Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company experienced a significant revenue increase in Q1 2025, driven by the completion of the Harbin Winter Games project, which contributed 87.88 million yuan to revenue. The net loss for Q1 2025 was reduced by 77.58% year-on-year [4] - The company is optimistic about the continuous expansion of its C-end projects, which are expected to provide growth opportunities [4] Financial Performance Summary - In 2024, the company's operating revenue was 579 million yuan, a decrease of 14.42% year-on-year, while the net profit attributable to the parent company was 41.77 million yuan, down 68.94% year-on-year. For Q1 2025, the operating revenue was 94 million yuan, an increase of 171.12% year-on-year, with a net loss of 1.32 million yuan [4][5] - The company forecasts net profits for 2025-2027 to be 117 million, 168 million, and 204 million yuan respectively, with corresponding EPS of 0.61, 0.88, and 1.07 yuan [4][7] Revenue Structure and Profitability - The revenue from large-scale performance activities in 2024 was 217 million yuan, a decrease of 52.06% year-on-year, while the revenue from cultural tourism performances was 352 million yuan, an increase of 65.45% year-on-year, accounting for 60.83% of total revenue [5] - The gross profit margin for cultural tourism performances was 34.22%, showing a slight decrease of 0.96 percentage points year-on-year [5] Order Backlog and Technological Innovation - As of the end of 2024, the company had a total order backlog of 368 million yuan, including several significant projects [6] - The company is leveraging innovative technologies such as motion capture and 3D displays to enhance its performance offerings, which is expected to improve the immersive experience [6] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 40.4, 28.2, and 23.2 respectively, indicating a potential for valuation improvement as earnings grow [7]