Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing mixed performance with a slight increase in revenue but a decline in net profit for 2024, while Q1 2025 showed improvement in net profit [1] Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1] - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit attributable to shareholders of 161 million yuan (YoY +8.69%) [1] - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively, showing a year-over-year decrease of 1.45 and 1.38 percentage points [1] IPTV Business Development - The company's IPTV basic business generated revenue of 834 million yuan in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2] - The internet audio-visual business revenue was 633 million yuan in 2024 (YoY +4.49%), with the Guangdong IPTV value-added business contributing 413 million yuan (YoY +3.18%) [2] - The company focused on content operation and user experience to enhance user engagement and retention [2] Content Copyright Business - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024, but the decline was less severe compared to 2023 [3] - The company expanded its media library and signed contracts with various quality project parties, including projects in variety shows and films [3] - The company is actively exploring the provincial IPTV market and enhancing its cable TV value-added services [3] Future Outlook - The company is expected to achieve operating revenues of 1.67 billion, 1.80 billion, and 1.95 billion yuan from 2025 to 2027, with net profits of 700 million, 770 million, and 850 million yuan respectively [3] - The current market valuation corresponds to a price-to-earnings ratio of 13, 12, and 11 times for the years 2025 to 2027 [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a content value closed loop, despite a slight decline in revenue [3]. - The company is expected to achieve revenue of 16.7 billion, 18.0 billion, and 19.5 billion yuan from 2025 to 2027, with corresponding net profits of 7.0 billion, 7.7 billion, and 8.5 billion yuan [3]. Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit of 161 million yuan (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94%, respectively [1]. - The company’s IPTV basic business revenue for 2024 was 834 million yuan (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business revenue for 2024 was 633 million yuan (YoY +4.49%) [2]. - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024 [3]. Future Projections - The company is projected to achieve operating revenues of 1.670 billion, 1.801 billion, and 1.950 billion yuan from 2025 to 2027, with net profits of 701 million, 771 million, and 851 million yuan respectively [5]. - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 13, 12, and 11 times for the years 2025 to 2027 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a closed-loop value chain, despite a slight decline in revenue [3]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 16.7 billion, 18.0 billion, and 19.5 billion for 2025, 2026, and 2027 respectively [3]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.579 billion (YoY +3.63%) and a net profit attributable to shareholders of 658 million (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million (YoY +1.48%) and a net profit attributable to shareholders of 161 million (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively [1]. - The company’s IPTV basic business revenue reached 834 million in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business generated revenue of 633 million in 2024 (YoY +4.49%) [2]. - The content copyright business revenue declined to 84 million in 2024 (YoY -5.67%) [3]. Future Projections - The company is projected to achieve net profits of 701 million, 771 million, and 851 million for 2025, 2026, and 2027 respectively [3]. - The current market capitalization corresponds to a PE ratio of 13, 12, and 11 for the years 2025, 2026, and 2027 [3].