公司发布半年报： 25H1 实现总营业收入8.17 亿元（yoy+5.94%）；归母净利润3.46 亿元 （yoy+24.43%）；扣非后净利润3.48 亿元（yoy+25.18%）。 其中Q2 实现营收4.11 亿元(yoy+10.75%，qoq+1.01%)，归母净利润1.85亿元(yoy+42.35%， qoq+15.04%)。公司利润增长较大，主系税收政策同比变化，所得税费用较去年同期减少约4302 万元； 扣除所得税影响，25H1公司内生增速约6%。25Q2 公司内生增速约21%，主因IPTV 增值业务的增长， 以及部分的坏账准备减少。此外公司向全体股东每10 股派发现金红利10 元（含税），以当日收盘价 43.05 元计算，中期分红股息率为2.32%。 考虑公司Q2 内生业绩同比增速环比加快，未来业务增长具备空间，我们上调"增持"至"买入"评级。 公司持续布局内容版权。"喜粤TV"媒资库持续建设，已集成电影、电视剧、动漫、纪实、综艺、电竞 等全品类内容，并引入多部少儿经典IP 及热门动画。精品影视方面，公司联合出品的网络剧《盲点》 于25 年4 月在爱奇艺首播，位居平台电视剧飙升榜及热搜榜前列；动 ...

Business Expansion and Strategy - The company aims to establish itself as a leading internet audiovisual platform in Guangdong and expand nationwide, focusing on smart home and smart city integrations [3][4]. - Plans to enhance the "Xiyue TV" brand through innovative marketing strategies and partnerships, including events like the "Yue Enjoy K Song" competition [4][5]. - The company is committed to a "2426" strategy to drive innovation and multi-dimensional development [4]. Content and User Engagement - The IPTV user base reached 20.57 million by the end of 2024, reflecting a year-on-year growth of 5.43% [8]. - The company is enhancing its content library by collaborating with major content providers and focusing on diverse content offerings to meet user demands [13][14]. - A focus on personalized user experiences through big data analytics to improve content recommendations and increase user engagement [27][28]. Financial Performance and Challenges - In 2024, the company reported a revenue increase of 3.63%, but net profit decreased by 7.04%, primarily due to reduced interest income and changes in tax policies [24]. - The content copyright business saw a revenue decline of 5.67% in 2024, prompting a shift towards diversified content investment strategies [18][19]. Technological Innovation - The company is investing in AI and big data technologies to enhance operational efficiency and user experience, with a focus on intelligent content recommendation systems [26][27]. - A comprehensive upgrade of the all-media integration cloud platform is underway to support various business operations, including IPTV and content rights management [25][26]. Market Competition and Positioning - The IPTV market is highly competitive, with the company focusing on brand building and market promotion to maintain and grow its user base [8][10]. - The company is exploring new business models and partnerships to enhance its market presence and adapt to emerging media trends [15][21].

Group 1: Company Performance Overview - In 2024, the company achieved a consolidated revenue of CNY 1.579 billion, a year-on-year increase of 3.63% [3] - The net profit attributable to shareholders was CNY 658 million, a decrease of 7.04% compared to the previous year, primarily due to reduced interest income and changes in tax policies [3] - As of the end of 2024, total assets amounted to CNY 4.517 billion, a decline of 2.22%, while net assets attributable to shareholders were CNY 3.606 billion, down 2% [3] Group 2: Q1 2025 Performance - In Q1 2025, the company reported a revenue of CNY 407 million, an increase of 1.48% year-on-year [3] - The net profit attributable to shareholders for Q1 2025 was CNY 161 million, reflecting a growth of 8.69% [3] - The net cash flow from operating activities reached CNY 561 million, a significant increase of 174.61% compared to the same period last year [3] Group 3: Main Business Development - The IPTV user base exceeded 20.57 million in 2024, while internet TV users surpassed 230 million, with effective smart terminal numbers reaching 25.42 million [5] - The company expanded its content library, covering various genres including web dramas and animations, enhancing its market presence [5] Group 4: Future Development Strategy - The company aims to consolidate its platform advantages and expand regional coverage, focusing on personalized operations and enhancing user engagement [6] - Plans include optimizing internet TV competitiveness and improving user experience through product design and management [6] - The company will invest in content creation, particularly in micro-short dramas, to meet diverse user demands [7] Group 5: Dividend and Buyback Information - For 2024, the board proposed a cash dividend of CNY 7.60 per 10 shares, totaling approximately CNY 657 million, with a payout ratio of 99.86% [7] - The company completed its first round of share buybacks, amounting to over CNY 5 million, contributing to a total of CNY 662 million in cash dividends and buybacks for the year [7]

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]

Group 1 - The company reported a revenue of 1.579 billion yuan for 2024, maintaining positive growth, and a net profit of 669 million yuan after deducting non-recurring items [1] - Since its listing in 2019, the company has achieved a cumulative revenue of 8.157 billion yuan and a cumulative net profit of 3.707 billion yuan [1] - The profit distribution plan includes a cash dividend of 7.60 yuan per 10 shares, resulting in a total cash dividend of approximately 655 million yuan for 2024, with a payout ratio of 99.86% [1] Group 2 - The company is enhancing the operational efficiency of its internet audio-visual business and improving the value-added capabilities of its core products [2] - The IPTV platform integrates quality resources from various content providers, creating a comprehensive content matrix [2] - The cloud viewing product has over 230 million users and 25.42 million effective smart terminals [2] Group 3 - The chairman emphasized the company's commitment to expanding the business boundaries of core products and exploring integration with smart home and smart city sectors [3] - The company aims to deepen collaboration within the content industry chain and innovate content types, leveraging AI to meet diverse user needs [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].