事件：公司发布2024 年报及2025 一季报。2024 年公司实现营业收入15.79 亿元（YoY+3.63%），实现 归母净利润6.58 亿元（YoY-7.04%），实现扣非归母净利润6.69亿元（YoY-2.31%），主要是由于利息 收入减少、增值税进项税加计抵减政策到期导致计入其他收益的增值税进项税加计抵减金额减少以及因 公司享受企业所得税免税政策延续调整递延所得税资产导致递延所得税费用增加所致。2025Q1 实现营 业收入4.07亿元（YoY+1.48%），实现归母净利润1.61 亿元（YoY+8.69%），实现扣非归母净利润1.61 亿元（YoY+8.72%）。2024/2025Q1 毛利率达50.20%/48.94%（YoY-1.45/-1.38PCTs ），销售费用率达 2.29%/3.21%（YoY+0.0/+0.73PCTs ），管理费用率达3.31%/3.10% （ YoY-0.08/+0.16PCTs ）， 研发费 用率达3.22%/3.36% （ YoY-0.01/+0.38PCTs）。 IPTV 基础业务持续发力，有效用户数量稳健增长。公司作为广东省唯一的IPTV 集成播控分平台运 ...

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].