罗曼股份：收购公告落地，交易性价比凸显，考核目标体现信心

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [22]. Core Insights - The acquisition of POD aims to achieve four levels of business synergy, including global expansion, domestic digital entertainment growth, talent complementarity, and enhancing existing client capabilities in the lighting sector [10]. - The acquisition price is considered favorable, with a total transaction amount not exceeding £22.825 million, which is approximately 0.52 times the projected sales (PS) ratio, indicating a cost-effective purchase compared to market averages [10]. - The company has set ambitious revenue targets of 1 billion and 1.2 billion yuan for 2024 and 2025, respectively, with a focus on performance-based stock incentives [12]. - The financial forecasts for 2024-2026 predict revenues of 988 million, 1.339 billion, and 1.753 billion yuan, with net profits of 138 million, 171 million, and 209 million yuan, respectively [12]. Financial Summary - The company reported a revenue of 610 million yuan in 2023, a year-on-year increase of 95.4%, and a net profit of 81 million yuan, marking a significant turnaround from losses [34]. - The gross profit margin for 2023 was 29.8%, with a basic earnings per share (EPS) of 0.74 yuan [34]. - The company's total assets are projected to grow from 2.021 billion yuan in 2023 to 4.510 billion yuan by 2026, indicating a strong growth trajectory [15]. Business Segments - The landscape lighting segment remains the largest contributor to revenue, accounting for 90.15% of total sales, while the digital entertainment segment is gaining traction with innovative projects [34]. - The company is expanding its urban lighting segment to enhance brand value and market share, utilizing AR and VR technologies to improve customer experiences [34]. - The digital entertainment segment has successfully completed several high-profile projects, enhancing its market recognition and competitive edge [34]. Acquisition Details - The acquisition of Holovis is expected to significantly enhance the company's revenue and profitability, with performance targets set for the next two years indicating substantial growth potential [34]. - The first performance period aims for cumulative revenue of £52.15 million and a net profit of £1.22 million, reflecting a commitment to operational efficiency and integration [34].