses on building a full industry chain ecosystem around content copyright trading, leveraging over 20 years of experience in the digital copyright industry [15]. - The strategic direction is centered on "AI + Content + Scenarios," aiming to enhance business scenarios based on customer needs [21]. - The company is expanding its audio-visual market presence through strategic investments, including a 61.6% stake in Chengdu Guangchang Creative Technology Co., enhancing its sales scale in the audio-visual business [15][21]. Comparable Company Analysis - The report compares the company with peers in the digital content and copyright operation sectors, highlighting that the company operates in a high-valuation environment due to the nature of the industry [7][22]. - The average P/E ratio of comparable companies is noted to be significantly lower than that of the company, suggesting potential for valuation adjustment as the company matures its new business lines [7][22].