Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 0.79 HKD [1] Core Views - The company reported a revenue of 1.817 billion HKD for 2023, representing a year-on-year increase of 129.1%, with a recovery rate of 64.8% compared to 2019 [1] - The net profit attributable to shareholders was a loss of 197 million HKD, significantly narrowed compared to the same period in 2022 [1] - Adjusted EBITDA profit reached 459 million HKD, showing a substantial improvement from a negative figure in 2022 [1] Business Segment Summaries - Park Operations: By the end of 2023, the company operated 7 theme parks, with total visitor numbers reaching approximately 9.29 million, a year-on-year increase of 101.9% compared to 2022, and a recovery rate of 108.0% compared to 2019. The park operations segment generated revenue of 1.69 billion HKD, up 125.3% year-on-year, with ticket revenue at 900 million HKD (up 159.2%) and in-park consumption at 570 million HKD (up 104.7%) [1] - Cultural Tourism Services: This segment achieved revenue of 130 million HKD, a year-on-year increase of 193.9%, with the premium aquarium product line contributing significantly [1] - IP Operations: The company has secured IP collaborations with popular franchises such as ULTRAMAN and One Piece, launching 4 ULTRAMAN themed venues and 2 One Piece themed venues in 2023, indicating a strong potential for future growth in this area [1] Investment Outlook - The company is expected to see significant improvements in its financial performance, with projected net profits of 30 million HKD, 160 million HKD, and 280 million HKD for 2024, 2025, and 2026 respectively. The overall business recovery and project pipeline are viewed positively, supporting the "Buy" rating [1]
23年营收同比+129%，归母净利亏损收窄向好改善